Insurance http://www.wisebread.com/taxonomy/term/3150/all en-US How Emergency Medical Coverage Could Save Your Vacation http://www.wisebread.com/how-emergency-medical-coverage-could-save-your-vacation <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-emergency-medical-coverage-could-save-your-vacation" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_coughing_in_winter.jpg" alt="Woman coughing in winter" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>One of the great things about good <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=internal" target="_blank">travel credit cards</a> is the travel-related insurance they include for free. Many cards include <a href="http://www.wisebread.com/what-exactly-does-trip-cancellation-insurance-cover?ref=internal" target="_blank">trip cancellation/interruption coverage</a>, <a href="http://www.wisebread.com/what-does-checked-baggage-insurance-cover?ref=internal" target="_blank">checked baggage coverage</a>, and <a href="http://www.wisebread.com/what-does-car-rental-insurance-really-cover-on-your-credit-card?ref=internal" target="_blank">rental car coverage</a>.</p> <p>You might think that means you don't need to buy a traditional travel insurance plan for your trip. Unfortunately, there's one important type of coverage that credit cards tend to leave out &mdash; emergency medical coverage.</p> <p>But when you're traveling far from home and break a leg or get an infection, what prevents you from racking up expensive medical bills? If you don't have travel insurance that includes emergency medical coverage, then nothing can stop the barrage of medical bills you'll likely face if you get sick. And although credit cards don't typically offer emergency medical coverage as part of their benefits, many travelers assume they do. (See also: <a href="http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough?ref=seealso" target="_blank">When Is Your Credit Card's Travel Insurance Good Enough?</a>)</p> <h2>Yes, you should buy emergency medical coverage</h2> <p>Beth Godlin, president of Aon Affinity Travel Practice, says that it's a &quot;dangerous assumption&quot; to presume that your credit card offers medical coverage. And it's equally dangerous to assume that your health insurance will cover you abroad. Chances are it won't, but you should check your policy to make sure.</p> <p>&quot;No one wants to get sick or have an accident, especially during a dream vacation, but it happens,&quot; says Godlin. &quot;It could be a minor issue that's resolved by a visit to the cruise ship doctor, or it could be more severe and require medical attention or even an emergency evacuation.&quot;</p> <p>For these reasons, travelers &mdash; particularly those heading abroad or to a remote location &mdash; need to understand if their current medical insurance would cover any care or even emergency evacuation required during their trip. If not, they should seriously consider buying the right supplementary coverage.</p> <p>Carol Mueller, vice president of marketing at Berkshire Hathaway Travel Protection, suggests shopping around among travel insurance providers and finding one that offers at least $15,000 in emergency medical coverage for a basic trip. Even if you're healthy, &quot;you never know what will happen when you travel,&quot; she says.</p> <p>It's important to keep in mind how stressful and demanding it can be to become injured or ill abroad. Let's say you sprain your ankle, get a nasty ear infection, or have a heart attack. Mueller says that many people are surprised by the fact that the second you walk into the hospital, they ask for your credit card in many places around the world.</p> <p>To protect your finances and keep your stress levels under control, Mueller suggests using a travel insurance provider that will work with medical teams anywhere in the world to make prepayments for your care. You may have the option to pay your medical bills with a credit card and then ask for reimbursement when you get home, but some travel insurance companies will go the extra mile to get your bills paid upfront.</p> <p>&quot;A good travel policy will not only make sure you're getting charged a fair amount, but they'll also ensure you're getting adequate care in the country you're traveling in,&quot; says Mueller.</p> <h2>Emergency medical coverage limits and inclusions</h2> <p>While $15,000 may be the minimum you should settle on for emergency medical coverage, you can buy policies with higher limits. Berkshire Hathaway Travel Protection offers plans with up to $50,000 in emergency medical coverage, for example.</p> <p>How do you decide? Mueller says to look at your personal situation and the trip you're taking to determine how much coverage is reasonable. &quot;If you're going to an all-inclusive resort for a week, you may need less coverage than if you're doing something active like hiking,&quot; she says. (See also: <a href="http://www.wisebread.com/7-times-travel-insurance-is-worth-it?ref=seealso" target="_blank">7 Times Travel Insurance Is Worth It</a>)</p> <p>In terms of what is covered by emergency medical coverage, any medical expenses incurred while you're traveling are fair game. This includes medical care for both injury and sickness.</p> <p>Mueller notes that you should also make sure you have cancellation coverage in your policy as an extra precaution in the case of illness or injury.</p> <p>&quot;Let's say that you leave for your trip within a few months, but you get sick right before you go,&quot; she says. &quot;With travel insurance that offers some sort of cancellation coverage, you may be able to cancel your trip and get your money back if you follow your policy's terms and conditions.&quot;</p> <h2>Don't forget about medical evacuation coverage</h2> <p>In addition to medical coverage that pays for surprise bills related to an injury or illness, you should also make sure you have adequate emergency evacuation coverage. This is a separate type of insurance from emergency medical, so it will be listed separately on your travel insurance policy and have a separate limit for coverage.</p> <p>Mueller says that you should look for a comprehensive travel insurance plan that includes emergency evacuation coverage with limits of $150,000-$500,000.</p> <p>That may sound like a lot, but evacuation costs can be astronomical if you need to travel far to get home or to a hospital that can help with your condition. If you're taking a cruise, for example, think of all the expenses it would take to get you from the middle of the ocean to a hospital in the U.S. Your ship might have to get the Coast Guard involved, and you may require transport in several different vessels.</p> <p>Or, imagine you're hiking the Swiss Alps and break your ankle. You may require pickup in a helicopter and transport in a plane. When you think of emergency medical evacuation coverage that way, it's easy to see how you could need $500,000 in coverage &mdash; or even more.</p> <h2>How to find the right policy for your needs</h2> <p>Both Mueller and Godlin suggest shopping around to find an affordable policy that provides limits you feel comfortable with. And when you're spending several thousand dollars on a trip, it's smart not to cheap out on coverage that can keep you safe from financial harm.</p> <p>&quot;It's important to consider the total investment made for a trip relative to the nominal cost to protect it with travel protection,&quot; says Godlin. &quot;Sometimes a relatively small investment can have a huge payoff for traveler safety and peace of mind.&quot;</p> <p>Since many plans have different tiers of coverage, Mueller suggests calling providers you're interested in working with and talking through the &quot;what ifs&quot; with them as you shop. &quot;A lot of times, the insurance company will consult with you to figure out the best plan for your needs at the lowest cost possible,&quot; she says.</p> <p><strong>The bottom line:</strong> There's nothing wrong with using your credit card's travel insurance coverage to protect your trip, but you need emergency medical coverage to protect your finances in case you're hurt or sick. If you don't get it, your dream vacation could turn into a financial nightmare a lot faster than you think.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/holly-johnson">Holly Johnson</a> of <a href="http://www.wisebread.com/how-emergency-medical-coverage-could-save-your-vacation">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-does-checked-baggage-insurance-cover">What Does Checked Baggage Insurance Cover?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-exactly-does-trip-cancellation-insurance-cover">What Exactly Does Trip Cancellation Insurance Cover?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-times-travel-insurance-is-worth-it">7 Times Travel Insurance Is Worth It</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough">When Is Your Credit Card&#039;s Travel Insurance Good Enough?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-ways-to-stay-healthy-on-vacation">7 Ways to Avoid Getting Seriously Sick on Vacation</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance Travel health insurance health tips medical coverage travel insurance travel tips traveling abroad Mon, 14 May 2018 08:31:08 +0000 Holly Johnson 2137659 at http://www.wisebread.com 7 Things That Affect Your Car Insurance Rates http://www.wisebread.com/7-things-that-affect-your-car-insurance-rates <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-things-that-affect-your-car-insurance-rates" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/coins_stack_in_columns_on_saving_book_and_car.jpg" alt="Coins stack in columns on saving book and car" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you've ever shopped around for car insurance, there's one thing you may already realize: Calculating rates is not an exact science. This is why you can get relatively different quotes from different insurers. It's also why you should shop around.</p> <p>That said, your rate is also affected by a variety of factors &mdash; some of which you can control, and some of which you can't. You probably already know that factors like your gender, age, and driving record affect your auto insurance rates, so we reached out to a few experts to find out what other, lesser-known factors can affect your premiums. Here are a few.</p> <h2>1. The kind of car you drive</h2> <p>You can probably guess that if you drive a $100,000 sports car, you're going to have very high insurance rates. But there are a lot of other common details about your car that could affect your insurance rates.</p> <p>According to Mark Nicholson, marketing director at auto marketing company Absolute Results Productions Ltd., these include the safety rating of your vehicle, its size and age, and even the likelihood that it might be stolen.</p> <p>&quot;Another factor some providers use is how much horsepower your engine has, because by their logic, it suggests that you're more likely to drive fast and are at greater risk of getting into an accident,&quot; Nicholson says.</p> <p>This is why when you're buying a new car, it's a good idea to call for insurance quotes <em>before </em>you actually make your final purchase decision. If the new car you choose is considerably faster or sportier than the one you're driving now, that'll be reflected in a higher insurance rate.</p> <p>For example, if you're considering a 4x4 SUV, you need to consider that a factor as well.</p> <p>&quot;Even if 90 percent of 4x4 SUVs will never be driven off-road, the insurance company will assume you'll want to take the occasional trek up a mountainside or fly down that dirt path through the woods. That's a higher risk, and you'll pay more for it,&quot; says Chris Burdick of Automoblog.net.</p> <p>Even if you opt for a super-practical family sedan, you still might get stuck with high insurance premiums.</p> <p>&quot;You'd think that the more common the car, the less insurance will be, but that's not always the case,&quot; Burdick says. &quot;For example, if you own a Honda Accord, it's considered to be one of the most stolen cars in the U.S. Same with the Honda Civic, Nissan Altima, Chevy Impala, and Toyota Camry. If you own a car that's stolen frequently, your insurance company will find that to be a higher risk and your insurance rates will go up accordingly.&quot;</p> <p>Bottom line? Talk to your insurance company <em>before</em> you choose a new car to ensure that insurance rates for the vehicle you're considering are in line with what you're willing or able to pay. (See also: <a href="http://www.wisebread.com/heres-how-a-claim-will-impact-your-car-insurance?ref=seealso" target="_blank">Here's How a Claim Will Impact Your Car Insurance</a>)</p> <h2>2. Poor credit</h2> <p>Yup, they're watching you. In fact, your insurance company probably uses quite a few facts about you &mdash; both basic and personal &mdash; to calculate your car insurance rate. Some of the most common factors that will count against you and raise your rate include being under 25, being male, and having a poor credit score.</p> <p>&quot;We can see a difference in rate of 100 percent or more in premium increase for someone with poor credit,&quot; says Joe Espenschied, agency principal and owner at Insurance Brokers Group. &quot;When we have a quote for someone with a clean driving history &mdash; but a very high insurance premium &mdash; it's due to credit.&quot;</p> <p>At least credit (unlike age and gender) is a factor you can control. But there are other interesting details about your life that could impact your premium, too.</p> <h2>3. Homeowner status</h2> <p>Sophia Borghese, a consultant for Superior Honda in Louisiana, says that being a homeowner can impact your insurance rate, much like your credit score.</p> <p>&quot;Homeowners are lucky. It's thought that they do not have as many financial issues as renters. Because of this, insurance companies trust and reward them by not giving them the burden of high rates,&quot; Borghese says.</p> <h2>4. Marital status</h2> <p>Another personal detail many insurers consider is your marital status. Some insurers see married drivers as being more responsible than single ones. In fact, a 2004 study by the National Institutes of Health and reported on by DMV.org found that singles were twice as likely as married people to get into automobile accidents.</p> <p>&quot;The amount by which your rates drop can vary greatly based on your other circumstances, although men's rates tend to drop more than women's when they get married,&quot; says Steve Pritchard, founder of insurance comparison site Cuuver. &quot;However, those who have a driving history free of accidents, and a clean driving record before getting married, could see their rates reduced by almost half of what they were paying before they tied the knot.&quot;</p> <h2>5. Your career</h2> <p>There's one more personal wild-card that could have an impact on your premium: your job. According to The Zebra's 2018 State of Auto Insurance Report, drivers with full-time jobs will save about $30 on car insurance over those who are unemployed, while active duty military and veterans will get a discount of about $50 over civilians. If you use your vehicle for work, you can also expect to see your rates go up.</p> <h2>6. How and where you drive</h2> <p>We all know that our driving records affect our insurance rates, but there are lots of other components of how and where you drive that can affect premiums as well.</p> <p>The distance of your commute to work can affect your premium. After all, if you're on the road longer, you're considered higher risk. (Which is why you should definitely inform your insurance provider whenever your commute changes.)