Health Reimbursement Arrangements (HRA) A health reimbursement arrangement (HRA) is an employer-funded health benefit plan that reimburses employees for qualified medical expenses. HRAs can be used to reimburse employees for the cost of health insurance premiums, deductibles, copays, coinsurance, and other out-of-pocket medical expenses. HRAs are a tax-advantaged way to pay for medical expenses. Employees…
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Stop-Loss (Out of Pocket Maximum/Maximum Out of Pocket) Stop-loss, also known as out-of-pocket maximum (OOPM) or maximum out-of-pocket, is the highest amount of money you have to pay for covered healthcare services in a plan year. After you reach your stop-loss, your health insurance plan pays 100% of the costs of covered benefits. Stop-loss amounts…
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What to Expect When Applying for Life Insurance When you apply for life insurance, you can expect the following process: Choose a life insurance company. There are many different life insurance companies to choose from, so it is important to compare different companies and policies before you make a decision. You can get help from a…
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Family Maintenance Policy A family maintenance policy is a type of life insurance policy that provides a guaranteed income to your beneficiaries for a specified period of time after your death. This can be a helpful way to ensure that your loved ones have the financial resources they need to maintain their standard of living…
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Equity Index Universal Life Insurance Explained Equity-indexed universal life insurance (IUL) is a type of permanent life insurance that offers a cash value component along with a death benefit. The cash value in an IUL policy is linked to the performance of a stock market index, such as the S&P 500. This means that the…
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Why Should You Have Life Insurance When Buying A House In Manhattan? Buying a house is a major life milestone. It’s a big investment, and it’s something that many people dream of doing. But what happens if you die unexpectedly after buying a house? Your mortgage will still need to be paid off, and your…
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Medical Indemnity Insurance: Understanding How It Works Medical indemnity insurance, also known as fee-for-service insurance, is a type of health insurance that gives you the freedom to choose any licensed healthcare provider and use any licensed facility for covered services. You or the provider sends the bill to the insurance company, which pays part of…
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Buy Term & Invest The Difference: A Smart Financial Strategy “Buy term and invest the difference” is a financial strategy that involves purchasing term life insurance and investing the savings from lower premiums in other financial instruments, such as stocks, bonds, or mutual funds. Term life insurance is the most affordable type of life insurance,…
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What to Look For in a Great Travel Insurance Plan Travel insurance is an important part of any travel plan. It can protect you from unexpected events, such as trip cancellation, medical emergencies, and lost luggage. When choosing a travel insurance plan, it is important to consider your specific needs and budget. Here are some…
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The Best Wedding Insurance Policies Planning a wedding can be a stressful and expensive experience. That’s why it’s important to consider wedding insurance to protect your investment in case of unexpected events. Wedding insurance can cover a variety of things, including: Cancellation or postponement: If you have to cancel or postpone your wedding for any reason,…
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