Frequently Ask Questions




Q? - Why do I need health insurance?

A.

To Protect your family and assets.

You buy health insurance for the same reason you would purchase other types of insurance – to protect your family

Coalter Financial Strategies offers various types of health coverage, so you may choose the product that best suits your personal situation. One health issue such as cancer, could bankrupt your family to financial ruin. At Coalter Financial Strategies we want to make sure our customers are protected by offering quality healthcare at affordable prices.


Q? - How do I pick the plan that is right for me?

A.

There are several options available for individual coverage and employer sponsored plans.

Individual Medical Coverage

Major medical insurance coverage is designed for people who don’t have medical coverage through their employer or another source.

Medicare Supplement Insurance

Medicare Supplement Insurance is designed for individuals over the age of 65, or those whom have been deemed disabled, who are eligible for Medicare.  It provides additional coverage for expenses that Medicare will not pay for.

Medicare Part D Coverage

*Medicare Part D – is a prescription drug coverage available to those enrolled/elgible for Medicare Part A and/or Part 

*Employer sponsored coverage – is prescription drug coverage offered by the employer through their group healthcare plan.  This is a benefit which is offered to the employers full time employees.


Q? - What’s Life Insurance? Why do I need it?

A.

There’s much to learn when you’re getting started with insurance, and there’s even more to learn when you’ve had insurance for years! Coalter Financial Strategies wants you to feel confident that you are making informed choices. It is also important you understand how your policies work. There are no foolish questions when you inquire about insurance.

With life insurance from Coalter Financial Strategies, you can help your family:


Q? - What are the different types of Life Insurance?

A.

Term Life Insurance

Term insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that “term”.

Uses:


Whole Life Insurance

Whole Life insurance offers level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force.

Uses:


Universal Life Insurance

Premiums are paid into your policy’s account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs.

Uses:


Q? - What is a Health Savings Account (HSA) and how does it work?

A.

Legislation established Health Savings Accounts (or “HSAs”) on January 1, 2004. HSAs and HSA-compatible health insurance plans are becoming more and more popular for individuals and businesses. Here are the basics:


Q? - What are the basic coverages of auto insurance?

A.

Basic full coverage car insurance consists of three primary coverages: liability, collision, and comprehensive.

Liability insurance covers your liability to another driver or pedestrian should they experience vehicle damage or injury in an accident for which you were deemed at fault. Collision covers damage to your vehicle following a collision, and comprehensive fills in the gaps by covering damage to your vehicle caused by anything other than a collision.


Q? - What is the difference between replacement costs and cash value of your home?

A.

Replacement Cost Policy vs. Actual Cash Value Policy

So while standard home insurance policies protect you against the loss of or damage to the structure of your home and personal belongings, it is important to understand your level of coverage and how insurance companies calculate what they will pay for your losses. The most favorable type of policy for homeowners is a replacement cost policy. This is what most people think of when they talk about home insurance. With this level of coverage, the insurance company will pay the full cost for replacement or repair, minus the deductible. While these replacements must be of a similar kind and quality, this type of policy does not take age or depreciation of items or the home itself into consideration.

However, there are also actual cash value policies, which do consider the depreciated value of your home and personal belongings. At this level of coverage, the insurance company will pay the replacement or repair cost less depreciation and the deductible. This type of policy is most beneficial to insurance companies since they are only obligated to reimburse a portion of the actual cost of replacement.



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