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Exercise caution with zero-premium Medicare Advantage plans

Exercise caution with zero-premium Medicare Advantage plans

Health insurers will flood the Medicare Advantage market again this fall with enticing offers for plans that have no monthly price tag.The number of so-called zero-premium plans has been growing for years, and they can appeal to retirees who live on fixed incomes. Experts say shoppers should exercise caution, because they might find better coverage at a relatively small monthly cost. “It’s not a one-size-fits-all program,” said Melissa Brenner, a broker in Charlotte, North Carolina. “You don’t want to look at a zero plan and just enroll in it.”Medicare Advantage plans are privately run versions of the government’s Medicare program for people who are age 65 and older or have certain disabilities. The annual enrollment window for 2023 Medicare Advantage coverage opens next week. A closer look at the coverage:A GROWING OPTIONNearly seven out of 10 people who enrolled in an individual Medicare Advantage plan with prescription drug coverage for this year opted for no-premium plans, according to the Kaiser Family Foundation, a nonprofit that studies health care issues. That’s up from around five in 10 in 2015. Kaiser also found that 98% of people eligible for Medicare had access to an Advantage plan with drug coverage that charged no premium.“They’re everywhere,” said Bob Rees, vice president of Medicare sales for the online insurance broker eHealth.Medicare Advantage shoppers had plenty of choices in general. Kaiser found that the average person eligible for Medicare had access to 39 Advantage plans during last fall’s enrollment window, including those that charged premiums.For 2023, about 57% of Medicare Advantage plans will have no premium, according to the Centers for Medicare and Medicaid Services. KNOWING THE CATCHThe adage that nothing in life is free applies here.The plans charge no premium, but most people who qualify for Medicare will still pay a monthly cost for the program’s Part B, which covers doctor visits and other outpatient care. That usually comes out of Social Security checks and will total $164.90 next year. Government funding helps insurers offer an array of Medicare Advantage plans with no premiums and extras like dental or vision care that are not covered in traditional Medicare. One key difference from traditional Medicare: These plans usually require patients to visit doctors, hospitals or pharmacies in a network. Some plans may not cover care received outside those networks. WHAT TO CONSIDERBefore looking at a plan’s price, Brenner recommends that shoppers check to see whether their doctors are in the network and how regular prescriptions would be covered. Then they should look at coverage basics. That can include what sort of copays would come with a specialist visit or a hospital stay. They also should look at the annual out-of-pocket maximum.Some of these payments might be higher with a plan that has no premium, so customers could lose any savings if they use the coverage frequently.“There’s always going to be a give and take,” said Brenner, an independent broker who specializes in Medicare Advantage. The federal Medicare.gov website lets visitors compare plan coverages, including for prescriptions.THE CHALLENGESA plan that charges no premium may wind up being a bargain for someone who is relatively healthy. But it can be hard for shoppers to predict what specialists they may need to see or if they will want access to, say, an out-of-state cancer hospital in a given year. “Older people tend to get sick and use services, so it’s a gamble,” said Tricia Neuman, a Kaiser Family Foundation Medicare expert.Sometimes even routine expenses will stick out.Charles Kolton picked a zero-premium plan several years ago but was disappointed with the limited dental coverage that came with it. He later switched to a plan that charges $24 a month but also pays for up to $2,000 in dental costs, or roughly double what his previous option covered. “You can rack up these dental bills pretty quickly,” the 79-year-old North Carolina man said.DEADLINESPeople will have from Oct. 15 until Dec. 7 to pick a new plan or decide whether they want to keep the same coverage. Rees, the eHealth executive, warns shoppers not to wait until December. There’s generally a big rush to sign up at the end. Late shoppers can get locked out if they haven’t chosen a plan already. Nearly half the people eligible for Medicare enroll in Medicare Advantage plans, according to Kaiser. People also can stick with traditional Medicare and sign up for supplemental coverage, which generally comes with a higher premium than an Advantage plan. For Medicare Advantage shoppers, Neuman expects that insurers will continue to offer more zero-premium plans in 2023 as they push to grow enrollment.“Plans understand that seniors are focused on premiums,” she said. ———Follow Tom Murphy on Twitter: @thpmurphy ———The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content. .

