Question mark depicting choosing the right insurance plan | Photo by Ann H
Who says an average American can’t afford insurance? Perhaps in the past, only a few people could.
But insurance providers in today’s financial landscape have evolved. More and more options have surfaced to cater to the unique financial needs and circumstances of every American. Okay, so we both have options. Now, the question is: What should I know when choosing the right insurance plan?
I’m sure you’re wondering who to consult. If you live somewhere in Arizona, there’s someone I can recommend—Wilbert Guilford. With an impeccable reputation for providing client-centered service, Wilbert is the most trusted financial planner in Phoenix, Arizona. He’s not just an expert in financial management; he also represents and is closer to the average American population. As such, he wrote the book, “Financial Planning for the 99%” to offer an easily accessible guide for the vast majority. Get a copy now from your most reliable online bookstore.
Why Get an Insurance Plan?
One thing to keep in mind when choosing the right insurance plan for you is to understand why you need it to begin with. Why would you need it anyway?
Insurance safeguards you and your family from the financial burdens that can arise from unexpected events. Let’s say you get into an accident where you get badly injured, and hospitalization is required. Because you don’t have enough money left in your pocket, the overwhelming hospital bill is now part of your list of debts. It’ll be hard for you to pay for the expenses. Who’ll you go to?
Risk Protection
When choosing the right insurance plan for you, one of the key considerations is risk protection. Insurance plans work by transferring the financial burdens of unexpected events to the provider. That means you no longer have to worry about financial instability while fulfilling significant expenses.
Wealth Preservation
As a working individual, you might have saved even just a little amount for future use. In every fraction of your savings, a certain amount goes for retirement, purchasing a home, or funding education.
Sometimes, no matter how much preparation you make to cover those expenses, unexpected events happen. You can’t predict accidents, major illness, or property loss. Without insurance, you end up shelling out the money you saved for your planned expenses. This is where insurance comes in. By keeping a certain amount for emergencies, insurance offers a safety net and security for your future financial needs.
What Are Your Options?
It’s great that you finally understand the need for insurance. Now, let’s explore your options, and may it guide you in choosing the right insurance plan.
Health Insurance
Having health insurance means you won’t have to shell out your own money for doctor visits, surgieries, and other medical expenses. Keep in mind though that your plans may vary depending on the networks of your provider.
Life Insurance
God forbid, but who will handle the expenses in case of your untimely death? What will happen to your bereaved loved ones? This is why life insurance is very important. It works by paying out a lump sum to your beneficiaries to cover necessary expenses.
Besides life and health insurance, you can also avail of disability insurance and home/auto insurance. You can reach out to Wilbert Guilford himself to assist you in navigating your options.
Choosing the Right Insurance Plan
Whether you are wondering how to compare health insurance plans or other plan types, here are some of the most important things to consider when choosing the right health insurance plan:
Premiums and Out-of-Pocket Costs
Before enrolling in an insurance plan, carefully examine monthly premiums and take into account the deductibles, copayments, and coinsurance. Most importantly, know yourself. Before choosing a lower premium, examine first how frequently you will need medical care. A lower premium implies higher out-of-pocket costs, which forfeits the purpose of saving money.
Exclusions and Additional Benefits
Make sure to thoroughly read the policy details so you’ll get a clear heads-up of the limitations of your insurance coverage. If you’re lucky enough, you might find plans that offer additional benefits, like telemedicine or maternity care. Plans with additional perks enhances value for your money.
Get Professional Advice
Most financial advisers hastily sell their plans to you. Some of them are apathetic enough not to understand your needs, goals, and unique circumstances. But Wilbert Guilford is different. He makes sure to walk you through your options and meticulously examines your financial capabilities, needs, wants, and goals. Learn more about Wilbert Guilford, CFP, PLLC, and what he does. You can contact (602)298-6373 or send an email to wgcpa@q.com.
