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<ul class="summary-list"><li><keyword id="19992557" type="General" weightage="100" keywordseo="medicare" source="keywords">Medicare</keyword> enrollment is open and insurers are making changes, increasing costs for some.</li><li>Medicare is a key health insurance source for older Americans, often linked to <keyword id="19966945" type="General" weightage="20" keywordseo="social-security" source="keywords">Social Security</keyword>.</li></ul>Older Americans relying on Medicare for their health insurance might be in for a costly surprise next year. Many insurers are making significant changes in 2025.Deductibles and prescription drug costs will become more expensive for some Medicare recipients — and it could impact whether older Americans can afford healthcare. Insurance company mergers and closures are contributing to shifting Medicare plans and prices. Companies like Aetna or AARP/UnitedHealthcare are <a target="_blank" class="" href="https://www.nerdwallet.com/article/insurance/medicare/big-part-d-changes">merging their coverage plans</a>, while previous insurers like Mutual of Omaha are leaving the market. That's leading to fewer — and sometimes pricier — options for Medicare recipients. "When plans end or a merger happens, Medicare enrollees can be impacted in two noticeable ways," Elizabeth <keyword id="23786390" type="General" weightage="20" keywordseo="ayoola" source="keywords">Ayoola</keyword>, personal finance writer at NerdWallet, said in a statement to Business Insider. "In the case of the former, enrollees may be left vulnerable without coverage and scrambling to find a new plan. In the event that a merger happens, enrollees could end up auto-enrolled into a plan that's no longer a good fit." Millions of older Americans depend on Medicare to pay for services like prescriptions and doctor visits. The federal insurance plan — which is often tied to Social Security andtypicallyapplies to people over 65 — is many baby boomers' main source of health coverage. Like other health insurance programs, recipientshave a yearly enrollment period.EligibleAmericans can now join, drop, or switch their supplementalMedicare plans through December 7. Ayoola told BI that if beneficiaries don't take action to adjust their health insurance plansbefore December 7, they could soon see higher out-of-pocket costs, reduced care options, or more limited drug coverage — issues that can't be resolved after the enrollment period closes. However, some beneficiaries will see price increases or loss of coverage regardless. "For people who are budgeting, open enrollment is especially important," Ayoola said. "Because it's a time to do comparison shopping and essentially see if you can find a cheaper plan somewhere else." <h2>Medicare changes on the horizon</h2>An estimate shared with BI from Healthpilot, a technology platform that helps customers choose Medicare plans, suggests that millions of older Americans could lose part of their Medicare benefits in 2025. Healthpilot estimates that there will be 1.5 million people impacted by <keyword id="23786388" type="General" weightage="20" keywordseo="medicare-advantageplan" source="keywords">Medicare Advantageplan</keyword> cancellations and 3.5 million impacted by prescription drug coverage cancellations, due in part to insurance consolidation. Former beneficiaries of those plans will need to find new coverage to replace them next year. The Medicare program has a few different branches: Parts A and B act as stand-alone health insurance programs and cover all types of inpatient and outpatient care, while Part D programs typically cover prescription drugs and basic provider visits as a supplement to people's private insurance plans. Part C, also known as <keyword id="20413657" type="General" weightage="20" keywordseo="medicare-advantage" source="keywords">Medicare Advantage</keyword>, allows seniors to join plans that are offered by private companies but are governed by Medicare rules. Advantage plans have their own caps on how much patients can spend out of pocket, and those numbers change annually. While beneficiaries with Part A and B Medicare could see premium adjustments, most major changes will occur for people with supplemental Part D and Medicare Advantage plans. An increasing number of Medicare Advantage and prescription drug plans are setting their deductible, or the amount of out-of-pocket costs patients are on the hook for before the plan kicks in, at the maximum allowed amount. Healthpilot found that 10% of Medicare Advantage plans will be at the maximum deductible — up from 5% last year. Most Medicare Advantage beneficiaries will still have prescription drug coverage in the new year, but they may face higher out-of-pocket costs. In total, the number of Medicare Advantage plans with drug benefits is largely holding steady, dropping2%. But within the group of Medicare Advantage plans that still have drug benefits, the number of $0 deductible plans will be cut in half — meaning more plans with prescription drug coverage will have higher out-of-pocket costs upfront. To be sure, not all older adultswill be negatively affected by the changes. Some might also have employer-sponsored or private healthcare coverage outside of Medicare, or have plans that aren't changing. But for the Americans who are impacted, the changes could mean healthcare becomes even more of a financial strain. <h2>Baby boomers are already struggling with healthcare costs</h2>These changing Medicare costs come as many low-income baby boomers are struggling to keep up with medical bills. Two older Americans shared with Business Insider their fears for what could happen if their out-of-pocket costs rise in the new year. <keyword id="23786389" type="General" weightage="20" keywordseo="lisa-callejas" source="keywords">Lisa Callejas</keyword> isworried about what would happen if her husband got sick next year. If that happens, they might not be able to afford treatment — her husband's Medicare out-of-pocket costs will go up to $14,000 from around $9,500. "It means we better not get sick," she said. Callejas, 55, and her husband movedto his native Mexico over the summerto save money. Their son died in January, and Callejas' husband, who worked with their son in the family business of home remodeling, can no longer do the manual labor necessary to keep operations running. Additionally, the rising <a target="_blank" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">cost of living</a> made it increasingly difficult to stay in the US on a lower income. They're living off the money they made from selling their house in the US and her husband's small <a target="_blank" href="https://www.businessinsider.com/boomers-living-social-security-government-aid-snap-loneliness-crisis-isolation-2024-8">Social Security</a> benefits, but fearful of 2025. Betty, similarly, goes to her dialysis appointments three times a week. She was diagnosed with kidney disease and other conditions a few years ago, forcingher to retire early from her steady job in health communications. Betty — who chose to use her first name for privacy but whose identity was verified by Business Insider —lives on her $1,848 monthly <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-social-security">Social Security disability payments </a>in southwest Illinois. The 61-year-old said she qualifies for both Medicare and <keyword id="20234511" type="General" weightage="20" keywordseo="medicaid" source="keywords">Medicaid</keyword>, but still pays a couple hundred dollars each month in healthcare expenses, in addition to her monthly $174 premium. Betty isn't sure yet if her Medicare premiums or deductibles will rise in the new year. If they do, she says she can't afford it. She already struggles to afford housing, groceries, utilities, and the car she needs to travel to her dialysis appointments. "Something as small as $20, I can't even imagine," she said. "I had about $10 left over for this month — but that was because I had to sell some jewelry that my mom picked out. I had to sell it in order to make the bills this month." <a target="_blank" class="" href="https://www.businessinsider.com/boomer-lives-on-social-security-struggles-financially-feels-lonely-retirement-2024-9">Low-income baby boomers</a> like Betty and the Callejas family might feel the greatest hurt from increased Medicare prices, Ayoola said, and these healthcare costs can derail retirement and long-term finances. Regardless of financial health, Ayoola suggested older adults talk to a Medicare expert or wealth advisor before choosing a 2025 plan. "We can't predict the future and we don't know which direction our health is going to go in," Ayoola said. "It's a good idea, no matter where your health is today, to always try your best to budget for health care expenses and look for ways to cut costs." Are you struggling to live on a fixed income in retirement? Are you open to sharing how it has impacted your healthcare access? If so, reach out to <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a> and <a target="_blank" class="" href="mailto: jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>. Correction: October 22, 2024 — An earlier version of this article misstated the number of plans affected by prescription drug coverage cancellations. The correct number is 3.5 million.

