Insurance for Almost Every Eventuality
By: Source: AARP.org Date Posted: 2003-09-09 09:27:00-04:00
There are many insurance products on the market that can help you weather the rainy days in your future. Some products could come in handy if you become ill or have a car accident. Others can help you recover financially if your home is robbed, or if your spouse or partner dies. Of course, some insurance products may not fit your needs or your situation. Take some time, before bad things happen, to learn about the types of insurance available to you. Then, make decisions about what policies you should buy, and how much coverage you'll need.
What You Should Know
Automobile Insurance
Do you own a car or other vehicle? Then you must buy automobile insurance that will pay medical bills and repairs costs if you are in an accident. Most policies also cover the cost of replacing or repairing your own car if it is damaged or stolen. For more information, contact:
The Better Business Bureau (BBB)
Read "The Basics of Auto Insurance," the BBB's online guide to buying automobile insurance.
URL: http://www.bbb.org/
Homeowners or Renters Insurance
Do you own a home? Then, it's a good idea to buy insurance that will pay for repairing and replacing your home if it's damaged or destroyed. Renters should buy insurance to protect their furniture and other personal property. For more information contact:
National Association of Insurance Commissioners (NAIC)
NAIC has published "A Consumer's Guide to Home Insurance," which discusses homeowners and renters insurance. You can order the guide from NAIC. Or, you can view the guide online at the Indiana Department of Insurance Web site.
http://www.in.gov
Disability Insurance
A disability insurance policy pays you a regular salary when illness or an accident prevents you from doing your job. You may already have disability insurance through your job. Check first to see how much coverage you have. Then, decide if you need more. For more information, contact:
Health Insurance Association of America (HIAA)
HIAA, a nonprofit association of insurance companies, has published "Guide To Disability Income Insurance." You can read it online.
URL: http://www.hiaa.org
Health Insurance
If you're still working, you probably get health insurance coverage through your job. When you turn 65, you will be eligible for Medicare if you or your spouse worked for at least 10 years in Medicare-covered employment and you are a citizen or permanent resident of the United States. Medicare won't cover all your health care expenses. It does not pay for prescription medicines or long-term care. You can buy Medicare Supplemental Insurance to cover additional healthcare costs. This "Medigap" insurance pays for some services that Medicare doesn't cover. You may also be able to get benefits from Medicaid if you have a limited income. Medicaid is the national health insurance program for low-income persons.
The Centers for Medicare and Medicaid Services (CMS)
CMS - formerly the Health Care Financing Administration (HCFA) - is the federal agency that administers the Medicare and Medicaid programs. Find information about both programs at the CMS Web site.
URL: http://www.cms.hhs.gov
Life Insurance
If your spouse or partner died, would you be able to live comfortably on your own? If not, you may want to consider buying life insurance. For more information, contact:
Federal Consumer Information Center (CIC)
CIC has published a guide to buying life insurance, called "What You Should Know About Buying Life Insurance."
URL: http://www.pueblo.gsa.gov/acli/index.htm
Long-term Care Insurance
Long-term care refers to the many health-related services used by people who have disabilities or long-lasting illnesses. Long-term care services usually include meals and help with such daily activities as bathing and dressing. Employer health insurance doesn't pay for these services. Neither does Medicare. The Medicaid program will pay for nursing home expenses if you qualify for benefits. Long-term care insurance does help pay for most kinds of long-term care services, but it is very expensive. Before you purchase a policy, make sure you can afford the premiums now and in the future.
For More Information
AARP
The AARP Web site also features two articles on Long-Term Care Insurance.
- " Choosing Your Long-Term Care Policy "
- " Understanding Long-term Health Care Insurance "
AARP also offers many insurance choices for its members. View the Member Services and Discounts area for more information.
URL: http://www.aarp.org/benefits-insurance/
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