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Best Renters Insurance Companies Of 2022

Best Renters Insurance Companies Of 2022

If you rent your home or are moving soon, you should seriously consider getting renters insurance. Depending on your lease agreement, it might even be required.Renters insurance is a type of insurance policy that protects your personal belongings (like your computer) in the event that it is lost, stolen or damaged due to an incident in your home — such as a fire or sewage backup. You can also get extra protection for certain valuables like professional cameras, jewelry, fine art and more.Moreover, renters insurance can also protect you in the event that a visitor gets hurt in your apartment or condo, since you can sometimes be liable for this, by covering their medical expenses so you don’t have to take on that huge out-of-pocket cost.If something does happen to your personal property or someone gets hurt in your apartment and you get hit with their medical costs, you’ll need to file an insurance claim and submit any necessary documentation (i.e., photos, receipts, bills, etc.). You’ll pay your deductible and the insurance company will cover the rest.Hopefully, you won’t have to file a claim, but if you do, many insurance companies try to make the process as simple as possible so you can get paid with ease.If you aren’t sure which renters insurance company would be best for you, Select rounded up some of the best contenders to make the choice easier. We evaluated insurance companies based on monthly cost, policy coverage and opportunities to save, among others (see our methodology below).Best renters insurance companiesFAQsSubscribe to the Select Newsletter!Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.Best for fast, easy coverageLemonade Renter’s Insurance

  • CostStarts at $5/month; premium depends on the coverage amount you choose
  • Maximum coverage
  • App available
  • Policy highlightsPolicy covers personal property damage caused by fire, vandalism, theft, and more; covers damage you accidentally cause others
  • Does not coverNatural disasters, flooding, power outages, your roommate’s belongings, pest damage

Pros

  • Easy sign-up process
  • Affordable monthly cost
  • Make claims through the app
  • Ability to easily switch over from a different insurer

Cons

  • Available in only 29 states

Who’s this for? Lemonade is an easy-to-use insurance platform to get coverage in a pinch. Users can sign up for a policy in just minutes — 90 seconds, according to Lemonade’s website — and get paid for a claim in just three minutes. You can use the platform to get homeowners, car, pet and term life insurance, but as far as renter’s insurance goes, the platform offers affordable coverage starting at just $5 per month. Your monthly cost will depend on how much coverage you need.I personally use renter’s insurance from Lemonade and since my building requires me to sign up for a minimum of $100,000 in personal liability coverage, my monthly cost is just under $10.You can also select some extra coverage for items that aren’t covered under a standard policy, like fine art, jewelry, watches, expensive cameras and more. And if you use the Lemonade app, you can easily adjust your coverage, add your spouse to your coverage, cancel your policy and file a claim right from there.Best for military members and veteransUSAA Renter’s Insurance

  • CostStarts at $10/month; premium depends on the coverage amount you choose
  • Maximum coverage
  • App available
  • Policy highlightsPolicy covers personal property damage caused by fire, vandalism, building collapse, theft, and more; standard coverage includes flood protection and no extra cost for earthquake protection; overseas insurance allows personal property to be protected if you are deployed or move abroad
  • Does not coverBuilding and roof damage, water leak damage, damage caused by insects or pets, vehicle damage or theft, your roommate’s personal property

Pros

  • Includes flood damage in standard coverage
  • Discount of up to 28% on a specialized renters policy if you live on base, in barracks or military dorms
  • Option to get insurance for your child if they’re moving out or living in a dorm
  • 10% discount applied if you bundle renter’s insurance with auto insurance
  • Easily use the USAA mobile app to file a claim

Cons

  • Does not cover damage caused by pets or insects, water leak damage, or building and roof damage

Who’s this for? USAA renter’s insurance coverage is available nationwide to anyone who has a military affiliation. Other insurers don’t typically provide any protection for property damaged as a result of flooding but USAA does.Coverage can also be used for damage from explosions, riots, artificially generated electrical current, aircraft, accidental tearing, cracking and burning.USAA also offers extra coverage for protecting high-value items, like jewelry, a camera, musical instruments and fine art. The offer is known as Valuable Personal Property (VPP) insurance and pricing starts at $2 per month — you won’t have to pay a deductible if you file a claim, though, and if you bundle VPP insurance with renter’s insurance, you may qualify for savings.Even if VPP insurance doesn’t suit your needs, there are still other ways to score a discount with USAA insurance. If you bundle renter’s insurance with auto insurance, you could receive a discount of up to 10%. Policyholders can also earn discounts for tacking on home security monitoring as a service and remaining claim-free.Best for discountsProgressive Renters Insurance

  • CostStarts at under $1 a day; premium depends on the coverage amount you choose
  • Maximum coverage
  • App available
  • Policy highlightsPolicy covers personal property damage or loss, loss of use of your rental, accidental harm caused to another person or damage to their property, injury to another person that occurs in your rental space
  • Does not coverHigh-value items like jewelry; additional coverage would be needed for such items

Pros

  • Multi-policy discount for bundling renters insurance with other insurances (auto, boat, motorcycle, etc.)
  • Discount for getting a quote at least three days before your policy starts
  • Policy discount for opting in to receive insurance documents via email
  • Discount for paying your policy upfront and in-full
  • Discount for those living in a secured/gated community that requires key or remote access

