Archives: 2019

Should I Switch to an Independent Insurance Agent?

Shopping for insurance can be a confusing, even overwhelming process, with policies loaded with obscure legal terms. Although exploring new options or switching agents may seem troublesome, it may be worth considering. Should you stick with your current agent or take the leap to an independent insurance agent? Let’s break it down.

What is the Difference Between Traditional and Independent Insurance Agents?

A traditional insurance agent works for one specific company and can only sell you policies from that company. Independent agents are professionals who are not tied to a single insurance provider. They partner with various companies and can offer multiple options from different providers. 

What Are the Pros of Choosing an Independent Agent?

Switching to an independent insurance agent can have several advantages for policyholders:

• More choice; less stress: When you are shopping for insurance, prices, coverage, and policy details can vary drastically. As they represent different insurance companies, independent agents can offer a variety of options and price points. They can do the shopping for you, find the best deals to suit your needs, and ensure you are not overpaying for a policy.
• Expertise across multiple providers: Independent insurance agents are licensed experts with deep knowledge of different policies, coverage options, and industry trends. They can assess a customer’s insurance needs and match them with the best-equipped carrier at an affordable rate. Independent agents’ versatility allows them to be more flexible in addressing your needs. 
• Personalized attention and advice: Larger companies may tend to prioritize volume over individualized service. Independent agents are more likely to focus on understanding your unique situation and recommend products that truly work for you. Whether you need home, auto, or life insurance, their advice is tailored to your unique circumstance and not based on a sales quota.
• One-stop shopping: Independent agents can often meet all of your insurance needs. Through the companies they represent, many can offer home, auto, renters, and life insurance, as well as business coverage.
• Ongoing support: Your relationship with an independent agent is ongoing. Once you have secured a policy, your agent is there to answer questions and make updates if your circumstances change. If you have a concern regarding billing or a claim, your agent can act as your advocate, dealing with the insurance company on your behalf. 

Is It Worth It to Make the Switch?

Not all independent agents are the same. It is crucial to choose an agent with a solid reputation for service who offers a variety of options and has the depth of expertise you require. Shopping for insurance with an independent agent may require more time upfront. Communicate your needs and preferences, and your agent can compare different policies. 

For a wider variety of options, flexibility, and ongoing support, switching to an independent insurance agent may be your best option if you value personalized service. Our knowledgeable agent is happy to meet to discuss your insurance needs and answer any questions you may have. 

4 Reasons to Keep Your Eye on Group Vision Insurance

Most employers focus on big-ticket items such as health insurance, dental plans, and retirement when offering employee benefits. One benefit that tends to slip under the radar is group vision insurance. Although it may not be as flashy as a comprehensive health plan, it can significantly impact employees’ well-being. Here are four reasons to consider offering group vision insurance as part of your employee benefits package:

Small Investment with Big Returns

Group vision is one of the most affordable benefits for employers and employees. Premiums are typically much lower than other types of insurance, and group plans are more cost-effective than individual plans. For a small monthly deduction, employees can access routine eye exams, prescriptions, and discounts on corrective eye surgeries such as LASIK. Employers will see improved employee satisfaction and loyalty—critical elements to help reduce turnover.

Promotes Employee Health and Productivity

Poor vision can contribute to eye strain, headaches, and difficulty focusing, negatively impacting work performance. By offering group vision insurance, employers provide employees with a way to maintain eye health and address potential issues before they interfere with work. Regular eye exams can also detect underlying health problems, such as high blood pressure or diabetes, which may not yet be symptomatic. Helping employees keep their eyes healthy leads to sharper, more productive work. 

Simple, Attractive Benefit

Today’s job market is highly competitive. Offering a robust benefits package is one of the best ways to attract and retain top talent. Group vision insurance is an easy win for employers who want to stand out. It is straightforward for employees to understand. Offering this perk shows you care about your team’s well-being. Group vision insurance is an attractive benefit that sets you apart from competitors and requires little administration. It is a low-maintenance, high-value addition to your benefits package. 

Supports Employee Health for the Long Term

Vision insurance is an investment in the long-term health of your team. Offering group vision coverage encourages employees to stay on top of their eye health with regular exams, which can catch issues before they develop into more serious and expensive problems. Common eye diseases, such as glaucoma and macular degeneration, can often be better managed if detected early. By providing vision insurance, you are looking out for your employees’ quality of life and supporting their overall health. Vision insurance can reduce absenteeism and keep your team at peak performance. 

