Which Act Ensures Retirees Will Receive Continued Insurance Coverage
While some may think having to pay for insurance every month is dollar bills down the drain, if an incident occurs and you don't have insurance, it can lead to major financial hurdles that may last for years to come. It seems though that there is insurance to cover almost anything. Not only is there health insurance for individuals, but also vehicle insurance, accident insurance, different types of company insurance, and of course house and flooding insurance to name a few. Depending on the plan you sign up for, having coverage could save you thousands down the road.
Health Insurance
Those who are 65 or older may be eligible for the Medicare Part A and B plan which covers medical insurance and health insurance respectively. For others under this age or ineligible, their employer and company may offer group insurance plans and have coverage for employees, and sometimes spouses. If this is not applicable to you, there are plenty of other options available. Health Maintenance Organizations (HMOs) are popular, but give the individual the least amount of freedom when searching for healthcare providers. HMOs only cover customers who choose facilities and providers that are within the network. Preferred Provider Organizations (PPOs) are also popular and give people more freedom when choosing which health care provider they would like to use. Unlike HMO's, PPO's don't require a referral from your general doctor if you want to see a specialist. Then there is the Point-Of-Service (POS) plan which is a combination of HMOs and PPOs. You have more freedom when choosing a provider, but you will need a doctor reference if you want to see a specialist.
If you are a licensed driver and tend to be accident prone, liability insurance might be what you need. This covers car repairs and medical bills from an accident that are caused by you. There is also collision coverage, which may be worth getting for those that have expensive vehicles as it covers repairs or the value of the car if it is totaled.
Those that are frequently injured may want to get accident insurance. This is when your insurance company provides you with one large sum directly after the accident. These finances go towards out-of-pocket expenses such as deductibles, co-pay or childcare. If you are covered by accident insurance through your employer, your injuries, medical services and treatments, and hospitalization may also be covered. Check with your employer to see what exactly they insure.
Company Insurance
Whether you have a start-up business with only yourself running it or a large company with hundreds of employees, make sure to have company insurance. General liability insurance is there to provide defense and damages if something were to injure you, your employees or your property. There is also property insurance which is ideal for those that own buildings or own a substantial amount of personal property such as expensive equipment, inventory, and tools. If any of this were to be stolen, vandalized or burnt, it would be covered by the insurance policy. Some large companies even invest in workers compensation, directors and officers insurance, and data breach insurance.
Housing Insurance
Home owners will want to have home insurance to cover damages if a fire or robbery occurs. This is a form of property insurance, which takes care of losses or damages to the interior or exterior of the house along with any injuries that occur on the property. After the homeowner pays their deductible, the insurance company will cover the rest. There are numerous home insurance companies to compare, so make sure to read reviews and find the one that suits your needs.
Flood Insurance
On top of home insurance, owners that live in a high flood risk area will want to buy flood insurance. The national flood insurance program, FEMA, is aimed at providing affordable flood insurance to property owners, renters, and businesses. Some mortgage lenders may even require that you purchase it before you are approved for the loan. While it may seem like just an added cost to the bills, flooding is the most common and costly natural disaster in the United States.
Source: https://www.life123.com/article/types-of-insurance-coverage?utm_content=params%3Ao%3D740009%26ad%3DdirN%26qo%3DserpIndex&ueid=4de37a0d-de4b-45df-8acf-4505ddc1f7eb
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