Cons

  • Coverage for water backup and damage must be added onto your policy

Who’s this for? Progressive is a household name in insurance, which can be appealing to those who want to go with a well-known brand. This insurer offers a host of ways for policyholders to save as much money as possible.For starters, you can receive the multi-policy discount for bundling renters insurance with other insurances. This includes motorcycle, auto, boat insurance and more. A discount for bundling renters insurance with other policies is typically standard for the industry. Progressive also offers a discount for getting a quote at least three days before your policy starts, which means planning ahead and doing your research in advance can literally pay off.Policyholders can get another discount for opting to receive their documentation via email, though, the exact discount amount is not disclosed. You may also save some money if you pay your policy in full and upfront or if you live in a gated/secured community.Progressive is available nationwide, but you’ll want to double-check that you’re eligible for any of the discount offers based on the state you live in.Best for wider coverageNationwide Renters Insurance

  • CostStarts at $20/month; premium depends on the coverage amount you choose
  • Maximum coverage
  • App available
  • Policy highlightsPolicy covers personal property damage or loss, loss of use, personal liability, medical payments to others, building additions and alterations, credit card coverage for unauthorized transactions
  • Does not coverHigh-value items, water backup, earthquakes, theft of items stored in motor vehicle, trailer, or watercraft; additional coverage can be purchased for these instances

Pros

  • Coverage includes protection for unauthorized credit card transactions, forged checks and counterfeit money
  • Multi-policy discounts available
  • Discount available for having a smoke detector, fire alarm, or burglar alarm in your home
  • Ability to qualify for a better rate if you don’t make any claims

Cons

  • Minimum cost is a bit pricier compared to that of other insurance companies

Who’s this for? Like Progressive, Nationwide is another well-established insurance company. What stands out about this insurer is that policy coverage can apply to other unique events or mishaps, like unauthorized purchases being made to your credit card.With a Nationwide policy, you can also be paid for any damages to additions, alterations, fixtures, improvements or installations that you make to your home.Many of the policy discounts offered by Nationwide are standard — a discount for bundling different policies and a better rate for keeping your policy claim-free.FAQsHow does renters insurance work?To sign up for renters insurance, choose your desired insurance company and enroll for coverage. You’ll need to choose a certain coverage amount, which will depend on what kinds of liabilities and items you’re looking to protect. For instance, if you’re looking to cover personal property, you might opt for $30,000 in coverage. If you’re protecting your personal liability, you might go for $100,000 in coverage. This is the maximum amount you’d be reimbursed in the event of an incident.You’ll pay a monthly premium for the policy, which can cost just a few dollars but will depend on the company’s rates. If you never have to file an insurance claim, your monthly premium will essentially just be another monthly “bill” that you pay.If you do need to file a claim, though, you’ll typically pay an upfront deductible. A deductible is a portion of the cost to replace your items that you must pay before your insurance kicks in and covers the rest. Usually, the larger your monthly premium, the smaller your deductible will be.So while insurance doesn’t necessarily make it totally “free” to replace lost or damaged items or pay for personal liabilities, it can significantly reduce your out-of-pocket cost.What does renters insurance cover?Renters insurance usually covers your stolen or damaged personal property, bodily injuries that a visitor sustains while on your rented property, water backup, vandalism and damage from fires.Renters insurance can also cover high-value items like jewelry and fine art, but you’ll usually need to tack on extra coverage, typically at a small additional cost. Renters insurance usually doesn’t encompass damage from floods or power outages. It’s also important to note that renters insurance protects the policyholder, meaning, your roommate and their belongings are not covered under your insurance unless they are added to your policy.What’s the difference between renters insurance and homeowners insurance?Renters insurance is meant to provide coverage for belongings, while homeowners insurance provides coverage for the actual building you live in and associated structures, like a garage or shed. Homeowners insurance is also usually required when you buy your property but if you’re a renter, you may not always be obligated to take on a renters insurance policy.How do you file a claim?The process for filing an insurance claim may vary slightly from one company to the next. Typically, you’ll need to provide photos of the damage, receipts and any other documentation or proof that is related to the claim you’re filing. This will help the company assess the damages.Once your claim is approved, the timeline for payout will also vary from company to company.Bottom lineThough it can often feel like another bill that you have to pay, renters insurance can really come in handy if your valuables were to be stolen or damaged by circumstances beyond your control. Instead of having to foot the entire cost of replacing those items, the insurance company will reimburse you once you pay your deductible amount. Hopefully, you never need to file a claim but renters insurance can always provide that peace of mind of knowing that you’re covered if anything were to happen.Our methodologyTo determine which renters insurance companies are the best, Select analyzed dozens of U.S. insurance companies that come with policies to suit an array of needs.When narrowing down and ranking the best renters insurance companies, we focused on the following features:

