The Newlywed’s Guide to Buying Insurance

Congratulations! You just got married and everything is changing – new spouse, new home, new in-laws. But with all these new things comes changing insurance needs. Here are the things you need to think about insurance-wise after you tie the knot.

Insurance quotes in Murfreesboro TN

Home or Renters Insurance

Getting married often comes with a new place. If you are moving into your spouse’s existing home, make sure you are added as a named insured on the existing homeowners or renter’s policy. This is as easy as calling your agent or insurance company.

 

If you are purchasing a new home, contact your local agent while you are in the process of looking at homes. It is a good idea to have an insurance agent run a quote on your favorite home BEFORE putting it under contract. This is to ensure the property has not had a “location loss” which is an insurance claim on the property. Even if you didn’t live in the home at the time of the claim, location losses can affect your insurance rate or even keep you from getting insurance at all. Using an independent agent will help make sure you are getting the lowest rate by comparing rates from multiple carriers.

Car Insurance

Getting married is a great time to consolidate your auto policies. Having multiple cars on a policy will usually give you deep discounts. Also consider bundling with your home or renter’s insurance to give you an even lower rate.

Life Insurance

Getting married is a major life event where you should reevaluate your life insurance. The thing with life insurance is…the younger you are, the cheaper it is. Now is always the cheapest life insurance will ever be for you! Especially if you are thinking about kids in the near future, life insurance gives you the peace of mind that your family will be taken care of should the worst happen.

Health Insurance

Looking over your health insurance policies is a necessity when you get married. The nice thing is that getting married often offers you many new options. If your employers each offer coverage, compare the prices between keeping your policies separate or putting both of you on one employer’s plan. If neither of you get coverage from your employer, look at getting a policy on the federal health insurance marketplace. Since your household is larger, you could qualify for a larger subsidy to help pay for healthcare costs. Talk to a local independent agent to find out how much you can save.

If you have questions regarding insurance for newlyweds, we are happy to help! Give us a call today at 615-919-1009!

Health Insurance 101 – How to Make Sense of Health Insurance Jargon

The time is upon us! Time to make decisions about your health insurance options for next year. For many people, that means combing through pages and pages of jargon and confusing terminology regarding their health policy.

 

Never fear! Here are some easy definitions to help you make sense of it all.

Murfreesboro TN health insurance

What is a Premium?

 

Premium is the monthly payment you must pay in order to be covered by your health insurance policy. This is set when you purchase the policy and will usually adjust from year to year. Your premium will typically be determined by your age, use of tobacco, type of plan, and other factors.

What is a Deductible?

A deductible is the amount that you, as the insured, must pay before your insurance company will pay anything. Deductibles usually range from as low as $100 to over $15,000. The lower your deductible, the higher your monthly premium.

 

You will usually have two deductibles on a health insurance policy, an individual deductible and a family deductible. Your individual deductible is per person. Your family deductible is usually a multiple of the individual deductible. For example, if two people in the family meet their deductible for the year, all the other individuals in the family will be treated as if they had met their individual deductible as well. 

What is Coinsurance?

 

Coinsurance is a percentage of the covered expense that the insured must pay. Coinsurance usually will start after the deductible is met. For instance, if an insured’s coinsurance is 20%, after the deductible, they must pay 20% of the bill up to the out of pocket limit. Coinsurance sometimes is 0%, which means that after the deductible is met, the insurance company will pay 100% of the covered bills. 

What is an Out of Pocket Limit?

An out of pocket limit is the maximum you will have to pay out of pocket for covered services. This is one of the most important numbers to pay attention to, as if tragedy struck and you had a large medical expense, this is the amount that you would most likely need to pay. This, like the deductible, is usually tied to the amount of your premium. The lower the out of pocket limit, the higher your premium.

 

On most insurance policies, the out of pocket limit is in the thousands. It can be daunting to think of having to pay this amount at one time. One popular option to get peace of mind is to use supplemental insurance policies to cover this amount. A supplement policy will pay you a specified sum of money in case of an accident or serious illness. The nice thing about these policies is that you can use these payments for anything, not just for medical expenses. For a small additional premium per month, you can close this important coverage gap.

What is an HMO?

 

An HMO is a Health Maintenance Organization. It is one of the most common types of health plans. In an HMO, you usually must select a PCP, or primary care provider, from a network of doctors that are contracted with that insurance company. Your PCP is your primary doctor that oversees your medical wellbeing. Generally, this doctor will have to provide a referral in order for you to see a specialist. Health maintenance organizations keep cost lower by limiting the doctors you can see to their network doctors that will accept predetermined rates for services. 

What is a PPO?

 

A PPO is a Preferred Provider Organization. A PPO is usually a little more flexible than an HMO, provides a larger network of doctors, and even offers some out of network benefits. Some PPOs don’t require you to have a primary care physician referral in order to see a specialist. Some don’t require you to select PCP at all. However, the flexibility that a PPO offers will usually come at a price. PPOs typically have higher monthly premiums than HMOs.

What if I Have More Questions?

 

If you have more questions about health insurance, give us a call at 615-919-1009 and we will do out best to help you! If you are looking for health insurance, we offer Tennessee health plans on and off the exchange, Medicare Advantage plans, Medicare Supplement plans, dental plans, vision plans, accident and critical illness plans and more. We are always here to help! Give us a call today!