Some Common Insurance Types Like Health Insurance (Medicare Advantage For Seniors) And How Climate Change Affects Insurance Policies


The untoward may take place at any time in one’s life, incidents that can bring about financial turmoil on you and your family. This financial instability will not only affect numerous aspects of your present life and situation, but your future as well. If the untoward does happen, being insured can make a difference.

Some Common Insurance Types

Insurance can shield you from unexpected expenditures such as health care and medical costs. Although most people are aware of the importance of an insurance, not all are familiar with the various insurance types and how they could be very helpful. Some of the common insurance types include Health Insurance, Home Insurance, and Life Insurance.

Health Insurance Plans – Medicare Advantage

Whether it is something expected or unexpected, a Health Insurance covers all or a percentage of the costs of medical, surgical, and health care expenses, including routine visits to the doctor, medications, serious surgeries, as well as emergency stays. For people who are uninsured and can’t manage to pay for the out-of-pocket costs, these expenditures quickly build-up and lead towards massive debts.

Everyone needs to have a health insurance. Medicare Advantage, for instance, is a kind of health insurance offered by private insurance companies that are in contract with Medicare, a health insurance program by the U.S. federal government that funds healthcare services. The program is offered to individuals who are 65 years old or older as well as younger individuals with disabilities or particular medical conditions.

Medicare Advantage, also identified as “Part C”, is another possibility for qualified individuals to get their Medicare Part A (hospitalization) and Part B (medical services) coverage. Furthermore, Medicare Advantage plans also offer coverage for services that aren’t covered by the Original Medicare such as prescription drugs, transportation costs for doctor visits, some dental, hearing, and vision services, and membership to health and wellness programs.

Life Insurance Plans

Life Insurance Plans provides financial protection to people who dependent on you financially, like your spouse, your children, or your parents, in the event of your demise. This type of insurance should be a priority in your insurance plans for your dependents to avoid financial adversities and not burden them with unexpected expenses that you’ve left behind. Your burial cost, for instance.

Homeowners Insurance Plans

A Homeowners Insurance Plan provides coverage for the house that you are residing in as well as any structures associated to it, like a garage, balcony or a porch. Homeowners and landlords need to have this insurance as you can make use of it to maintain your home, keep value of the property high, and can also provide coverage for major damage, such as floods and house fire.

Climate Change – How It Affects Insurance Policies

Life happens every day, and when it does, you want to make certain you are covered. It is inevitable to encounter losses in life, and the level on how these losses would have an effect on our lives differs. Regardless, insurance plans can help minimize the impacts of these losses by means of providing monetary benefits for the losses that are covered by the insurance.

Insurance plans offered by different providers would have varied coverage and cost. When it comes to costs, there are a lot of factors that can affect policies and drive up costs. Today, climate change is one.

Drought, heavy rains, tornadoes, hurricanes, floods, and intensifying wildfires are brought about by climate change. Natural calamities could damage properties, like homes, automobiles, crops, and businesses, resulting in the rise in the number as well as the gravity of insurance claims.

On account of this, insurance companies in some areas of the country have ceased to offer certain kinds of insurance coverage. Furthermore, many insurance providers have put a limit to the types of insurance coverage that they offer. Because of this, it too causes insurance premiums to increase, which are frequently too costly for consumers. So, some consumers purchase insurance policies that they can afford but don’t provide the coverage that they require, whereas others just leave out getting an insurance.

Apart from it being a casualty and property concern, climate change can also have an effect on the health of consumers. Increasing and intensifying wildfires can cause poor air quality affecting all that it reaches. Poor air quality can trigger more medical and health conditions, resulting in the rise of health insurance claims.