Advantages and disadvantages of HMO health insurance Many people enjoy having an HMO as health insurance because the plan does not require claim forms to see a doctor or during hospital stays. The HMO member only has to present a card that states proof of insurance at the doctor's office or hospital. In an HMO the members may have to wait longer for an appointment than with an indemnity insurance plan. The HMO charges a fixed monthly fee so its members can receive health care. There will be a small co-payment for each doctor visit; however with the HMO, fees can be forecasted unlike a fee-for-service insurance plan. Although freedom of choice is given up, out-of-pocket expenses are very low. In an HMO there are some disadvantages. The premium that is paid is just enough to cover the costs of doctors in the network. The members are “stuck” to a primary care physician and if managed care plans change, then the member may not be able to continue with the same PCP. On major disadvantage is that it is difficult to get any specialized care because the members must get a referral first. Any kind of care that is sought that is not a referral or an emergency is not covered. The HMO plan is one of the fastest growing types of managed care in terms of expenses, while being the most restrictive type of health care. Advantages and disadvantages of PPO insurance As a member of a PPO, health care costs are low when the member stays within the provided network. This plan allows more freedom than an HMO in many ways. The member is not required to choose a primary care physician and can see a specialist without a referral, including the specialists that are outside the network. If care is sought outside the network the costs are more expensive and all of the paperwork can be the individual’s responsibility. This plan offers a large network to choose from and an array of doctors. Co-payments will be more expensive than other types of managed care due to the cost of extra amenities provided. PPOs are less expensive than a fee-for-service type. There are no deductibles in most plans; however, in some cases the member may need to pay one before receiving care. The out-of-pocket costs are large and the plan is limited in some ways, such as having to stay in the main network of doctors and specialists. Advantages and disadvantages of POS insurance A POS type of plan acts like an HMO except that it has more freedom when it comes to choosing doctors and facilities. This type of plan allow for its members to travel outside the network at a higher deductible. The plan uses preventive care, as it is more cost effective in the long run. The member has to pay a small amount of co-insurance, if any at all. Regular office visits require small co-pays. If the member wants to travel outside the network it must first meet the deductible requirement and then pay a percentage of the expenses. The premiums are more expensive than an HMO but allow more freedom. Advantages and disadvantages of MSA insurance An MSA plan is good for a small business because the premiums are more affordable. Instead of having a policy with high premiums and low co-pays the MSA offers a high deductible in case of an emergency or a major medical expense. The member has complete control over doctor and facility selection. The MSA plan requires the member to make regular deposits into a medical savings account to cover minor expenses. The member has to be able to afford the bill before meeting the requirements for the deductible. All deductibles must be paid to in order to receive any kind of medical care. A disadvantage for large businesses is that this type of plan is not available. Deposits made toward the medical savings plan are one hundred percent tax-deductible, and can be used towards any out of pocket medical expenses. For example, deductibles and regular office visits would be paid using the MSA. This allows you to pay for healthcare expenses with pretax dollars, a great advantage. All of the money that is not used for medical expenses will stay in the account until needed. This plan is one of the most expensive plans giving the least amount of restrictions. It is important to have a health insurance for any individual and you can check your eligibility for private health insurance pa and explore best plans for you.
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As a homeowner, you know there is always a chance of events beyond your control that can cause a loss to your home or property. You can hope for the best but prepare for the worst. The smartest way to prepare financially for potential home losses is through purchasing homeowners insurance coverage. The basic coverage provided by homeowners insurance includes protection against common perils such as wind, hail, fire, and theft along with liability protection if someone is injured on your property. This is not a full list of coverage options. There are many optional homeowners insurance endorsements that can add coverage beyond the basic homeowner's insurance policy. Once you have secured insurance coverage for your home, you can have some peace of mind that you are prepared for any possible losses. Losses to home and property can come in all forms, shapes, and sizes and occur because of natural disasters, theft, fire or other reasons. Here are some of the most common types of home damage claims filed by homeowners according to a report by The Travelers Companies. Top Homeowners Insurance Claims
Filing a Homeowners Insurance Claim If you’ve suffered a covered loss to your home or property, it is important to know the proper steps to take when filing a homeowners insurance claim. The first step is to contact your insurance company to get the process started. Your homeowner's policy documents should list the number to call in case of a claim. If you’ve been burglarized, you’ll need to contact the police and file a police report. You may have to provide a copy of the police report to the insurance company. Photograph or video any damage if possible and then take any necessary steps to prevent further property damage, saving your receipts for any purchases made for temporary repairs. An insurance adjuster will visit your home or property to inspect the damage and determine how much the insurance company will pay toward your claim. Ask any questions you have when the insurance adjustor visits or to the insurance company when initially reporting your claim. There are various health insurance companies in pa, which provides best health insurance plans for you and your family and you can opt for one of them. Not sure if you’re eligible for Medicare health insurance? The Social Security Administration (SSA) enrolls some people automatically. But don’t expect that or wait for your Medicare card to show up. Find out if you’re eligible now so you can enroll at the right time and avoid any Late Enrollment Penalties (LEPs). There’s more than one way to qualify for Medicare, and enrolling in the different parts of Medicare differ as well. Plus, how you qualify may determine how you can receive coverage and what your premiums might be. Who’s eligible for Medicare? The Centers for Medicare & Medicaid Services (CMS) runs the Medicare program, but it doesn’t determine who’s eligible. That job falls on the Social Security Administration (SSA). Newly eligible enrollees apply for benefits through the Social Security Administration. People qualify for Medicare health insurance in one of three ways:
