The choices you make today are critical to your family’s well-being. Selecting the right insurance coverage can make a big difference when the unexpected occurs. So what kind of insurance do you need? Most families protect themselves with four types of insurance: medical, dental, life and disability. When evaluating the types of coverage that are best for your family, ask these questions:
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What can I afford? With medical costs rising faster than the rate of inflation, you may feel you can’t afford insurance. But not having adequate coverage can cost even more. Medical bills from one accident or illness can eliminate your savings. Ask your employer if they provide employee benefits or cover a portion of your benefit cost.
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What medical plan is right for my family? When choosing a medical plan, review the healthcare services covered under each plan and determine what your needs are. Consider copay amounts for doctor visits, deductibles and prescription drug coverage. Also check to be sure the PPO network has an adequate number of doctors and hospitals in your area.
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Do I need dental insurance? Every $1 you spend on preventive dental care could save you $8 to $50 in restorative dental care.1 When choosing your dental plan, decide whether you prefer a dental HMO or a PPO plan, then check to be sure your dentist is on the list of in-network providers. You’ll also want to evaluate the copay amounts, coinsurance levels and whether the plan has waiting periods before coverage begins.
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How much life coverage do I need? Consider how your family will pay for burial expenses, any debts you leave behind, and future needs such as your children’s college expenses.
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What will happen to my family if I become disabled? Think about how your family will live if you are ill or injured and unable to work for a period of time. Long-term and short-term disability coverage can protect your family from financial disaster by protecting your income.
1
American Dental Hygenist Association (www.adha.org)