Insurance

Financial Literacy Month #27

There are other types of insurance you need. If you own or lease a car, you need auto insurance. If you own a home / condo, you need homeowner insurance. If you rent an apartment, you need renter’s insurance. With what is going on in the country (floods, wildfires, mudslides etc.) Make a plan to have your needs assessed so that you’re covered for anything that may happen. #JillRussoFoster #FinancialLiteracyMonth

Are You Ready For the Next Disaster?

It seems like every time I see the news, there is another weather disaster. From hurricane damage that takes years to rebuild, to flooding that wipes out cities, to fires destroying whole towns, how can you prepare?

For starter, there is a website from the government that is step 1 in helping you plan and be proactive for possible disaster that might happen in your area. Visit ready.gov for more information and tips to get your plan in order.

Now that you have planned ahead as best as you can, what about your health in these situations? Did you think about what you need in addition to your medicines? Anthem Health put together a great resource to help you plan ahead to protect your health needs.

Don’t for get your financial paperwork, if you home is in danger. You need to think about original paperwork that is difficult to replace – car titles, insurance policies, wills / power of attorney and so much more. We have all our important original paper work in one holder, that we can grab and go. As a back up, everything is scanned, so we would grab our computer / hard drive as we left our home. Don’t forget family treasurer. You see people combing the remains looking for family items that are irreplaceable. Have those ready too!

Planning ahead / being proactive with a plan that works for you in your situation, will help you in case of an emergency. Here’s hoping we never actually have to use it.

It’s Time To Update Your Health Insurance

It’s that time of year again for open enrollment for medical insurance. For Medicare you have until December 7 to make any changes to your secondary insurance and/or prescription coverage until December 15.

To enroll and/or make changes to your Affordable Care Act health insurance, you have from November 1 to December 22 in Connecticut. Check your individual state for your specific deadlines.

If you are coverage is through your employer, fall is typically the time to make changes as well. Please check with your individual state or company for possible changes to the deadline date.

If you want some general questions to think about to compare your options, here are some that you can consider when making your health insurance selection that is best for you:

1.   What type of insurance is this?
2.   What is the monthly premium cost and how much am I responsible for paying?
3.   Are there subsidies available for us?
4.   Do I have out of network coverage?
5.   How much are the deductibles for both in and out of network care?
6.   How much do I have to pay to see a healthcare provider?
7.   Do I have medical coverage out of state and out of the country?
8.   Will I be able to use my current doctors?
9.   What additional benefits are included (prescriptions, dental, vision, etc.)?
10.   Are preventative visits (physicals, routine tests etc.) covered without a deductible?
11.   What is the procedure for going to a specialist and/or the emergency room?
12.   How are disputed claims handled?

Ask these and more questions to make sure you have all the information to make the most informed choice for you and your family. Mark your calendar today to do this during your open enrollment each and every year as medical plans changes and so do your needs. If you miss the open enrollment period, you can only make changes if you have a life changing event.

Are you prepared for the next disaster?

So far 2017 has given us hurricanes, wild fires, earthquakes are more. Some of us are more prepared than others. Check out his article from the NY Times. Maybe this will help you with whatever weather disaster is next.

The Importance Of Insurance

We all know we need insurance and probably have all the standard ones in place – homeowners / renters, auto, and umbrella. But it’s those special ones that are in question for us. I am referring to travel, car rental, pet, extended warranties, home warranties and more. We think we don’t need them, but do we?

We just booked a vacation and we have the option to add travel insurance for a reasonable fee. Do we do it? Is it a waste of money? Fortunately, we don’t have to make this choice for a few months. In the meantime, I wanted to share with you my initial research.

	Reasons you might need the coverage	Reasons you might NOT need the coverage
Travel / Trip Insurance	Non-refundable vacations You are taking an expensive vacation with lots of opportunities for losses Your health insurance will not cover you where you are going (anything from a doctor’s visit to medical airlift)	Your credit card that you booked your vacation with gives you the insurance coverage you need If your travel plans are refundable / changeable without or a minimal penalty You can financially afford the cost / loss
Car Rental	If you don’t own a car and therefore don’t have auto insurance If you are going to a location that your car insurance will not provide you the coverage	If you have this coverage on your current auto policy and it extends to your rental car
Pet	If you are the type of person that would do anything for your pet, regardless of the cost	If you can afford to pay for the services
Extended Warranties	If you want peace of mind knowing that your electronic device is covered If you are a person that tends to lose, break or damage things	If your budget can handle the cost of replacement on short notice
Home / Car / Appliance Warranties	If you want peace of mind knowing that you are covered	If the cost of the insurance is more than the cost to replace / repair If your budget can handle the cost of replacement with short notice

As you can see, I have suggested many things for us and you to think about before you make your own choices. Let me know any thoughts I have omitted and what helped you decide.

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