Purchasing health insurance can be very confusing. So many terms that you may not be familiar with. Some terms that you need to understand before purchasing health insurance are copays, deductibles, drug list/formulary, provider list and maximum out of pocket expense. Don Allred Insurance in Burlington, NC is there to help you to get through this confusing maze of terms and plans. 

Deductible

Before your insurance coverage kicks in, your deductible must be met. More than one deductible may need to be met. Drug coverage is usually a separate deductible from other services. 

Copay

When you receive a service covered by your insurance the copay is the amount that you are required to pay out of pocket after you have met your deductible.  It is usually defined in the paperwork you receive from your insurance company or your employer. 

Drug list/formulary

This is the list of covered drugs under your policy. It can include both branded and generic drugs. The amount that you will pay for each covered drug is defined by the tier it is in with Tier 1 being the lowest. Drugs can have both deductibles and copays. 

Provider list

This is the list of providers who take your particular insurance. Make sure that the doctors and hospitals that you prefer are on the list. 

Maximum out of pocket expense

This term defines the most amount of money that you will need to spend in a year to get to 100% insurance coverage. The lower the amount is, the better for you. The HHS (Department of Health and Human Services) has proposed a maximum of $8200 per person for 2020 and $16,400 per family. 

Health insurance coverage is important and making the correct decision is even more so. In Burlington, NC, Don Allred Insurance will be happy to assist you in this decision. Check out their website or call their office to set up an appointment. 

Life insurance is often thought of as a vehicle to protect families with young children in the event that a parent dies unexpectedly. While this is a key benefit for life insurance, there are still benefits for people without children. If you are in the greater Burlington, NC and would like to gain a greater understanding of the many benefits of life insurance, the team at Don Allred Insurance is here to help. We find that there are a variety of ways that childless people can benefit from having a life insurance policy.

3 Ways Childless People Can Benefit from Life Insurance

1. Whether you have children or not, you will still have burial and end-of-life expenses. With an appropriate policy, you can make sure that your expenses are covered. If you have property or a pet that will need to be cared for after your death, a life insurance policy can make sure that your estate doesn’t become a burden during the probate period.
2. There are several types of life insurance that provide a living benefit, whether it be as an investment or as a way to minimize taxes. Your local agent can review the financial benefits of policies such as whole life, universal, and variable to discover which option is right for your goals.
3. Many childless people become close to nieces and nephews and would like to leave money to them. Life insurance is an effective way to bequeath money to a person or a charitable institution without them incurring a tax liability.

Interested in finding out more? If you are Burlington, NC or the surrounding area, contact Don Allred Insurance today and learn about the benefits of life insurance, whether you have children or not. We look forward to working with you!

There are many perks to working as a freelancer, but clear-cut healthcare isn’t one of them. In fact, most freelancers worry about being able to cover their healthcare needs in case of an emergency.

Whether you’re just starting out or you’re a veteran freelancer, companies like Don Allred Insurance have some great options for you to choose from in terms of healthcare.

Here are some tips on buying healthcare as a freelancer.

1. Consider Getting A Family Health Plan

Do you have a spouse with a traditional job? If so, you can potentially consider tagging along on his healthcare plan from work. If you have children, adding them to a family plan to an employer may also be a good idea.

However, keep in mind that if your spouse loses his job, you automatically lose your healthcare. So instead of buying healthcare subsidized by their employer, consider buying a family plan through a private insurer in Burlington, NC. This route may save you some money since you don’t have to invest in individual monthly premiums for everyone in your family.

2. Decide Your Monthly Healthcare Budget

Speaking of monthly premiums, before you purchase a healthcare policy, decide how much you can afford to spend on your premium each month. You shouldn’t have to spend a large fraction of your income on healthcare, but expect to pay more for private insurance than you would pay if it were subsidized by an employer.

That being said, if your healthcare coverage keeps you from developing a serious illness or keeps a condition at bay, the price is worth it. In your monthly budget, include a section for healthcare. If you have a health condition that you definitely need coverage for, research the price of a policy that covers it. Then, figure out how it can fit into your budget.

If you’re simply looking for preventative care, work out your budget first, and then choose your coverage based on your math.

