The Insurance Handbook

Since we all grow older, we eventually face the possibility of requiring substantial assistance over a prolonged period of time. Sometimes it’s the result of a chronic illness, at others of a physical or mental disability, and other times it will affect our cognitive acuity. We pay for extended care services through long-term care insurance. In this blog entry, I will explain what long-term care insurance is, why it’s important, what type of coverage is available, and which parameters to take into account when selecting a policy. What is Long-Term Care Insurance?  Long-term care (LTC) insurance is a special kind of insurance designed specifically to pay for care when it becomes too difficult or dangerous to continue providing it on your own. Services such as meals-on-wheels, home care, and adult day care are not typically included in standard health insurance coverage or Medicare, so that is why LTC insurance for seniors (and others) is set up differently. The primary purpose of th...

In the new world of globalization, people everywhere run the very real possibility of being diagnosed with a near-terminal illness. Especially as a result of the incredible advances made in medical science, the survival rates of many serious medical conditions have increased. Therefore, these days, people can and do recover from a serious disease. First, the good news. However, while the patient is recovering from a debilitating disease, the financial damage that a critical illness can cause can be devastating if you, or someone you love, are diagnosed with a critical illness. The rate of recovery of the patient can often become dependent on the financial security of the family. This is where looking at critical illness insurance becomes important. In this blog post, we will discuss what Critical Illness Insurance is all about, why it is valuable, and why one should consider it in today’s world and especially for the future. What is Critical Illness Insurance?  Critical illness ins...

Disability insurance is an often unnoticed but vitally important step in financial planning. Disability insurance provides a layer of protection for an asset you use almost every day of your life: your income source – your ability to work. In this blog post, we’ll look at what disability insurance is; why it’s important; the various types of disability insurance policies that exist; and how to choose the policy that’s right for you. What is Disability Insurance?  Disability insurance can help you stay afloat without a paycheck. Disability insurance replaces a portion of your income when you are unable to work because of sickness or injury, or due to a medical condition. Disability insurance is the kind of protection you buy to pay the bills and maintain your living expenses if you are too sick or hurt to earn a paycheck. Key Features of Disability Insurance:  Monthly Benefit: How much income you will receive while disabled – usually a percentage of wages you earned prior to be...

Vision insurance is something that we don’t always talk about but it is a critical component of your overall health insurance plan. If you are buying your first pair of glasses, thinking about wearing contact lenses or simply seeking to stay on top of your eye health, vision insurance can help cover the cost of both routine care and more specialized treatment that you may need. In this guide, we’ll be covering what vision insurance is, the different types of coverage that are out there, the benefits of having vision insurance, and some tips for picking the right plan for you and your family. What is Vision Insurance?  Vision insurance is a type of health insurance that provides financial benefits for vision care services, such as exams, eyewear, and vision correction procedures. A vision insurance plan typically includes allowances for routine eye exams, routine prescription eyewear (glasses or contact lenses), and discounted pricing for elective vision correction procedures like L...

Most people overlook dental insurance as a part of overall health coverage. This is unfortunate because dental health is a critical aspect of our well-being. In this article, we delve into the importance of dental insurance in maintaining oral health and addressing the cost of common dental procedures for individuals, families, and children. We cover what dental insurance is, the different types of policies, benefits, and tips on how to choose a dental insurance plan that works for you and your family. What is Dental Insurance?  Dental insurance is a form of insurance that covers all or part of the costs associated with dental care activities, such as having a routine check-up or cleaning, and the more complex procedures, such as fillings, crowns, and tooth root canals. Commonly, dental insurance runs like health insurance, you pay a monthly premium and it will cover part of the costs of the clinic. Key Features of Dental Insurance:  Premium: the monthly payment for coverage. ...

Health insurance is against the costs of medical care and related services. At its most basic, health insurance is a contract in which you accept a premium each month or year in exchange for health care coverage. If you have health insurance that covers specific treatments or procedures, then your monetary obligation is limited to the amount of the premium. In this article, we'll unpack the concept of health insurance, learn about how it works, the different types of health insurance available, and which factors to consider when selecting health insurance. What is Health Insurance?  Health insurance is a contract with an insurance company to pay for a portion or all of your medical expenses, in exchange for an agreed-upon premium, or cost. The coverage details depend on your policy. The policy will outline the specific payments, co-pays, deductibles, and out-of-pocket expenses for the care you receive. Preventive care may be covered at zero cost, while inpatient and outpatient surg...

With increases in the costs of healthcare insurance, as well as healthcare itself, do you know how medical insurance works? The right medical insurance plan could save you from unexpected and heavy medical bills, whilst ensuring you get the care you need. In this blog article, we will discuss what medical insurance is, how it works, the different types of medical insurance and why it is important for you and for your family. What is Medical Insurance?  Medical insurance also referred to as health insurance, provides reimbursement for medical and surgical expenditures incurred by a person/s under medical insurance. Contingent upon the policy, medical insurance could cover a sustained period of insurance term and span through a wide range of health care services encompassing doctor appointments, hospitalization, prescription drugs, preventive care, and other medical services. How Does Medical Insurance Work?  With this policy you will be required to pay a certain amount every mo...