If you already receive Social Security or Railroad Retirement Board (RRB) benefits when you gain eligibility for Medicare health insurance, Uncle Sam may automatically enroll you. Otherwise, you’ll likely use your Initial Enrollment Period (IEP), a seven-month window that begins three months before you become eligible for coverage. Medicare eligibility by age The majority of people first join the ranks of Medicare beneficiaries the month they turn 65. If you qualify for Medicare this way, your Initial Enrollment Period will begin three months before the month you turn 65. Medicare eligibility due to specific illnesses In addition to the above ways to qualify for Medicare health insurance, you may also be eligible if you have one of the following diseases:
Requalifying for Medicare at 65 If you become eligible for Medicare before you turn 65 due to disability or one of the above diagnoses, you’ll requalify again when you reach age 65. When you do, you’ll have another Initial Enrollment Period and all the benefits of a newly eligible Medicare recipient, such as a Medicare Supplement Enrollment Period. Eligibility requirements for Part C, Medigap, and Part D When you qualify for Medicare, you’ll be able to enroll in Medicare Part A and Part B right out of the gate. Combined, Medicare Parts A and B are known as Original Medicare. But there are three other parts of Medicare as well. If you want to enroll in Part C (Medicare Advantage), Part D (prescription drug coverage), or Medicare Supplement (Medigap), you’ll have to meet additional requirements. Qualifying for Medicare Advantage (Part C) Medicare Advantage is an alternative to Original Medicare. Private companies provide Medicare-approved plans that cover everything Original Medicare covers, as well as additional benefits that may include vision, dental, hearing, and prescription drug coverage. To be eligible for Medicare Advantage, you must meet the following requirements:
If you meet these requirements, learn why you might choose Original Medicare or Medicare Advantage. Qualifying for Medicare Supplement Also known as Medigap, Medicare Supplement plans are designed to accompany Original Medicare. They help cover additional Part A and Part B costs, such as deductibles and copayments. To be eligible for a Medicare Supplement plan, you’ll need to meet the following requirements:
Qualifying for Medicare Part D prescription drug coverage Like Medicare Advantage and Medicare Supplement, Part D prescription drug coverage is provided by Medicare-approved private insurance companies. These plans accompany Original Medicare. Generally, you can’t have a standalone Part D plan if you have a Medicare Advantage plan. To qualify for a Part D plan, you must meet the following requirements:
Additional requirements We’ve gone over the ways people become eligible for Medicare, as well as how to qualify for the various parts of Medicare. But you’ll need to meet additional requirements as well, including the following:
Requirements that affect Medicare costsWhile people who meet the previously mentioned requirements qualify for coverage, the Centers for Medicare & Medicaid Services have established other requirements for determining Medicare premiums. Those requirements vary for the different parts of Medicare. Part A Most people qualify for premium-free Part A. To do so, you must earn 40 work credits—one for every quarter you work and pay Medicare taxes, for at least 10 years. Part B Most people qualify for the Medicare Part B standard premium ($135.50 in 20191). They do so because their income is $85,000 ($170,000 for married couples) or less. The higher your income, the higher your Part B premiums, so read about Part B premiums and deductibles to find out what rate you’ll pay. Part D Like Part B, premiums for Medicare Part D depend on income. If you make more than $85,000 ($170,000 for married couples), your Part D premiums will be higher than their advertised price. Medicare Advantage If you choose Medicare Advantage instead of Original Medicare, you’ll pay a separate premium for this plan (although some plans have a $0 premium). In addition to your Medicare Advantage premium, you’ll still need to pay any premiums for Medicare Parts A and B if they apply to your situation. Medicare Supplement Medicare Supplement premiums depend on your age, health, and any preexisting conditions you may have—unless you enroll in a plan immediately after your Medicare Part B coverage begins. During your one-time Medicare Supplement Open Enrollment Period, insurers legally must approve your Medicare Supplement application. They can’t consider any preexisting conditions nor can they make you wait for coverage. If you miss this enrollment period, your Medicare Supplement premiums could increase significantly. Medicare, other insurance, and how we can help. Did you know you can enroll in Medicare even if you have other kinds of insurance such as Medicaid, VA benefits, and employer-sponsored health insurance? That said, some of these types of insurance work better with Medicare than others. In some cases, they may affect your ability to enroll in Medicare. To find out how to choose the right Medicare coverage and understand how it will interact with health insurance you may already have, call the number below. A licensed sales agent can answer your Medicare eligibility questions—and help you enroll. Explore health insurance plans harrisburg and get the best plans for your family, if you want to know more details then please send your queries in the comment section. As the pain of rising health care costs continue to stress both employers and their employees, ‘industry’ and more specifically, the private sector are striving to create alternative plans and health care management programs that strike at the heart of the inefficiencies and waste in the American health care system. The health venture established by Amazon.com Inc., Berkshire Hathaway Inc., and JP Morgan Chase & Co. is a great example and is taking aim at multiple constituents in the health care system as a part of a broad effort to reduce wasteful spending and more efficient use of the provider community. They are seeking ways to improve care for the more than 1 million employees who get health insurance from the three firms. And the ‘health insurance industry’ is keeping a sharp eye on the innovations and developments from this project. Over time, this venture has made it clear that they will make these new ideas and developments available freely to other companies. Meaning that if proven successful the effects could be felt broadly among the more than 150 million people in the U.S. who get their health insurance through work. The core challenges of our health care system are not a secret, nor easy to solve. The aim is to drive better outcomes, better satisfaction with care and improved cost efficiencies with new models that drive consumer behavior to these core initiatives. Unnecessary health care services represent 27.5 percent of the exorbitant costs of health care. That is $750 billion spent annually on unnecessary or inefficient care. Inappropriate care covers a range of services, from unnecessary tests and surgeries to over-prescribing antibiotics to painkillers. To bring health care spending in check, this is key place to start. In fairness, one problem is that there is no clear line that differentiates appropriate from inappropriate care. It’s a grey area that varies from case to case, individual to individual. But there is a long list of reasons for