Why do I need Life Insurance?
If you are a wage earner and someone depends on you, life insurance is a vehicle to protect the financial well-being of that individual.
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How much Insurance should I have?
A simple formula that works is between 5 and 10 times your income. If you can afford 10 times, in our opinion, that is what you should have. If it is needed to protect your business, key person, or buy/sell agreements, then your accountant should be able to tell you.
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What is a PPO?
A PPO is a Preferred Provider Organization. As a member of a PPO, you can use the doctors and hospitals within the PPO network or go outside of the network for care. You do not need a referral to see a specialist.
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What is an HMO?
An HMO is a Health Maintenance Organization. As a member of an HMO, you select a primary care physician from a list of doctors in that HMO's network. Your primary care physician will be the first medical provider you call or see for a medical condition. He or she will make any needed referrals to a medical specialist. Typically, these specialists will be part of the HMO network.
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What is a POS?
POS is a Point-of-Service Plan. POS is a type of managed care plan combining features of health maintenance organizations (HMOs) and preferred provider organizations (PPOs). You can decide whether to go to a network provider and pay a flat dollar or to an out-of-network provider and pay a deductible and/or a coinsurance charge.
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What are preexisting conditions?
Preexisting conditions are conditions that are excluded from coverage under a health insurance policy. Examples are endless, but include things like knee injuries, back injuries, heart ailments, etc.
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What are Dental PPO, POS, and DHMO?
A Dental PPO (Preferred Provider Organization) provides dental care to its members through a network of dentists who offer discounted fees to its plan members. You can typically use dentists out of the PPO's network, but you will only be reimbursed the discounted fee for the services rendered - you will need to pay any additional amount yourself.
A DHMO (Dental Health Maintenance Organization) provides you dental services through a network of providers in exchange for some form of prepayment. If you use a dentist out of the established network of providers, you may be responsible for paying the entire bill.
A Dental POS (Point of Service) plan allows a member to use either a DHMO network dentist or to seek care from a dentist not in the HMO network. Members choose in-network care or out-of-network care at the time they make their dental appointment and usually incur higher out-of-pocket costs for out-of-network care.
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Why must I list all household members, when they do not drive my car?
Household residents that do not need to be included are non-family household residents who do not drive the vehicle.
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What does homeowners insurance cover?
Homeowners insurance provides protection for your home, personal property such as furniture, clothing, appliances as well as personal liability. It protects you from a variety of events: a fire, explosions, lightning, vandalism, burglary, storms, and more.
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What's the right amount of insurance for my home?
Your coverage should match the value of your home. Homeowners insurance can not cover the land your home is on, only the structure. That means that the insurance amount could be less than the purchase price or loan amount.
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