1 Employee Benefit Research Institute, 2023 Homeowners Insurance A home could be the single largest investment youmake in your lifetime. Homeowners insurance provides compensation (up to the policy limits) if your home is damaged or destroyed, or if your family’s possessions are stolen or damaged. It can also provide some measure of protection against liability claims and medical expenses that result from property damage or injuries suffered by others on the property. Auto Insurance People rarely stop to think about the dangers associated with driving and many other normal, everyday activities. Auto insurance not only helps protect your vehicle, but it may also shield you from liability for damage or injury (up to policy limits) caused by you or someone else driving your car. Health Insurance As health-care costs have risen, workers who can enroll in an employer-sponsored medical planmay notice plan changes such as higher premiums, deductibles, and coinsurance rates. Individuals who are not covered by employer-sponsored health insurance, Medicare, Medicaid, or another government program can purchase insurance that meets minimum standards directly from a private insurance company (or broker) or from an exchange run by their state or the federal government. The official site is HealthCare.gov. Medicare Medicare is the U.S. government’s health insurance program for people ages 65 and older as well as younger individuals with specific disabilities and illnesses. Even withMedicare, there are some fairly stiff deductibles, copayments, and coinsurance. In fact, Medicare typically covers only about 60% of the cost of health-care services for beneficiaries age 65 and older.1 An alternative to Original Medicare is Medicare Advantage (Part C) —private plans that provide the benefits and services of Medicare Parts A and B and may offer additional benefits such as vision, wellness, and prescription drug coverage.
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