Medicare coverage will change in 2025. Some boomers are already struggling to keep up with their medical bills.

<ul class="summary-list"><li>Trump said he plans to change the Affordable Care Act, which provides healthcare for 45 million Americans.</li><li>His past actions include ACA opposition. He has flip-flopped on Medicaid and Medicare cuts.</li></ul>Donald Trump's return to the Oval Office could mean changes to Americans' healthcare coverage, based on his previous comments and actions while president.During his recent campaign, Trump promised to <a target="_blank" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5">make changes to the Affordable Care Act</a>, colloquially called Obamacare, but did not give specifics."If we can come up with a plan that's going to cost our people, our population less money and be better healthcare than Obamacare, then I would absolutely do it," Trump said at the presidential debate in September.As president, he will also have the power to influence America's healthcare landscape, including insurance coverage, drug price negotiations, government <a target="_blank" class="" href="https://www.businessinsider.com/fluoride-in-water-why-it-is-controversial-risks-benefits-2024-11">health and safety regulations</a>, and reproductive healthcare access.Trump has a <a target="_blank" class="" href="https://www.businessinsider.com/healthcare-investors-torn-on-trump-second-term-2024-11">mixed record</a> on supporting government health insurance policies like the ACA, which the Department of Health and Human Services estimated covers 45 million people in health plans like <a target="_blank" class="" href="https://www.businessinsider.com/medicare-changes-increase-costs-deductibles-prescription-drugs-premiums-copays-2024-10">Medicare</a> and Medicaid. Also in the hot seat: the enhanced federal ACA subsidies, which are <a target="_blank" class="" href="https://www.cbsnews.com/news/trump-aca-subsidies-health-insurance-affordable-care-act-congress/">set to expire</a> at the end of next year.If Trump doesn't extend the enhanced subsidies policy, which helps many low- and middle-income Americans pay for medical care, the Congressional Budget Office estimated that <a target="_blank" href="https://www.cbo.gov/system/files/2024-07/60523-2024-07-premium-tax-credit.pdf">nearly 4 million people </a>will lose their coverage in 2026 because they won't be able to afford it.Trump's transition team told Business Insider in a statement that he will "strongly protect" Medicare in his second term — although he has <a target="_blank" class="" href="https://www.businessinsider.com/trump-cutting-medicare-social-security-benefits-2024-3">previously suggested cuts</a>. Any changes to Medicaid and Medicare under Trump could also cause those with ACA insurance see a reduction in their care options.<h2 id="69e6831b-4c89-4dd9-8ec0-501ab8666185">Medicare, Medicaid, and preexisting conditions</h2>Trump has not provided specifics about his affordable healthcare policies, beyond saying he has "concepts of a plan" at the September debate.During his first term, Trump backed a rejected Supreme Court case to overturn the Affordable Care Act, which former President Barack Obama passed in 2010 and that expanded Medicaid coverage for low-income Americans and Medicare coverage for older Americans. ACA's other marquee change required insurance companies to cover care for individuals with preexisting conditions, like asthma, heart disease, and diabetes.Yunan Ji is an assistant professor and economist at Georgetown University with an expertise in healthcare policy. She told BI that reducing or repealing ACA coverage — which Trump proposed during his first-term — could be detrimental to Americans with preexisting conditions, who may lose their coverage or have to pay more for healthcare."We purchase insurance to protect against future risk," Ji said. "If we make people go into a different risk pool when they require care for some medical condition, that defeats the purpose of insurance."Trump has also voiced support for privatizing more of the healthcare sector. This could mean some Americans on ACA plans could face higher out-of-pocket costs and fewer in-network care options.President Joe Biden's <a target="_blank" class="" href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">Inflation Reduction Act</a> also took steps to lower the cost of prescription drugs and cap out-of-pocket costs for Medicare beneficiaries. The legislation <a target="_blank" href="https://www.axios.com/2024/02/07/trump-medicare-price-negotiations-executive-power">requires</a> Trump to continue existing drug price negotiations through at least the end of 2025.<h2 id="1380ef19-42c4-43c1-841e-04dcb5227dd9">Reproductive and gender-affirming care</h2>Trump has said he would take steps to <a target="_blank" href="https://www.nbcnews.com/politics/2024-election/trump-vows-stop-gender-affirming-care-minors-re-elected-president-rcna68461">ban all gender-affirming healthcare and hormone therapies</a> for minors, which ACA plans cover in some states.<a target="_blank" href="https://www.businessinsider.com/what-is-project-2025-conservative-political-playbook-heritage-foundation-trump-2024-7">Project 2025</a>, a policy plan proposed by Trump allies, calls for significant national restrictions on abortion and birth control. Trump has expressed support for federal enforcement of the Hyde Amendment, a rule that prevents Medicaid from covering abortion pills and procedures. Among the <a target="_blank" class="" href="https://www.kff.org/womens-health-policy/dashboard/abortion-in-the-u-s-dashboard/">37 states and DC</a> that do not ban abortion, <a target="_blank" href="https://www.kff.org/medicaid/state-indicator/abortion-under-medicaid/?currentTimeframe=0&amp;sortModel=%7B%22colId%22:%22Follows%20Federal%20Standard,%20Funding%20Only%20Cases%20Involving%20Life%20Endangerment,%20Rape%20and%20Incest%22,%22sort%22:%22desc%22%7D">17 states and DC</a> currently follow the Hyde Amendment.Trump has called for federally-subsidized in-vitro fertilization — a proposal that is divisive among Republicans.<h2 id="f6dc24d6-1b01-41c0-99ba-9603db98ef3f">Insurance regulations and national health policy</h2>Ji said that Americans often focus on the sticker price of premiums in their healthcare plan — how much they are expected to pay out-of-pocket each month or year. But a Trump presidency would also shape rules and regulations for insurance companies. For example, companies are required to cover a wide range of providers, so someone with heart disease can find an in-network cardiologist in their area.Ji added that Trump's cabinet appointments will give insight into his second-term healthcare priorities. His leadership selections will determine federal investment in medical research, health and safety guidelines, insurance company regulations, and vaccines. Trump is expected to <a target="_blank" href="https://www.nbcnews.com/politics/2024-election/trump-banning-vaccines-president-rfk-fluoride-rcna178570">discourage vaccinations</a> and limit federal health and insurance regulations.Trump tapped <a target="_blank" class="" href="https://www.businessinsider.com/trump-robert-f-kennedy-jr-rfk-department-health-human-services-2024-11">Robert F. Kennedy Jr.</a> on November 14 to lead the Department of Health and Human Services, a decision that will require Senate approval. Kennedy has not outlined specific plans to increase healthcare affordability, but he would have some influence over the ACA in the role. The former presidential candidate is a vaccine-skeptic, who Trump hopes will "<a target="_blank" class="" href="https://www.businessinsider.com/how-rfk-jr-plans-to-make-america-healthy-again-2024-11">go wild</a>" on health, safety, and food protocols.Any major changes to healthcare policy and federal budgets would need to be approved by Congress. Trump will likely have the support of a Republican-led Senate and House."The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail," Karoline Leavitt, a spokesperson for the Trump-Vance transition team, told BI in a statement. "He will deliver."Are you doing anything to prepare your finances or healthcare plan for Trump's second term? If so, please reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plans to change healthcare could slash insurance for some low-income Americans and retirees