the causes of inappropriate care and expenses, including fee-for-service models, defensive medical practices, cultural practices, and even direct consumer marketing. Medical consumerism also plays a role because there is a disconnect between the consumer (patient) and who is actually paying the bill. When someone other than the consumer is paying the bill, the provider and consumer are less concerned about the underlying cost. This all points to a greater need for accountability on the part of providers, education on the part of the end consumer, greater price transparency and financial incentives to seek the appropriate care at the appropriate time, at the appropriate cost. The health industry has been reconfiguring itself. There will be even more new and creative ways to access health care. And you might be wondering why the title of this article is ‘Alternative Health Options’? That is because there are new and exciting health plans on the horizon that will help steer consumers to the most efficient, high performing outcomes-based providers. And these providers would be structured at lower costs to incentivize employee utilization. This helps to minimize spending on unnecessary or inappropriate care because you are starting with a provider that has a reputation of high value and successful outcomes. Explore health insurance plans harrisburg and get the best plans for your family, if you want to know more details then please send your queries in the comment section. "Health care cost increases continue to outpace workers’ earnings and increases in inflation, making this trend unaffordable and unsustainable over the long term," said Brian Marcotte, CEO of the National Business Group on Health. Costs for providing health care benefits for employees continue to rise and in 2019 it's expected to hit nearly $15,000, according to the National Business Group on Health. Employers project the total cost of providing medical and pharmacy benefits will rise 5% for the sixth consecutive year in 2019. Including premiums and out-of-pocket costs for employees and dependents, the total cost of health care is estimated to be $14,099 per employee this year and projected to rise to an average of $14,800 in 2019. The group's survey, The Large Employers' 2019 Health Care Strategy and Plan Design Survey, released last week, revealed that employers will increasingly be playing an activist role in changing the health care delivery system and reexamining existing models. Health care cost increases continue to outpace workers’ earnings and increases in inflation, making this trend unaffordable and unsustainable over the long term,” said Brian Marcotte, CEO of the National Business Group on Health. “No longer able to rely on traditional cost-sharing techniques to manage costs, a growing number of employers are taking an activist role in shaking up how care is delivered and paid for.” Employers will cover roughly 70% of those costs; employees will bear about 30%. Employers cited high-cost claims, specialty pharmacy, and specific diseases as key drivers of cost increases. Indeed, nearly half of respondents (49%) are either driving changes in the delivery system directly or through their health plan, leveraging digital solutions, or both. For example, 35% are implementing alternative payment and delivery models such as Accountable Care Organizations (ACOs) and high- performance networks (HPNs) either directly or through their health plan. Direct contracting with health systems and providers is expanding, from 3% in 2018 to 11% in 2019. Direct contracting between employers and Centers of Excellence (COEs) is also rising sharply, from 12% this year to 18% next year. Cancer, cardiovascular and fertility COEs are experiencing the greatest growth. Virtual Care More than half of employers (52%) believe virtual care will play a significant role in how health care is delivered in the future while 43% believe Artificial Intelligence will play a major role. In fact, half of employers (51%) identified implementing more virtual care solutions as their top health care initiative in 2019. Virtual care has branched out well beyond physician consultations to include digital coaching, condition management, remote monitoring, physical therapy and cognitive behavioral therapy, all of which show the greatest potential for growth over the next several years. “The growth in virtual solutions largely reflects employer frustration with the pace of change in how health care is delivered,” said Marcotte. “Interestingly, seven in ten employers believe new market entrants from outside the health care industry are needed to disrupt health care in a positive way. These disruptors include innovators from Silicon Valley and elsewhere, and employer coalitions.” Pharmaceutical Supply Chain The survey also found nearly all employers believe the pharmaceutical supply chain needs to change -- 14% said it needs to be more transparent, 35% stated rebates need to be reduced while half stated the pharmaceutical supply chain is inefficient and too complex and needs to be overhauled and simplified. Additionally, three in four employers do not believe drug manufacturer rebates are an effective tool for helping to drive down pharmaceutical costs and over 90% would welcome an alternative to the rebate-driven approach to managing drug costs. “Contracting within the pharmaceutical supply chain has not kept pace with today’s plan design reality,” said Marcotte. “The rebate-driven supply chain model is antiquated given the growth in high deductible plans and is ripe for change.” According to the survey, more than half of the survey respondents are concerned that rebates do not benefit consumers at the point-of-sale. A growing number of companies (27%) are adopting recently developed capability by pharmacy benefit managers to pull rebates forward at the point of sale to benefit consumers. Another 31% are considering implementing point of sale rebates in the next few years. Also, for the first time, employers are retrenching somewhat on account-based plans, though they are still widely offered. Employers offering full replacement Consumer Directed Health Plans will shrink from 39% this year to 30% in 2019, the first time in four years fewer employers will offer these plans. Among other findings from the survey include: Industry consolidation impact: While 26% of employers are optimistic that mergers between health plans and PBMs will have a positive impact on cost, quality and consumer experience, the majority of employers are skeptical that they will see improvement from consolidation. Opioids in the workforce concern: A majority of employers (55%) are very concerned over the impact of prescription opioid abuse on the workforce. Employers are working with their partners to implement multiple strategies to change prescribing patterns and increasing access to alternative therapies. Behavioral health benefits expansion: Three in ten large employers will conduct anti-stigma campaigns next year to reduce the stigma that exists around mental health conditions and treatment. Your Chip eligibility pa is based on your household size and income and determined by the government and you can apply any time of year. An overwhelming number of new medical technologies promises to improve diagnostics and increase efficiencies in healthcare—and we’ll start to see these improvements as soon as 2019. Patients are advocating for themselves more vocally as the standard of care shifts toward a more person-centered