The cost of living adjustment (COLA) for Social Security benefits is one of the most anticipated economic announcements each year. The COLA is based on the inflation rate and aims to help Social Security beneficiaries keep up with rising prices. For 2023, the COLA was a historically high 8.7% – the fourth-largest increase since automatic … Read more
As you enter retirement, maintaining your assets and nest egg is a top priority. With the potential for needing long-term care services as you age, many wonder if long-term care insurance can help protect assets if care is needed. The short answer is yes – long-term care insurance is specifically designed to cover services that … Read more
A secondary insured is an individual or entity that is covered under another party’s insurance policy, in addition to the primary policyholder. Secondary insureds receive certain protections and ability to file claims under the policy, but their coverage is more limited compared to the named insured. Understanding secondary insured status, how to be added as … Read more
Owning a home free and clear without a mortgage is a major financial accomplishment. But just because you don’t have a monthly mortgage payment doesn’t mean you can skip homeowners insurance. Here’s what to know about insuring a home when you have no mortgage. Overview of Homeowners Insurance First, a quick refresher on what homeowners … Read more
When purchasing an insurance policy, you may come across various terminology used to describe the parties involved. Two common terms that are often used interchangeably are “policyholder” and “policy owner”. While they refer to the same role, there are some subtle differences between these terms that are good to understand. This article will explain in … Read more
Casualty and liability insurance are two common types of insurance that protect against potential losses. While they sound similar and overlap in some areas, there are important differences between casualty and liability insurance in terms of the risks they cover. Understanding these differences is key for both individuals and businesses looking to properly insure themselves. … Read more
Adding a newborn baby to health insurance is an important task for new parents. Most insurance policies require you to enroll your baby within 30 days of birth to get them covered. But it’s easy to forget this crucial step during the haze and busyness of having a newborn. So what happens if you miss … Read more
Mileage is a key factor that auto insurance companies use to calculate your premiums. The more you drive, the greater your risk of being involved in an accident. So how exactly do insurers determine how many miles you drive? Do they rely on your own estimates or do they independently verify your odometer readings? The … Read more
When you make an insurance claim for damage to your vehicle, you may wonder if it will show up later on the vehicle history report from Carfax. Specifically, many people have questions around comprehensive claims and whether they get reported to Carfax. This article provides an overview of how Carfax works, what comprehensive insurance is, … Read more
The US healthcare system is complex, with many different organizations and individuals playing important roles. Though the system has significant problems with cost, quality, and equity, major shifts over the past decade are leading healthcare organizations to focus more on keeping people healthy rather than just treating illness. Understanding the key players and their incentives … Read more