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What is Insurance?

8/11/2017

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On any given day, we could get in a car accident, take a fall, be diagnosed with some terminal illness, have our house burgled. What do all these have have in common? Risk of loss.

​Risk is a part of life. As young people, we tend to see ourselves as invincible; the world is our 
oyster. Sickness and disease happens to people,  but we think, "No, it could never happen to us." As youth, we see the world through prism-colored lenses; as older folks, we see the world through realistic lenses. Anything can happen, so what do we do?

Insurance.
Insurance is an option to guard against risk. For most people, the first question that comes to mind is, "What is insurance?" Insurance is a contract between an insurance company and a person or business. The insurance company provides protection against some kind of loss (ie. broken foot, totaled car in accident) in exchange for a premium, the money the "insured" person or business pays for the protection. 

Insurance comes in many forms:
- Health Insurance - protects against sickness and disease.
- Life Insurance - protects against premature death.
- Homeowners Insurance - protects your home.
- Auto Insurance - protects your car and you as the driver.


Federal, state and local governments may provide some:
- Workers' Compensation - protects workers injured on the job.
- Social Security - federal program that provides retirement, disability and survivor benefits and paid by payroll taxes.
- Medicaid - state/federal program to provide health benefits to needy families/people.
- Medicare - federal program to provide health benefits to all people 65 and older. 

The choice to buy insurance or self-insure can be overwhelming. Whose product is the best? Can I afford it? What kind of insurance do I need? For seniors, it can be especially daunting. As we get older, we tend to experience loss at greater levels than when we are younger. This translates to higher premiums, which unfortunately coincides with the non-income producing years. But, that doesn't mean quality insurance can't be found and afforded by our seniors, and there are resources in place to help.

One such resource is Medicare. Medicare is a federal program with several parts. Part A is free for anyone over 65 and they are automatically enrolled. It helps seniors with health insurance. We will explore Medicare in next week's post. 

Sources:
- "Insurance", www.investopedia.com
- Medicaid, www.medicaid.gov
- Medicare, www.medicare.gov
- Workers' Comp, www.wcc.state.ct.us
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    Golden Horizons Elder Care Services are registered with the State of CT as a Homemaker-Companion Agency. The well-being of the aging is their primary purpose. Your loved ones are in caring hands with Golden Horizons. Golden Horizons' offices are located in Old Saybrook, and Groton, Connecticut, USA.

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