Common Questions About Insurance

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Common Questions About Insurance

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Insurance in general can be a really time consuming and broad subject – one that you may have lots of questions about, but you also might not know how to get these questions answered quickly and efficiently.  In this article we will be going over a few questions and answers regarding a variety of insurance types and plans.  Hopefully you can find your question below and can find a simple non-confusing answer below it!

Financial Questions to Ask

If you have health insurance already, but you want to see a doctor because of a certain condition, there may be questions you need to ask.  In fact, there ARE questions you need to ask!  After all, different doctors, in different locations, different subsidiaries, different practices, all offer different costs variances and allow different insurance providers.  Some questions you need to consider asking; is my care pre-approved or do I need to get it authorized?  Do I need a referral?  What things like tests, or other costs are covered under my plan and which options are not covered?  I have a plan, but how many visits can I come for over a year’s period?  These are all questions you need to ask your doctor, but also make sure in your policy that you look at these questions too, because it will vary person by person, situation by situation.

How Much Liability Insurance Is Enough?

One of the best things about liability insurance in the USA, is that it DOES cover every single state, however each state is different and will offer different limits – both minimum and maximum.  If you aren’t sure if you have enough liability insurance, it might be a good time to talk to an insurance agent.  These agents are experienced and very knowledgeable and they can specifically look at your case and account and let you know if you don’t have enough insurance or just the right amount of insurance for liability.  In most cases the minimum is fine, but in other cases it might be a good idea to get additional or a higher level of protection.

Do I Need Health Insurance?

Thousands of people ask themselves this question every single day.  Health insurance is expensive, especially if you go to a network rather than use something like ObamaCare.  But, any type of health insurance is worth it to be honest.  For example, say that you have broken your arm, the cost  to treat your arm, get you a cast, medical bills, pain pills, etc. it could cost you around $7500.  It’s expensive to say the least, but add on 3 days to this and you are out almost $23,000!  Without insurance you would be paying completely out of pocket, unless of course there was a certain situation i.e.; you got hurt at work or on someone else’s property or because of something that was their fault.  Health insurance keeps you from having to pay out of pocket

Deductible vs. Co-Payment vs. Co-Insurance

When speaking about these three terms, all of them have to do with insurance terms and charges that you have to pay out of pocket – even if you do have insurance coverage!  A deductible is an amount of money you have to pay every year for your covered insurance before the insurer will start to chip in coverage.  For instance, if your deductible is set at $150, your insurance company will start to chip in money and extra coverage after you spend $150.  A co-payment on the other hand, is an amount of money you pay towards medical services like checkups or even medication.  Co-insurance is a lot like co-payments, but instead of a dollar amount, it’s done by percentage.

What Can Affect The Price Of Auto Insurance?

Just like with life and health insurance, pre-existing terms may exist in order to put you in to a certain bracket.  For example, most people that are very young, have more expensive cars or people that have been in an accident in the past may have higher premiums than someone in their 20s, with no accidents and a medium priced car.  The criteria is based on; what kind of a car you drive, your location, how much you tend to drive, where you drive, your age and sex, and of course your driving record, but you also might find that if you have excellent credit you get lower premiums and if you have bad credit, you will have higher premiums.  Personally, I don’t agree with this last part, but hey, in some states it does happen and you just have to deal with it!

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