The <keyword id="20771894" type="General" weightage="20" keywordseo="Deposit-Insurance-and-Credit-Guarantee-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Deposit Insurance and Credit Guarantee Corporation" meta.hostid="261" meta.entityid="Deposit Insurance and Credit Guarantee Corporation">Deposit Insurance and Credit Guarantee Corporation</keyword> (<keyword id="20481418" type="General" weightage="100" keywordseo="DICGC" source="keywords">DICGC</keyword>) has launched an online tool <keyword id="23086289" type="General" weightage="20" keywordseo="Daava-Soochak" source="keywords">Daava Soochak</keyword> for <keyword id="20560967" type="General" weightage="20" keywordseo="depositors" source="keywords">depositors</keyword> to track their claim status. The <keyword id="20481418" type="General" weightage="100" keywordseo="DICGC" source="keywords">DICGC</keyword>'s mandate since its inception has been the reimbursement of insured amounts to <keyword id="20560967" type="General" weightage="20" keywordseo="depositors" source="keywords">depositors</keyword> of failed banks. <keyword id="23086289" type="General" weightage="20" keywordseo="Daava-Soochak" source="keywords">Daava Soochak</keyword>, a user-friendly online tool, is part of DICGC's ongoing commitment to improving the services provided for depositors. "Depositors can now track the status of their claims by entering their mobile number (registered with their bank) on the DICGC website," said DICGC, a wholly-owned subsidiary of the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). To begin with, depositors can view the status of their claims for banks placed under All Inclusive Directions (AID) post-April 01, 2024. The corporation ensures that all categories of deposits with banks except institutional deposits. The <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> coverage limit has been enhanced six times since 1962, from Rs 1,500 per depositor held in the same right and same capacity at all the branches of the insured bank to Rs 5,00,000 on February 04, 2020. At present, 97.8% of the total deposit accounts are fully protected. Of the remaining 2.2 % of accounts, deposits are insured up to the limit of Rs 5 lakh. In terms of value, 43.1 % of the deposits were insured as of March 2024. In the case of liquidated banks and banks under the Reserve Bank's All-Inclusive Directions (AIDs), the DICGC settled claims amounting to Rs 1,432 crore during 2023-24. During the year, it received repayments of Rs 900.73 crore, of which Rs 760.83 crore was from liquidated/transferee banks and Rs 139.90 crore from banks under AID. All banks operating in India are registered with the corporation for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword>. The number of banks registered with DICGC was 1,997 as of March 31, 2024, of which 140 were commercial banks and 1,857 were cooperative banks. The total premium received by the corporation during 2023-24 stood at Rs 23,879 crore, with commercial banks contributing 94.4% and cooperative banks accounting for the remaining 5.6 %.

