Find the Right Deductible

Charles Goodman Group: Trusted Armonk Insurance Broker

Whether you’re buying health coverage, auto insurance or a business owner’s policy (BOP), you should consider how much money you feel comfortable paying out of your pocket in the event of an accident or disaster. If you’re young and health-conscious and have a big enough savings account, you could save money on healthcare costs in the long run by lowering your premiums and paying for more of your care out-of-pocket if it becomes necessary. On the other hand, if you have a pre-existing condition that requires regular medical treatment, such as diabetes or cardiovascular disease, you could spend less in the long run by increasing your premiums and paying less out-of-pocket on your medical costs. An Armonk insurance agent can work with you to find the plan that best fits your needs.

Many people think of insurance as an extra financial burden, but it’s really just a way of spreading emergency and disaster costs among the population. If you’re a business owner and your business is destroyed by fire, the repair costs come from the premiums paid by you and all the other policyholders with your insurer.

An insurance agent from the Charles Goodman Group of Armonk would be happy to answer any question you have about health insurance or property insurance.

Therefore, if you don’t think you will need to withdraw much from this big fund managed by your insurance provider, it makes sense to spend less on monthly premiums. Your insurer manages the funds it collects in premiums by investing them in stocks, bonds and other financial products, so when the time comes to pay a claim, the money is available. Financial actuaries working for your insurance company use statistics to make sure that there are never likely to be too many claims at one time to be paid off.

There have been some changes made to the laws regarding healthcare insurance since 2014. The Affordable Care Act forbids insurers from raising premiums for people with pre-existing conditions and requires them to pay for certain preventative care before the patient’s deductible has been met. Services such as cancer screenings and mammograms are automatically covered by all new insurance policies before the deductible has been met, no matter how big it is. In general, the Affordable Care Act makes healthcare affordable for everyone by providing a federal subsidy for people earning 400 percent of the poverty level or less. A family of four might only have to pay around $235 a month for a Silver healthcare plan, which covers 70 percent of medical expenses. If you have a policy that was underwritten before 2014, your insurer is required to tell you about the new laws.