Group Vision Insurance Pays Off

Although it may not be the most high-profile benefit in your package, the impact of group vision insurance can be far-reaching. When an affordable way to enhance employee satisfaction, improve productivity, and promote long-term employee health will benefit the company. Offering this simple but valuable benefit could significantly affect how your employees feel about support from an employer and ultimately help you build a stronger, more engaged workforce. 

Speak with our experienced agent about adding group vision insurance to your benefits package. It is an investment worth keeping an eye on. 

Strategies to Help You Pay Less for Prescriptions

Paying for prescription medications today can feel like an endless loop of rising costs and unexpected expenses. Medications are a reality of modern life, regardless of age or health status, and the price tag can be overwhelming. The good news is that there are ways to reduce costs without sacrificing your health or well-being.

Generic Medications

It is no secret that brand-name medications can be expensive. Generic versions of most drugs also work but are often priced significantly lower. They do not require the same marketing or research and development costs. If you use a brand-name medication, ask your doctor or pharmacist if a generic option is available.

Prescription Discount Cards

Prescription discount cards are not gimmicks. They can save you substantial sums on medications that are not covered by insurance or have high copays. These cards, often free, allow you to access discounted prices at participating pharmacies. Some apps offer digital apps for convenience. A little research can lead to significant savings. 

Comparison Shopping

Not all pharmacies charge the same prices for the same medications. Just as you might shop for better deals for food, gas, or clothing, it is worth comparing prescription prices. Some pharmacies offer price-matching policies, so you can call around to find the best deal.

Over-the-Counter Alternatives

Certain medications that are commonly prescribed for chronic conditions, such as pain management or acid reflux, may have over-the-counter alternatives at much lower prices. If you are dealing with a condition that could be managed with an over-the-counter option, ask your doctor if less expensive medications are available.

Patient Assistance Programs

 Patient assistance programs can be lifesavers for those dealing with chronic conditions or requiring expensive medications. Offered by pharmaceutical companies and nonprofits, these programs provide medicines at little or no cost to eligible individuals. While they often have strict eligibility requirements, patient assistance programs can be an excellent resource for individuals with high medication costs. 

90-Day Supplies

If you are taking prescription medication on a long-term basis, ask your doctor to prescribe a 90-day supply instead of the typical 30-day refill. Many insurance plans offer discounts for larger quantities, which saves you money in the long run. Buying three months’ worth of medication at a time also helps you avoid frequent trips to the pharmacy. 

Health Plan Review

Prescription drug coverage can vary widely, depending on the insurance company. Ensure you understand your health plan’s formulary (list of covered medications) and look for any lower-cost alternatives to the medicines you need. If you could save money by switching to another drug, or if you are not sure whether a medication is covered, your insurer’s pharmacy team can help you find your options. 

If your medication costs are high, it is important to have the right health insurance. Our experienced agent can help you find a health plan with prescription drug coverage that suits your needs. 

A Guide to Life Insurance with Living Benefits

Most people think of life insurance as a safety net for their loved ones after they have gone. In fact, it can help during the policyholder’s lifetime. Life insurance with living benefits is a policy that goes beyond traditional coverage by offering access to funds in case of injury or illness. This life insurance with a twist may be the financial game changer you were unaware you needed. 

What Are “Living Benefits” in a Life Insurance Policy?

Living benefits are an optional feature or rider attached to a life insurance policy that allows you to tap into the death benefit before passing away. These benefits, designed to help you financially while still alive, can be a lifeline in a severe health crisis. Generally, living benefits can apply in any of the following key situations:

• Chronic illness: Living benefits can provide financial support if you are diagnosed with a chronic illness that limits your ability to perform everyday activities. The type of illness could be anything from a serious heart condition to a debilitating neurological disorder.
• Critical illness: Cancer, stroke, heart attack, and many life-altering conditions fall into this category. If you are diagnosed with a critical illness, a life insurance policy with living benefits can help you pay for treatment and rehabilitation and help replace lost income. At the same time, you get back on your feet. 
• Terminal illness: If you are diagnosed with a terminal illness and given a prognosis of a limited time to live, living benefits allow you to access the death benefit early. This can help ease the financial burden of medical bills, palliative care, and fulfilling last wishes. 

