Insurance

Insurance

Insurance is basically legalized gambling.   But it is well regulated.  You are paying for protection on Health, Home, Auto, Life, or Disability.  No one can tell the future or guarantee what may or may not happen.

Auto Insurance

autoinsurAuto insurance can help when you have a car accident and need repairs. It can also cover medical expenses when you or another driver are hurt. In some states it is required to register your car, so you might not be used to thinking about it or shopping much,  You can save on auto insurance by shopping around or simply understanding your policy.  For example:

  • Increase your deductible to lower cost.  If you have emergency savings you are already prepared for that cost.
  • Increase your deductible to $1000 and lower your premium.
  • Collision coverage could be decreased if you have an old car which doesn’t have much value.

A local insurance agent can help through this process and with better customer service in some cases.  Buying more than one policy with a vendor might offer you more savings.

Health Insurance

Man, Health insurance has gotten so complicated. So this page is under construction.

  • HMO
  • PPO
  • FSA
  • HSA
  • LMNOPQRSA

Life Insurance

Life Insurance should replace your income for a spouse or dependent as well as burial expenses. Remember, you have a budget now so you can determine what coverage you need.

There is Term Life Insurance and Whole Life Insurance.  Term is nice and simple. You pay a monthly premium you will never get back.  It is also less expensive.  Whole life insurance allows you to get some money back if you stop paying.  But it is more expensive and there are expensive fees.  Its not a good an investment in any way.

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Short Term Disability

shorttermShort Term Disability Insurance will replace your income for the short term in the event you are disabled and unable to work.  For example: you may get 60% of your income up to 60 days.  Then you’ll need Long Term coverage.  Details will be according to the policy.  You can often get this through your employer and it is also a great thing. Maybe you have enough emergency savings that you don’t need this?  The cost is usually low and worth it.

 

Long Term Disability

crutchesLong Term Disability Insurance provides you with long term income in the event you are unable to work due to a disability.  For example: You may collect 66% of your pay for a long period of time, determined by the policy.  Often, this is offered through employers at a discount.  You can also purchase it yourself.  This is a good thing to have. Even more so if others are depending on your income.

 

Medicare

“Medicare provides health insurance for Americans aged 65 and older who have worked and paid into the system” Wikipedia

https://www.medicare.gov/

Medicaid

“government insurance program for persons of all ages whose income and resources are insufficient to pay for health care”.[1] – Wikipedia