</p> <p>Where you live and drive is also scored according to cases of vandalism, the number of claims and fraudulent claims in that area, cases of vehicle theft, and the occurrence of damaging weather, such as flooding or hurricanes.</p> <p>But insurance providers are also moving beyond statistics and data about your past behavior to provide insurance based on how you are <em>actually </em>driving day to day. This involves installing what's called a usage-based insurance device into your car, which tracks your driving behavior.</p> <p>&quot;If you practice safe driving habits, don't frequently drive between 12:00 and 2 a.m., or use lots of high-traffic routes, you could qualify for up to a 30 percent decrease in insurance rates,&quot; says Anna Drake, the insurance producer at Insurance Shop LLC. Of course, if your driving habits are less than stellar, this type of policy could also drive your rates upward.</p> <h2>7. And then there's the &quot;secret sauce&quot;</h2> <p>While most insurance companies use some combination of the same or similar factors to calculate your insurance rate, there's no standard calculation.</p> <p>&quot;Each company compiles its own factors to find its own 'secret sauce' or 'ideal insured.' When the individual hits a company's sweet spot, it will reflect in pricing and coverage,&quot; says Janine Fixmer, an independent insurance agent at Agency Insurance LLC.</p> <p>This why it's so important to shop around for the best rate and coverage, and to try to keep a handle on the factors insurance companies consider that you can control &mdash; such as your driving record, credit score, and the type of vehicle you choose to drive. (See also: <a href="http://www.wisebread.com/6-mistakes-to-avoid-when-shopping-for-car-insurance?ref=seealso" target="_blank">6 Mistakes to Avoid When Shopping for Car Insurance</a>)</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F7-things-that-affect-your-car-insurance-rates&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F7%2520Things%2520That%2520Affect%2520Your%2520Car%2520Insurance%2520Rates.jpg&amp;description=7%20Things%20That%20Affect%20Your%20Car%20Insurance%20Rates"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/7%20Things%20That%20Affect%20Your%20Car%20Insurance%20Rates.jpg" alt="7 Things That Affect Your Car Insurance Rates" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tara-struyk">Tara Struyk</a> of <a href="http://www.wisebread.com/7-things-that-affect-your-car-insurance-rates">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-6"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-pay-as-you-drive-auto-insurance-worth-it">Is Pay-As-You-Drive Auto Insurance Worth It?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/repair-the-car-or-spend-the-cash">Repair the Car or Spend the Cash?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-kind-of-auto-insurance-do-uber-drivers-need">What Kind of Auto Insurance Do Uber Drivers Need?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/your-car-was-recalled-now-what">Your Car Was Recalled. Now What?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-hidden-costs-of-a-luxury-car">4 Hidden Costs of a Luxury Car</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Cars and Transportation Insurance car insurance career credit score driving homeownership marital status premiums vehicles Thu, 10 May 2018 08:30:16 +0000 Tara Struyk 2136558 at http://www.wisebread.com How to Choose the Best Primary Care Physician http://www.wisebread.com/how-to-choose-the-best-primary-care-physician <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-choose-the-best-primary-care-physician" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/doctor_talks_with_patient_in_hospital.jpg" alt="Doctor talks with patient in hospital" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Your primary care physician is someone with whom you should feel comfortable, so you can ask questions, get recommendations, and seek guidance for your health and the health of your family. But selecting one is not an easy decision. Here's is a list of questions to ask and things to consider before making your choice.</p> <h2>Do they take your insurance?</h2> <p>Insurance is a complicated business. What's covered, and at what cost to you (if any), are points that you must understand for your physical and financial health. Not all doctors take every form of insurance. The best way to know if a primary care doctor is covered under your insurance is to go straight to your insurance company and ask if the doctor is &quot;in-network.&quot; If you have a doctor in mind, just provide their name to check on their network status. If you don't have a doctor in mind, the insurance company can help you find one who is in-network. (See also: <a href="http://www.wisebread.com/the-one-question-you-need-to-answer-to-choose-the-best-health-care-plan?ref=seealso" target="_blank">The One Question You Need to Answer to Choose the Best Health Care Plan</a>)</p> <h2>Are they taking new patients?</h2> <p>Though a doctor may be in-network, they may not be taking new patients. Solving that problem can be done in one of two ways: calling the doctor's office, or visiting an online site like Zocdoc.com. Zocdoc is similar to Yelp, in that it lists doctors and practices with reviews from patients, but it goes a step further in helping you find in-network doctors that are accepting new patients, and allows you to schedule appointments through the app. Though a doctor may not be listed on Zocdoc, they may still be taking new patients, so even if you don't see a doctor you're interested in on there, you should still contact them directly to inquire.</p> <h2>What extra services do they offer?</h2> <p>If you live in an area that has a competitive market, you may find that doctors offer extra services that are free or have a reduced rate. In New York City, I've found a number of doctors offering free telemedicine &mdash; conducting medical appointments over video chat &mdash; and will take questions by email from patients much more frequently than they used to. I've also found that many of them are offering more workshops and information sessions about different health topics that are free to patients and their family members. These extra services can make a world of difference.</p> <h2>What hours are they open?</h2> <p>Our immune system doesn't always break down between the house of 9 a.m. and 5 p.m., Monday through Friday. Often we need care on the weekends or in the evenings. If you need that added flexibility in your schedule, check to see if a doctor's office has coverage during non-traditonal hours.</p> <p>If they don't, does the doctor have hours they're on-call or do they have a partner practice that can help you outside of their regular business hours? (See also: <a href="http://www.wisebread.com/urgent-care-or-er-how-to-decide-where-to-go?ref=seealso" target="_blank">Urgent Care or ER? How to Decide Where to Go</a>)</p> <h2>Who else is a part of the practice?</h2> <p>Because health care needs are growing more complex, many doctors' offices have additional medical staff (sometimes part-time, sometimes full-time) who are specialists in their fields. This can include an OB-GYN, allergist, dermatologist, pediatrician, and a variety of other specialists. Having all of these specialties in one practice provides a more inclusive level of care for patients and gives your primary care physician a greater understanding of your overall health.</p> <h2>Are they affiliated with a specific hospital?</h2> <p>If you have a hospital preference, it's important to check a doctor's affiliations. Many times their affiliation will impact which hospital you can go to if needed, and that's something you want to know before any hospital visits.</p> <h2>What do other patients say about the practice?</h2> <p>Patient reviews are also something to consider when choosing a practice. Zocdoc, Yelp, and Google Reviews are good places to check for reviews on the doctors, staff, and the practice.</p> <p>&quot;The first wealth is health,&quot; said Ralph Waldo Emerson. Though it can seem time-consuming to choose a primary care physician, it is well worth the investment. Your primary care physician is your front-line partner in your health, and it's not a decision to be taken lightly.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-choose-the-best-primary-care-physician&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Choose%2520the%2520Best%2520Primary%2520Care%2520Physician.jpg&amp;description=How%20to%20Choose%20the%20Best%20Primary%20Care%20Physician"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Choose%20the%20Best%20Primary%20Care%20Physician.jpg" alt="How to Choose the Best Primary Care Physician" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christa-avampato">Christa Avampato</a> of <a href="http://www.wisebread.com/how-to-choose-the-best-primary-care-physician">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-about-a-price-list-at-the-hospital-or-doctor-s-office">How About a Price List at the Hospital or Doctor’s Office?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-emergency-medical-coverage-could-save-your-vacation">How Emergency Medical Coverage Could Save Your Vacation</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-make-sense-of-the-different-parts-of-medicare">How to Make Sense of the Different Parts of Medicare</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/generic-drug-price-lists-for-six-major-pharmacies">Generic Drug Price Lists For Six Major Pharmacies - Updated</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/paying-for-pregnancy-and-birth-without-health-insurance">Paying for Pregnancy and Birth Without Health Insurance</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Health and Beauty Insurance doctor health insurance health tips medical advice primary care physician Tue, 27 Mar 2018 09:30:20 +0000 Christa Avampato 2122416 at http://www.wisebread.com What Does Checked Baggage Insurance Cover? http://www.wisebread.com/what-does-checked-baggage-insurance-cover <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-does-checked-baggage-insurance-cover" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/picking_up_my_luggage.jpg" alt="Picking up my luggage" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When you travel by air, it's only a matter of time until you have this experience. You wait at the baggage claim area as bags arrive until you realize that you're the only one left standing there. A few stray bags make laps around the carousel, but yours isn't among them. Whatever chance you have left to see your bags that day disappears when the carousel stops turning, and you trudge over to the baggage service area, feeling defeated.</p> <p>There, you aren't given much hope as an indifferent airline employee asks you to describe your luggage size and shape, making you wonder what the fancy bar-coded tags were there for in the first place. With a little luck, your bag will be delivered to your home or hotel in a few days. But sometimes, you'll never see it again. (See also: <a href="http://www.wisebread.com/the-airline-lost-your-luggage-now-what?ref=seealso" target="_blank">The Airline Lost Your Luggage. Now What?</a>)</p> <p>Before this happens to you, you should understand the checked baggage insurance that your credit card offers, as well as other options, and what they will cover.</p> <h2>What the airline will cover</h2> <p>On a domestic flight, federal regulations state that the airlines are liable for $3,500 per checked bag. You'll have to submit a claim with details of the contents of your luggage, so the amount you're reimbursed could well be less than that $3,500. Also note that many items are excluded including jewelry, electronics, antiques, cash, and other monetary instruments.</p> <p>When traveling internationally, the airlines' limit of liability is set by international conventions. If both countries are signatories to the Montreal Convention (more than 100 are, including the U.S.), liability is capped at 1,131 of an obscure international monetary concept known as &quot;special drawing rights.&quot; In practice, this works out to about $1,600.</p> <h2>Credit card baggage insurance</h2> <p>Among the <a href="http://www.wisebread.com/10-awesome-credit-card-perks-you-didnt-know-about?ref=internal" target="_blank">perks your credit card may offer</a> are two different types of baggage insurance. The most common one is lost baggage insurance. As its name indicates, this coverage only applies when a bag is truly lost, not when it is merely delayed.</p> <p>The other type of coverage that may be available from your credit card is baggage delay insurance, which is designed to help you temporarily replace necessary items while the airline searches for your bag. (See also: <a href="http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough?ref=seealso" target="_blank">When Is Your Credit Card's Travel Insurance Good Enough?</a>)</p> <h2>Lost baggage insurance</h2> <p>Many credit cards offer lost luggage insurance, which is secondary to the reimbursement offered by the airline. To use this insurance, as well as to make a claim with the airline, you must immediately report your lost baggage and retain written proof of your claim. The coverage will apply whenever you pay for your tickets or those of a family member with an eligible credit card, and in some cases, when you use your reward points.</p> <p>For example, one popular card comes with $3,000 of lost luggage coverage per person for most items, and $500 per person for jewelry, watches, cameras, video recorders, and other electronic equipment. However, many items such as monetary instruments, documents, tickets, or furs aren't covered. (See also: <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=seealso" target="_blank">Best Travel Reward Credit Cards</a>)</p> <p>Note that credit card coverage is usually secondary to whatever reimbursement the airline or other common carrier provides you. It's also secondary to any baggage insurance you may have purchased.</p> <h2>Baggage delay insurance</h2> <p>If you have your suitcases clearly marked with your name and contact information in multiple places, then it's unlikely that your bags will be lost forever. More likely is that they will fail to make your flight, or be misrouted to another destination. When this happens, it can take days, or even weeks before your possessions are returned to you.</p> <p>Some premium travel rewards cards provide baggage delay insurance, depending on the length of the delay. For example, your benefits may kick in when your luggage doesn't arrive within six hours of you, so long as you paid for your flight with the card or with points from the card's rewards program.</p> <p>Like lost baggage insurance, the coverage provided by your credit card is secondary, which means it will only cover expenses that the airline or any other coverage won't.</p> <p>Typical credit card coverage might offer you up to $100 per day for items such as clothing, toiletries, and a charger for a mobile phone. The coverage is valid so long as you used your card to purchase the airfare. And as with lost luggage claims, it's vital that you report your delayed baggage before leaving the airport, and keep a copy of all of the documentation that you're given.</p> <h2>Baggage coverage through purchased travel insurance policies</h2> <p>Another way that you can insure your checked bags is to buy a travel insurance policy. While this coverage is not available by itself from travel insurance companies, it's often included as part of a larger policy that covers travel delays and cancellations.