Insurance Companies | New guide

Insurance Companies | New guide

A company (Insurance Companies | New guide) whose business is providing and selling insurance: Basically, Insurance companies assess the risk and charge premiums for various types of insurance coverage. If an insured event occurs and you suffer damages, the insurance company pays you up to the agreed amount of the insurance policy

Types of Insurance:

• Car Insurance
• Home Insurance
• Pet Insurance
• Life Insurance
• Disability Insurance
• Health Insurance
• Long-Term Care Insurance
• Liability Insurance

Insurance companies and background:

Insurance companies, including life insurance companies, are generally owned in one of two main ways, either by external investors – stockholders – or by their policyholders

Richest Insurance Company in year 2021:

State Farm Group is once again the largest property/casualty insurance company in the US, representing 9.12% of the market and writing $66.1 billion in direct premiums – nearly $20 billion more than its nearest competitor, Berkshire Hathaway ($46.1 billion), the name behind GEICO – source : https://www.insurancebusinessmag.com/

Insurance – a real check:

Five of America’s largest health insurers reported more than $11bn in profits in the second quarter – a decline from the same period last year when the Covid-19 pandemic helped drive sky high profits

The rise in profits last year was a result of people in the US seeking less medical care because of fears about Covid-19 while still paying for health insurance. Companies warned pent-up demand could have an effect on their bottom line, but medical use still has not returned to normal rates

Source: https://www.theguardian.com/

Working: The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence

Insurance for Old people in US

Medicare is a Federal health insurance program for people 65 years or older, certain people with disabilities, and people with end-stage renal disease (ESRD). When you first enroll in Medicare, you’ll have Original Medicare, unless you make another choice. There are different ways you can get Medicare coverage, including a Medicare Advantage Plan (like HMO or PPO). In some types of plans that don’t offer drug coverage, you may be able to join a Medicare Prescription Drug Plan (source: https://www.hhs.gov/)

Is it worth to opt for health insurance?

view 1: Health insurance protects you from unexpected, high medical costs. You pay less for covered in-network health care, even before you meet your deductible. You get free preventive care, like vaccines, screenings, and some check-ups, even before you meet your deductible

view 2 : Buying it early means better financial planning: Buying it early to not only means cheap but makes better financial sense as well. Accidents occur without any warning and an adequate medical cover will ensure that you are covered for emergencies and allow you to invest your hard earned money in long-term investments

Side Picture:

In 2020, 8.6 percent of people, or 28.0 million, did not have health insurance at any point during the year. The percentage of people with health insurance coverage for all or part of 2020 was 91.4 (source: https://www.census.gov/)

There are lot of things which have correlation to the URGENCY/need for someone to have insurance – health:

• Generally, how is your health?
• How much FIT one tries to keep themselves at high priority?
• What options one have in case of any exigencies?
• Have you ever given any SERIOUS thought about it?

All, these REALITY check facts do help us to take quick decisions for health insurance!!

Bottom Line

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured (source: https://www.investopedia.com/)