model and the expectations of convenience and access to information is more critical than ever. Changes in medical (or insurance) coverage and legislation have pressed physicians to be more strategic about how they can provide optimal care. This is not the time for fighting change, but it is an opportunity for clinicians to implement these changes in a way that will benefit, not burden, both themselves and their patients. The rise of the machines Unlike science fiction, artificial intelligence (AI) technologies should give us great hope for the near future. The technology will enhance, not replace, human efforts. AI promises to alleviate repetitive burdens and provide more accurate tools, so that the medical community can offer better care. Its explosion onto the funding/startup scene is both indicative of its potential and the reason less tech-savvy people feel overwhelmed. Growth in the AI health market is expected to reach $6.6 billion by 2021. While early adoption can be an advantage, we as clinicians must educate ourselves to truly leverage AI’s potential. On a day-to-day basis, look to AI tools for automating routine processes and providing more intuitive interfaces for your EHRs and other online tasks. At a higher level, AI algorithms can analyze that EHR data to identify risk predictors and recommend targeted treatments. Pathology results—relied upon for 70 percent of healthcare decisions—can be more precise under the guidance of AI. That same level of accuracy will be used for earlier cancer detection and more efficient pharmaceutical discoveries. For due diligence, look beyond the jargon and ask, “How will we see the benefits of this technology today?” Marriage of convenience Healthcare mergers and acquisitions are on the rise, with an increase of and a reported 255 mergers in Q2 of 2018. The reasons behind this trend are key to understanding whether and how it could impact your practice. According to Paul B. Ginsberg of the Brookings Institute, “It is becoming an increasingly challenging environment to be a small hospital or medical practice. The system is going through a challenging [digital] transition, which is expensive and requires specialized expertise to avoid pitfalls.” We are also seeing small practices being acquired by larger organizations in an effort to provide the economies of scale needed to keep up with the times, and spread out the burden of supply chain, IT, and other back office functions. However, this increased efficiency comes at a price. Medical costs will rise in 2019 as these acquired organizations may adopt the fee schedule of the larger organizations, resulting in higher prices. These consolidated systems will occupy an increasingly large share of the healthcare market, giving them the power to set higher fees in the absence of competition. All-access pass to care Changes in healthcare legislation and patient philosophies have resulted in both a greater supply of and demand for care on a 24/7 basis. We can see how legislation influenced access to care when the Affordable Care Act began to cover more people. The revenue generated by these additional patients enabled clinicians to serve them by extending hours, hiring more staff, opening more facilities, and adopting support technology. This increased access to care challenges the convention of office hours being for in-person appointments and after-hours being for emergencies. The patient-first approach means that physicians must adopt new, more flexible models of care to accommodate patients. For example, seniors are demanding more in-home care and busy adults want fewer interruptions to their own work days, be it for their appointments or their children’s. Nonetheless, this trend also has resulted in higher costs, as patients turn to retail clinics and boutique providers for the convenient, accessible care they prefer. With a new reality of care delivery, how can practices satisfy their patients’ accessibility and continuity of care expectations while maintaining, or better yet, increasing, the standard of care offered by physicians? A virtual takeover Telehealth solutions have not been compelling enough to warrant mass adoption due to either needless complexity or the lack of value-add to patients and physicians. But the same philosophies that have governed the patient-first approach to care have now been applied to technology design, resulting in an infinite number of possibilities for connecting patients and clinicians remotely. These virtual visits (two-way video calls) best serve level 1-3 patients and those requiring refills and follow-ups, freeing up office time for patients with different/urgent needs. The rise of video calls means doctors can spend more time providing face-to-face care instead of playing phone tag. A new Medicare code for “Brief Communication Technology-Based Service” will reimburse doctors for virtual care, which opens the door for new revenue while reducing time wasted on administrative tasks. Now as accessible as any consumer app, telehealth will enable doctors to maximize their billable time and offer better continuity of care. We’re poised for a 2019 that showcases a drive for better, more personal access to care and the embracing of technology to deliver it through consolidated databases. It’s an exciting time to be a physician—and to reconnect with our roots. Why did you become a physician? Likely so that you can help people —and a return to more personal care-leveraging technology will help you do just that. It is important to have health insurance for any individual and you can check your eligibility for family health insurance lancaster pa and explore best plans for you. What is the Definition of a Peril in Insurance?
Definition of "Perils" in insurance refer to hazards and events that are a source of loss or damage. It basically describes things that can happen, depending on if it is an insured peril or not, it also helps you understand what is covered on your insurance policy. Perils are also referred to as "risks". Your insurance policy will refer to "perils" in your policy contract. The term "insured peril" refers to risks or sources of damage that are "insured". Perils may also refer to the source of an injury for which you may be held liable. Examples of some perils are:
Not all perils are covered on a policy, but sometimes maybe added by endorsement, for example with earthquake insurance. Your insurance policy must specify what is covered or not. Extended Definition and Examples of the Term "Perils" in an Insurance Context The term peril is used in many contexts, aside from the definition, it may be used to describe the type of insurance policy form you have. Insured perils will always be specifically outlined in an insurance policy, which the exception of an "All Risk" policy which takes an alternate approach by insuring "all risks" or "all perils" and therefore only lists all the perils that are not insured as exclusions. Most insurance policies may list "Named Perils" or "Insured Perils", this defines what you are insured for. Perils and Exclusions Not all perils are insured on an insurance policy, perils that are uninsured or excluded may be referred to "uninsured perils" or "risks" or exclusions. For example, perils such as flood, earthquake, damage caused by mold, damage caused by insects, may all be perils, however they may be excluded from a residential insurance policy for a homeowner, renter or condo owner. Some perils or risks may be added by endorsement or rider. Two