Why Consider Living Benefits?

Healthcare costs are rising, and life can be unpredictable. Serious illnesses, injuries, and long-term medical conditions can drain your finances as well as your health. While traditional insurance may cover medical treatments, it often does not cover the non-medical costs of living with a serious illness, such as personal care services, home modifications, and lost income due to time away from work. This is when living benefits can make a difference. They can provide financial peace of mind with flexibility and support when the unexpected happens and help you manage a crisis without worrying about how to pay for it. 

How Are Living Benefits Paid Out?

When a policyholder qualifies based on the terms of the policy, after a request and approval process, the insurer may distribute living benefits in any of the following ways:

• Lump sum payment: In many cases, the policyholder may access living benefits in a lump sum. This is particularly true in terminal illness cases when the policyholder may need immediate financial support. 
• Installments: Depending on the policy and the severity of the illness, the payout may be structured in regular installments in some cases. This may be more common for chronic conditions that require long-term financial assistance.
• Policy loan or accelerated death benefit: Some policies offer the option of taking a loan against the death benefit (that must be repaid with interest) or accelerating a portion of the death benefit, thereby reducing the total amount available to beneficiaries after the policyholder’s death. 

If you are considering life insurance with living benefits, our friendly agent can help you find a policy that suits your needs at the best available rates. 

What You Should Know About Medicare Annual Wellness Visits

The Annual Wellness Visit (AWV) is one of Medicare recipients’ most important, often overlooked benefits. It is a yearly opportunity that can make a difference in long-term health, of which, surprisingly, many people do not take full advantage. These visits matter more than you might think.

What Is an Annual Wellness Visit?

The AWV is not the same thing as a routine physical exam. It is a preventative care service that focuses on overall health and well-being. While the Annual Wellness Visit does not involve tests or procedures such as blood draws and screenings, it is a comprehensive review of your health history, potential risks, and any changes in your condition. 

The goal is not to diagnose new conditions, although the exam could potentially identify health issues that require further investigation. It is to identify ways to maintain or improve your health through personalized advice. You receive a personal prevention plan, which includes recommendations tailored to your specific health profile; it is essentially a roadmap to guide you through the coming year.

Why Does the Annual Wellness Visit Matter?

Life can get busy, and it is easy to forget to schedule a yearly visit with your primary care doctor. The Medicare Annual Wellness Visit can help you stay ahead of the curve. These visits allow your doctor to update your medical records and screen for risks. If you are at risk for conditions such as diabetes, dementia, or heart disease, the AWV may prompt your doctor to refer you to specialists or recommend lifestyle changes. Prevention is much easier and less costly than treatment, so it is crucial to get on top of any health issues early. 

What Happens During the Visit?

During your Annual Wellness Visit, your doctor may ask about your medical history, family history, medications, and health concerns. You may be asked about your lifestyle, including diet and exercise habits. Your healthcare provider can use this information to build a clearer picture of your health and any areas that need attention.

You will be able to discuss any issues, such as fatigue or difficulty sleeping. This is the time to discuss any concerns and determine which preventative screenings should be performed. Your doctor may set health goals for the year ahead and outline steps to improve your well-being. The actions could include referrals to specialists, getting the proper vaccinations, or suggestions for managing chronic conditions. 

How Often Should You Have an AWV?

Medicare covers one Annual Wellness Visit per year. Visits must be at least 11 months apart. Although the AWV is not mandatory, taking advantage of it every year can help catch issues early before they become more significant problems. 

The Annual Wellness Visit is a valuable tool for Medicare recipients to maintain their health. It is comprehensive and focused entirely on you – and it’s free. Schedule your visit and start the year with a clear plan to take charge of your health. Our friendly agent can assist you with any questions about Medicare. 

Your Business Insurance Inventory Checklist

We typically don’t give much thought to insurance until something goes wrong. In a business, ensuring your coverage is on point could make the difference between recovery and total loss. Understanding what is covered and what should be covered is key to preparing for the unexpected. Our business insurance inventory checklist is a no-nonsense guide to ensure you are not left in the dark if disaster strikes. 