</p> <p>For example, many travel insurance policies include lost baggage coverage ranging from $250 to $2,500. These policies also come with baggage delay insurance ranging from $50 to $1,000 per person. However, you will have to purchase the policy based on the cost of your trip, your destination, and other factors. (See also: <a href="http://www.wisebread.com/everything-you-need-to-know-about-buying-travel-insurance?ref=seealso" target="_blank">Everything You Need to Know About Buying Travel Insurance</a>)</p> <h2>Excess baggage valuation charges from the airline</h2> <p>Finally, you can purchase additional insurance from many airlines (though they don't call it &quot;insurance&quot; because they're not insurance companies). For example, United will sell passengers excess valuation for $1 per $100 of coverage beyond its liability limit of $3,500 for travel within or between the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. So, if you need an additional $1,000 of coverage, it will cost you $10 each way.</p> <h2>Suggestions</h2> <p>Since you can use both the coverage offered by the airlines and your credit card, you can be reimbursed for most items you check. Nevertheless, it's important to closely examine your credit card's baggage insurance policies if you plan on relying on its coverage. And if you have to pack items worth more than the value of these policies, consider purchasing excess valuation from your airline.</p> <p>By closely looking at what these policies cover, and their limits, you can choose the right combination of coverage for your needs.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fwhat-does-checked-baggage-insurance-cover&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FWhat%2520Does%2520Checked%2520Baggage%2520Insurance%2520Cover_.jpg&amp;description=What%20Does%20Checked%20Baggage%20Insurance%20Cover%3F"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/What%20Does%20Checked%20Baggage%20Insurance%20Cover_.jpg" alt="What Does Checked Baggage Insurance Cover?" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/jason-steele">Jason Steele</a> of <a href="http://www.wisebread.com/what-does-checked-baggage-insurance-cover">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-emergency-medical-coverage-could-save-your-vacation">How Emergency Medical Coverage Could Save Your Vacation</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-exactly-does-trip-cancellation-insurance-cover">What Exactly Does Trip Cancellation Insurance Cover?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-money-saving-items-to-bring-on-your-next-cruise">6 Money-Saving Items to Bring On Your Next Cruise</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough">When Is Your Credit Card&#039;s Travel Insurance Good Enough?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-simple-ways-to-travel-greener-that-could-save-you-money">8 Simple Ways to Travel Greener That Could Save You Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance Travel checked baggage insurance lost baggage packing tips travel insurance travel tips Fri, 02 Mar 2018 09:30:09 +0000 Jason Steele 2111736 at http://www.wisebread.com Best Money Tips: Ways to Maximize Medicare Benefits http://www.wisebread.com/best-money-tips-ways-to-maximize-medicare-benefits <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-ways-to-maximize-medicare-benefits" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/patient_doctor_forms_613751286.jpg" alt="Patient maximizing Medicare benefits" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found articles on how to maximize Medicare benefits, countries where you&rsquo;ll get the most bang for your buck, and a practical guide to saying no.</p> <h2>Top 5 Articles</h2> <p><a href="https://www.kiplinger.com/slideshow/retirement/T039-S004-7-ways-to-maximize-medicare-benefits-part-b-part-d/index.html">7 Ways to Maximize Medicare Benefits</a> &mdash; Many Medicare benefits are overlooked, underused or misunderstood. Learn how Medicare beneficiaries can get better care for less. [Kiplinger]</p> <p><a href="https://www.popsugar.com/smart-living/Where-US-Dollar-Strongest-43245792">20 Countries Where You'll Get the Most Bang For Your Buck</a> &mdash; Traveling to countries where the dollar is strong will allow you to get more value from your destination spending. [PopSugar Smart Living]</p> <p><a href="http://becomingunbusy.com/saying-no/">A Practical Guide to Saying No</a> &mdash; When you need to turn someone or something down, be honest and open about the overarching reason why you're saying no. [Becoming Unbusy]</p> <p><a href="https://modernsimplicity.org/2018/01/motivate-to-clean.html">How to Motivate Yourself to Clean and Organize Your Home</a> &mdash; When it comes to cleaning and organizing your home, getting motivated is half the battle. Use these tips to make this overwhelming task more manageable. [Modern Simplicity]</p> <p><a href="https://thetinylife.com/how-to-homestead-challenges-of-going-off-grid/">How to Homestead: Tackling the Challenges of Going Off-Grid</a> &mdash; The idea of homesteading &mdash; self-sufficiency, independence and forging your own way &mdash; can be really attractive, but be sure you first know how to handle some common challenges. [The Tiny Life]</p> <h2>Other Essential Reading</h2> <p><a href="https://www.csmonitor.com/Technology/2018/0222/From-fake-news-to-fabricated-video-can-we-preserve-our-shared-reality">From fake news to fabricated video, can we preserve our shared reality?</a> &mdash; These days, ordinary users can create fabricated videos of just about anyone doing just about anything. [The Christian Science Monitor]</p> <p><a href="https://mattaboutmoney.com/2018/02/27/lifes-biggest-financial-decisions-the-early-years/">Life&rsquo;s Biggest Financial Decisions &mdash; The Early Years</a> &mdash; How you navigate the big financial decisions in your early adulthood can make a big difference in whether you struggle with money or live with financial freedom. [Matt About Money]</p> <p><a href="https://zenhabits.net/nothing/">How to Develop a Mind That Clings to Nothing</a> &mdash; A mind that clings to nothing is constantly letting go of things that cause you to stress out. [zen habits]</p> <p><a href="http://mytwocentsandmore.com/diy-5-minute-plant-hanger/">DIY 5 Minute Plant Hanger</a> &mdash; Hanging your plants will help you clear some valuable space on your counters. This plant hanger only takes about 5 minutes to make! [My Two Cents &amp; More]</p> <p><a href="https://www.dumblittleman.com/balancing-work-and-study/">Balancing Work and Study: 4 Highly Effective Tips You Need to Try</a> &mdash; Look for jobs related to what you're studying. You'll be able to earn money while learning more about your field and gaining valuable experience to put on your resume. [Dumb Little Man]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-ways-to-maximize-medicare-benefits">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-make-sense-of-the-different-parts-of-medicare">How to Make Sense of the Different Parts of Medicare</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-kinds-of-insurance-every-retiree-should-consider">5 Kinds of Insurance Every Retiree Should Consider</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-common-medicare-myths-debunked">5 Common Medicare Myths, Debunked</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/do-you-need-medigap-insurance">Do You Need Medigap Insurance?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-unexpected-hurdles-you-might-encounter-when-applying-for-social-security-benefits">3 Unexpected Hurdles You Might Encounter When Applying for Social Security Benefits</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance best money tips medicare Thu, 01 Mar 2018 09:30:09 +0000 Amy Lu 2111221 at http://www.wisebread.com 5 Kinds of Insurance Every Retiree Should Consider http://www.wisebread.com/5-kinds-of-insurance-every-retiree-should-consider <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-kinds-of-insurance-every-retiree-should-consider" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/senior_couple_sit_on_steps_outside_their_house.jpg" alt="Senior couple sit on steps outside their house" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Your insurance needs don't remain constant throughout your life. You need different insurance coverage when you're single and in your 20s than you do when you're raising a family in your 40s. When you retire, your insurance needs will evolve once again.</p> <p>There are certain types of insurance protections you'll no longer need after leaving the workforce, and other types that you'll want to add. Here is a primer on the kinds of insurance that every retiree should consider.</p> <h2>1. Health insurance</h2> <p>You'll absolutely need health insurance after you've retired. Health care costs are only rising, and seniors tend to spend a large percentage of their income on medical care each year.</p> <p>A study released by Fidelity Benefits Consulting said that the average 65-year-old couple retiring in 2017 would need $275,000 to cover their medical expenses throughout retirement. That number isn't falling, either. Fidelity reported that the 2017 figure is up from the $260,000 that the average 65-year-old couple needed in 2016.</p> <p>Most seniors will qualify for Medicare, the federal health care insurance program, when they turn 65. Medicare isn't free, but it does cost far less than what you'd pay for private insurance. Medicare covers a lot, but it doesn't cover every medical service you might need.</p> <p>Do you need to purchase supplemental health insurance to boost the coverage you're already getting with Medicare? That's not an easy question to answer. It all depends on your health and how often you plan on visiting a doctor after you retire. For many retirees, Medicare may be adequate. (See also: <a href="http://www.wisebread.com/5-common-medicare-myths-debunked?Ref=seealso" target="_blank">5 Common Medicare Myths, Debunked</a>)</p> <h2>2. Homeowners or renters insurance</h2> <p>Will you still own a home after you retire? If so, you still need your homeowners insurance policy. This policy will pay out to help you rebuild if your home is damaged by a fire or other natural disaster. It will also help you pay for any items inside your home &mdash; such as electronics, clothing, furniture, and jewelry &mdash; that get stolen or damaged in a disaster.</p> <p>Renters insurance works the same way, but it protects people who are renting an apartment. If you plan on ditching your home and renting after you retire, make sure to invest in a renters insurance policy. Think about how much money you'd need to replace your valuables if they were stolen or destroyed. (See also: <a href="http://www.wisebread.com/5-reasons-you-definitely-need-renters-insurance?Ref=seealso" target="_blank">5 Reasons You Definitely Need Renters Insurance</a>)</p> <h2>3. Auto insurance</h2> <p>If you plan to keep driving after retirement, you'll need to pay for auto insurance. It's illegal in most U.S. states to drive without car insurance.</p> <p>Maybe you're planning to sell your car and move into an urban neighborhood after you retire. Instead of doing your own driving, you plan to walk, take public transportation, or Uber to grocery stores, movie theaters, and restaurants. In this case, getting rid of your car insurance might make sense. But even if you're hanging onto your car only for emergencies or long trips, you'll need to keep your auto insurance policy.</p> <h2>4. Life insurance</h2> <p>Life insurance is usually one type of policy you can drop after retirement. After all, life insurance is a way to protect your loved ones who are dependent on your income. Once you get to retirement age, these dependents &mdash; usually your children &mdash; should be self-sufficient. They won't need a payout after you die to pay their bills.</p> <p>But what if your spouse or children still aren't financially self-sufficient by the time you retire? If that's the case, you should hang onto your life insurance policy. Maybe you have a child with special needs. That child might still rely on financial assistance from you. What if you were gone and you didn't have a life insurance policy? Would that child still get the financial assistance necessary?</p> <p>In most cases, retirees no longer need life insurance policies. But for special cases, keeping the policy is the smart move. (See also: <a href="http://www.wisebread.com/when-dropping-your-life-insurance-is-the-right-decision?ref=seealso" target="_blank">When Dropping Your Life Insurance Is the Right Decision</a>)</p> <h2>5. Umbrella insurance</h2> <p>What if someone was visiting your home and seriously injured themselves? Would your homeowners insurance policy provide enough protection? Maybe. But umbrella insurance can provide retirees with the peace of mind that they'll be protected even if their homeowners insurance doesn't offer enough coverage.</p> <p>Umbrella insurance provides <em>extra </em>liability coverage above the limits of your homeowners and auto insurance policies. Basically, it pays out in cases where your homeowners and auto policies don't pay enough to cover all of the damages for which you are responsible.</p> <p>Say you get into an auto accident that ends up with a liability claim of $1 million. If your auto insurance only covers a maximum of $500,000 for liability, your umbrella policy would cover the remaining $500,000. (See also: <a href="http://www.wisebread.com/beware-your-insurance-may-not-cover-these-8-losses?ref=seealso" target="_blank">Beware: Your Insurance May Not Cover These 8 Losses</a>)</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F5-kinds-of-insurance-every-retiree-should-consider&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F5%2520Kinds%2520of%2520Insurance%2520Every%2520Retiree%2520Should%2520Consider.jpg&amp;description=5%20Kinds%20of%20Insurance%20Every%20Retiree%20Should%20Consider"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/5%20Kinds%20of%20Insurance%20Every%20Retiree%20Should%20Consider.jpg" alt="5 Kinds of Insurance Every Retiree Should Consider" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/5-kinds-of-insurance-every-retiree-should-consider">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/beware-your-insurance-may-not-cover-these-8-losses">Beware: Your Insurance May Not Cover These 8 Losses</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-times-when-bundling-insurance-doesnt-make-sense">4 Times When Bundling Insurance Doesn&#039;t Make Sense</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-myths-about-money-in-retirement">5 Myths About Money in Retirement</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-make-sense-of-the-different-parts-of-medicare">How to Make Sense of the Different Parts of Medicare</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-surprising-insurance-policies-you-might-need">15 Surprising Insurance Policies You Might Need</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance Retirement auto insurance dependents health care health insurance homeowners insurance life insurance medicare renters insurance umbrella insurance Thu, 01 Mar 2018 09:30:09 +0000 Dan Rafter 2107316 at http://www.wisebread.com 8 Myths About Health Savings Accounts — Debunked! http://www.wisebread.com/8-myths-about-health-savings-accounts-debunked <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-myths-about-health-savings-accounts-debunked" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/preparation_for_future_and_financial_concept.jpg" alt="Preparation for future and financial concept" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Health savings accounts (HSAs) provide a tax-advantaged way to save and pay for health care costs. If you have a high-deductible health plan (HDHP), you can contribute pretax income into an HSA and use the money to pay for qualified medical expenses.