Main Types of Homeowner Insurance Policies A peril is the choice word used by insurance contracts to explain what risks the insurance contract will cover. A homeowner policy will assign coverages to the building portion of the policy and the contents portion of the policy. It should not be assumed that because one portion of coverage has all perils insured, that the other will as well. The Named Peril vs. Open Perils (All Risk) Insurance Policy In a named peril insurance policy, the insurance policy will only provide insurance coverage on losses due to particular perils or damages that are specifically named in the insurance policy. It is important to understand what perils you are insured so you know what to expect in a claim. Since the named peril insurance policy only covers specific perils, it is usually less expensive than an all risk or all peril insurance policy. Additional coverages may sometimes be added by endorsement. An Open Perils, All Risk or All Peril insurance policy is an insurance policy that covers all perils except perils that are specifically excluded in the insurance policy. The all risk insurance policy is usually more expensive than the named peril policy because it is more comprehensive than the named peril insurance policy. It usually has significant advantages over a named peril policy because of its more extensive coverage, sometimes including higher special policy limits. Where Do You Find What Perils Are Insured on Your Insurance Policy? Your insurance policy declaration page will show you what type of home insurance policy you have: Open Perils or Named Perils based on the policy form listed. The insured perils will be fully listed along with the excluded perils and conditions in the policy wording which will follow the declaration page of your policy. List of Common Homeowners Insurance Named Perils Include: Fire: Something that produces a spark, flame or glow. Not smoke. Direct damage due to hostile fire is covered under the fire peril. Hostile fire is a fire that burns where it is not intended to burn such as a bed or curtains. Lightning: Defined as natural electricity. Lightning directly damaging something or fire caused by lightning are both covered under the lightning peril. Also, damage to the electrical system or appliances in a home due to a lightning strike would also be covered under the lightning coverage but not if the electrical problem comes from the company providing the power. Explosion: Coverage for an explosion can vary depending on the insurance policy but generally refers to explosions that originate within the covered structure but can also sometimes include explosions that originate outside of the structure and cause damage to the covered structure. Windstorm: Damage due to wind including cyclones, tornadoes and hurricanes and covers the outside of the property and the inside of the property if the wind causes an opening to the inside. Does not include damage due to floods. Hail: Damage caused directly from hail. Hail coverage to the inside of a structure is only covered if the hail itself breaches the structure and causes internal damage so if the hail enters because of an open window, the damage to the interior due to the hail from the open window would not be covered. Riot or Civil Commotion: A riot is usually defined by three or more people causing damage to a property and a civil commotion is usually defined as damage caused by a large number of people. Aircraft: Damage caused by any flying machines including balloons, helicopters, airplanes, spacecrafts, and self-propelled missiles. Explore health insurance plans harrisburg and get the best plans for your family, if you want to know more details then please send your queries in the comment section. Homeowner’s insurance is something that lets you sleep a little easier at night, knowing that if something unexpected should happen at or to your home, your insurance is protecting you—but is it really? Do you really know what is in your homeowner’s policy? If not, it could be a rude awakening for you to have a sudden loss that is not covered and leaves you financially devastated.
Types of Homeowner’s Policies Most homeowner’s policies cover losses against fire, storm damage, and other named perils. Depending on your coverage, your policy pays for repairs, loss of use, liability claims, medical payments, and more. There are different types of homeowner’s insurance policies that will cover different types of losses including basic, broad, and special (all-perils) coverage. These policies will pay for losses according to actual cash value to replace your home and possessions minus depreciation, or by replacement cost value (the actual cost of replacing your home or belongings up to your policy limit less depreciation). Whether you receive an actual cash value payment or replacement cost payment will depend on the type of homeowner’s policy you have. There are many types of homeowner’s policies. Some of the more common ones include:
Typical Homeowner’s Insurance Policy Exclusions You should carefully review all your homeowner’s policy language including the declarations page and take note of what types of losses are excluded in your policy. Typical homeowner’s exclusions include losses from:
This is not a complete list of homeowner’s exclusions but just some of the more common ones. Even though a peril may not be covered on a homeowner’s policy, this does not mean that you cannot be protected from these types of losses. In many cases, you can endorse your homeowner’s policy with something called a policy rider. Policy Riders (Endorsements) for Added Protection A policy rider (also known as an endorsement) adds coverage for perils not originally listed as covered in your policy. A policy rider will provide the additional coverage you need, for an additional premium. You also have the option of buying a specialty coverage policy if an endorsement cannot be added to your homeowner’s policy. Some specialty policies include pet insurance, boat insurance, earthquake insurance, and flood insurance (flood insurance is only offered through the National Flood Insurance Program (NFIP) and its authorized private insurers). Homeowner’s Insurance Endorsements to Consider Here are a few additions you may want to make to your homeowner’s insurance:
Final Thoughts and Considerations While adding additional coverage to your homeowner’s policy through endorsements may cost you an additional premium, it may be worth it in the long-run. When disaster strikes, you don’t have a moment to lose to get your home repaired and in living condition. You will have to weigh the risks and determine if you need more homeowner’s insurance than you have in your existing policy. It is not a bad idea to consult with an insurance professional and review your options. It may be as simple as getting a more comprehensive homeowner’s policy. This will depend on your own unique circumstances and needs. For all your insurance needs, it is a good idea to do an insurance check-up at least once a year to make sure you are properly covered against any unexpected losses. Checkout the family health insurance lancaster pa plans and find the better options for your loved ones. Do you need to buy specific insurance to cover college students while away at school in a dorm or rented home? Many people consider this option because when you go away to college you usually take a lot of items with you that have high value, like laptops, tech items, and other things.