DICGC introduces Daava Soochak for depositors to track claim status

<keyword id="22053621" type="General" weightage="20" keywordseo="Insurance-regulator-IRDA" source="keywords" meta.keywordsubtype="org" meta.entityname="Insurance regulator IRDA" meta.hostid="261" meta.entityid="Insurance regulator IRDA">Insurance regulator IRDA</keyword> has introduced sweeping reforms for various <keyword id="19936531" type="General" weightage="100" keywordseo="life-insurance" source="keywords">life insurance</keyword> products. In its master circular dated 12th June, 2024, the insurance watchdog laid out a slew of customer-friendly directives for life insurance companies to follow with immediate effect. Read on to know all about how these new rules will impact you : <cmsannotation type="cmsannotation" annotationid="Customer information sheet" comment="subhead" text="Customer information sheet"><keyword id="22033784" type="General" weightage="20" keywordseo="customer-information-sheet" source="keywords">Customer information sheet</keyword></cmsannotation> Going ahead, all life insurance companies will have to mandatorily provide their policyholders with a CIS, or Customer Information Sheet. This will serve to explain to them the basic features of the policy in very simple terms, and will include essential details like sum assured, benefits, policy loan options, free-look period and procedures for making claims and redressing grievances. In addition, benefits payable to the policyholder if they survive the policy tenure (maturity benefits), upon death and surrender of policy should also be clearly spelt out. Along with this, the policyholders are also entitled to a customised illustration of how the policy will benefit them while they are being sold the policy. CIS should also be made available to the policyholder in their local language on request. <cmsannotation type="cmsannotation" annotationid="Free-look and grace period" comment="subhead" text="Free-look and grace period"><keyword id="22053620" type="General" weightage="20" keywordseo="Free-look-and-Grace-Period" source="Orion">Free-look and grace period</keyword></cmsannotation> Policyholders will now have a 30-day window from the day they receive the policy document to review and cancel the policy if they want. If the policy is cancelled within this period, they will be entitled to a full premium refund. Earlier, this period only lasted for 15 days. For grace period, which basically refers to the additional, penalty-free window given to the policyholder to make premium payment post due date to avoid losing coverage, the windows will differ depending on premium payment frequency. If you pay the policy premiums on a monthly basis, you will get a 15-day grace period. For premium payments made on a quarterly/half-yearly or annual basis, the grace period will be of 30 days. <cmsannotation type="cmsannotation" annotationid="Penalty on violating Ombudsman’s word" comment="subhead" text="Penalty on violating Ombudsman’s word">Penalty on violating Ombudsman’s word</cmsannotation> The insurer is bound to comply with the <keyword id="960887" type="General" weightage="20" keywordseo="Insurance-Ombudsman" source="Orion">Insurance Ombudsman</keyword>’s award within 30 days of receiving the same. In case the same is violated, the insurer will have to pay a penalty of Rs 5,000 per day to the complainant. <cmsannotation type="cmsannotation" annotationid="Higher value on early policy surrender" comment="subhead" text="Higher value on early policy surrender">Higher value on early policy surrender</cmsannotation> Often, policyholders ended up with a low, negligible amount as refund upon surrendering their insurance policy. This is set to change with <keyword id="21879234" type="General" weightage="20" keywordseo="IRDA" source="keywords">IRDA</keyword>’s latest directives. Now, policyholders will be eligible for <keyword id="885219" type="General" weightage="20" keywordseo="surrender-value" source="Orion">surrender value</keyword> even if they decide to surrender their policy after just one year. Previously, only 50% of <keyword id="2939473" type="General" weightage="20" keywordseo="policy-premium" source="Orion">policy premium</keyword> would be refunded, provided the policyholders surrendered their policy between years 4-7 of the policy tenure. Moreover, they would lose the entire premium amount if they surrendered their policy within a year. Customers will also be entitled to higher special surrender value (SSV) from now on. This SSV should be at least equivalent to the expected present one of the these three: <ol><li>Paid up sum assured, or present value of your sum assured after you stop paying premiums</li><li>Paid up future benefits</li><li>Accrued benefits</li></ol>Also, it will be compulsory for life insurers to offer loans to policyholders as per the eligible surrender value of the policy. Says Vivek Jain, Head, Investments, Policybazaar.com, "The provision for higher Surrender Value (SV), calculated at a prevailing 10-year government securities rate with a limited spread, significantly increases the value returned to policyholders in the event of a policy surrender, after the completion of first year. The mandatory facility of policy loans across all life insurance savings products and the allowance of partial withdrawals under pension products will provide vital financial flexibility, which will enable policyholders to meet liquidity needs and specific financial goals. These measures will certainly enhance trust and transparency in the industry." <cmsannotation type="cmsannotation" annotationid="Partial withdrawal allowed from pension products" comment="subhead" text="Partial withdrawal allowed from pension products">Partial withdrawal allowed from pension products</cmsannotation> Policyholders will be allowed to make partial withdrawals, provided they have 3 years of continuous coverage under their insurance-cum-pension plan. Also, these withdrawals cannot be more than 25% of the total premiums paid till date. The insurer cannot use this withdrawal towards making any adjustments in the policy's sum assured. However, this withdrawal will only be allowed for specific situations, like funding children’s higher education/marriage, constructing a house, treating critical illnesses, starting a new venture or for skill development purposes.