3. Sign Up As A Business Or Self-Employed Individual

Most private insurance agencies including Don Allred Insurance can provide coverage specifically for self-employed people. You can also sign up as a business owner. this is especially helpful if you have a small group of employers who can benefit from healthcare coverage.

if you’re a solo freelancer, a self-employment coverage policy makes the most sense. This is especially true if you don’t have a family or if you’re not the head of your household.

Buy Your Healthcare Today

Are you ready to make the most of your health as a freelancer? If you live and work in Burlington, NC, contact Don Allred Insurance. Our friendly agents will be happy to give you a free quote and help you find what you’re looking for.

When it comes to life insurance, most people are often told to purchase a life insurance policy so your kids are provided for if you pass away early or so that your spouse can continue on with their same quality of life. But what if you don’t have kids or a spouse? Does a single person need life insurance? We are often asked this question here at Don Allred Insurance, serving the Burlington, NC area. Here is the answer that this question. 

Final Expenses 

One of the reasons why a single person may need life insurance is to help pay for their final expenses. When you pass away, who will pay for your final expenses and how? Your parents or siblings may be responsible for finding the money to pay for a cremation, burial and/or funeral. Purchasing life insurance ensures that there is money to pay for those expenses so no one in your family has to struggle with covering those costs. 

Joint Debts

Another common reason why a single person may need life insurance is because of joint debts. If your parents co-signed on your student loans, and you pass away, they may still be responsible for them. Have you purchased a home with your sibling and make part of the payment? Then they may rely on your money and could struggle to pay the mortgage if you pass away. Purchasing life insurance helps to ensure that there is money to pay for the debts that you have outstanding with someone else. 

Being single does not mean you cannot benefit from purchasing a life insurance policy. Are you looking to purchase a life insurance policy in the greater Burlington, NC area? Call Don Allred Insurance today to obtain a free quote for life insurance today. 

How do you figure out how much life insurance you need? A number of factors come into play, including your age, marital status, and a number of children. Don Allred Insurance serving Burlington, NC, would like to offer some guidelines.

You should carry enough life insurance to pay for your final funeral expenses, any outstanding debts, and living expenses for any spouse and children that you leave behind.

Outstanding debts can include credit card balances, home mortgages, and car payments. You should carry enough insurance that these debts can be covered by your beneficiaries, such as a spouse or significant other.

If you have a family, your life insurance policy should contain enough money to help cover living expenses for the loved ones who survive you. Remember, not only will you be gone, but the income you have been contributing will be gone, as well. The payout will help ensure that your family continues to enjoy the standard of living they have grown accustomed to.

If you still have minor children, your policy should contain some money that can be put aside for their college education. If you are the caregiver of an ailing parent or a child with special needs, a life insurance policy can help ensure that the care can continue.

If the spirit moves you, you can stipulate that some of your life insurance policy payout will go to a charity in your memory.

Tabulate these expenses and then come up with the level of life insurance that you would like to take out. If you have any other questions about life insurance, feel free to contact Don Allred Insurance serving Burlington, NC.

Health insurance is an incredible thing that can help to cut the costs of medical care but understanding who is covered may be difficult. For those that live in the Burlington, NC area, the agents with Don Allred Insurance can help you to find the coverage that works for you and all the members of your family.

When it comes to family coverage, any family member that is the dependent of the policyholder is going to be covered. This means that if you have adopted children that are your legal dependents, you can add them to your family health insurance coverage. This is something that is well worth noting as many people assume that only your biological children can be covered on health insurance. Another good example of this is that if your spouse has children and you all live together, you can cover these children on health insurance policy as they are legal dependents of the policyholder.

It is important for insurance companies to take the time to outline who can be covered and who cannot in order to make sure that only those that have a vested interest are insured on a policy. This is to protect the insurance company in terms of not insuring anyone that just comes along. For the most part, you are going to be required to provide a social security number, name, and date of birth in order to add someone to your health insurance coverage.

You can cover any legal dependent, this means if you have a parent even that is the legal dependent you can cover them on your health coverage. For those that live in the Burlington, NC area, the agents with Don Allred Insurance can help you to find the perfect policy for your needs and for your specific family situation.