What Are the Risks? It might help to understand how common crime or thefts are at your college dorm or campus. You can check out the state by state list of crime on college campuses. Insurance Options for College Students in Dorms or Rental Apartments Knowing the options for college student insurance will help you make a decision on what kind of insurance you want to buy, and may even help you take advantage of being covered for free. What's the Best Way to Insure College Student Personal Property? Students going to schools away from home and off to college, as well as their parents often wonder how personal property is going to be covered by a parents home insurance. Many people think that the solution to cover students property is buying a tenant policy. However, there are other options that may save you money. Should You Buy a Renters Policy for College Students? A renters policy is not always required to protect the personal property of students. It is an option, but there are other ways to get insurance that may not involve any additional cost. Paying for college is expensive enough, so it is good to know your options to find ways to save money. 3 Ways to Cover Property for Students in College Away From Home
What Is Covered By College Student Insurance? It depends on the kind of coverage you decide to choose. In each of the three ways listed above, you can choose options, add endorsements or coverages to insure the things that matter to you. How Much College Student Dorm or Renters Insurance Do You Need? If you are a music student or photography student, for example, you may need to get special coverage for musical instruments, or all your camera equipment and lenses. If you will be using a bike to get around, you may want to get special bicycle insurance or ask if your coverage has a limit on how much will be paid on a bike. The same goes for athletes and sporting equipment. If you are looking to have a college student's personal property covered for free under a parent's home insurance policy, then knowing the value of your stuff is also important because a parent's policy may have a limit on the amount of coverage for personal property of a student away at school. 5 Important Things to Ask About When Buying College Student Renter or Dorm Insurance
Most college students will need some basic coverages such as property insurance, liability insurance, health insurance, and car insurance. Personal property insurance and liability insurance are both available as options for renters insurance packages and may be added to a parents homeowner policy as an endorsement. Some policies will automatically cover the personal liability of a student away at school (subject to age limitations with some carriers). Health Insurance for College Students and Car Insurance are not included in residential insurance policies or personal property content policies, therefore must be purchased separately. Here is what each of these coverages can provide insurance for and some tips on getting reduced rates, or finding coverage for less. Personal Property Insurance Electronics and technology form an important part of a student’s toolkit. Items like Computers, laptops, digital cameras, iPads, tablets, iPods, iPhones, and other phones can easily add up to a few thousand dollars if stolen or lost. These are usually the things that a student or parent might worry about most when heading off to college and taking up residence in a dorm, home or apartment away from home. Personal property insurance may cover the student's personal belongings, including electronics and tech items. Personal property insurance for students also covers their clothes, books, and anything “movable” that they bring with them into their new residence. This is also known as the contents, read more about what's covered in our article about contents insurance. Student's Personal Property Coverage on and off Premises Students are often carrying many things with them on campus. When purchasing insurance, or using a parent's home insurance policy for coverage for a college student, be sure and ask about the special limits of insurance and if there is a limitation on or off premises. This will help you understand if you need extra insurance, or if everything will be adequately covered on the plan you purchase. If your things are constantly being brought with you on travels, or to the library and you then find out there is a limitation on claims payable for your laptop, technology or other devices, you may not be too happy if there is a claim. Ask this question to whoever you decide to get your college student property insurance coverage from. Understanding Your Deductible and Insurance Different policies have different deductibles. The deductible is the amount of money you will pay before a claim is covered. For example, if your laptop is stolen and it is worth $1,000 to replace, and you have a deductible of $500, then when you make the claim to replace your stolen laptop, you will pay the first $500, and the insurance company will pay the rest. If you have a low deductible of $25, for example, then you will pay the first $25 and your insurance company will pay $975. You can see how the deductible makes a major difference in how much money you may be paid in a claim. People often choose a higher deductible to save money. For college students, the amount of personal property may not be as high, and so deductible limits become important to know about. If you decide to insurance yourself under a parent's home insurance policy there may be a special deductible or the deductible may be the same as the homeowner policy. In cases where a person prefers not to have a deductible, they may decide to add specific items, like a laptop, or cell phone to a special floater or endorsement. This will cost more money but may provide coverage with no deductible. Are College Student's Roommates Insured? Only the named insured's or those falling under the definition of insured are insured on an insurance policy. If your roommate got insurance, it doesn't mean you're covered too. Personal property insurance will not cover the property of roommates automatically. Each roommate must either have their own insurance policy or be listed as a named insured on the policy declaration page. If an insurance policy is only in the name of the roommate, then you need to check with the insurance company representative and specifically ask about how the property of other roommates would be covered. The definition of the insured is important, just because people live together if they are not considered an "insured" by the definition of the policy wording, then there may be a big problem in a claim. Liability Insurance for College Students Liability insurance is included in a renters policy and usually covered under a parent's home insurance policy if the student is under the care of the parent (a dependent) and under the age limit set by the insurance company. It is important to contact the parent's insurance company and make them aware of the student away at school if you want to be sure the liability is covered. The insurance agent will check your home insurance policy wording and will be able to advise if the coverage is automatic or if an extension of liability has to be added to the policy for the rented location, dorm, etc. Liability insurance does not necessarily come with College Student Personal Property Insurance plans, but you can request that it can be added. Make sure and pay the extra couple of dollars for liability insurance because while away at college your liability risk may be higher than you realize. Liability Insurance for College Roommates — Don't Assume You're Covered It is not unusual for students in college to have roommates. People often assume if one roommate has insurance it is covering all roommates living in the dwelling. Insurance policy wording often excludes or does not cover roommates because a roommate is not in the definition of the insured. Free Insurance for College Student's under a Parent's Home Policy Nothing is really free, but this is close to it since it will not cost you or your parents any additional money. You may be able to take advantage of student away at school personal property coverage under a parent's home insurance policy if you fit the criteria of a college student away at school. Insurance companies may list limitations on the age of the student or the location of their college residence. Before you assume you have coverage contact your home insurance company to let them know and ask your representative if you are covered and for how much. Advantage of Using a Parent's Insurance Policy to Cover College Students A parent's homeowner policy may have more coverage and cover more risks than a basic starter renter policy or a college student insurance policy. One example is mysterious disappearance coverage or all risk coverage which covers everything that is not "excluded" in the policy wording. Disadvantage of Using a Parent's Insurance Policy to Cover College Students If you decide to be insured under your parent's policy, a claim may count against their insurance and they may lose a claims free discount and the deductible may be higher. However, the cost of getting the coverage for free may be worthwhile. Get Discounts on Your College Student Car Insurance We've discussed property insurance and some options to get insurance for less for college students when living away from home. Here are two tips that might save money on car insurance when a student is away at school.
