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
Recording life insurance on a company’s financial statements involves tracking the cash surrender value and premium payments. Here is an overview of how to account for corporate-owned life insurance policies. Why Businesses Own Life Insurance There are several reasons a business may purchase a life insurance policy: Key person insurance – Replace income lost if … Read more
Medicare Part D provides prescription drug coverage for Medicare beneficiaries. It is an optional program that you can choose to enroll in when you become eligible for Medicare. However, you may decide to defer or delay enrollment in Medicare Part D for various reasons. This article will explore whether you can defer Medicare Part D, … Read more
Being bitten by a dog can be a scary and traumatic experience. If you are bitten by a dog in public, it is important to know the proper steps to take right away. Taking quick action helps ensure your physical recovery and preserves your legal rights. This article will outline the key things you should … Read more
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
Once you become eligible for Medicare at age 65, you have the option to enroll in or defer enrollment in Medicare Part B (medical insurance) and Part D (prescription drug coverage). However, you cannot pause your Part A coverage if you are receiving it premium-free. You’d have to completely drop Part A and Part B, … Read more