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
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
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
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
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
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
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
Medicare Advantage plans offer bundled benefits, but restrict your choice of providers. With Original Medicare you can see any doctor. So can you switch from Medicare Advantage back to Original Medicare without penalty? The short answer is yes – you can go back to Original Medicare during certain enrollment periods with no penalty. However, your … Read more
Medicare eligibility isn’t based on income levels or assets. All U.S. citizens and permanent residents 65 or older can enroll in Medicare. However, higher-income seniors may pay more for Medicare coverage. Those with limited means can qualify for financial assistance. Understanding how income affects Medicare costs helps you budget appropriately. Continue reading to learn more … Read more
Loadings are extra charges added to insurance premiums to account for higher-than-expected risks. Loadings allow insurers to adjust pricing based on individual risk profiles. But how exactly do loadings work and when are they applied? What Is a Loading in Insurance? A loading is an additional premium charged to policyholders who are deemed higher risk … Read more