Here’s how your life insurance plans are set to change

<ul class="summary-list"><li>Climate change is increasing the severity of natural disasters — and home insurance prices.</li><li>For those moving to a climate-risk state, there are some steps you can take to protect your home.</li></ul>Finding an affordable home in a red-hot real estate market is already a tremendous feat.And now, in addition to rapidly rising prices, home buyers are increasingly worried about another factor: climate change.According to Zillow, more than 80% of home buyers considered climate risks — including flood, wildfire, and hurricane — when shopping for a house.In particular, climate change complicates the homebuying process by sending <a target="_blank" href="https://www.businessinsider.com/climate-change-homeowners-insurance-premium-costs-crisis-skyrocketing-states-hurricanes-2024-10">home insurance premiums skyrocketing</a>. As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify.According to Holden Lewis, a home insurance expert at NerdWallet, climate change is hitting states such as California, Florida, North Carolina, Tennessee, Virginia, Texas, Oklahoma, Kansas, and Nebraska the hardest — and wildly disrupting these states' home insurance markets.If you're looking to purchase a house in these high-risk markets, here's what you need to know about rapidly rising home insurance rates.<h2 id="4ca151ec-b6df-44db-821b-3b925503bc08">How to navigate the insurance landscape when moving</h2>As climate change exacerbates the frequency and severity of natural disasters, homes are at higher risk of damage. Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies.According to financial data firm Bankrate, the national average cost of home insurance is $2,285 a year for up to $300,000 of dwelling coverage. But in high climate-risk states such as Nebraska, Florida, and Oklahoma, average annual premiums range from $4,835 to $5,655.It might seem obvious, one step homebuyers can take to avoid surprises is consider home insurance costs early in the homebuying process, Lewis said. As insurance premiums increase, they can materially impact your monthly housing payments and push a home out of your affordability zone.Prospective buyers shopping for homes in a new state are especially prone to insurance sticker shock, according to Lewis. For example, if you're thinking of moving from Ohio to Texas, you might not be aware that the average homeowners insurance rate in cyclone-prone Texas is $3,916 a year — $2,600 more than in Ohio, Lewis pointed out.Still, climate-risk states remain popular. According to <a target="_blank" href="https://www.uhaul.com/Articles/About/U-Haul-Announces-Top-Growth-States-Of-2023-30660/">U-Haul</a>, Texas and Florida received the highest influx of new residents in 2023.Many of these newcomers might not have done their homework on the home insurance market before moving to the state, according to Stephanie L., homeowner and lifelong Florida resident who asked not to use her full last name for privacy reasons.There's a lack of consumer awareness of the financial risk extreme weather brings, in Stephanie's opinion. "If you purchase a beautiful home on a river, you have to understand that with the way storms come in, you could be at risk," Stephanie told Business Insider in an interview.Even within climate-risk states, you can minimize your home's exposure to extreme weather and bring down insurance premiums by researching the local neighborhood.When Stephanie bought her house, she picked a location in the Jacksonville metropolitan area, which has less exposure to hurricane risk than other areas of the Sunshine state."We definitely looked for high and dry, not in a flood zone, and not in a hurricane evacuation zone," Stephanie said.Indeed, Jacksonville home insurance premiums are significantly lower than Florida's state average of $5,527, with homeowners paying an average of $2,705 a year for insurance according to Bankrate.Next, when it comes by a natural disaster, you want to ensure that the insurance policy can fully cover rebuilding costs. Many policies offer dwelling coverage limits in line with the market value of the house, but that's not always sufficient coverage, according to Lewis."The market value of the house the day before a fire or storm might be less than the actual cost to rebuild it to current building codes," Lewis said.For prospective homebuyers, Lewis recommends clarifying the dwelling coverage limit with the insurance agent and shopping around for available policies.Also important to note is that flood coverage often isn't included in standard homeowners insurance policies. This is an important consideration if you're looking to buy a house in an area prone to hurricanes."If water is rising, say from a river, or storm surge, then a standard homeowners policy will not cover that damage," Lewis said.Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home."I also have a separate flood policy even though I'm not in a floodplain," she said. "When you're not in a flood zone, flood insurance is pretty affordable."Although Stephanie isn't at high risk for flooding, she still wants to be prepared for the worst. It's not a bad idea to go the extra mile and purchase extra insurance when it comes to buying a home in Florida, even if you're not directly in a flood zone.In addition to hurricane-prone Gulf Coast states, regions like western North Carolina, eastern Tennessee, and southern Virginia are flooding hotspots, according to Lewis.Lastly, homeowners also should consider how inflation will drive up home insurance costs, especially as concerns over inflation loom high in today's economy. An inflationary environment will increase the cost of building materials and construction, Lewis pointed out.As a result, it may be a good idea to review your coverage every year or two to evaluate the status of your coverage, Lewis said."Talk to the agent, maybe even talk to a general contractor just to find out, 'Hey, am I still covered? Do I still have enough coverage to pay to rebuild this home?'" Lewis suggested.For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.

Buying a home in one of these 9 climate-risk states? Here's how to deal with spiking home insurance rates from someone who lives in one

