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
Preferred provider organization (PPO) health plans offer more flexibility and freedom of choice than other options like HMOs. But the convenience comes at a cost. Weigh the pros and cons to see if a PPO is right for your healthcare needs. What is a PPO Health Insurance Plan? A PPO is a type of medical … Read more
HMO and PPO plans are common insurance options that feature networks of approved healthcare providers. But they differ significantly in how they operate and control costs. Here’s how to determine which type of medical coverage you have. What is an HMO Health Plan? HMO stands for health maintenance organization. This type of health insurance plan … Read more
Medicare Advantage plans play a valuable role in expanding coverage beyond Original Medicare. Learn about the extra services and cost savings that make Medicare Advantage an important option for many. What is Medicare Advantage? Medicare Advantage (MA), sometimes called Medicare Part C, refers to private insurance plans that provide Medicare Part A and Part B … Read more
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
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