Acentria Insurance Blog

Life Events that Affect Your Insurance Needs 

As we age and reach different milestones in our lives, our insurance needs change. In order to ensure adequate coverage, contact a licensed insurance agent at Acentria Insurance if you’re affected by any of the following life events:

• New homeownership— Purchasing a new home is a big investment—one that you will want to protect. After purchasing a home, ensure that you have homeowners insurance to protect against things like fire, weather damage, theft, vandalism and accidental damage. This advice also holds true if you are buying a new condo or vacation home.
• Home renovations—Once you own a home, you may want to make updates to create a better living space. Be sure to report major home improvements to your insurance company to protect any increased value to your home.
• New children—Having or adopting children is not only a huge life change, but it’s also a major financial commitment. As such, it’s important to purchase the right policy to secure your child’s future. Add your child as a beneficiary on any life insurance policies, and make sure your coverage is sufficient.
• Teenage drivers— Teen drivers often carry the highest risk of auto accidents. While you want your teen driver to remain safe on the road, costly accidents can happen without warning. Consider adding your teen driver to your auto policy, as it is generally cheaper than purchasing a separate policy.
• Retirement—When you retire, you may change residences. If you have more than one home, this is a good time to let your insurance provider know where you plan to spend your time.
• Valuable purchases—A standard homeowners policy has limited coverage for highly valuable items. Supplement purchases and gifts that exceed the policy’s limits with a floater—a separate policy that provides additional insurance.
• Marriage—When your marital status changes, so do your insurance needs. Marriage typically leads to the combination of households, vehicles and other property, so it is critical to update your insurance policies accordingly. What’s more, life insurance is vital to married couples as it can ease the financial burden in the event of an untimely death of a partner. Ask about discounts on car insurance for married policyholders.
• Purchasing or selling a business—If you’re an entrepreneur, there will likely come a time when you will either buy or sell your business. During these times of major change, the proper coverage is crucial.

Insurance is critical for nearly every stage of life. Seeking coverage should be an active process, and individuals shouldn’t assume their insurance needs remain steady over time. Contact us today to better understand your insurance and prepare for your future needs.

*Know Your Insurance is offered courtesy of Acentria Insurance and Zywave, Inc. The above statements should not be construed as legal advice. Readers should contact legal counsel or speak with a licensed insurance professional for appropriate advice.

You hear the term all the time, and clearly, it’s health-related, but what exactly is Medicare, and who is it for? If you qualify, do you also need a Medicare supplemental plan? If you’re looking for these answers, you have come to the right place. We’ll start with the basics and work our way up. 

First of all, what is Medicare? Who qualifies? 

Medicare is health insurance. It’s for people who are: 

• age 65 or older 

• under 65 with certain disabilities 
• any age with end-stage renal disease (otherwise known as permanent kidney failure) 

Exploring the ABCs (and D) of Medicare 

Here’s where things get a little trickier. There’s more than one type of Medicare. In fact, there are four, and they cover different forms of care you might be receiving. Then, you might also consider adding a supplemental plan to close any gaps in your coverage. Plus, each option has a different cost structure attached to it. Let’s review. 

Part A covers the inpatient care you receive in hospitals, skilled nursing facilities, and hospice and home health care.  

What does Part A cost you? If you qualify (see above) and paid Medicare taxes while working, there’s usually no monthly premium. 

Part B covers services not included by Part A. Think doctor’s visits, outpatient care and other medically necessary services. 

What does Part B cost you? It depends on your income. Once you enroll, you pay a monthly, income-based premium as well as an annual deductible.  

Mind the gap: Many opt for a supplemental insurance policy, like a Medigap plan, to cover any gaps in coverage across Parts A and B. Supplemental insurance helps you pay any remaining health care costs associated with things like copayments, coinsurance and deductibles. 

Part C can also be referred to as Medicare Advantage Plans. These are combination plans managed by private insurance companies that have been approved by Medicare. Usually, the plans include Part A, Part B and (sometimes) Part D coverage. Whatever the combination, the plan must cover medically necessary services. 

What does Part C cost you? Again, it depends. Private insurance companies assign the copays, deductibles and coinsurance attached to these plans at their own discretion.  

Part D covers prescription drugs, and it’s available to everyone who uses Medicare. 

What does Part D cost you? Like with Part C, Part D plans are provided by private companies approved by Medicare, so you pay a monthly premium. 

One more note about payment: If you have Medicare along with another type of insurance, the question of who should pay, or who should pay first, can get complicated. For example, generally, a group health plan would pay before Medicare, but there are also many exceptions. If you have a current Medicare plan in place that is not administered by Acentria, please visit www.Medicare.gov or call 855.798.2627 to speak to someone about the specifics of your situation. If you are interested in reviewing your plan options or have already purchased a plan with Acentria, please contact us directly for more information.

How do I get Medicare?  

Now that we know the different parts, how do you actually get up and running? Let’s review the key steps and information you need. 

Step 1: Fill out the questionnaire 

You should receive this from Medicare about three months before you’re entitled to start coverage. Medicare uses your responses, like whether you have group health insurance through an employer or family member, to set up your file and make sure claims get paid in the right way. 

Step 2: Communicate any updates post-questionnaire 

Let’s say something about your health insurance or coverage changes after you submit the questionnaire. All you have to do is call the Medicare Coordination of Benefits Contractor at 855.798.2627 and they will update your file. 

Step 3: Schedule a free visit 

Once you’ve started on Medicare, be sure to take advantage of a free preventive visit during the first 12 months of your coverage. The visit will allow you to assess your current health status and set up a roadmap for the future.  

Step 4: Create an account  

To access your information and track claims, head over to Medicare.gov and create an account. This is where you can also complete an Authorization Form that allows your family and friends to call Medicare on your behalf. 

We’re here for you.  

Got more questions? If you or a loved one is nearing retirement age, we’re here to help you with everything you need to know. Don’t hesitate to reach out and discuss your options today!

The American Rescue Plan Act (ARPA) includes new Federal mandates that may impact your business and formerly full-time employees.  The new law provides tax credits for the full cost of COBRA or State Continuation coverage for certain individuals.  Employers have requirements to notify qualified individuals of eligibility for the subsidies.  Below is an FAQ related to the new subsidies. 

Who is eligible for the APRA COBRA Subsidies?

Employees that have lost group medical coverage due to a reduction of hours OR an involuntary job loss. The subsidy does NOT apply to:

COVID-19 VACCINE CONVERSATIONS 
How to talk to your friends and family about Covid-19 Vaccinations and navigate theses sometimes tough conversations. 

COVID-19 vaccinations are a major tool to help us return to normal. There is a lot of information out there about the COVID-19 vaccines—and many people you know may have questions or concerns, or even lack accurate information about the vaccines. You can play a key role in helping those close to you navigate this topic.