What to Include in Your Business Insurance Inventory

An insurance inventory for business owners is straightforward and typically includes the following types of coverage:

Commercial Property Insurance

This coverage helps protect the building and equipment you use to operate your business, whether it is owned or rented. It is vital to keep an up-to-date inventory of everything, including office furniture, computers, and machinery, complete with serial numbers, descriptions, and photos.

Liability Insurance

General liability insurance protects your enterprise from the losses of bodily injury claims and from property damage. Accidents can happen, and if a product or service of your business injures a person or damages someone else’s property, a general liability policy can help cover costly lawsuits. Also known as E&O (errors and omissions), professional liability insurance covers claims related to mistakes in the professional services your business renders. It is advisable to regularly review contracts with clients and suppliers to ensure your liability coverage matches your current exposure.

Cyber Liability Insurance

Data is everything in the business world, and a breach could destroy a healthy company. Cyber liability insurance helps your business respond to a data breach in which personally identifiable customer information or proprietary business strategies are lost or stolen. This type of coverage is the modern-day “fire extinguisher” for digital threats. If your company handles sensitive information, you need a security plan beyond paying for insurance. Assessing your internal systems, encryption practices, and data storage is a critical task.

Workers’ Compensation Insurance

Workers’ comp coverage is a legal requirement in most states and an essential safeguard for the health of your team and the future of your business. Workplace injuries can lead to expensive medical bills, lost productivity, and lawsuits. Business owners should thoroughly review employee roles, physical working conditions, and the risks they face while on the job. Include remote and part-time employees in your assessment. 

Commercial Auto Insurance

If your business relies on vehicles, personal auto insurance policies are insufficient. Commercial auto insurance is specifically designed to cover accidents, damage, and theft while driving for work purposes. Ensure all persons driving for business purposes are listed on your policy. 

Business Interruption Insurance

If a fire, a natural disaster, or even a pandemic stops your business in its tracks, business interruption insurance can help bridge the gap while you are getting back on your feet by covering lost income and operating expenses. To help you gauge how much coverage is adequate, review your operations and determine what expenses would continue during downtime. 

Each business has its own unique insurance needs. Our agents are licensed professionals who can help you obtain the right coverage at the best available rates. 

Ultimate Spring Checklist for Boat Owners

For boat owners, the arrival of spring is the time to shed the winter coats and your landlocked routine for life vests and the freedom of the open water. Before you set out, it is essential to ensure your boat is ready for the season. Spring is the perfect time to give your vessel a thorough checkup and get it in shape for all your summer adventures. The following checklist can help you get your boat back in the water and ready to enjoy the warmer months.

Inspect the Hull

The hull is your boat’s armor and the first line of defense between you and the open water. Start with a visual inspection, looking for cracks, scratches, or worn areas. After your boat has been sitting idle for months, it is a good idea to clean and wax the hull to protect it for the upcoming year. If you discover any severe damage, get repairs before launching into the season. A small crack can turn into a problem on the water.

Check the Engine and Fuel System

The engine is the beating heart of your vessel. Inspect it carefully for any visible signs of corrosion or wear. Ensure the engine oil levels are good and the oil is not too old. Check the fuel lines and fuel system for leaks or blockages. If you winterize your boat, ensure the battery is in good condition. A dead battery can quickly spoil a day on the water.

Test the Electrical System

You need the lights, horn, and all electronic systems on a watercraft to function correctly. Inspect the electrical system by checking the wiring for any signs of fraying or corrosion. This electrical system evaluation is critical if you use your boat in saltwater. Test the navigation lights, the bilge pump, and any onboard electronics to avoid being caught in the dark or stranded in an emergency.

Inspect the Safety Gear

Make sure life jackets are in good condition and you have enough for everyone on board. Inspect your fire extinguishers, flare kits, and first aid supplies to ensure they are up to date and in good working order. Double-check flares and distress signals to ensure they are not expired. Small investments in safety are more than worth it if something goes awry on the water. 

Clean and Organize

A boat can accumulate clutter during the off-season. Take the time to clean and organize the interior. Clean out the bilge, wipe down surfaces, and wash the carpets. These actions can help you maintain your boat and create a more enjoyable environment on the water. Debris from earlier boating adventures should be removed.