Gina Papini honestly isn't sure whether she got taken for a ride on <a target="_blank" href="https://www.businessinsider.com/personal-finance/should-i-get-pet-insurance">pet insurance</a>, but it's pretty clear she didn't get much bang for her buck.Papini and her husband decided to add coverage for their two dogs and their cat when it was offered in 2021 as a bundle with their home-insurance plan. It seemed like a simple way to protect their pets' health. But the whole endeavor wound up being a headache. The pets' <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-an-insurance-premium-definition-cost">combined premiums</a> cost hundreds of dollars a month, she says, and the coverage proved far less comprehensive than they anticipated. The couple never really needed to use the insurance for their two younger animals, and for their older dog, Kato, the process was a mess. Whenever Kato wound up at the vet, usually with stomach issues, they'd pay the bill and then submit it to the insurance company, which would then balk at reimbursing them."We thought it would save us money in the long run if we got it, but then they would refute claims and say, 'Well, this could have been a preexisting condition,' and preexisting conditions aren't covered," Papini said. "You need extra vet paperwork to back up that it wasn't. And so then you just get to a point where you're jumping through so many hoops."Papini and her husband got tired of dealing with all the rigamarole and axed their insurance plan after a year. Despite paying thousands of dollars in premiums, they never saw a single reimbursement.<a target="_blank" href="https://www.businessinsider.com/half-owners-say-pets-equal-human-family-member-survey-2023-7">People love their pets</a>, and they're willing to do a lot for them, <a target="_blank" href="https://www.businessinsider.com/protect-finances-pets-likely-recession-2022-11">financially</a> and otherwise. The American Pet Products Association has estimated that Americans spent $147 billion on their animals in 2023, including $38 billion on their healthcare. This level of attachment has helped turn the pet insurance industry into a lucrative and rapidly expanding market. The North American Pet Health Insurance Association found that pet owners in the US paid $3.9 billion in premiums in 2023, a 22% increase from the year before. Some 6.25 million pets in the US were insured as of the end of 2023, per NAPHIA. That's still a small fraction of all the pets in the country, given that there are over 80 million pet dogs and 60 million pet cats, according to the American Veterinary Medical Association. But it's growing.As pet insurance becomes more prevalent, so too do the questions about it. While some people swear by it, others think it's a scam. One thing is for sure: As the industry grows, pet insurance is becoming as <a target="_blank" href="https://www.businessinsider.com/insurance-companies-get-you-to-pay-more-deny-claims-2023-10">confusing and messy</a> as health insurance is for humans. It's barely regulated, and deciphering what it does and doesn't encompass can be super confusing. Just like <a target="_blank" href="https://www.businessinsider.com/how-to-fight-rejected-insurance-claims-2013-11">regular health insurance</a>, coverage for pets often winds up being riddled with loopholes and fine print that allows insurers to deny claims, declining to pay for the very care that motivated consumers to buy the policy in the first place. Because consumers pay up front, they often don't realize they won't be reimbursed until it's too late. Pet insurance gets pricier over time, meaning many people can no longer afford to keep their coverage just when they might start to need it.In short, pet insurance isn't a grift — some people do end up using their benefits. But for many people, insuring their furry friends ends up being a money suck.Pet insurance isn't technically even health insurance; it falls in the property-and-casualty category. It's generally regulated pretty lightly by states. There are no broad federal regulations around it, and only a handful of states have laws and standards around it specifically. How it usually works is people pay a monthly premium, and after they've paid a vet bill, they submit it to the insurer to try to get their money back. Just as with human health insurance, there are also deductibles and copays and annual limits on how much the policy will pay out. There are three categories of pet insurance: accident only; accident and illness; and accident, illness, and wellness. Adding more coverage makes the policy more expensive. Accident and accident-illness policies cover costs only if something goes awry — Rover gets into a rough fight at the dog park or develops arthritis. Fancier, more-comprehensive policies also cover wellness visits and preventive care, like dental care and vaccines. No matter the policy you choose, insurance <a target="_blank" href="https://www.businessinsider.com/personal-finance/average-cost-pet-insurance">can get expensive fast</a>. Premiums generally go up each year as a pet gets older. And <a target="_blank" href="https://www.businessinsider.com/soaring-home-car-insurance-rates-hurting-americans-finances-us-economy-2023-11">as with many insurance products</a>, pet-insurance premiums across the board are on the rise because of inflation and the increasing cost of care."The big problem with pet insurance is it's just an expensive product," said Kevin Brasler, the executive editor of Consumers' Checkbook, a consumer watchdog group. "If you're going to be one of these plans, buy it when your pet's young, but just know your costs are likely going to skyrocket as time goes on."Even if a pet owner can find an affordable policy, they may have trouble deciphering what's covered. <a target="_blank" href="https://www.businessinsider.com/personal-finance/preexisting-conditions-in-dogs">Pet insurance almost never covers preexisting conditions</a>, and what <a target="_blank" href="https://www.businessinsider.com/what-counts-pre-existing-condition-bcra-trump-obamacare-2017-7">qualifies as preexisting</a> can be quite broad and hard to parse. (It's wild that <a target="_blank" href="https://www.businessinsider.com/obama-jimmy-kimmel-healthcare-preexisting-conditions-2017-5">we used to do this for people</a>, by the way.) If you get a policy for your puppy before it has a chance to develop any problems, it might be a good deal. But if you have a 10-year-old dog with diabetes, that's a different story. I got some quotes from the website Pawlicy Advisor for my fictional dog, a mixed breed named Dan. When I changed the inputs to make Dan a six-month-old in optimal health, the platform recommended a policy starting at $28 a month. When Dan was 10 and had some issues, the first policy it suggested was $125, and some plans were about $350.Michael San Filippo, a spokesperson for the American Veterinary Medical Association, said in an email that the group endorsed the "concept" of pet health insurance, which can help keep vet costs down and save animals' lives, but he acknowledged that when the rubber hits the road, it can get hard to figure out."It's important that pet owners understand the scope of what their pet insurance does and does not cover, so they're not caught off guard by unexpected payments," he said.Even getting good advice on which pet-insurance policy is right for you can be a challenge. There are endless listicles recommending various policies, as well as websites dedicated to comparing insurers. The sheer volume of information can be hard to parse. It's also difficult to differentiate what is genuine advice and what's paid for. Many comparison tools get <a target="_blank" href="https://www.businessinsider.com/how-to-earn-six-figures-with-affiliate-marketing-websites-2023-5">commissions for sales</a> made through their platforms, so what they're recommending may not actually be the best option — it's just the one <a target="_blank" href="https://www.businessinsider.com/youtube-creators-discuss-new-affiliate-program-rates-features-2024-3">they'll make money off of</a>. (This is <a target="_blank" href="https://www.businessinsider.com/the-affiliate-marketing-report-how-mainstream-publishers-are-turning-performance-based-marketing-into-a-fine-art-2015-11">true for all sorts of platforms</a> that compare and recommend financial products, from credit cards to travel insurance.) The spread of these lists also points to another problem with the industry: the corporatization of pet insurance. Doug Kenney, a retired veterinarian who writes about the pet-insurance industry, said in an email that a decade ago, most pet-insurance companies were considered small businesses and were led by a founder/CEO with a vision for the company. Over time, these companies took on larger corporate structures, and some founders were pushed out by their boards. Nowadays, there are many large pet-insurance companies, some of which specialize only in pets, others of which are larger insurers that offer pet insurance, and many of which are publicly traded, meaning they ultimately answer to shareholders."This new structure has been a detriment to the industry with profit as the primary motive versus what is in the best interest of the consumer," Kenney said. "I used to say that pet insurance was a win, win, win proposition with the insurance company, veterinarians, and the policyholders and their pets all benefiting. I don't think that's the case anymore."Reporting this story, I fully expected to come down on one side or the other on whether pet insurance is good or bad. But I really didn't come up with an answer. I heard about a wide array of experiences with pet insurance, from awesome to mediocre to awful. One woman saved $4,000 on vet bills thanks to her insurance after her cat ate a pom-pom toy and the doctor had to fish it out. One man looked into getting coverage for his two cats after learning that both had extra teeth, but the minute they were documented, those overcrowded mouths became a preexisting condition. Another woman adopted a dog from Mexico with a "pretty wonky leg" that's "very noticeable." At her first vet appointment with the animal, the doctor told her to apply for pet insurance. She said she wouldn't note the leg on the dog's chart so the application would be approved — everyone agreeing to do a <a target="_blank" href="https://www.businessinsider.com/insurance-fraud-artificial-intelligence-detection-2023-10">light amount of insurance fraud</a>. In a purely financial or economic sense, pet insurance seems pretty worthless for many consumers. There are too many exceptions, too many hoops to jump through, and little regulatory recourse if you think you got taken for a ride. Unless something goes really awry, people pay more into their policies than they get out of them. Brasler was pretty blunt in his assessment of the overall product."You really need to think carefully about 'What kind of pet owner am I?' No judgments," he said. "This is a really expensive product. It's not likely to save you money down the road, and if it does, you're an outlier."Ultimately, a lot of the value of this sort of insurance is emotional. It's possible to do some back-of-the-envelope calculations to figure out the lifetime cost of a policy, but the personal side of the equation is considering how much you're willing to spend on your furry friend. Maybe you feel like spending $10,000 over the course of your pet's life on insurance is worth it for the peace of mind. Or maybe you forgo insurance, figuring that if your companion has a serious health problem, you'll make the decision then to spend the money on them — or not. (Again, no judgments!)As for Papini, she's not getting back on the pet-insurance train. It was just too hard to deal with, and her husband is still cranky about the ordeal. She knows they're fortunate to be able to pay out of pocket for their animals' needs, which remain expensive. Kato now has cancer, and the treatments cost thousands of dollars. Would the insurance be worth it now? It's hard to know."Who's to say they wouldn't have been like, 'Well, he had diarrhea in 2017, so therefore it's a preexisting condition,'" she said. "Then we would've spent thousands of dollars for the insurance, never been able to use it, and still had to pay out of pocket on top of it."<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Pet insurance is booming. It's also mostly worthless.

