Understanding how independent agents and brokers differ allows you to choose the right professional for your insurance needs. Here’s an overview of their distinct roles and services. An independent insurance agent and an insurance broker serve similar functions – helping consumers find and purchase policies. But they operate under different business models. Learning the key … Read more
Health Savings Accounts (HSAs) allow individuals enrolled in high-deductible health plans (HDHPs) to set aside pre-tax dollars to pay for qualified medical expenses. Many people contribute to HSAs in order to save money for health care costs in retirement. However, your eligibility to contribute to an HSA changes once you enroll in Medicare. This article … Read more
Insurance companies make money by collecting more in premiums and investment income than they pay out in claims and expenses. Profitability depends on pricing policies correctly, managing risks and costs, and investing premium dollars wisely. Insurance companies aim for target profit margins but many factors influence the actual profits achieved. What Drives Profits for Insurance … Read more
Anthem and Blue Cross Blue Shield (BCBS) are related but separate health insurance companies. Anthem owns and operates for-profit BCBS plans in 14 states. In these states, Anthem has an exclusive license from the Blue Cross Blue Shield Association to market plans under the BCBS brand. However, Anthem plans are not the same as the … Read more
When getting an auto insurance policy, you’ll need to provide details on who the regular drivers are for each insured vehicle. Insurance companies use terms like “primary driver” and “assigned driver” to classify these regular users. While these terms sound similar, they have some distinct differences that affect your policy rates and coverage. Defining Primary … Read more
Life insurance provides financial protection for your loved ones in the event of your death. It pays out a lump sum that your beneficiaries can use to cover expenses, pay off debts, and maintain their standard of living. But did you know that the payout amount may decrease as you get older? Here’s what you … Read more
Getting life insurance on someone else without their knowledge may seem convenient, but it’s actually illegal. Here’s what you need to know about buying life insurance policies for other people. Overview You cannot legally purchase a life insurance policy for someone else without their consent. The person being insured must participate in the application process … Read more
Dealing with damage or loss of property due to a casualty event like a natural disaster, accident, or theft can be extremely difficult. Not only do you have the burden of repairing or replacing your property, but you also have to navigate the complex tax rules around insurance proceeds and casualty losses. One common question … Read more
Health Savings Accounts (HSAs) are a great way to save money tax-free for current and future healthcare expenses. One of the key benefits of an HSA is that funds can be used tax-free for a wide range of qualified medical expenses. But what exactly counts as a qualified expense for HSA purposes? This comprehensive guide … Read more
If you’ve shopped for insurance or filed a claim before, you’ve likely come across the term “insurance carrier.” But what exactly does it mean? What’s the difference between a carrier and other common insurance terms like provider, underwriter, or agent? This comprehensive guide will explain the meaning of insurance carrier and how carriers fit into … Read more