Check Your Boat Insurance

Are you covered for your spring adventures? Last but not least, checking your boat insurance policy is essential. Make sure your coverage is up to date and suits your current needs. Whether you have upgraded your boat or want to ensure your policy reflects the latest regulations, a quick review can save you from costly headaches in case of an accident or loss. Our friendly agent is happy to review your policy and coverage needs with you. 

How to Measure & Use Employee Satisfaction Metrics

Employee satisfaction is a key indicator of how well an organization performs in terms of its work environment, leadership, and support. By measuring satisfaction regularly, businesses can identify areas for improvement, reduce turnover, and foster a more engaged workforce. By using a few key insights that are standard in the HR world, you can make positive changes within your company, with the end goal being a happier, more willing, and more productive workforce.

1. Employee Net Promoter Score (eNPS)

One of the most effective ways to gauge employee satisfaction is through the Employee Net Promoter Score (eNPS). This metric asks employees how likely they are to recommend the company as a place to work using a scale from 1-10. One being “not at all.” Employees who rate 9 or 10 are considered promoters; 7s and 8s are “passives,” while those who score six and below are labeled detractors. 

The formula to calculate eNPS is simple: % of Promoters – % of Detractors = eNPS. 

Example of an eNPS Score

100 staff take a two-question survey: “How likely are you to recommend [Company Name] as a great place to work?” and “Please share the reason for your choice.”

• 35 employees rate the company a 9 or 10 (Promoters)
• 45 employees rate the company a 7 or 8 (Passives, not included in the calculation)
• 20 employees rate the company six or below (Detractors)

eNPS Calculation:

Promoters (35%) – Detractors (20%) = eNPS of 15

What Does the eNPS Mean?

An eNPS score of 15 suggests a generally positive sentiment among employees, though there is room for improvement. Reviewing the feedback from Detractors and Passives can help identify specific areas to enhance workplace satisfaction. A higher eNPS correlates with better retention and productivity.

Grading eNPS Scores

• Above 0: A positive score suggests more promoters than detractors, indicating overall employee satisfaction.
• 10 to 30: Considered a good score, reflecting a healthy workplace environment. The overall eNPS benchmark is 12, with variations depending on the work sector. 
• Above 50: An excellent score, signifying a highly engaged and loyal workforce.
• Above 70: Exceptional, placing the organization among top performers in employee satisfaction.

2. Absenteeism Rate

Absenteeism is a critical metric when assessing employee satisfaction. High absenteeism often signals underlying issues such as poor working conditions, stress, or dissatisfaction with leadership. It can also result in burnout and overburdening for those showing up, further affecting morale. To calculate the absenteeism rate, use the following formula:

Absenteeism Rate = (Total number of absent days / Total number of available workdays) x 100

Example: 

A company has 50 employees. Over the course of a month, employees were absent for a total of 75 days. The total number of available workdays (50 employees × 20 workdays per month) is 1,000.

• Absenteeism rate = (75 / 1,000) × 100
• Absenteeism rate = 7.5%

This means the company had an absenteeism rate of 7.5% for the month.

Organizations can identify month-to-month or week-to-week patterns that might point to dissatisfaction by regularly tracking absenteeism. If absenteeism continues, it may be time to assess workloads, leadership, or work-life balance initiatives to improve employee satisfaction and prevent burnout.

3. Employee Turnover Rate

The turnover rate is another critical metric to monitor when measuring employee satisfaction. High turnover rates indicate employees are unhappy with their jobs, leading to significant costs for a company regarding recruitment, training, and lost productivity.

To calculate the turnover rate:

• Turnover Rate = (Number of employees who left / Average number of employees) x 100

Example:

A company had 200 employees at the beginning and 180 employees at the end of the year. Over the year, 30 employees left the company.

• Calculate the average number of employees:
• (200 + 180) / 2 = 190
• Apply the turnover rate formula:
• (30 / 190) × 100 = 15.79%

Interpretation:

The company’s annual turnover rate is 15.79%, meaning that approximately 16 out of every 100 employees left during the year. 

A lower rate suggests stability and employee retention. A high turnover rate often signals dissatisfaction, especially if employees leave after a short tenure. Businesses can reduce turnover and retain top talent by focusing on satisfaction, offering career development opportunities, good group benefits, and a positive work environment.

