Life Insurance
Life insurance has many purposes, such as — protecting those closest to us from financial hardship, covering debts/mortgages, paying for final/burial expenses, or protecting a business against loss of key-employees or owners. It is one of the most commonly overlooked insurances out there, but one of the most important.
Recommended age range to purchase: 0-69, depending on purpose of insurance.
Price: $25/month will buy $500,000+ in life insurance for a healthy 40 year old male, with the rate being locked in for 10 years.
Health Insurance
Health insurance plans protect against costly health insurance bills. It is no secret that healthcare is expensive. One hospital-stay may cost tens of thousands of dollars. Health insurance makes it so the insurance company has to pay those large medical bills instead of you.
Recommended age range to purchase: 0-64
Price: $0/month for a fully subsidized ACA Marketplace Health Insurance plan. Up to $1,500+/month for a non-subsidized ACA Marketplace Health plan. Subsidy amount is based on income.
Group Health Insurance
Group health insurance is for employers that wish to provide insurance to their employees. The options for group health insurance are plentiful. Employers are typically required to pay at least 50% of the premiums for their employees (up to 100% if the employer chooses to). Coverage for spouses and dependents of employees may also be offered at the employers discretion, but the employer is typically not required to cover any premiums for those dependents unless the employer chooses to do so.
Medicare Supplements
Medicare Supplements are a type of health insurance that give additional coverage to Medicare parts A & B. With many Medicare Supplements, you may see any doctor or hospital in the United States that accepts Medicare.
Recommended age range to purchase: 65+ or under 65 disability
Medicare Advantage
Medicare Advantage is a type of Medicare Health Plan that is administrated by an insurance company. Many of these plans also include Medicare Part D, which covers prescription drugs.
Recommended age range to enroll: 65+ or under 65 disability
Dental Insurance
Dental insurance plans range from basic to comprehensive. The basic plans are usually $15-$25/month, and typically only cover cleanings and cavities. The comprehensive plans are usually $30-$60/month, and typically cover cleanings, cavities, root canals, crowns, dental implants, dentures, and more.
Recommended age range to purchase: all ages
Vision Insurance
Vision insurance plans range from $10-$20/month, and cover some or all of your costs for eye exams, contact fittings, contact lenses, glasses frames, and glasses lenses.
Recommended age range to purchase: all ages
Disability Insurance
Disability Insurance pays you an ongoing income in case you become partially or fully disabled and are unable to work at your current occupation.
Recommended age range to purchase: 18-55
Long Term Care Insurance
Long term care insurance pays costs associated with home health care, assisted living, and nursing homes. This is in case of being unable to perform basic self-care activities without assistance, such as — bathing/grooming, eating, dressing, using the toilet, and moving about independently.
Recommended age range to purchase: 45-65