</p> <p>The rules and requirements for participating in an HSA can be a little confusing. As a result, misinformation has given rise to several myths that deter people from taking advantage of HSAs. Let's take a look at some of the most common ones. (See also: <a href="http://www.wisebread.com/10-reasons-an-hsa-is-actually-worth-having?ref=seealso" target="_blank">10 Reasons an HSA Is Actually Worth Having</a>)</p> <h2>1. HSA funds are lost if you don't spend the money by the end of the year</h2> <p>This is a point of confusion that tends to scare people away from participating in a health savings account. It's not true. Funds leftover in your HSA are not lost at the end of the year, they are yours until you spend the funds. The prevalence of this myth comes from a different health program, the flexible spending account (FSA). You <em>do</em> lose funds in an FSA if you do not use them by the end of the year.</p> <h2>2. You can only earn low interest on your HSA funds</h2> <p>Actually, you don't have to leave your HSA funds in a low-interest savings account. You can invest HSA funds in stocks and other investments for higher growth potential. This is especially beneficial if you don't plan to spend your HSA funds any time soon and can take advantage of tax-free growth for as long as possible. Investment options vary by HSA provider, and some require a minimum balance (such as $1,000) before you can put your HSA funds in investment options.</p> <h2>3. HSA funds can only be used for hospital bills and major medical expenses</h2> <p>Health savings accounts are not only for major medical costs. The IRS identifies a long list of health-related expenses that HSA funds can be used to cover, including smaller expenses that may surprise you. A few examples include:</p> <ul> <li> <p>Acupuncture</p> </li> <li> <p>Bandages</p> </li> <li> <p>Chiropractic treatment</p> </li> <li> <p>Contact lenses</p> </li> <li> <p>Dental care</p> </li> <li> <p>Eyeglasses</p> </li> <li> <p>Hearing aids</p> </li> <li> <p>Prescription drugs</p> </li> <li> <p>Physical exams</p> </li> <li> <p>X-rays</p> </li> </ul> <p>(See also: <a href="http://www.wisebread.com/11-surprising-things-your-hsa-will-cover?ref=seealso" target="_blank">11 Surprising Things Your HSA Will Cover</a>)</p> <h2>4. You can't get an HSA if you are self-employed</h2> <p>Many employers offer HSA programs as a benefit. Some even kick free money into HSA accounts for employees. However, you don't need to have an employer to open a health savings account. If you sign up for a high-deductible health plan (HDHP), you can fund an HSA through an HSA provider and get all of the same tax benefits.</p> <h2>5. If you never have health expenses, you'll never be able to use your HSA funds</h2> <p>Most people can expect to have significant medical expenses at some point in their lives, especially as they get older. But what would happen to your HSA funds if you stayed healthy and never had any health care expenses? Beginning at age 65, you can withdraw your HSA funds for <em>any </em>reason without penalty, only paying income tax on funds you draw. This feature means that your HSA effectively turns into a traditional IRA when you hit 65, with the added benefit that if you do have qualified health expenses, you can access your HSA funds tax-free for those costs.</p> <h2>6. High-deductible health plans only benefit healthy people with low health care costs</h2> <p>If you have a lot of medical costs, you may decide that it doesn't make sense to sign up for a high-deductible health plan when a low-deductible plan will step in earlier to pay for your care. This isn't looking at the whole picture. The advantages of using an HSA can turn out to be a smart choice for many individuals and families. The higher potential out-of-pocket health care costs with an HDHP can be offset by the lower premiums and tax benefits of a health savings account. You can use an <a href="https://www.aarp.org/health/medicare-insurance/hsa_calculator/" target="_blank">HSA vs. traditional health plan calculator</a> to help you decide which is best based on your anticipated health expenses.</p> <h2>7. HSAs are a hassle to use</h2> <p>This is one of the myths that stopped me from signing up for an HSA at first. I worried that it would be too difficult to get funds out of my HSA when I had medical expenses. However, I found that it is actually easy to access HSA funds. These are some of the features that make an HSA so easy to use:</p> <ul> <li> <p>You can get an HSA debit card to use when paying for health care expenses.</p> </li> <li> <p>You can write a check to pay for medical expenses, then transfer money from your HSA into your bank account to cover it.</p> </li> <li> <p>Health savings accounts typically have online tools you can access from your computer or phone to check your balance and see a record of your transactions.</p> </li> </ul> <h2>8. If you lose your job or change employers, you lose your HSA funds</h2> <p>Not true! HSA funds are portable from one employer to another, and you get to keep your HSA funds even if you stop working altogether. If you want, you can even change your HSA provider without changing employers.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F8-myths-about-health-savings-accounts-debunked&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F8%2520Myths%2520About%2520Health%2520Savings%2520Accounts%2520%25E2%2580%2594%2520Debunked%2521.jpg&amp;description=8%20Myths%20About%20Health%20Savings%20Accounts%20%E2%80%94%20Debunked!"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/8%20Myths%20About%20Health%20Savings%20Accounts%20%E2%80%94%20Debunked%21.jpg" alt="8 Myths About Health Savings Accounts &mdash; Debunked!" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dr-penny-pincher">Dr Penny Pincher</a> of <a href="http://www.wisebread.com/8-myths-about-health-savings-accounts-debunked">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-reasons-an-hsa-is-actually-worth-having">10 Reasons an HSA Is Actually Worth Having</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-the-self-employed-can-cut-health-care-costs">How the Self Employed Can Cut Health Care Costs</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-age-to-buy-long-term-care-insurance">The Best Age to Buy Long-Term Care Insurance</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-surprising-things-your-hsa-will-cover">11 Surprising Things Your HSA Will Cover</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-an-hsa-saves-you-money">How an HSA Saves You Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Insurance health care health savings accounts high deductible health plan HSA medical expenses savings Wed, 21 Feb 2018 10:01:05 +0000 Dr Penny Pincher 2106614 at http://www.wisebread.com What Kind of Auto Insurance Do Uber Drivers Need? http://www.wisebread.com/what-kind-of-auto-insurance-do-uber-drivers-need <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-kind-of-auto-insurance-do-uber-drivers-need" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/young_man_using_car_pooling_service.jpg" alt="Young man using carpooled service" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you're scheming up a way to make extra money this year, it's likely you've considered <a href="http://www.wisebread.com/how-to-earn-extra-money-driving-for-uber-or-lyft?ref=internal" target="_blank">driving for Uber or Lyft</a>. There are few requirements to get in the door, after all, and you can work your own schedule. If you're over the age of 21, have a newer car, and have a clean driving record, you can apply to become a driver for Uber or Lyft and get started fairly quickly. (See also: <a href="http://www.wisebread.com/how-to-make-more-money-as-an-uber-driver?ref=seealso" target="_blank">How to Get a High Rating and Make More Money as an Uber Driver</a>)</p> <p>But that doesn't mean this side hustle comes without risks. Unlike other avenues to earning extra money, like freelance writing or picking up a traditional part-time job, driving people around in your car comes with real-life financial implications if you get into a crash.</p> <p>So what type of insurance do you need to drive for Uber or Lyft? Generally speaking, your personal auto insurance policy won't cover you if you get into an accident while you're driving for Uber or Lyft. In fact, your auto insurer may be inclined to drop you from your policy if they find you haven't disclosed that you're driving for a ride-share service, notes NerdWallet.</p> <h2>Uber and Lyft offer drivers some coverage</h2> <p>Ride-share companies have initiated their own forms of insurance to cover drivers when their personal policies fail to provide coverage. That means it's secondary coverage &mdash; you'll first have to file a claim with your own insurance. And Uber's insurance comes with a $1,000 deductible, while Lyft's deductible is $2,500. But it's better than nothing.</p> <p>Coverage levels depend on where you are in the ride-sharing process. If you drive for Uber, for example, you have different levels of coverage when you're waiting for a call, when you're on your way to pick up a rider, and when you have a rider in your automobile.</p> <h2>While you're waiting for a request</h2> <p>When your app is turned on and you're waiting for a ride request, you are covered by Uber for your liability to a third party if you're in an accident and at fault. Coverage is at least $50,000 in injury liability per person with $100,000 in total liability per accident. You also get $25,000 in property damage liability per accident, notes Uber. This does not include comprehensive/collision coverage or coverage for damages caused by uninsured motorists, however.</p> <h3>When you're on your way to pick up a rider</h3> <p>At this point, notes Uber, you're covered for three things: your liability to a third party for damages or injuries up to $1 million, any injuries caused by an underinsured/uninsured motorist, and collision and comprehensive coverage if you also have this coverage on your personal auto insurance policy.</p> <p>Underinsured and uninsured motorist bodily injury coverage covers &quot;any occupant of your vehicle in case of an accident where another party is at fault but does not have insurance or is underinsured,&quot; notes Uber. Hit and run accidents are also covered, and the total amount of coverage for bodily injury is once again set at $1 million.</p> <p>The collision and comprehensive coverage offered during this period kicks in whether an accident is your fault or not and is limited to the cash value of your vehicle. A $1,000 deductible comes into play if you plan to use this coverage.</p> <h3>When a rider is in your car</h3> <p>You have the same type of coverage when carrying a passenger as you do when you're on your way to pick them up. In addition, however, the rider in your car is also covered.</p> <p>Of course, when you're not driving for Uber and you're using your car for personal use, none of this coverage comes into play. During these times, you'll rely on your personal auto insurance policy for coverage in the event of an accident or injury.</p> <p><a href="https://help.lyft.com/hc/en-us/articles/213584308-Insurance-Policy" target="_blank">Lyft liability coverage</a> works similarly in that it's offered in different tiers based on where you are in the ride-share process. Coverage limits vary slightly, however, as do the types of coverage offered. Make sure you understand what your ride-share company's insurance policy offers and applicable coverage limits before you rely on it to cover your ride-share driving business.</p> <h2>Ride-share or commercial insurance</h2> <p>There are times during the ride-sharing process when your company's insurance may not be enough. For instance, Uber's insurance does not include comprehensive/collision coverage or coverage for damages caused by uninsured motorists while you're waiting for a ride request. You may also decide you want higher coverage limits than your company offers.</p> <p>In those cases, consider buying separate insurance to fill in your coverage gaps. Insurance companies such as Allstate, Farmers, and Geico have begun offering individual ride-share policies that cover drivers for services such as Uber or Lyft while they're on the job, but these policies aren't available in all states. If you can't buy ride-share insurance in your state, another option is commercial auto insurance, but unfortunately, commercial policies are often prohibitively expensive ($3,000-$5,000, according to the Money magazine website) for Uber or Lyft drivers trying to turn a profit.</p> <p>If you live in a state where ride-share coverage is offered, buying this type of coverage &mdash; or adding it to your personal policy &mdash; is probably your best bet. Fortunately, auto insurance for ride-sharing isn't overly expensive (typically $6-$20 a month). <a href="https://www.geico.com/more/saving/insurance-101/introducing-geico-rideshare-insurance/" target="_blank">Geico Insurance</a>, for example, offers ride-share coverage in most states (AL, AZ, AR, CT, CO, DE, DC, FL, GA, ID, IL, IN, IA, KS, LA, ME, MD, MN, MS, MO, MT, NE, NM, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, VT, VA, WA, WV, WI, and WY) and can cost as little as an extra $150 per year on top of your personal auto policy, according to NerdWallet.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fwhat-kind-of-auto-insurance-do-uber-drivers-need&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FWhat%2520Kind%2520of%2520Auto%2520Insurance%2520Do%2520Uber%2520Drivers%2520Need_.jpg&amp;description=What%20Kind%20of%20Auto%20Insurance%20Do%20Uber%20Drivers%20Need%3F"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/What%20Kind%20of%20Auto%20Insurance%20Do%20Uber%20Drivers%20Need_.jpg" alt="What Kind of Auto Insurance Do Uber Drivers Need?" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/holly-johnson">Holly Johnson</a> of <a href="http://www.wisebread.com/what-kind-of-auto-insurance-do-uber-drivers-need">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-tips-to-save-on-car-insurance">4 Tips to Save on Car Insurance</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-ways-to-make-money-while-at-the-beach-this-summer">11 Ways to Make Money While at the Beach This Summer</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-things-that-affect-your-car-insurance-rates">7 Things That Affect Your Car Insurance Rates</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/repair-the-car-or-spend-the-cash">Repair the Car or Spend the Cash?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-mechanical-breakdown-insurance-worth-it">Is Mechanical Breakdown Insurance Worth It?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Cars and Transportation Insurance auto insurance car insurance gig economy lyft ride-share side gigs Uber uber drivers Wed, 21 Feb 2018 09:31:09 +0000 Holly Johnson 2106613 at http://www.wisebread.com What Exactly Does Trip Cancellation Insurance Cover? http://www.wisebread.com/what-exactly-does-trip-cancellation-insurance-cover <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-exactly-does-trip-cancellation-insurance-cover" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/young_woman_looking_at_laptop_seriously.jpg" alt="Young woman looking at laptop seriously" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Travel insurance is a broad term used to describe the different types of travel coverage you can get for a trip. You can get coverage for lost or delayed baggage, overseas medical coverage, or insurance to cover travel delays, for example. While each type of coverage is different, they all serve the same purpose: to protect you from out-of-pocket expenses if something goes wrong during your travels.