If you’ve ever reviewed your insurance policy’s paperwork, you may have come across the term “issue date” and wondered – what does this date actually mean? Understanding key dates like the issue date is an important part of decoding common insurance terminology. This guide will explain the key definitions around insurance issue dates, how they … Read more
The standard Part D benefit refers to the basic structure and parameters of coverage that Medicare prescription drug plans must offer. When Medicare’s voluntary outpatient drug benefit, known as Part D, launched in 2006 it established this standard benefit design. While plans have flexibility to modify the standard benefit, it serves as a consistent benchmark … Read more
Medicare Part B and Part D premiums are recalculated annually based on updated financial information. This means the premium amounts can change from year to year, sometimes increasing substantially. Understanding why the premiums are recalculated each year and what triggers changes can help beneficiaries evaluate if they are being charged the right amount. Overview of … Read more
Car insurance rates tend to increase as drivers get older, with significant hikes often occurring after age 75. This is due to higher risks and costs associated with insuring elderly drivers. While frustrating, being aware of when and why rates increase can help you budget accordingly and shop for the best rates. Why Rates Rise … Read more
Mold can be a headache for homeowners. If left unchecked, it can cause extensive damage to your home. So does your USAA homeowners insurance policy cover mold? The short answer is yes, USAA homeowners insurance can provide coverage for mold damage under certain conditions. In this article, we’ll explain exactly how USAA covers mold, key … Read more
Stacked insurance is an option that can provide drivers with extra protection in the event of an accident with an uninsured or underinsured motorist. By combining or “stacking” coverage from multiple vehicles or policies, you can increase the limits of your uninsured/underinsured motorist (UM/UIM) coverage. But what if you only have one car? Is stacked … Read more
When reviewing your insurance policy, you may come across the term “retention” along with a dollar amount. This is an important concept to understand, as it refers to the portion of any claim you are responsible for paying before the insurance company’s coverage kicks in. Below we’ll explain exactly what retention is, how it works … Read more
Insurance is an important expense for most businesses. But when recording insurance transactions in your books, is insurance a debit or credit? The short answer is that insurance is typically recorded as a debit. But the full accounting treatment of insurance is more nuanced. In this comprehensive guide, we’ll cover: The basics of debits and … Read more
Purchasing health, auto or life insurance involves deciding who will be the primary holder of the policy. This is an important choice that determines who controls the policy and its benefits. So who should be listed as the primary insurance holder? What is the difference between primary and secondary holders? This comprehensive guide will explain: … Read more
When shopping for homeowners insurance, you’ll likely come across the term “guaranteed replacement cost”. This refers to a policy feature that provides extended coverage to rebuild your home in the event of a total loss. But does State Farm offer guaranteed replacement cost coverage? The answer is yes, State Farm does offer guaranteed replacement cost … Read more