While most people in Texas think “bigger is better,” there are times in life when going small is the answer. Such is the case when you are between jobs, gearing up for retirement, or just aged-out of your parents’ insurance plan. During these times, it makes sense to go small – or a least smaller – with short term medical insurance.
Designed to fill the gaps in health insurance coverage when you are between long term medical insurance plans, short term medical insurance protects you against major medical expenses, including unexpected accidents or unforeseen illnesses. Short term health insurance plans do no typically cover preexisting conditions or preventative care. Rather, short term plans are designed to protect you against major medical expenses in between long term coverage.
Short term medical insurance plans can include coverage for anywhere from a few days to up to several months. Depending on which package you choose, many short term medical insurance plans can be tailored to cover an exact amount of days you need. For instance, imagine you just changed jobs and your new employer doesn’t offer health insurance until you have been employed for 60 days or more. You can purchase a short term medical insurance plan that covers you for the exact number of days from when your previous health insurance coverage ended and your new medical insurance plan goes into place.
Another perk of short term medical insurance is that the application process is typically much simpler and quicker than with regular health insurance plans. Thinking of retiring this summer but you are not eligible for Medicare until the fall? No problem – short term medical coverage can fill the gap so you can enjoy your first few months of retirement without the worry of an unexpected medical expense arising. Should you need coverage for preexisting conditions and/or preventative care during your lapse in long term health insurance coverage, you might consider COBRA coverage from your previous employer.
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While it can be odd to talk about umbrellas as we approach summer in Texas, when it comes to protecting your family and your assets, an umbrella insurance policy might be just what you need.
Umbrella insurance, which is also known as liability insurance, goes above and beyond other insurance policies you may have. Umbrella insurance policies typically come into play when the maximum amount has been paid out by primary insurance policies, ensuring that your personal assets have added protection when such circumstances arise. Personal umbrella insurance policies are most commonly supplement homeowner or automobile insurance. Some umbrella policies also cover claims that are not included in other liability policies, like slander, false arrest, defamation of character, and libel.
Imagine that you get in a car accident and you are deemed responsible. The other driver in the accident is injured, requires extensive medical care, and suffers loss of income from not being able to perform his job for a year. You are sued for $2 million, but your car insurance policy may have maximum payout of only $300,000. With umbrella coverage, rather than have to pay the remaining amount ($1.7 million) from your personal assets, you would then be covered for anywhere from $1 million up to $5 million (typically in million dollar increments), depending on your policy. Often, personal umbrella insurance policies may also cover your legal fees.
Umbrella policies can also provide extra protection when you are traveling abroad or someone gets hurt in your home. Once your primary insurance policy pays the maximum amount, you will be personally liable for the difference between the insurance payout and the amount you are being sued for. With an umbrella insurance policy, your home, bank accounts, retirement accounts, and other valuable personal assets can be protected.
Personal umbrella insurance policies with $1 million coverage can typically be purchased for anywhere from $100 to $300 a year depending on your state and your personal qualifications.
Contact us today to learn more about umbrella insurance policies and whether personal liability might be right for you.