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Ron Hyman: Insurance Tidbits

Help is available


Important insurance dates are approaching: Medicare Open Enrollment starts Oct. 15; and PENNIE Open Enrollment starts Nov. 1.
Did you know?
• 50% of consumers do not understand key health insurance concepts;
• 72% of consumers say purchasing or using health insurance is confusing;
• 37% suffer anxiety over affording health insurance;
• 57% avoid seeking medical care because they fear it won’t be covered.
Every day professionals help clients get enrolled or fix issues created by enrolling themselves.
Did you know free help is available from licensed agents? Here are examples of why you should always use this help and not do it yourself:
Medicare: Example 1: Harry K. asked an agent to help his parents with Medicare. They were paying $230 each per month and the agent suggested a zero-cost plan that was almost identical, saving them $6,000 per year in perpetuity. He was angry at himself for not calling an agent two years ago to do this as they really could have used the $12,000 these last two years.
Example 2: Joan C. was complaining about the price of her drugs and by reviewing her drug list last year, an agent calculated out which plan would be less expensive; she now pays $4,250 less a year in copays when at the pharmacy.

There are thousands of cases like this every week. Licensed agents make the Medicare maze easy. Thousands of seniors transitioning into Medicare will better understand it because they asked for help and got it. Seniors will also get the best plans at the lowest prices with ongoing service for years to come.
A free Licensed Enrollment Center never charges a fee to the client. There will be free informational seminars all over Bucks County in the next few months at local restaurants. Don’t ever enroll yourself over the phone with a telemarketer because you won’t be able to find them if problems arise after you hang up the phone.
Employers: New PEO plans can save most companies 15% or more on their health expenses. There are new Referenced Based Pricing Plans offer savings along with low copays and deductibles. These options are brand new this year and most companies of two to 1,000 will benefit by comparing to current coverage. Ten-minute quotes are now available for General Liability, BOP, Cyber, Workers Comp or voluntary company benefits with local agents.
Homeowners: As the prices of building materials have been skyrocketing, the cost to replace your home could have quadrupled. Your policy should reflect that, or you are grossly underinsured.
Example: Fred’s house burns down. He paid $250,000 and remortgaged last year for $300,000. It was insured 10 years ago for $250,000. The cost to replace the home is now over $460,000. His insurance company hands him a check for $250,000. He doesn’t have the additional $260,000 for a rebuild so he gives the check and still owes $50,000 to the mortgage company. He now rents, still paying off the $50,000 and owns nothing.
Don’t risk losing your home. Get a free policy review. You may save a lot of money at the same time by having a broker shop your policy with other carriers, and bundling with auto, Umbrella, and boats, ATVs, or motor home.
People still try to navigate the insurance maze themselves and are stunned to learn they have a cheap policy but not the right coverage when they need it. Don’t ask for help after getting denied or not collecting enough on a claim because you did it online yourself. It is too late by then.
Professional Insurance help is free and close by. Brokers have access to many insurance companies offering many advantages.
Ron Hyman is the owner of Insurance Shops in Feasterville.He can be reached at 215-613-4999 or