Get the all information about health insurance plans harrisburg pa by sending your questions in the comment section. It is important to review an insurance policy on a periodic basis. All too often we set insurance policies aside in a file drawer and forget that some items in them need to be updated from time-to-time. The easiest way to organize and review your insurance policies is to create a one-page policy summary for each policy. Most insurance policies contain a page in front of the insurance contract that is called a " declarations page" or "policy summary." It will contain most of the information you will want to review. You can also create your own policy summary template on a pad of paper, in a word document, or in an excel file. By writing down the relevant information in your own template it can help you understand it and remember it. Either way, start by reviewing the basics below:
Once you have the basics down, you'll want to look at the details of the policy so you understand how the benefits work, and what restrictions may apply. Looking at the details can help you spot areas where you may have duplicate coverage, too much coverage, or areas where you are under-insured. To conduct a thorough insurance review call your agent, or set an appointment with them, and have them walk you through each feature of your policy, explaining when it would apply, how you would qualify, and how much you pay for it. Below is a brief overview of the details you'll want to review for each type of insurance you may have. Life Insurance Policy Review For life insurance, keep track of the total death benefit, and any additional riders such as a waiver of premium in the event of disability, or the ability to access the death benefit early in the case of being diagnosed with a terminal illness. If you have a term policy, put a reminder on your calendar the year the policy is set to expire. You'll need to evaluate options at that time and see if you still need the life insurance coverage. In addition, if your policy has a cash value, track the performance of investments inside it, and call the insurance company to request something called an "in-force illustration." An in-force illustration will project how the policy should perform from now throughout the rest of your life. If the policy has performed well and is expected to continue to do so, you may be able to forego premiums. If the policy has not performed well, you may have to pay higher premiums to keep it in force. Reviewing policies on a regular basis can help you anticipate these future changes. Long Term Care Insurance Policy Review For long-term care insurance, you should know the “per day” benefit, and how long the benefit would last. For example, your policy may pay $100 per day for up to 500 days in the event that you qualify for long-term care benefits. You'll also want to know if your policy covers in-home care or only services provided in an assisted living facility. To be eligible for benefits, most policies require that you need assistance with two out of six activities of daily living and will have some type of waiting period such as 90 days or 120 days. The longer the waiting period, the more of your own funds you'll want to have set aside so you could pay out-of-pocket if a short-term care need occurs. Health Insurance Policy Review For health insurance, make sure you know your deductible and maximum out-of-pocket costs. For example, if the policy has a $3,000 deductible and a $6,000 max out-of-pocket cost, you'll want to have $9,000 set aside in an emergency fund or Health Savings Account to use for that purpose. You'll also want to know details such as “policy pays 80% of covered services after I make a $50 co-pay.” Disability Insurance Review For disability insurance, you want to know the monthly benefit that is payable, how long it would pay you, and how the insurance company defines disability. A policy that only pays if you lose an arm and a leg is not very useful for most people. Many disabilities are not of that nature. Professionals want a policy that protects their ability to work in their specific career. For example a surgeon needs all ten fingers; if they were to be injured and lose the use of a finger, perhaps there are many jobs they could still do, but the best disability policy for them will still provide a benefit at least for a period of time, because they can no longer perform surgery. Property and Casualty Insurance Review For property and casualty insurance, take a look at your total coverage relative to what you own, and to your net worth. As your net worth grows, the amount of insurance protection you have should also increase. If someone were to be injured on your property and sue you, would your coverage hold up? It helps to know what items are excluded from coverage. Best to review this with your insurance agent and adjust coverage as needed. If you run a business out of your home, be sure to bring this up to your agent. Yes, additional coverage may be needed, but it is better to pay a small premium to have things covered than to experience a devastating uncovered loss. Reviewing policies isn't exciting, but it is part of a sound long-term financial planning process. There are various health insurance companies in pa, which provides best health insurance plans for you and your family and you can opt for one of them. You might be surprised to learn that only about 56 percent of women have life insurance, 10 percent less than their male counterparts. These figures are based on statistics and research from LIMRA, a worldwide research organization servicing members of the insurance and finance services sector. Not only do fewer women than men have life insurance but the death benefit is also well below that of men—about 22 percent less. Women have become increasingly dominant players in today’s American workforce. Some women are the sole breadwinners for their families and as such, are looking for the financial security a life insurance policy can provide. Whether a woman has an executive position or is a stay-at-home mom, life insurance is an important protection to have. Here are a few of the top benefits for women who have life insurance. #1 Financial Security for the Family For women with a family, especially those who are the primary bread winner, they are worried about how their family will be taken care of financially should they die suddenly. A life insurance policy can give peace of mind knowing that the family’s financial needs will be taken care of and financial obligations met. #2 Ability to Borrow against the Cash Value Benefit Many types of life insurance offer the option to build cash value which can be borrowed against. For women, this cash value can be accessed for any number of needs; paying off bills, financing a college education; starting a new business; or any number of other financial needs or goals. #3 Living Benefit when Diagnosed with a Chronic/Terminal Illness Have you ever given any thought to what you would do if you were diagnosed with a chronic/terminal illness? How would your bills get paid and who would provide for your family’s financial needs? Some life insurance policies can be endorsed with a rider to add coverage for a chronic/terminal illness if you are ever diagnosed with one of these conditions. You can use the money to pay for medical expenses or for living expenses for you and your family. #4 Taking Care of Elderly/Disabled Family Members The role of caregiver is familiar to many women and as you began to approach middle-age, you may have elderly or disabled parents or other family member to care for. You can have the security of knowing their care will continue after you are gone by adding them as a beneficiary to your life insurance. Types of Life Insurance Policies When choosing from types of life insurance, there are several different options to consider. Here