4. Real World Feedback Through Surveys

Surveys are one of the most powerful tools to measure employee satisfaction. They provide a structured way to gather employee feedback on various aspects of their job and workplace environment. The data collected through surveys can offer invaluable insights into employee needs, concerns, and levels of engagement. Ensuring they are designed and implemented thoughtfully is essential to make the most of employee satisfaction surveys.

Designing Effective Surveys

The key to an effective survey lies in asking the right questions. Your survey should be a mix of quantitative questions (like rating scales) and qualitative ones (like open-ended questions). Quantitative data allows for easy analysis, while qualitative responses enable employees to share more nuanced feedback. Follow up rating questions (using a scale of 1-10) with open-ended questions like, “What can we do to improve your work environment?” or “How can management better support you?”

Survey Frequency and Anonymity

While annual surveys are standard, many companies now use more frequent “pulse” surveys that check in with employees monthly, weekly, or even daily. Pulse surveys are short and focused, making it easier to track changes in employee satisfaction in real-time. These smaller surveys can be sent via email, company intranet, or chatbots for a quick, informal check-in. Anonymity helps employees feel comfortable sharing honest opinions. Knowing their responses won’t affect their job security or colleague relationships encourages more candid feedback. 

Acting on Survey Results

Surveys are most effective when the organization follows through on the feedback received. Once the survey is completed, share the results with your employees, explaining what actions will be taken to address their concerns. This not only shows employees that their opinions are valued, but it also builds trust within the company.

Incorporating Surveys Into Your Strategy

Surveys should be integrated into your overall employee satisfaction and engagement strategy. Instead of using them as a one-time tool, they should be part of a continuous feedback loop. Combining survey data with other employee satisfaction metrics (like eNPS and turnover rate) will provide a more complete picture of employee sentiment and help guide decision-making at all levels of the organization.

Using Employee Satisfaction Metrics for Improvement

Once you’ve collected data on these employee satisfaction metrics, acting on the insights is essential. Here’s how you can use this information to drive positive change:

• Focus on feedback: Regularly ask employees for feedback. Use computerized survey tools or one-on-one meetings. Use this feedback to address any concerns and improve satisfaction levels.
• Invest in leadership and training: If absenteeism or turnover is high due to leadership issues, invest in training for your management team to improve communication, motivation, and support.
• Promote work-life balance: If your eNPS, absenteeism, and survey responses suggest stress, consider implementing or enhancing work-life balance initiatives, such as flexible hours, better benefits, or remote work options.

Managing Employee Satisfaction: An Essential Part of Business

Employee satisfaction metrics are essential for any organization aiming to improve its work environment and retain talent. By regularly tracking eNPS, absenteeism, and turnover rates while keeping a finger on the employee feedback pulse, you can gain valuable insights into employee happiness and address areas for improvement. The key is to continuously measure, gather feedback, and implement actionable changes that help foster a more positive and engaged workforce.

If your surveys find that enhancing your employees’ benefits package is a priority, our group benefits insurance agents are ready to assist. Contact our firm today for a free consultation and discover how we can help your business attract and retain top talent in today’s competitive marketplace.

Understanding Health Insurance Networks

Navigating health insurance networks can be tricky but understanding the terms “in-network” and “out-of-network” is key to managing your healthcare costs. Reviewing what these terms mean and how they impact your healthcare costs can be helpful.

What Does “In-Network” Mean?

A healthcare provider is “in-network” when they have a contractual agreement with your insurance plan to provide services at a discounted rate. These providers agree to accept a negotiated price for their services, meaning you’ll typically pay less out-of-pocket for care. In-network providers help avoid surprise medical bills and ensure that your expenses count toward your deductible and out-of-pocket maximum. In short, choosing in-network providers can help reduce your medical expenses. 

To find in-network providers, check with your health plan through their customer service line, online provider directories, or member portal. 

What About “Out-of-Network”?

On the other hand, an “out-of-network” provider has no contract with your insurance company. That is, they do not follow the same agreed-upon rates. As a result, you’ll likely pay higher costs for care, and these expenses may not apply to your deductible or out-of-pocket maximum. Out-of-network care can lead to much larger bills, especially if the provider is unwilling to file an insurance claim on your behalf.