</p> <p>Among the different types of travel insurance available, trip interruption and cancellation coverage is one of the most popular types out there. This coverage provides reimbursement if your trip is interrupted or canceled for a covered reason. If you need to cancel your trip before you leave because you break a leg on your way to the airport, for example, the cancellation component of your coverage kicks in.</p> <p>The trip interruption part of the policy comes into play when your trip is abruptly or accidentally interrupted for a covered reason &mdash; say, if you travel abroad and need to come home early because your child gets sick.</p> <p>Just like other types of travel insurance, coverage limits and specific details for trip cancellation/interruption coverage vary based on where you get your policy. We'll go over what trip interruption and cancellation insurance might cover, as well as the best place to score an affordable policy.</p> <h2>Using coverage provided by your credit card</h2> <p>First things first. If you're looking for a way to get trip cancellation/interruption coverage for free, you may be able to score this perk and other benefits with one of the <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=internal" target="_blank">top travel credit cards</a>. Believe it or not, many of these cards offer trip cancellation/interruption coverage for free as a cardholder perk. For the coverage to apply, however, you have to have used your card to pay for the trip associated with your claim. (See also: <a href="http://www.wisebread.com/6-types-of-travel-insurance-credit-cards-include-that-you-didnt-know-about?ref=seealso" target="_blank">6 Types of Travel Insurance Credit Cards Include That You Didn't Know About</a>)</p> <p>Coverage limits and other details can be drastically different from card to card. One popular credit card trip cancellation/interruption insurance policy covers you when you use the card for prepaid tours, travel, and accommodations. However, coverage is considered secondary to that of any travel insurance you've purchased or reimbursement offered by the common carrier &mdash; in other words, the airline, bus, train, or cruise operator. That doesn't mean you have to buy your own insurance policy in order to use the credit card coverage, though.</p> <p>Let's say that you need to cancel a trip, including airfare and hotels that set you back $2,000. If you already have a trip cancellation policy that covers $1,000 in related bills, but used your credit card to pay for the trip, your credit card coverage would kick in to cover the other $1,000 you spent. If you don't, you could use your credit card coverage on its own up to its included limits.</p> <p>More good news with this particular policy, however, is that immediate family members of the cardholder are covered &mdash; even if the primary cardholder isn't traveling. This means that a spouse who is stranded in another country could gain access to your trip cancellation/interruption insurance benefit even if you're not there &mdash; provided you used your eligible credit card to pay for their trip.</p> <p>Even better, this coverage is worth up to $10,000 per covered trip with a maximum limit of $20,000 per occurrence and $40,000 over a 12-month period. And yes, this coverage works even if you paid for part of your trip with points.</p> <p>Other credit cards may limit your coverage to $5,000 per trip, or even less, but may not have an annual coverage limit. And some cover <em>any </em>travel companion whose travel was bought with the credit card.</p> <h3>Reasons covered by credit cards for trip cancellation or interruption</h3> <p>In order to use these types of coverage, you'll need to document a legitimate reason for the cancellation or interruption. Common reasons that are usually covered include:</p> <ul> <li> <p>Injury, illness, or death of the cardholder, a traveling companion, or an immediate family member.</p> </li> <li> <p>Severe weather or natural disaster that prevents the start or continuation of a covered trip.</p> </li> <li> <p>Terrorist action or hijacking.</p> </li> <li> <p>Jury duty or receipt of a subpoena that cannot be postponed or waived.</p> </li> <li> <p>Bankruptcy or financial default of the cardholder's travel company.</p> </li> </ul> <p>More generous credit card policies may even cover you if someone in your party is laid off from their job, if your pet is injured and needs emergency medical care, or if your permanent residence is burglarized or deemed unsafe. (See also: <a href="http://www.wisebread.com/what-exactly-does-travel-accident-insurance-cover-on-credit-cards?ref=seealso" target="_blank">What Exactly Does Credit Card Travel Accident Insurance Cover?</a>)</p> <h3>Reasons <em>not</em> covered by credit cards for trip cancellation or interruption</h3> <p>Here's what's usually <em>not </em>covered. Canceling or interrupting your trip because of:</p> <ul> <li> <p>Injury or illness sustained after traveling against a doctor's orders.</p> </li> <li> <p>A work conflict.</p> </li> <li> <p>A pre-existing medical condition.</p> </li> <li> <p>War.</p> </li> <li> <p>Change in your plans or financial circumstances.</p> </li> </ul> <p>So if you thought you could afford a weeklong trip to Paris but realize as the time gets closer that it's really going to blow your budget, your coverage can't help you recoup any cancellation costs.</p> <p>Because credit card policies vary greatly in what they cover, you should be careful of which card you use you to pay for travel if you want to take advantage of trip cancellation/interruption coverage or other travel perks. While &quot;free&quot; coverage is better than nothing, it pays to know what is and isn't covered under your plan &mdash; and what limits to expect.</p> <h2>Buying your own trip cancellation/interruption coverage</h2> <p>If you don't have a credit card that offers trip cancellation/interruption coverage, you can purchase your own plan. Companies like <a href="http://www.kqzyfj.com/click-2822544-13055387" target="_blank">Travelex Insurance</a> and <a href="http://www.tkqlhce.com/click-2822544-13055140" target="_blank">Seven Corners</a> make it possible to buy nearly any type of travel insurance coverage, and to customize your plan so it meets your unique needs. (See also: <a href="http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough?ref=seealso" target="_blank">When Is Your Credit Card's Travel Insurance Good Enough?</a>)</p> <p>That said, the vast majority of policies offer comprehensive coverage, which includes cancellation/interruption coverage, but also medical and emergency medical coverage. These policies usually cost 4 to 10 percent of the cost of your trip. But just like the coverage you get for free with a credit card, plan limits and exclusions vary depending on the policy you buy.</p> <p>Let's say you purchase trip cancellation/interruption coverage from Seven Corners as part of a broader travel insurance package. According to the travel insurance company, the &quot;interruption&quot; component of your coverage will kick in to cover the nonrefundable, unused portion of your prepaid trip costs and the additional cost to return home or rejoin your group due to a covered reason. Covered reasons listed by the company include instances of sickness or injury, jury duty, layoff, traffic accidents, and more.</p> <p>Trip cancellation coverage, on the other hand, can refund the prepaid, nonrefundable costs of your trip, such as airfare, cruise tickets, tour bookings, and hotel reservations in the event you need to cancel for any of the covered reasons.</p> <h3>Coverage ceilings</h3> <p>But how much coverage will you have? It depends on the plan you choose. Unlike credit card coverage that is offered with set limits as a free benefit, travel insurance you purchase yourself can be tailored to your needs.</p> <p>Some travel insurance companies offer trip cancellation/interruption coverage up to the entire cost of your insured trip. Based on personal experience, however, some trip cancellation/interruption insurance offered through other travel insurance providers comes with lower limits than what you get for free through a credit card. With Allianz Travel Insurance, for example, limits for cancellation and interruption can be as low as $1,000 per year. The same limit applies to the World Nomads standard plans.</p> <p>While having $1,000 in coverage might seem sufficient, it may not be close to what you need if you're traveling abroad or planning a once-in-a-lifetime trip. Imagine you booked two round-trip business flights to Spain for $1,500 each and a Mediterranean cruise for another $2,200. If you had to cancel because a family member became gravely ill before you left on your trip (or any other covered reason), either of these plans could leave you drastically underinsured.</p> <h3>Cancel-for-any-reason policies</h3> <p>It's important to note that you can also purchase &quot;cancel-for-any-reason&quot; travel insurance policies &mdash; or add on the coverage to your regular travel insurance. Unlike traditional interruption/cancellation policies, these plans let you cancel for any reason &mdash; even if you just feel like it &mdash; as long as you do so no later than 48 hours before your scheduled departure.</p> <p>Cancel-for-any-reason policies typically cost 8 to 12 percent of your trip's cost and will reimburse you for 75 percent of covered expenses.</p> <h2>When should you buy a policy?</h2> <p>Because coverage limits for trip cancellation/interruption insurance offered through certain travel credit cards is so robust, it almost always makes sense to use this coverage if you have a card that offers it. However, you should read the fine print to make sure you know exactly what's covered, what's not covered, and what you need to do to keep your policy intact.</p> <p>If you don't have a free trip cancellation/interruption policy already, you can always sign up for a travel credit card that offers this coverage or buy a travel insurance policy on your own. As with any coverage you buy, however, you should make sure limits are high enough that your insurance will be adequate if you need it.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fwhat-exactly-does-trip-cancellation-insurance-cover&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FWhat%2520Exactly%2520Does%2520Trip%2520Cancellation%2520Insurance%2520Cover_.jpg&amp;description=What%20Exactly%20Does%20Trip%20Cancellation%20Insurance%20Cover%3F"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/What%20Exactly%20Does%20Trip%20Cancellation%20Insurance%20Cover_.jpg" alt="What Exactly Does Trip Cancellation Insurance Cover?" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/holly-johnson">Holly Johnson</a> of <a href="http://www.wisebread.com/what-exactly-does-trip-cancellation-insurance-cover">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-emergency-medical-coverage-could-save-your-vacation">How Emergency Medical Coverage Could Save Your Vacation</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-does-checked-baggage-insurance-cover">What Does Checked Baggage Insurance Cover?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough">When Is Your Credit Card&#039;s Travel Insurance Good Enough?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-times-travel-insurance-is-worth-it">7 Times Travel Insurance Is Worth It</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-travel-warnings-you-shouldnt-ignore">8 Travel Warnings You Shouldn&#039;t Ignore</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance Travel travel insurance travel tips trip cancellation insurance trip insurance trip interruption insurance Tue, 20 Feb 2018 09:30:09 +0000 Holly Johnson 2105361 at http://www.wisebread.com How to Make Sense of the Different Parts of Medicare http://www.wisebread.com/how-to-make-sense-of-the-different-parts-of-medicare <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-make-sense-of-the-different-parts-of-medicare" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/approved_medicare_application_form.jpg" alt="Approved Medicare application form" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you're nearing retirement age, you probably know the gist of what Medicare does. The federal social program provides health insurance coverage to those age 65 or older, as well as younger people with certain disabilities. But do you know the specifics of each part of Medicare?</p> <p>According to the 2017 EBRI Retirement Confidence Survey, only 8 percent of retirees are very confident about the future of Medicare benefits. This may be due to a lack of information about the various parts of the program and what each one of them offers. (See also: <a href="http://www.wisebread.com/5-common-medicare-myths-debunked?ref=seealso" target="_blank">5 Common Medicare Myths, Debunked</a>)</p> <p>Let's break down each of the Medicare parts.</p> <h2>Medicare Part A (hospital insurance)</h2> <p>Part A covers inpatient hospital stays, care in a skilled nursing facility (following a hospital stay), hospice care, and some home health care. It covers hospital services, including semiprivate rooms, meals, general nursing, drugs as part of your inpatient treatment, and other hospital services and supplies.</p> <p>Once you reach age 65, you usually don't pay a monthly premium for Part A coverage as long as you or your spouse paid Medicare taxes for at least 10 years. This is known as &quot;premium-free Part A.&quot; Those under age 65 may also qualify for premium-free Part A if they have a disability or end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS).</p> <p>For workers who paid fewer than 30 quarters of Medicare taxes, the standard Part A premium for 2018 is $422 per month. For those who paid 30 to 39 quarters of Medicare taxes, the standard Part A premium is $232 per month.</p> <p>It's important to understand that Part A coverage is the bare minimum in terms of health coverage and that you should plan to supplement this coverage with the additional parts of Medicare. Generally, you're only responsible for one deductible (about $1,340) for each benefit period and no coinsurance for hospital stays under 60 days per benefit period.</p> <h2>Medicare Part B (medical insurance)</h2> <p>This is medical insurance that covers doctors' appointments and many other medical services and supplies not covered by Part A. In most cases, you'll automatically get Part A and Part B starting the first day of the month you turn 65. You'll get your red, white, and blue Medicare card in the mail three months before your 65th birthday (or your 25th month of getting disability benefits).</p> <p>Part B helps pay for necessary services and supplies to treat your medical condition, as well as preventive services to detect or prevent illness at an early stage. Most preventive services have no cost as long as you get them from a health care provider accepting the amount that Medicare approves for payment. Part B includes payments for clinical research, ambulance services, durable medical equipment, and a second opinion before surgery.</p> <p>For 2018, the standard premium for Part B is $134 (and may be higher depending on your income). If you collect Social Security benefits, your premium may be slightly reduced.</p> <p>Since Medicare Part B requires a monthly premium even if you don't use it, you should consider delaying Part B if you're still receiving coverage through an employer group health insurance plan. Talk with your health plan administrator to learn more about how to delay Part B (and even Part A) without paying a penalty when enrolling later.