|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Insurance is a vital safeguard against all kind of eventualities in life. Any individual needs to be covered under home insurance, auto insurance and most importantly health insurance. According to the latest U.S. Census Bureau data around 42 million people in the United States of America were without health insurance coverage for all of 2013. This translates to roughly 13.4% of the population. This figure reached alarming proportion for the adults (between 19 and 64 years old) where the percentage of uninsured people stands at 18.5%, or almost one out of five. These figures would be used as a baseline to measure the success of the Affordable Care Act which was made into a law in 2010. The law is aimed at expanding insurance coverage in the coming years.
Facts and Figures
- 169 million people are covered by employer health insurance scheme. This is about 53.95% of the total population.
- 34.5 million people or 11% of the population have subscribed to health insurance directly bought from insurers.
- 54.1 million people or 17.3% of the population are by Medicaid programs.
- 49 million people or 15.6% are covered under the Medicare program.
- The number of uninsured is higher in the African-Americans Latinos communities and stood at 22% and 33.6% respectively for people between the age groups of 19 and 64 years.
Affordable Care Act Success
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
The Affordable Care Act that became a law in 2010 is starting to bear fruits and a recent survey by the National Health Interview has shown encouraging facts. According to it the number of people without health insurance had dropped by about 3.8 million in the first quarter of this 2014.
The state of Wisconsin has performed better than the national average where the number of people without health insurance stands little more than half million or 9.1% of the state's population. In fact this rate is among the lowest in the country bettered only by Massachusetts, District of Columbia, Hawaii, Vermont and Minnesota. This puts it far ahead of Texas, Florida, Nevada, Georgia and New Mexico which had higher percentage of people with
The Wisconsin Success Formula
Wisconsin's Medicaid program has historically has had a broader reach and eligibility over the years compared to most other states. This has helped the state ahead of the country. The Affordable Care Act has also been more successful in the state with more that 130,000 people buying health plans sold in the federal marketplace. Majority of these subscribers were eligible for subsidies to help offset the cost. By August 2014 additional 110,000 people insured themselves under the BadgerCare Plus, the state's largest Medicaid program.
If you are looking for affordable insurance coverage that will meet your needs and your budget P & C Insurance Services, Inc. (pc-insurance.net) would suit your needs. They are the first choice for individual as well as corporate clients. From settling auto insurance claim in Waukesha to offering comprehensive coverage they have always put the interest of their customers first. Their executives have complete knowledge of the products and help customers choose the coverage they need.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|