<ul class="summary-list"><li>Chubb, the Baltimore bridge insurer, is set to pay out $350 million, per The Wall Street Journal.</li><li>The bridge's collapse in March killed six people and shut down the port of Baltimore.</li></ul>The insurer of Baltimore's Francis Scott Key Bridge is gearing up to issue a $350 million payout to the state of Maryland, <a target="_blank" href="https://www.wsj.com/finance/insurer-to-make-350-million-payout-in-baltimore-bridge-collapse-36abcb51">The Wall Street Journal</a> reported on Thursday.Chubb has opted to pay the full coverage amount quickly and could approve it within weeks, per the outlet, which cited Henry Daar, the head of US property claims for the bridge's broker WTW."I am confident that Chubb will pay the full limits of liability," Daar told the Journal."I give Chubb kudos for recognizing that this is clearly going to be a full-limits loss," he added. "They could spend millions and millions of dollars in fees for accountants and adjusters over the next few years, or they could pay the claim."Chubb's payment would be the first related to March's disaster. The Lloyd's of London insurance syndicate previously warned that the bridge's collapse could trigger the "<a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-insurance-losses-francis-scott-key-lloyds-london-2024-3">largest single maritime insurance loss ever</a>," with Barclays analysts estimating that the damage caused could lead claims worth up to $3 billion.The bridge collapsed after the Dali container ship collided with one of the bridge's support beams in the early hours of March 26, killing six people and shutting down the port of Baltimore, which analysts have estimated <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-francis-scott-key-economy-growth-supply-chains-2024-3">cost the economy about $15 million a day</a>.Chubb, the state of Maryland, and the victims' families are likely to sue the Dali's Singaporean owners to recover some of their losses from the crash, per the Journal.Chubb didn't immediately respond to a request for comment from Business Insider. WTW confirmed the Journal's reporting but declined to elaborate.

