Original Medicare typically covers 80% of the Medicare-approved amount for covered medical services, after you meet the Part B deductible. As a Medicare beneficiary, you are responsible for paying the remaining 20% coinsurance. However, with a Medicare Advantage plan, your out-of-pocket costs are structured differently. The 20% Coinsurance in Original Medicare Under Original Medicare Part … Read more
Insurance policies and insurance contracts are related but distinct concepts. While the terms are sometimes used interchangeably, understanding the key differences is important for both policyholders and insurers when it comes to legal rights and obligations. Insurance Policy An insurance policy is a written document that outlines the terms, conditions, and exclusions of an insurance … Read more
Insurance policies contain certain conditions that policyholders must comply with in order for coverage to apply. Failure to meet these conditions can result in a denial of claim benefits. Understanding what conditions exist in your policy and what they require is key to getting full value from your insurance. What Are Policy Conditions? Policy conditions … Read more
When you visit a doctor or hospital that is in-network with your health insurance plan, you typically pay a set copayment or coinsurance amount for covered services. But sometimes patients get hit with unexpected higher bills from out-of-network providers, even at in-network facilities. This practice is known as “balance billing” and is illegal in many … Read more
UnitedHealthcare cannot deny coverage for preexisting conditions on most of their major medical health insurance plans. However, there are some exceptions where preexisting conditions may not be covered by UnitedHealthcare plans. What is a Preexisting Condition? A preexisting condition is a medical condition that someone has before enrolling in a new health insurance plan. Some … Read more
When researching business insurance policies, you may come across terms like “general aggregate” and “umbrella coverage” used in relation to liability protection. But what do these terms actually mean, and are general aggregate and umbrella coverage referring to the same thing? The short answer is no – general aggregate and umbrella are two distinct concepts … Read more
Paying your insurance premiums on time is crucial to keep your policy active and maintain coverage. Insurance companies provide policyholders several options when it comes to how and when you pay your premiums. Below are the main methods of payment for insurance premiums. Modes of Premium Payment The mode of payment refers to the frequency … Read more
If you’ve ever filed an insurance claim, you may have wondered – do insurance companies share information about claims with each other? Can details about your claim history impact your rates and coverage with other insurers down the road? The short answer is yes – insurance companies do communicate information about customer claims amongst themselves, … Read more
Opening up your winter coat to find holes eaten through the wool or discovering your favorite cashmere sweater riddled with tiny holes is disheartening. The damage is likely the work of clothes moths – a pesky pest that can ruin fabrics and textiles around your home. But will your homeowners insurance policy cover the cost … Read more
Having to replace your roof can be an unexpected and costly home repair. That’s why many homeowners want to know – does Safeco insurance cover roof replacement? The short answer is yes, a Safeco homeowners insurance policy can provide coverage for roof replacement in the event of a covered loss like wind, hail, or other … Read more