When a health insurance company determines that a medical service is not covered under a patient’s plan, the question arises of who is responsible for paying the provider for that service. In some cases, the provider can bill the patient directly for non-covered services. However, there are important limitations and regulations regarding when and how … Read more
The Affordable Care Act (ACA), often called Obamacare, significantly expanded health insurance coverage in the United States since it was enacted in 2010. The ACA expanded Medicaid eligibility, provided subsidies for private insurance plans, and prohibited exclusions for preexisting conditions. As a result, millions of previously uninsured Americans gained health coverage. So exactly how many … Read more
Medicare Advantage (also known as Medicare Part C) provides an alternative way to get your Medicare Part A and Part B benefits. Medicare Advantage plans are offered by private insurance companies approved by Medicare. If you join a Medicare Advantage plan, you still have Medicare but you get your coverage through the Medicare Advantage plan … Read more
Term life insurance is a popular option for many people looking to get life insurance coverage at an affordable price. However, term life insurance does have some notable limitations that consumers should be aware of before purchasing a policy. This article will examine the key drawbacks and restrictions of term life policies so you can … Read more
When you have insurance, one key component of your policy is the deductible amount. The deductible is the portion of a claim that you must pay out-of-pocket before the insurance company covers the remaining costs. Many people wonder if they can change their deductible right before filing a major claim in order to reduce their … Read more
Getting hit by an uninsured or underinsured driver can leave you facing major expenses. Uninsured and underinsured motorist coverage helps protect you in these situations. But does this type of protection come with a deductible like collision or comprehensive insurance? Whether or not you pay a deductible with uninsured motorist coverage depends on the specific … Read more
When an insurance company is determining what premium to charge for a policy, there are many factors taken into consideration. The premium amount is calculated based on the risk profile of the insured and the likelihood that a claim will need to be paid out. By analyzing relevant data and statistics, insurance companies are able … Read more
When running a business, risk management is crucial. One way companies manage risk is by purchasing insurance to transfer exposure to losses from certain events to an insurance company. However, not every potential risk a business faces is actually insurable. In this comprehensive guide, we’ll cover: The key characteristics of an insurable risk Types of … Read more
Insurance companies make money in several key ways: Collecting Premiums The primary way insurance companies generate revenue is by collecting premiums from policyholders in exchange for insurance coverage. The premium is essentially the policyholder’s payment for transferring the financial risk of potential losses to the insurer. The insurer pools these premiums together to pay out … Read more
A 2% deductible in a home insurance policy refers to a percentage-based deductible that is equal to 2% of the dwelling coverage limit. This type of deductible is less common than a flat dollar deductible, but is sometimes used for homes in areas prone to major disasters like hurricanes. Here’s what you need to know … Read more