Types of Health Insurance Networks

Health insurance companies work with various types of networks, including HMOs (Health Maintenance Organizations), PPOs (Preferred Provider Organizations), and EPOs (Exclusive Provider Organizations). Each has different rules for network care:

• HMOs and EPOs typically don’t cover out-of-network care unless it’s an emergency.
• PPOs allow out-of-network care but usually at a higher cost to you.

If you choose a plan that offers out-of-network coverage, be prepared for higher deductibles and copays. For instance, PPO plans may require paying 30% of the total cost for in-network services but as much as 50% or more for out-of-network care.

Why Network Matters for Your Costs

Using in-network providers will save money; they have agreed to accept lower rates. They are also prohibited from “balance billing,” which means they can’t charge you the difference between their billed rate and the insurance company’s payment.

Out-of-network providers don’t have these protections and may bill you for the full amount of their charges, leaving you responsible for the difference. It’s essential to understand the specifics of your health plan, especially when it comes to emergency care and out-of-network costs; rules differ between plans. If you can choose, you will want to know what hospital to go to ahead of time. 

Navigating Provider Networks for Better Savings

Ultimately, staying within your insurance plan’s network can prevent unexpected expenses and ensure you get the most out of your health insurance coverage. Always check your plan’s network before seeking care so you can make informed decisions about where and from whom you receive services.

If you have questions about your coverage or are considering switching healthcare networks, our healthcare insurance agents can help guide you through these steps and advise you on available options. Contact our firm to set up an appointment today. 

Options to Consider When Your Term Life Insurance Expires

Life insurance provides invaluable protection for your loved ones, but what happens when your term life insurance policy reaches the end of its coverage period? If you’re approaching expiration, you still have options to maintain financial security for your family. Understanding these choices can help you make the best decision for your circumstances.

Renew Your Existing Term Policy

Many insurance providers allow policyholders to renew their term policies without requiring a new medical exam. However, premiums are likely to increase significantly due to your increased age and potential changes in your health. While this option offers convenience, comparing costs with other alternatives before committing is essential.

Purchase a New Term Policy

If you’re still in good health, shopping for a new term life insurance policy can be a cost-effective way to maintain coverage. A new policy allows you to adjust the coverage amount and term length based on your financial needs. While premiums will be higher than when you initially purchased a policy, they may still be more affordable than other options.

Convert Your Term Policy to a Permanent Policy

Some term life policies offer a conversion option, allowing you to switch to a permanent life insurance policy without undergoing a medical exam. This ensures continued coverage, no matter what your health status. However, conversion options typically have strict deadlines and may only be available for a limited time before your policy expires. Fast action can help you avoid missing this opportunity if this is an option.

Invest in a Permanent Life Insurance Policy

Unlike term life insurance, permanent life insurance provides lifelong coverage and may build cash value over time. While these policies have higher premiums, they can offer financial stability for final expenses, estate planning, or long-term care needs. If maintaining coverage indefinitely is important to you, this option may be worth considering.

Consider a Long-Term Care or End-of-Life Policy

You should explore specialized insurance products if you are in a position where your primary concern is covering healthcare or end-of-life expenses. Some policies will allow you to use a portion of the death benefit for long-term care while you’re still alive, helping to manage potential medical costs.

Choose an Annual Renewable Term Policy

An annual renewable-term policy provides coverage year-by-year, allowing you to extend your life insurance for short-term needs. While this option can provide flexibility, premiums tend to increase annually, making it a less predictable solution in the long run.

Layer Multiple Policies for Comprehensive Coverage

Combining different life insurance policies may offer a balanced solution if your financial needs have evolved. For example, you could purchase a smaller whole life policy for lifelong coverage while supplementing it with a term policy to cover specific financial obligations in a particular period, such as a mortgage or college tuition.

Find the Right Coverage for Your Future

Letting your life insurance policy expire without securing new coverage can leave your loved ones financially vulnerable. Whether you need a new term policy, permanent coverage, or a layered approach, making an informed decision now can provide peace of mind for the future. Navigating life insurance options can be complex, but you don’t have to do it alone. Contact our experienced life insurance agents today to discuss your needs and find the best solution for you and your family.