  • Cost: While monthly premiums can depend on the amount of coverage an individual needs, location, the value of your possessions and other variables, some insurance options offer policies with lower monthly starting costs.
  • Policy coverage: Standard policies tend to include coverage for personal property loss or damage, personal liability and medical payments to others. Some companies may also include water damage, water backup and high-value items as add-ons for extra coverage.
  • Maximum coverage amount: It is common for insurance companies to provide different coverage amounts for different concerns. Personal liability coverage can be as much as $1,000,000, while personal property coverage can go as high as $100,000 for standard companies. The maximum amounts vary from company to company. We have noted maximum coverage wherever possible.
  • Renters discounts: Insurance companies typically allow policyholders to earn a small discount for signing on to bundle renters insurance with other policies such as auto insurance, RV insurance, boat insurance and more. Some companies may also offer an additional discount for having certain safety features in one’s home, including smoke detectors and burglar alarms. A rate reduction may be applied for those whose policy remains claim-free for a certain amount of time.
  • Availability: For some insurance companies, policy availability will depend on the city or state, as not all companies offer nationwide policies and discounts for policies.
  • Claim filing: Many insurance companies allow policyholders to file a claim via their app or through their online accounts. In loss of use cases, policyholders may be required to retain receipts to submit alongside their claim.
  • Streamlined signup process: We considered whether insurance companies offered a convenient, fast online signup process.
  • Customer support: Every insurance company on our list provides customer service available via telephone, email, secure online messaging and/or through an app. We also opted for lenders with an online resource hub or advice center to help you educate yourself about renters insurance policies and claims.

After reviewing the above features, we sorted our recommendations by best for fast, easy coverage, best for wider coverage, best for discounts and best for military members and Veterans.Note that the premiums and policy structures advertised for renters insurance are subject to fluctuate in accordance with the company’s policies.Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. .

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Go Digit clocks Rs 5,000 crore premium in FY22 on strong growth

Go Digit clocks Rs 5,000 crore premium in FY22 on strong growth

New age insurer Go Digit General Insurance (Digit) has crossed Rs 5,000 crore-mark in gross written premium in FY22, driven by higher demand from motor, property and health segments.

With over four-year of operations, the Bengaluru-headquartered insurtech is backed by Canadian billionaire Prem Wasta’s Fairfax Financial Holdings through its parent company Go Digit Inforworks Services. It was founded by Kamesh Goyal.

Digit clocked in Rs 5,268 crore in gross written premium in 2021-22 and reported a growth of 62 per cent against the industry average of 10.9 per cent, the company said.

Claiming that it is one of India’s fastest-growing private general insurance companies, Digit said it has crossed the milestone of Rs 5,000 crore in revenue in a single year in less than five years of operations.

Motor, property and health verticals helped the company register the 62 per cent growth in FY22, while the industry average stood at 10.9 per cent, it added.

From its motor portfolio alone, Digit clocked in Rs 3,276 crore premium, helping it increase its market share to 4.7 in 2021-22 from 3.7 per cent in FY21. The overall market share of the company grew to 2.4 per cent from 1.7 per cent.

Further, the company settled over 6.79 lakh claims worth Rs 2,186 crore during the year.

Digit said it has insured over 3.85 lakh electric vehicles in the fiscal ended March 2022 and insured nearly 40,000 corporates under its group health business.

Also, as many as 10 lakh customers were serviced via WhatsApp in less than 2 years, it said.

Motor, health, property, and travel insurance continue to be Digit’s top lines of business. To encourage customers to buy health insurance, in December last year, the company started offering one of the industry’s lowest waiting periods of 1 year for specific and pre-existing illnesses, it added.

This has ensured that more customers get access to good healthcare when required the most.

Commenting on the milestone, Jasleen Kohli, MD & CEO, Digit Insurance said, “As a young insurer, this indeed is a moment of pride for us but above all, it is a testament to our endeavours towards making insurance simple and more accessible.

“The collective efforts of our partners and employees have not only helped us accelerate our growth but also ensured that more customers understand the importance of having an adequate financial cushion,” Kohli said.

Crossing Rs 5,000 crore premium in a year is a testament to the company’s endeavours towards making insurance simple and more accessible, she added.

The insurtech also trimmed its loss ratio — a percentage of losses to the premium earned — to 47 per cent last fiscal from 69 per cent earlier.

“Given our innovative group health products, we saw strong growth in our health portfolio in FY22. We were also able to successfully lower our loss ratio by improving our underwriting models and claims management process. To sustain our overall business growth, we will continue to focus on deploying advanced tech tools to empower our partners as well as customers,” Kohli said.

Since its inception, the company has serviced 99.56 per cent of India’s total postal codes, Digit said.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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