are a few of the most common. Term Life Insurance: A term life policies give you life insurance coverage for a specific-term of time; generally in 10-, 20-, 25-, or 30-year increments. Most term life insurance policies pay a straight death benefit without any cash accumulation value although some term life policies do offer the option of converting to a whole life policy at the end of the policy term. Whole Life Insurance: Whole life insurance is coverage that lasts for a lifetime and also accumulates a cash value that can be borrowed against. Whole life insurance earns interest at a fixed rated determined when the policy is purchased. Premiums remain level through the life of the policy. Universal Life Insurance: The main feature of a Universal Life Insurance policy is its flexible premium. Any overpayment of premium is credited to the cash value of the policy. There is an increasing death benefit. The cash value earns an increasing interest rate over time and the policyholder can borrow against the interest earned. Indexed Universal Life Insurance: An indexed universal life insurance policy allows policyholders to allocate earnings to interest-bearing indexed accounts with a cash value that can grow. IUL earnings are tax-deferred. One good think about this type of policy is that the cash value portion can be used to make the insurance premium payments if the policyholder wants to stop or delay making out-of-pocket premium payments. Guaranteed Universal Life Insurance: The Guaranteed Universal Life Insurance Policy (GUL) is a hybrid policy which is a combination of both term and whole life insurance. The coverage is not written on a term of years but rather is age specific and is generally written for policyholders up until their 80s. You can choose the age that the coverage ends. The GUL policy is more affordable than a typical whole life policy and can be customized to increase the cash value. Variable Universal Life Insurance: The premiums for a variable universal life insurance policy are paid into a savings account. The policy has sub-accounts that are invested. This account has potential for higher earnings but also is subject to market fluctuations and policyholders could potential suffer a substantial loss in earnings. How Much Life Insurance Do You Need? No one can tell you an exact amount of life insurance you should purchase. However, when making the determination of how much life insurance you need, think about how much it would cost to pay off outstanding debts (college tuitions, student loans, mortgages, car loans, etc.). Additionally, if you have dependents/spouse, what amount do you feel would be adequate to help them live comfortably? You can also add coverage to your life insurance policy through riders. There are life insurance riders that can be added to cover children, disability income, accidental death, critical illness and more. Considerations Generally, the sooner you purchase a life insurance policy, the better. Life insurance rates are statistically lower for women than for men because of a longer life expectancy and an overall good health expectancy when compared to that of men. If you buy a policy when you are young, the rate will be lower than if you wait until you are middle-aged or a senior. If you are thinking about purchasing life insurance, check out these best options for life insurance: best term life insurance policies and best whole life insurance policies. Get insured your whole family by exploring the family health insurance lancaster pa and if you want to know more then please contact us in the comment section. At least 90 percent of retirees want to live at home for as long as they can, so finding ways to avoid the nursing home is the best option, as long as their safety isn’t compromised. This probably saves a lot of money in the process, too. It’s difficult to estimate the cost of in-home care, but if you use an average rate of $20 per hour for 20 hours per week, that’s around $21,000 per year—much lower than nursing home care. And Medicare will pay some of these costs, so the out-of-pocket cost will be lower. Another option related to living at home is adult daycare. Adult daycare is much like assisted living, but the retiree still lives at home and spends either the day or a portion of the day at a care facility. Average rates vary from state to state, but the national average is $70 per day. At five days per week, the cost would come in at $18,200 per year. Unfortunately, Medicare doesn’t pay for adult daycare, but Medicaid may be an option. Other programs help those choosing to live at home. Meals on wheels, senior community centers, help with shopping and transportation, and free legal services are probably available in your community. Accessory Dwelling Units:- An accessory dwelling unit, sometimes known as a mother-in-law suite, is an area of a home that functions like an apparent. It often has its own bathroom, kitchen, and separate living and sleeping areas, so the senior person can still keep their independence, while still being under the watchful eye of a loved one. The cost of remodeling or adding on to a home might be cost prohibitive but if the home already has usable space, the cost of remodeling might be much lower than the cost of an assisted living facility for multiple years. This option can cause disruption to the family, especially if dementia or another illness is involved. Families are encouraged to get help and be ready to move the person into skilled care before the impact on the family becomes too high. Assisted Living:- Assisted living is for people who are mostly independent but may need help with personal care tasks. They’re probably still mobile but live in a fully staffed facility with a private or semi-private room. There’s no universal definition of an assisted living center, so each might offer different services, but the price difference of assisted living versus a nursing home is substantial. Prices vary by area with state averages ranging from $2,500 to $6,000 per month. At a national average of $3,600 monthly, the annual cost comes in at $43,200. Beware: Medicare does not pay for assisted living services. If you or your loved one doesn't have the money to pay for assisted living services, apply for Medicaid—the only government-sponsored program that pays for assisted living. If you have long-term care insurance, that will pay a portion of the costs based on your policy. Nursing Home:- If you’ve exhausted all other alternatives, or your loved one needs specialized care for dementia or other conditions, a nursing home may be the best arrangement. A nursing home provides 24/7 medical care along with rehabilitation, socialization, and housekeeping. Because the care is specialized, it comes at a much higher price than other options. The average yearly cost of a semi-private room is $82,128, and a private room is $92,376. Many facilities charge an all-inclusive rate, but some will have a more "a la carte" option. Make sure to ask as you’re getting rate information:- Much like assisted living and other resident programs, Medicare probably will not cover the costs, but any out-of-pocket expenses are often tax deductible if paid by somebody else on the resident’s behalf. For people who don’t have the funds to pay for nursing home care, some health insurance, long-term care insurance, and life insurance policies can be tapped to cover costs. Medicaid will pay for care if you meet the low-income requirements, but that may require you to spend down your assets to meet those qualifications. If you’re a veteran, you will enjoy full coverage from the VA at certain locations approved by the VA. There are various pa health insurance companies, which provides best health insurance plans for you and your family and if you want to know more then please drop your comments. |
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