insurance Archives - Page 2 of 2

1. How Many Miles Do I Drive?

If you’re a stay at home mom or telecommuter, you might not put more than 100 miles a month on your car. However, you could easily put more than 1,000 miles on your car every month if you have a long commute to work. It’s important that you find an insurance policy that reflects the miles that you drive. For example, a mileage-based insurance would be a great option for low-mileage drivers.

2. What Do I Use My Car For?

You need to consider how your car will be used in order to find the proper coverage. If you are simply driving to work or using your car for personal reasons, a standard car insurance policy should be fine. However, you may need to get commercial insurance if you use your vehicle for rideshare, delivery, or any other tasks that you get paid to complete.

3. What Kind of Car Do I Own?

The type of car that you own can have a huge impact on your insurance rates. Not to mention, it impacts the type of coverage you require. Any modified or classic cars require special insurance. If you have a sportscar, you might not need a particular policy, but you should expect higher rates since your car is more likely to be stolen or damaged. On the other hand, customers with “safe” cars can usually enjoy discounts for safety features.

4. Where Do I Live?

Your location can also affect your insurance rates tremendously. People in urban areas are more likely to be victims of theft and vandalism, so they spend more money on car insurance. Customers in rural or suburban areas typically have lower insurance rates. While you might not be able to control where you live, you should keep in mind how your location can impact your insurance policy.

5. Where Do I Park My Car?

Do you often park your car in the street? Do you keep it in a garage? Where you park your car can also be a risk. If you live in area where you park on the street, you also have to worry about other drivers hitting your car along with the risk of theft. If you don’t have a garage, your car is also susceptible to damage from hail, fallen branches, and more, so we recommend upping your comprehensive coverage.

7. Do I Own My Car?

Leases and financing are great options for acquiring cars, but they can impact your auto insurance policy. You may be required to insure the car for its full value or the gap between what you owe and its current market value. This insurance is called supplemental gap insurance since it goes along with your collision and comprehensive coverage.

Whether you or a loved one are nearing retirement, there are a lot of plans to make. One of them is choosing new health insurance. Though you can certainly purchase your own private health insurance, millions of people rely on Medicare insurance.

If this is something that you need to consider, you might feel overwhelmed by all of the new information. That’s where this guide comes in to help! We have created a basic explanation of Medicare insurance so that you can learn more about your options.

What is Medicare, and Who is it for?

The federal government offers Medicare as a health insurance program for seniors. You must be 65 or older to enroll in the program. Medicare insurance programs exist to help people cover medical costs associated with health emergencies or chronic illnesses. However, the insurance can also help pay for maintenance of good health.

It is important to understand that Medicare insurance is not a free benefit. All beneficiaries are required to pay premiums based on their income and coverage. You must also pay any out-of-pocket costs, so it is important that you learn about your coverage options and choose the best Medicare Insurance for you.

Types of Medicare Insurance Coverage

As with other health insurance policies, you can choose from several different coverage options. Rather than referring to them by metal tiers, they are divided into four main categories.

Part A

Medicare Part A only covers hospital care and hospice. It can also help pay for any short-term nursing home stays if you were in the hospital for at least three days. While most seniors do not have to pay a premium for this coverage, there is a $1,408 deductible as of 2020. You could also expect out-of-pocket expenses for long hospital stays.

Part B

This coverage option is more of your standard health insurance. It covers any of your doctor’s visits and outpatient care as long as the doctor accepts Medicare. You can also enjoy many free preventative services to maintain your good health. The flu shot, select screenings, and wellness visits are just a few of the free benefits.

Your income determines your premium for Part B insurance, but everyone has a $198 deductible. After the deductible is met, most retirees will have to pay 20% of doctor services.

Part C

If you want an alternative to traditional Medicare, Part C or Medicare Advantage Plans are your best bet. Part C coverage has fewer restrictions and different prices because it isn’t completely controlled by the government. Instead, a private insurance company pays for any Medicare-approved healthcare. Like an HMO plan, your Part C plans can sometimes require you to use in-network providers. It may even require you to get a referral to see a specialist.

Part D

You need Medicare Part D if you require prescription drug coverage. Like Part C, Part D is also a private policy that follows Medicare’s requirements. Your premium depends on the amount of coverage you require, but you can generally expect to pay up to $435 for your deductible.

What Medicare Doesn’t Cover

In a dream world, the best Medicare insurance would cover all of your health care needs, but unfortunately, it doesn’t. Corrective lenses and their required eye exams typically aren’t covered. You should also expect to pay out-of-pocket for hearing aids and dental care. Medicare doesn’t cover long-term nursing home stays either. Medicare Part A only covers short-term nursing home stays under certain circumstances.

The Right Time to Enroll in Medicare Insurance

Timing your enrollments right is just as important as selecting your coverage because you get a seven-month window. The window begins three months before you turn 65. You should sign up right when the window opens if you would like your coverage to start the month you turn 65.

If you missyour enrollment opportunity, you will be charged a penalty that could be long-term. Not to mention, you could be without coverage for a significant amount of time. The only other time you can enroll outside of your window is between January 1 and March 31, but the coverage doesn’t start until July 1. Therefore, it is crucial that you sign up on time.

Request a Medicare Insurance Today

If you’ve enrolled in Social Security benefits, a Medicare card will come to you in the mail three months before you turn 65. This is your opportunity to start looking at your options. If you haven’t signed up for Social Security, you’ll need to enroll yourself. We suggest that you start by gathering a Medicare insurance quote for your coverage options.