</p> <p>Medicare coverage depends on federal and state laws. Use this <a href="https://www.medicare.gov/coverage/your-medicare-coverage.html" target="_blank">Medicare Coverage tool</a> to find if Medicare Part A and Part B will cover your test, item, or service. Note that there are certain things that Part A and Part B (also known together as &quot;Original Medicare&quot;) will not cover. For example, Original Medicare doesn't cover hearing aids and exams, eye exams, and most dental care. Part C and Part D can help you cover those gaps.</p> <h2>Medicare Part C (Medicare Advantage plans)</h2> <p>Americans enrolled in Medicare Part A and Part B are also eligible to sign up for health coverage plans, known as Medicare Advantage plans, with private health carriers approved by Medicare. The primary benefit of Part C is that you get a wider choice of medical providers and a more comprehensive prescription drug coverage. When you sign up for a Medicare Advantage plan, you must continue paying your Part B premium.</p> <p>There are different types of Medicare Advantage plans:</p> <ul> <li> <p>Health Maintenance Organization (HMO) plans: You generally must get your care and services from providers within the plan's network. Some HMO plans may allow you to get a referral from your primary care doctor for an out-of-network provider.</p> </li> <li> <p>Preferred Provider Organization (PPO) plans: You pay less as long as you use the doctors, hospitals, and health care providers within the plan's network and pay more when using those outside the network. Unlike an HMO, you're not required to choose a primary care doctor and you don't need a referral to see a specialist.</p> </li> <li> <p>Private Fee-for-Service (PFFS) plans: The main difference between a PFFS and other plans is that the insurance company, not Medicare, determines how much the provider receives and the beneficiary pays for a covered health service. PFFS plans offer flexibility but often at a higher cost.</p> </li> <li> <p>Special Needs Plans (SNPs) plans: An SNP is only available to individuals with specific diseases or characteristics, including cancer, dementia, diabetes mellitus, or end-stage liver diseases. Benefits are tailored to the specific needs of that condition.</p> </li> <li> <p>HMO Point of Service (HMOPOS) plans: An HMOPOS plan allows you to get some services out-of-network for a higher cost.</p> </li> <li> <p>Medical Savings Account (MSA) plans: Plans that combine a high deductible health plan with a bank account into which Medicare makes deposits to pay for health care services throughout the year.</p> </li> </ul> <p>To enroll in a Medicare Advantage plan:</p> <ul> <li> <p>Use the <a href="https://www.medicare.gov/find-a-plan/questions/home.aspx" target="_blank">Medicare Plan Finder</a> to search for plans in your ZIP code (for personalized search, use your Medicare number).</p> </li> <li> <p>Enroll in your selected plan by mailing an enrollment form, calling the plan administrator, or calling 1-800-MEDICARE (1-800-633-4227).</p> </li> </ul> <p>When joining a Part C plan, you'll need your Medicare number and start date of Part A and/or Part B coverage.</p> <h2>Medicare Part D (prescription drug coverage)</h2> <p>To help Americans with the rising cost of prescription drugs, the Social Security Administration established Medicare Part D in 2003. Like Medicare Part C, Part D is provided by private health insurance companies approved by Medicare. To enroll in Part D, you must have signed up for Part A and/or Part B. Deductibles and covered medications vary per plan. You are first eligible to sign up for Part D coverage during your Initial Enrollment Period (IEP), which typically takes place during the same seven-month window as your IEP for Original Medicare (Parts A and B).</p> <p>Medicare Part D is also available to those with Part C, though some Medicare Advantage plans may already provide prescription drug coverage. Medicare Advantage plans with drug coverage are sometimes referred to as &quot;MA-PDs.&quot; HMO and PPO plans often include some prescription drug coverage, while PFFS and MSA plans often require additional drug coverage through Medicare Part D.</p> <p>Make sure to check your eligibility for your drug coverage from other organizations, such as Department of Veterans Affairs, workplace union, or TRICARE before signing up for a Part C or Part D plan. You use the same process to enroll in a Part D plan as you would for Part C.</p> <h2>The bottom line: Keep informed</h2> <p>You have unique medical needs. That is why Medicare offers a wide range of options for medical coverage. As you get closer to retirement age, keep on top of the latest developments of Medicare and its different parts so you can minimize your medical expenses. To learn more, use this <a href="https://www.medicare.gov/contacts/#findsomeone" target="_blank">directory to find Medicare contacts</a> using your state and organization or topic of interest.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-make-sense-of-the-different-parts-of-medicare&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Make%2520Sense%2520of%2520the%2520Different%2520Parts%2520of%2520Medicare.jpg&amp;description=How%20to%20Make%20Sense%20of%20the%20Different%20Parts%20of%20Medicare"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Make%20Sense%20of%20the%20Different%20Parts%20of%20Medicare.jpg" alt="How to Make Sense of the Different Parts of Medicare" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/how-to-make-sense-of-the-different-parts-of-medicare">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-common-medicare-myths-debunked">5 Common Medicare Myths, Debunked</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/generic-drug-price-lists-for-six-major-pharmacies">Generic Drug Price Lists For Six Major Pharmacies - Updated</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/health-care-reform-good-for-people-like-me">Health Care Reform: Good for People Like Me</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/health-insurance-two-other-numbers-to-look-at">Health insurance: Two other numbers to look at</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-i-heart-my-high-deductible-health-insurance-plan">Why I (Heart) My High Deductible Health Insurance Plan</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Health and Beauty Insurance coverage drugs health insurance medicare medicare part a medicare part b medicare part c medicare part d plans prescription retirement Tue, 20 Feb 2018 09:30:09 +0000 Damian Davila 2104316 at http://www.wisebread.com How to Get Health Insurance If You Missed the Open Enrollment Deadline http://www.wisebread.com/how-to-get-health-insurance-if-you-missed-the-open-enrollment-deadline <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-get-health-insurance-if-you-missed-the-open-enrollment-deadline" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/money_health_insurance_654573746.jpg" alt="Applying for health insurance" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>This year, the Open Enrollment period to sign up for a policy through the Health Insurance Marketplace was much shorter than in the past. The deadline for enrollment on the Federal exchange was December 15. (Many state run exchanges were open longer.) Previously, you had well into January to choose a plan. It's likely that many people were unaware of the change and missed their chance to enroll in an insurance policy.</p> <p>Instead of taking the risk of going without insurance, there are a few alternatives to get some form of coverage after the Open Enrollment deadline.</p> <h2>1. Find out if you qualify for Special Enrollment</h2> <p>If you've experienced a major life event, you may be able to enroll in a plan outside of the Open Enrollment period. You can qualify for Special Enrollment in these situations:</p> <ul> <li>You got married.</li> <li>You had a baby or adopted a child.</li> <li>You divorced or separated from your spouse and lost your insurance coverage.</li> <li>You moved to a new home with a different ZIP code than your old residence.</li> <li>You lost your job, either by resigning or being let go, and lost your insurance policy.</li> </ul> <p>These life events must occur within the past 60 days for you to be eligible for Special Enrollment. If you do qualify, you can complete a questionnaire and choose a plan through a designated <a href="https://www.healthcare.gov/screener/" target="_blank">Special Enrollment section</a> of healthcare.gov.</p> <h2>2. See if your parents' insurance will cover you</h2> <p>If you are under the age of 26, your parents may be able to add you to their own insurance policies. If their insurance is through an employer, they can add you during the plan's enrollment period. To do so, they just have to contact their insurance company. However, keep in mind that adding you to their plan will cause your parents' insurance premiums to increase, sometimes by hundreds of dollars a month. Make sure you and your parents are comfortable with the cost and discuss who is responsible for the additional fees.</p> <h2>3. Take on a part-time job</h2> <p>Another way to get health insurance &mdash; and boost your income &mdash; is to take on a part-time job. Some companies, including big names like Starbucks, Whole Foods, and Lowe's, offer comprehensive insurance benefits to part-time employees.</p> <p>Some of them require you to work for a certain amount of time before you're eligible for benefits, but others allow you to enroll in an insurance policy on your first day. As an added bonus, your earnings from your part-time job can cover your share of health care costs and help bulk up your savings. (See also: <a href="http://www.wisebread.com/9-big-companies-that-offer-benefits-for-part-time-workers?ref=seealso" target="_blank">9 Big Companies That Offer Benefits for Part-Time Workers</a>)</p> <h2>4. Research state or federal programs</h2> <p>All states offer Medicaid programs that provide coverage for millions, but the rules can vary from state to state. In general, Medicaid is designed for individuals who have a low-income, or are disabled, elderly, or pregnant. Children can also qualify for Medicaid coverage.</p> <p>If you have children and they are not eligible for Medicaid, you may be able to get them insurance through the Children's Health Insurance Program (CHIP). Getting them coverage through CHIP, even if you go without insurance, can help you save money on their medical costs.</p> <h2>5. Get a short-term insurance plan</h2> <p>If you don't qualify for other forms of health insurance, one thing to consider is enrolling in a short-term plan. Short-term plans are offered by private insurance companies and provide coverage in emergency situations or catastrophic events. While not as ideal as having a regular health insurance policy, a short-term plan can be an important safeguard in a pinch. (See also: <a href="http://www.wisebread.com/the-one-time-short-term-health-insurance-makes-sense?ref=seealso" target="_blank">The One Time Short-Term Health Insurance Makes Sense</a>)</p> <p>If you don't know where to start, you can find short-term and catastrophic insurance plans by contacting an insurance broker. You can find brokers near you through the <a href="https://nahu.org/looking-for-an-agent/find-an-agent" target="_blank">National Association of Health Underwriters</a> database.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-get-health-insurance-if-you-missed-the-open-enrollment-deadline&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Get%2520Health%2520Insurance%2520If%2520You%2520Missed%2520the%2520Open%2520Enrollment%2520Deadline.jpg&amp;description=How%20to%20Get%20Health%20Insurance%20If%20You%20Missed%20the%20Open%20Enrollment%20Deadline"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Get%20Health%20Insurance%20If%20You%20Missed%20the%20Open%20Enrollment%20Deadline.jpg" alt="How to Get Health Insurance If You Missed the Open Enrollment Deadline" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kat-tretina">Kat Tretina</a> of <a href="http://www.wisebread.com/how-to-get-health-insurance-if-you-missed-the-open-enrollment-deadline">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-sign-up-for-health-care-in-2018">How to Sign Up for Health Care in 2018</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-one-question-you-need-to-answer-to-choose-the-best-health-care-plan">The One Question You Need to Answer to Choose the Best Health Care Plan</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/health-insurance-how-to-fight-back-against-4-common-claim-denials">Health Insurance: How to Fight Back Against 4 Common Claim Denials</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/still-without-health-insurance-here-s-how-much-the-penalties-will-cost-you">Still Without Health Insurance? Here’s How Much the Penalties Will Cost You</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/signing-up-for-obamacare-in-2015-heres-whats-new">Signing Up for Obamacare in 2015? Here&#039;s What&#039;s New</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Health and Beauty Insurance affordable care act health care health insurance medicaid missed deadline obamacare open enrollment penalties premiums Wed, 03 Jan 2018 09:30:14 +0000 Kat Tretina 2082184 at http://www.wisebread.com The Best Age to Buy Long-Term Care Insurance http://www.wisebread.com/the-best-age-to-buy-long-term-care-insurance <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-best-age-to-buy-long-term-care-insurance" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/you_are_by_far_the_most_caring_doctor.jpg" alt="You are by far the most caring doctor" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You might not want to think about how you'd pay for an assisted living facility or nursing home stay when you're only in your 50s. After all, the days when you might need long-term care still seem far away.</p> <p>But your 50s are actually the ideal time to start thinking about how you'd pay for this type of medical care. Why? Because the American Association for Long-Term Care Insurance says that long-term care policies are more affordable when you're in your mid-50s, an age when you're typically healthier than you might be in your 60s or early 70s. In addition to making long-term care insurance more affordable, this also increases the chance that you'll meet the health requirements that insurance companies enforce when you apply for coverage. (See also: <a href="http://www.wisebread.com/is-long-term-care-insurance-worth-it?ref=seealso" target="_blank">Is Long Term Care Insurance Worth It?</a>)</p> <h2>Assisted living means big costs</h2> <p>According to insurance company Genworth, the median monthly cost to stay in an assisted living facility in the United States is $3,750. That's a lot of money. This high cost can make assisted living &mdash; or other long-term care facilities &mdash; too expensive for many who need their services.</p> <p>Medicare can't help you with assisted living, either; Medicare only pays for up to 100 days of care in a nursing home or skilled-nursing facility, and you'll first have to spend three days in a traditional hospital before being referred to the nursing facility. And Medicare will never pay the costs of a continuing-care retirement community or an assisted living facility.</p> <p>Medicaid <em>might </em>pay for some of the costs of an assisted living facility or continuing-care retirement community, but the amount it pays will vary by state. And people must meet strict income and eligibility requirements to qualify for this financial assistance. Since Medicaid is a program designed to aid the impoverished, it will only kick in after the resident has spent nearly all of their own assets on a stay in a home or long-term care facility.