Better Coverage, Smarter Spending: Insurance Tips That Work
The phrase “don’t settle” has often been used to encourage people not to accept less than they deserve in various aspects of life. However, what many don’t realize is that settling can also be dangerous.
With open enrollment season
underway, now is a great time to consider whether your healthcare plan is the
best fit for you and your family. Here are some tips for finding the right
coverage:
1. Know Your Coverage Needs
There are many different kinds of
insurance. Whether you are looking for supplemental coverage or want to make
sure you have all of your bases covered, knowing what you need is key. Health
insurance is one of the most important types to consider. Individual plans are
usually categorized by the level of coverage they provide, with platinum, gold,
silver, and bronze plans available on the individual marketplace. Each plan has
its own set of rules about what is covered, which providers are
"in-network" or out-of-network, and generally how much the plan
covers each service and supply.
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Beyond health insurance, other
types of insurance include life, auto, home, disability, long-term care and
critical illness policies.
3. Compare Quotes
A common mistake is to buy
insurance based on price alone. That leads to settling for an inferior product
that will cost you more in the long run. Instead, look at the overall value of
the policy and compare quotes on a consistent basis to identify savings.
The key is to understand how each
quote is calculated. For example, one company may have a better clientele
(better underwriting and less claims). It could have lower expenses or more
efficient overhead. Alternatively, it could be offering a temporary discount to
attract new customers. All of these factors can have a significant impact on
the premium you pay.
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You should also make note of
which quotes use ISO templates and which use proprietary forms. In the 19th
century, many companies drafted their own coverage forms. While these
proprietary forms are often based on the ISO template, they can be modified to meet
the insurer’s needs. You can check for this by looking at the endorsement
schedule to see which forms are being used. Then you can determine which quotes
are truly comparable.
Insurance provides peace of mind,
and the right policy will help cover your expenses when unforeseen events
occur. But not everyone makes smart decisions when choosing their coverage.
From choice architecture to ethical nudges, insurance providers can improve the
customer experience and help customers make cost-effective choices that align
with their risk management strategies.
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