</p> <h2>Long-term care insurance can help</h2> <p>This is where an insurance plan can help. Long-term care insurance reimburses policyholders a daily benefit to cover a variety of medical services. The cost of this insurance varies depending on your age when you take out the policy, how much your policy will pay out per day, and whether you choose any optional benefits such as inflation protection.</p> <p>The American Association for Long-Term Care Insurance estimates that a single 55-year-old with a policy providing a daily benefit of $150 over a maximum of three years can expect to pay about $2,007 a year. A couple the same age who opt for the same amount of coverage can expect to pay an average combined cost of $2,466 a year.</p> <p>But premiums can increase. While an insurance company cannot raise the premium solely on an individual, it can raise premiums for a group of people with similar characteristics. Read your policy carefully and make a tentative plan for what you might do if your rates go up.</p> <h2>Why the mid-50s is the right time</h2> <p>The cost of long-term care insurance jumps significantly as you get older. The American Association for Long-Term Care Insurance estimates that a couple, both age 60, can expect to see costs jump to an average $3,381 a year for the same amount of coverage. That's over $900 a year more than it would have cost when they were just five years younger.</p> <p>If you're younger, you're also more likely to qualify for good health discounts from insurers. The association said that in 2010, the most recent year for which stats are available, 46 percent of people age 50 to 59 who applied for long-term care insurance qualified for a good-health discount. Only 38 percent of applicants from the ages of 60 to 69 qualified for these discounts. Again, read your policy carefully to see whether your discount could be rescinded if your health should fade.</p> <p>As you get older, your odds of qualifying at all for long-term care insurance drop. That's because insurers won't provide this coverage to applicants who have serious health issues. The association reported that in 2010, insurers denied 14 percent of applicants from the ages of 50 to 59. They denied 23 percent of applicants from the ages of 60 to 69.</p> <p>Long-term care insurance isn't right for everyone. If you don't have much in retirement assets, you might be able to pay for long-term care through Medicaid, a government program that was designed to help seniors who don't have much money.</p> <p>If you don't think you'll meet the requirements to qualify for Medicaid, you might decide that long-term care insurance is the best choice for you. Make sure to talk with an elder-care attorney who can help you navigate your options. If you find that long-term care makes the most sense, taking out a policy when you're in your 50s is the best move.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fthe-best-age-to-buy-long-term-care-insurance&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FThe%2520Best%2520Age%2520to%2520Buy%2520Long-Term%2520Care%2520Insurance.jpg&amp;description=The%20Best%20Age%20to%20Buy%20Long-Term%20Care%20Insurance"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/The%20Best%20Age%20to%20Buy%20Long-Term%20Care%20Insurance.jpg" alt="7 DIY Decor Ideas that Won't Get Your Hands Dirty&#9;&#9;" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/the-best-age-to-buy-long-term-care-insurance">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-long-term-care-insurance-worth-it">Is Long Term Care Insurance Worth It?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-to-make-long-term-care-more-affordable">5 Ways to Make Long-Term Care More Affordable</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/25-money-saving-strategies-that-are-actually-hurting-you">25 Money-Saving Strategies That Are Actually Hurting You</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-saving-money-is-harder-today">Why Saving Money Is Harder Today</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-myths-about-health-savings-accounts-debunked">8 Myths About Health Savings Accounts — Debunked!</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Insurance assisted living discounts elderly expenses health care long term care insurance Mon, 18 Dec 2017 09:30:10 +0000 Dan Rafter 2069136 at http://www.wisebread.com How Longevity Insurance Can Keep You From Outliving Your Money http://www.wisebread.com/how-longevity-insurance-can-keep-you-from-outliving-your-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-longevity-insurance-can-keep-you-from-outliving-your-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/happy_senior_lady.jpg" alt="Happy senior lady" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You want a long and happy life. But what if that life goes on<em> too</em> long? Have you considered the possibility that you haven't stashed enough savings away to support yourself if you live to be 90, or even 100?</p> <p>Longevity insurance might help ease your worries. But this product, also known as an advanced life-deferred annuity, does come with risk: You can purchase it, but, if you don't live as long as you expect, you may never benefit from it.</p> <h2>We're living longer</h2> <p>A study by the World Health Organization and Imperial College London found that by 2030, the average life expectancy for women will be 83.3 years and 79.5 for men. Currently, according to the study, the average life expectancy is 81.2 years for women and 76.5 for men. As people continue to live longer, it's only logical that they'll need more money to support themselves during those years. If you retire at age 67 and live to be 87, you'll need enough money to live for 20 years in retirement. But what if you live to be 100? That's 33 years spent without a regular paycheck. And that's where longevity insurance comes in. (See also: <a href="http://www.wisebread.com/is-long-term-care-insurance-worth-it?ref=seealso" target="_blank">Is Long Term Care Insurance Worth It?</a>)</p> <h2>Longevity insurance basics</h2> <p>Longevity insurance is designed to help retirees cover their expenses if they happen to live for a very long time. The product provides policyholders guaranteed income for life once they reach a certain age, usually 80 or 85. It's designed to provide extra income to supplement retirement savings that might be dwindling.</p> <p>Of course, this protection doesn't come free. You'll have to pay a lump sum to open a policy, something you'll usually do right before you hit retirement age. How much the policy pays out once you hit the trigger age depends on how much you pay for your policy and how old you are at the time you purchase it.</p> <p>MetLife provides a good example of how this works. According to a brochure advertising the company's Longevity Income Guarantee annuity, a man who makes a lump-sum payment of $50,000 at age 55 would receive an annual payout of $17,334 beginning when he turns 80. That same man would receive an annual payout of $30,619 if he waited until 85 to begin receiving his monthly payments.</p> <p>A man who invests $50,000 at age 60 will receive $8,017 a year if he elects to start receiving payouts at age 75, and $21,741 a year if he instead waits until he turns 85.</p> <p>The payouts for women are a bit lower, since women have longer life expectancies. In the example above, a woman who invests $50,000 at age 60 will receive annual payouts of $20,515 if she decides to start taking payments at the age of 85.</p> <h2>The drawbacks</h2> <p>While longevity insurance can provide you with additional protection throughout your retirement, it does come with some drawbacks. First, there's the price. In the MetLife examples, for instance, consumers are investing $50,000 into the product. That's a lot of money. And depending on where that money comes from, it could make a serious dent in what you are saving for retirement.</p> <p>That's why the best candidate for longevity insurance is someone who not only expects to live a long life, but someone who can comfortably afford to part with that large lump-sum payment. You shouldn't spend more than 10 to 20 percent of your nest egg on a longevity insurance payment.</p> <p>There's also inflation. Coverage that you purchase today won't be worth the same amount in, say, 20 years. Some longevity insurance programs offer inflation protection, adding the expected costs of inflation to your future payouts. Investing in inflation protection can be a smart move, but it won't be free. You'll have to pay extra.</p> <p>Then there's an even bigger problem: How do you<em> really</em> predict how long you'll live? Say you elect to start receiving longevity insurance payments at age 85. What if you die at age 80? With basic policies, you'll lose that lump sum you invested 20 or 30 years ago. That's because basic longevity insurance products don't include a death benefit. The money you invested will be lost if you die before your payouts begin.</p> <p>Some insurers offer the option of a death benefit so that your heirs can collect at least a portion of your payout if you die too early. Again, though, you'll have to pay extra for this flexibility. And your annual payout might also be lower as a way for insurers to recoup some of the extra risk <em>they </em>take on by providing you with a death benefit.</p> <p>One last drawback is the lack of flexibility. If you plan to collect payments at age 85, but find you really need the money starting at age 82, you may be out of luck. Some insurers do offer an option allowing policyholders to access their money early, but these policies cost more and typically provide a lower annual payout.</p> <p>Should you invest in longevity insurance? It depends on how much financial peace of mind is worth to you. Because this type of insurance does come with unusual risks, you'll have to determine if the fear of outliving your income is worth the chance of investing in an insurance policy that might never pay out for you.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-longevity-insurance-can-keep-you-from-outliving-your-money&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520Longevity%2520Insurance%2520Can%2520Keep%2520You%2520From%2520Outliving%2520Your%2520Money.jpg&amp;description=How%20Longevity%20Insurance%20Can%20Keep%20You%20From%20Outliving%20Your%20Money"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20Longevity%20Insurance%20Can%20Keep%20You%20From%20Outliving%20Your%20Money.jpg" alt="How Longevity Insurance Can Keep You From Outliving Your Money" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/how-longevity-insurance-can-keep-you-from-outliving-your-money">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-plan-for-a-forced-early-retirement">How to Plan for a Forced Early Retirement</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-playing-it-safe-with-your-money-is-actually-risky">Why Playing It Safe With Your Money Is Actually Risky</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/new-job-dont-make-these-7-mistakes-with-your-benefits">New Job? Don&#039;t Make These 7 Mistakes With Your Benefits</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-unexpected-hurdles-you-might-encounter-when-applying-for-social-security-benefits">3 Unexpected Hurdles You Might Encounter When Applying for Social Security Benefits</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-you-treat-your-social-security-benefits-like-a-bond">Should You Treat Your Social Security Benefits Like a Bond?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance Retirement aging benefits deferred annuity inflation living longer longevity insurance lump sum payments Thu, 14 Dec 2017 09:31:09 +0000 Dan Rafter 2069775 at http://www.wisebread.com When Is Your Credit Card's Travel Insurance Good Enough? http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/when-is-your-credit-cards-travel-insurance-good-enough" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/travel_planning_concept_on_table_0.jpg" alt="Travel planning concept on table" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>People know travel insurance exists because they get the option to buy or decline it when they purchase airfare or book a vacation package. At the very least, many are informed of their credit card's perks and benefits &mdash; including travel insurance &mdash; when they sign up for a new card. (See also: <a href="http://www.wisebread.com/6-types-of-travel-insurance-credit-cards-include-that-you-didnt-know-about?ref=seealso" target="_blank">6 Types of Travel Insurance Credit Cards Include That You Didn't Know About</a>)</p> <p>But, many people still don't know how travel insurance actually works. The complexities of travel insurance have made it so that few people understand whether they should buy it or when they actually need it.</p> <p>This tends to leave travelers with a lot of questions. For example, what does travel insurance cover? And, is the free insurance offered by your <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=internal" target="_blank">travel credit card</a> actually enough to protect you? To find out, we interviewed some travel experts who rely on travel insurance and advise others on how to do the same.</p> <h2>What kind of travel insurance is available?</h2> <p>Travel insurance is a broad term to describe several different <em>types</em> of coverage related to travel. To make sure you're covered in a way that's meaningful both personally and financially, you need to determine the type of coverage you have, what your policy or rewards card covers, and if it's enough. (See also: <a href="http://www.wisebread.com/everything-you-need-to-know-about-buying-travel-insurance?ref=seealso" target="_blank">Everything You Need to Know About Buying Travel Insurance</a>)</p> <p>Here are the common types of coverage you can secure with a travel insurance policy and/or a rewards credit card that includes it:</p> <ul> <li> <p>Trip cancellation coverage &mdash; Reimburses you when a trip is canceled for reasons beyond your control</p> </li> <li> <p>Trip interruption coverage &mdash; Reimburses you for the unused components of your trip when your trip is interrupted due to a covered reason</p> </li> <li> <p>Emergency medical and dental &mdash; This coverage kicks in if you need emergency medical or dental care away from home</p> </li> <li> <p>Emergency medical transportation &mdash; This coverage provides emergency medical transportation, including air travel</p> </li> <li> <p>Baggage protection &mdash; Receive reimbursement if your baggage is lost, damaged, or stolen during travel</p> </li> <li> <p>Baggage delay coverage &mdash; Receive reimbursement for clothing, toiletries, and essential items when delayed baggage necessitates the purchase of these items</p> </li> <li> <p>Travel delay coverage &mdash; Provides reimbursement for meals or lodging when your travel is delayed for a covered reason</p> </li> <li> <p><a href="http://www.wisebread.com/what-exactly-does-travel-accident-insurance-cover-on-credit-cards?ref=internal" target="_blank">Travel accident coverage</a> &mdash; Provides financial reimbursement for death or dismemberment during travel</p> </li> <li> <p><a href="http://www.wisebread.com/what-does-car-rental-insurance-really-cover-on-your-credit-card?ref=internal" target="_blank">Rental car coverage</a> &mdash; Provides coverage for damage due to a collision or theft involving a rental car you pay for with the card</p> </li> </ul> <p>While you can get most of this coverage through a travel insurance policy or certain rewards credit cards, it's important to note that limits and caps can vary dramatically, and may make the coverage insufficient.</p> <p>Also keep in mind that for your credit card coverage to work, you must have used your card to pay for a major component of your travel such as your airfare. Simply having a credit card in your possession that offers travel insurance coverage is not enough.</p> <h2>When should you rely on travel insurance offered through a credit card?</h2> <p>So, when is it okay to rely on your credit card's travel coverage? While it depends a lot on your specific card, its policies, and your trip details, there are some basic rules of thumb to follow.</p> <p>According to travel guru Ariana Arghandewal from PointChaser.com, some of the obvious instances when you may be able to rely solely on credit card insurance are for car rentals and checked luggage. That's because rental car insurance and lost luggage coverage are included for cardholders of certain travel credit cards.</p> <p>Once you confirm the coverage you have by reading your credit card's terms and conditions, you should also check limits to make sure coverage is sufficient. For example, you may find your credit card offers lost baggage insurance with a $500 cap, which may not even be enough to replace your suitcase, let alone your belongings.</p> <p>If the limits your credit card sets leave you feeling vulnerable, it may be worth looking into buying a travel insurance policy with beefier coverage.</p> <h2>When should you buy a dedicated travel insurance policy?</h2> <p>There are times when any traveler should consider buying a separate travel insurance policy, one of the most common being when they're traveling to a destination where their health insurance coverage is no longer valid.</p> <p>It's not just getting sick that you need to worry about. You also have to think about motor vehicle accidents, especially if you don't have a personal car insurance policy. If you get hit while driving abroad, not having medical coverage or overseas auto coverage could leave you in a bind.</p> <p>&quot;Be sure to check with your health insurance company to see if they cover overseas medical expenses before leaving,&quot; says Lyn Mettler, who blogs about travel and credit cards at GotoTravelGal.com. &quot;If not, getting a travel insurance policy that covers you in the event of medical issues or emergency is a good idea.&quot;</p> <p>&quot;While most credit card companies will help <em>arrange</em> medical care, they will not pay for it,&quot; she says. Some credit cards offer some medical benefits, but the coverage amount is usually so low that it is not a true safeguard.</p> <p>Adventure travelers in particular should not rely on their credit card coverage, says Arghandewal. If you're planning to scuba dive or sky-dive, you may need to buy travel insurance and then pay extra to cover dangerous activities.</p> <p><a href="https://www.bhtp.com/our-products/exactcare" target="_blank">Berkshire Hathaway's ExactCare</a> insurance covers up to $25,000 in emergency medical coverage. &quot;Even pre-existing conditions are covered if insurance is purchased within 15 days of initial trip deposit,&quot; she says.</p> <p>It's also worth noting that, if you are purchasing an expensive, once-in-a-lifetime trip, you may want trip cancellation or interruption insurance with higher limits than you could get with a credit card.</p> <p>While some credit cards offer trip cancellation and interruption insurance that would work in this case, coverage caps can limit reimbursement to $10,000 or less, depending on the card.</p> <h2>What type of travel insurance is best for families who travel together?</h2> <p>While it's important to figure out travel coverage if you're traversing the globe by yourself or with a friend, traveling with a family in tow could easily raise the stakes. If you're in another country and your child gets sick, for example, you'll need to make sure you have the right coverage to reimburse you for interrupted plans, proper medical care, and potentially getting everyone home early.</p> <p>Trip cancellation or interruption insurance can work well for families since it can provide reimbursement for travel plans interrupted for by sickness or unplanned disasters.</p> <p>Even trip cancellation or interruption insurance provided for free through a credit card can work well in this respect, but you should check your card's coverage information.</p> <p>When traveling with family, it might be best to purchase a travel insurance policy good for everyone in your party no matter what. That way, you're covered if someone gets sick during your journey, a natural disaster ruins your itinerary, or some other unforeseen event thwarts your plans.</p> <h2>What about primary and secondary auto rental coverage?</h2> <p>Mettler says rental car insurance is actually one of the most valuable types of coverage credit cards offer. But you'll need to check whether your card offers primary or secondary auto rental coverage, and when this coverage is applicable.</p> <p>Primary auto rental insurance is particularly valuable because it will cover you without getting your personal auto insurance company involved, which could cause your personal insurance rates to go up. Secondary coverage means your personal auto insurance will pay first, and the credit card auto insurance will cover anything that is left.</p> <p>If you're traveling outside the U.S., chances are your personal auto policy won't apply. In that case, even secondary rental insurance offered by your credit card becomes your primary insurance. For it to be valid, you'll need to pay for the car with your credit card and decline all optional coverage offered by the rental car company.</p> <p>But before you do that, check for exclusions in your credit card's coverage. For instance, many issuers refuse to cover rentals in Israel, Ireland, Jamaica, Northern Ireland, Italy, Australia, and New Zealand.</p> <p>Other exclusions are common, too. Arghandewal notes that even some premium cards won't cover luxury vehicles, rentals exceeding 15 days, or car rentals in certain international markets. &quot;So if you're taking a cross-country road trip or traveling to Israel, you might want to take the sales rep up on the offer to buy additional rental coverage. The odds are, your credit card will not include it,&quot; she says (See also: <a href="http://www.wisebread.com/3-things-you-should-know-about-rental-car-insurance?ref=seealso" target="_blank">3 Things You Should Know About Rental Car Insurance</a>)</p> <p>While the collision damage waiver offered by rental car companies can be expensive, it may be worth it to have peace of mind.</p> <h2>How to know if you're covered</h2> <p>Travel blogger Lee Huffman of BaldThoughts.com says the key to protecting yourself is educating yourself on the types of coverage you have already and the types you can buy. From there, you can make sure you're covered sufficiently for every trip you take.</p> <p>&quot;As with any insurance policy, there are exclusions to coverage, so be sure to read through the details to make sure you are covered like you think you are,&quot; says Huffman. &quot;Don't be afraid to call the credit card company or travel insurance agency to get your questions answered.&quot;</p> <p>If you're on the fence about buying separate travel insurance or relying on your card, travel expert Howie Rappaport from AwardWallet.com suggests three simple steps. First, contact your card issuer to see what your card does and doesn't cover. Second, figure out what your own insurance policies might cover in terms of auto liability and health care. Third, do the math and assess your risk tolerance.</p> <p>&quot;It is all about the numbers and peace of mind,&quot; says Rappaport. &quot;There is no right answer here, but hopefully, you've figured out what makes sense after talking with everyone.&quot;</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fwhen-is-your-credit-cards-travel-insurance-good-enough&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FWhen%2520Is%2520Your%2520Credit%2520Card%2527s%2520Travel%2520Insurance%2520Good%2520Enough_.jpg&amp;description=When%20Is%20Your%20Credit%20Card's%20Travel%20Insurance%20Good%20Enough%3F"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/When%20Is%20Your%20Credit%20Card%27s%20Travel%20Insurance%20Good%20Enough_.jpg" alt="When Is Your Credit Card's Travel Insurance Good Enough?" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/holly-johnson">Holly Johnson</a> of <a href="http://www.wisebread.com/when-is-your-credit-cards-travel-insurance-good-enough">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-types-of-travel-insurance-credit-cards-include-that-you-didnt-know-about">6 Types of Travel Insurance Credit Cards Include That You Didn&#039;t Know About</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-emergency-medical-coverage-could-save-your-vacation">How Emergency Medical Coverage Could Save Your Vacation</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-does-checked-baggage-insurance-cover">What Does Checked Baggage Insurance Cover?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-exactly-does-trip-cancellation-insurance-cover">What Exactly Does Trip Cancellation Insurance Cover?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-surprising-insurance-policies-you-might-need">15 Surprising Insurance Policies You Might Need</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance Travel lost luggage rental car insurance travel insurance travel medical insurance trip cancellation Fri, 08 Dec 2017 09:30:06 +0000 Holly Johnson 2068608 at http://www.wisebread.com When Dropping Your Life Insurance Is the Right Decision http://www.wisebread.com/when-dropping-your-life-insurance-is-the-right-decision <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/when-dropping-your-life-insurance-is-the-right-decision" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/family_property_life_and_health_insurance_concept.jpg" alt="Family property, life and health insurance concept" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Life insurance is a crucial way to protect your family if you should suddenly pass away. The payout from a life insurance policy can help your loved ones continue to pay a mortgage and other large bills they may not otherwise be able to afford.</p> <p>Life insurance is so important that few people ever decide to terminate their policies. But are there times when canceling a life insurance policy actually makes sense?</p> <p>The surprising answer? Sure. It all depends on who continues to rely on your income and who doesn't.</p> <h2>Your children</h2> <p>When deciding whether to cancel a life insurance policy, don't focus solely on your age. Yes, the odds are higher that once you get older (past retirement age), you won't have as many people relying on the money you are making today. With fewer people depending on you financially, it might make sense to cancel your life insurance policy and save the money you are spending on premiums.</p> <p>Life insurance is most important when you are worried about providing your children with a financial safety net. When your children are young, they need the financial protection that a life insurance policy provides. After all, they won't be working or generating their own income.</p> <p>But when your children become adults, they might no longer need the payout that your life insurance would provide them if you should die. Canceling a policy designed to protect your kids is usually a sound financial move once these children become adults who are working and providing for themselves.</p> <h2>Your spouse</h2> <p>What if your life insurance policy is also a form of protection for your spouse or partner? That might change your decision to cancel, even as you get older.</p> <p>Say you die at the age of 65. Would a payout from a life insurance policy provide that extra bit of financial protection to your spouse or partner? Would it help ensure that this person won't struggle with finances after you die?</p> <p>If the answer is yes, canceling your life insurance policy may not be the right move. You may want to hold onto that policy, even as you inch closer to retirement age. (See also: <a href="http://www.wisebread.com/when-should-single-people-get-life-insurance?ref=seealso" target="_blank">When Should Single People Get Life Insurance?</a>)</p> <h2>Getting a better plan</h2> <p>There are other reasons to cancel your life insurance. Say you are no longer happy with your current plan; maybe the monthly premiums seem too high.</p> <p>If you shop around and can find a plan that provides enough coverage at a lower price, canceling your existing policy is not only OK, it ranks as a smart financial move.</p> <p>Just be sure to compare your existing policy with your potential new one carefully. Yes, a new policy might be cheaper &mdash; but it might also not provide the same amount of coverage. Make sure to do your research before canceling any life insurance policy.</p> <h2>You've already paid for your biggest expenses</h2> <p>Life insurance is supposed to be a financial safety net for your loved ones in case you suddenly die. But what if you've already paid off your mortgage? Your spouse or partner won't need a payout from your life insurance policy to cover that bill. What if you've already paid for sending your children to college? Life insurance isn't necessary to help cover this big expense, either. So why not cancel your policy if those big expenses are already in your past?</p> <p>You can take the money you were spending on life insurance premiums and save it for retirement, add it to your emergency fund savings, or invest in the stock market.</p> <p>Of course, this type of plan only works if you actually will take the money you were spending and do something financially savvy with it. But canceling a life insurance policy when the big bills are paid can be an effective way of putting your dollars to better use.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fwhen-dropping-your-life-insurance-is-the-right-decision&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FWhen%2520Dropping%2520Your%2520Life%2520Insurance%2520Is%2520the%2520Right%2520Decision.jpg&amp;description=When%20Dropping%20Your%20Life%20Insurance%20Is%20the%20Right%20Decision"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/When%20Dropping%20Your%20Life%20Insurance%20Is%20the%20Right%20Decision.jpg" alt="When Dropping Your Life Insurance Is the Right Decision" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/when-dropping-your-life-insurance-is-the-right-decision">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-12"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-estate-planning-questions-everyone-should-ask">5 Estate Planning Questions Everyone Should Ask</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-should-single-people-get-life-insurance">When Should Single People Get Life Insurance?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-your-group-life-insurance-is-not-enough">Why Your Group Life Insurance Is Not Enough</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/term-vs-whole-life-insurance-heres-how-to-choose">Term vs Whole Life Insurance: Here&#039;s How to Choose</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-times-you-need-to-update-your-will">6 Times You Need to Update Your Will</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Insurance beneficiaries canceling children dependents estate planning expenses life insurance mortgages Tue, 14 Nov 2017 09:31:05 +0000 Dan Rafter 2051050 at http://www.wisebread.com