Baltimore bridge insurer is reportedly set to write a $350 million check

<ul class="summary-list"><li>CMS said Thursday that it will limit insurance coverage for a controversial new Alzheimer's drug.</li><li>It will only cover drugs given an accelerated FDA approval for patients in clinical trials. </li></ul>Use of <keyword id="12729243" type="UNKNOWN" weightage="60" keywordseo="biogen" source="Orion">Biogen</keyword>'s controversial <keyword id="11948157" type="UNKNOWN" weightage="60" keywordseo="alzheimers-disease" source="Orion">Alzheimer's disease</keyword> treatment will officially be limited to a few thousand patients under The Centers for <keyword id="11896864" type="UNKNOWN" weightage="60" keywordseo="medicare" source="Orion">Medicare</keyword> and Medicaid Services' coverage decision announced Thursday. CMS, which is the largest insurer in the US, laid out its final guidelines for covering drugs that treat Alzheimer's disease using antibodies that target a harmful plaque in patients' brains called amyloid beta. Under the coverage policy, drugs that are approved through the traditional Food and Drug Administration approval process will be available to all Medicare and Medicaid recipients. But drugs that receive an accelerated approval, like <keyword id="11400787" type="UNKNOWN" weightage="60" keywordseo="aduhelm" source="Orion">Aduhelm</keyword>, will only be available to people involved in clinical trials, due to an increased risk of brain bleeds.Alzheimer's disease affects around 6 million people in the US. About 5 million of them rely on Medicare, so getting the federal insurer to cover the drug is key for business.The decision heavily impacts Biogen, which got accelerated approval for its drug Aduhelm in June 2021. The company has struggled to get <keyword id="11897506" type="UNKNOWN" weightage="100" keywordseo="healthcare" source="Orion">healthcare</keyword> practitioners and insurers to embrace Aduhelm, leading to <a href="https://www.businessinsider.com/alzheimers-drug-aduhelm-had-one-of-worst-launches-in-history-2021-12">one of the worst drug launches in modern history</a>. It also poses a new challenge for Eli Lilly, which plans to ask for accelerated approval for another Alzheimer's treatment, donanemab, later this year. The companies did not immediately respond to a request for comment. <h2>The decision is a hiccup after a controversial FDA approval</h2>Biogen ran two late-stage clinical trials of the drug, one of which failed to show any benefits for patients, while the other appeared to show Aduhelm worked. The FDA ultimately decided to approve the drug through a special mechanism called an accelerated approval, which means Biogen can begin selling Aduhelm but needs to run a new clinical trial to prove it works. Biogen plans to start a 1,300-person study later this year. Physicians like University of Southern California neurology professor Lon Schneider and Mayo Clinic neurologist Dr. David Knopman have told Insider the drug never should have received an accelerated approval. "The FDA, in using the accelerated approval mechanism, they could not endorse any evidence of demonstrable clinical benefit. That's what their press release said in so many words. That seems illogical to me," <a href="https://www.businessinsider.com/doctors-resign-from-fda-panel-after-aducanumab-biogen-approval-2021-6">Knopman said in June</a>. <h2>Private insurers will need to weigh whether to cover Aduhelm and similar drugs</h2>Private companies that offer <keyword id="12394097" type="UNKNOWN" weightage="60" keywordseo="medicare-advantage" source="Orion">Medicare Advantage</keyword> plans are<a href="https://www.medpac.gov/wp-content/uploads/import_data/scrape_files/docs/default-source/reports/jun18_medpacreporttocongress_rev_nov2019_note_sec.pdf"> required to reimburse drugs that are covered by CMS</a>. But if Medicare puts out rules that are vague, Medicare Advantage plans may have more discretion to make their own determinations, according to Desiree Otenti, senior director of medical policy and program implementation at Blue Cross Blue Shield of Massachusetts.States like Oregon, meanwhile, are <a href="https://www.statnews.com/2021/12/14/oregon-wants-to-get-out-of-covering-drugs-like-aduhelm-in-medicaid/">hoping to get out of a federal policy</a> that requires their state Medicaid programs — which serve low-income households — to cover drugs like Aduhelm that receive an accelerated approval. CMS had already raised Medicare premiums <a href="https://www.cnn.com/2021/11/16/politics/aduhelm-alzheimer-medicare-increase/index.html">to accomodate Aduhelm</a>, which cost $56,000 until Biogen cut the price on Jan. 1. The agency is now reassessing that price hike. SVB Leerink analyst Marc Goodman had originally thought that Aduhelm sales could reach $31 million in 2021 and $525 million in 2022. But many healthcare centers and insurers have shied away from offering the drug so far. As a result, Aduhelm had made just $3.3 million by the beginning of December, <a href="https://www.bloomberg.com/news/articles/2021-11-26/biogen-stock-plunges-40-since-june-on-alzheimer-s-drug-turmoil">causing its stock to drop by 40%</a>. A surprise retirement of Biogen's head of Research and Development in November 2021 also shook investor confidence. This article was originally published in January and has been updated to reflect CMS' final coverage decision.

Medicare sticks by decision to limit coverage of a controversial Alzheimer's drug to people involved in clinical trials

The Best Credit Cards With Primary Rental Car Insurance of 2024

<ul class="summary-list"><li>Connected-car services might be sharing your data with insurance companies.</li><li>Drivers told The New York Times about massive reports on their driving habits.</li></ul>Your driving habits aren't as private as you think they are, according to a recent report from <a target="_blank" href="https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html">The New York Times</a>.Internet-connected vehicles can gather data on driving habits, including hard braking and rapid accelerations, and share that information with the data broker LexisNexis, which works with insurance companies to create personalized coverage.One <a target="_blank" href="https://www.businessinsider.com/chevy-bolt-euv-cheap-electric-car-suv-price-2022-12">Chevrolet Bolt</a> owner who spoke with the Times said he uncovered a 258-page report on his driving habits when he inquired about a 21% increase in his insurance costs.Other owners in the story reported the same experience: <a target="_blank" href="https://www.businessinsider.com/personal-finance/best-car-insurance-companies">Insurance costs</a> skyrocketed, and when they inquired about what was going on, the insurance companies encouraged them to check their LexisNexis reports.General Motors' <a target="_blank" href="https://www.businessinsider.com/gm-follows-tesla-with-onstar-car-insurance-product-2020-11">OnStar</a> Smart Driver service is a focus of the Times report. Some drivers who were enrolled in Smart Driver told the Times that their insurance costs went up. GM has offered connected OnStar services for decades. It's historically been used to connect drivers to emergency services and navigation.<a target="_blank" href="https://media.chevrolet.com/media/us/en/chevrolet/bcportal.html/currentVideoId/4313843204001/pnId/1/typeId/c/currentChannelId/Most%20Recent.html">Smart Driver</a> is a newer offering within OnStar, launched in 2016. It allows drivers to track their driving habits and improve their safety through a gamified experience in which you can collect badges for braking gently and following speed limits.GM confirmed to The New York Times that it shared "select insights" with LexisNexis and pointed out that Smart Driver was an optional service that the owner could turn off.Some drivers who spoke with the Times insisted their insurance costs went up even when they weren't enrolled in Smart Driver. The Times cites a GM company manual that suggests dealer salespeople could receive a bonus for enrolling people into the service.GM told Business Insider Smart Driver is an optional service that requires customers to consent three times before data is shared, and said that customers can unenroll at any time.GM told the Times, "When a customer accepts the user terms and privacy statement (which are separately reviewed in the enrollment flow), they consent to sharing their data with third parties."If you own a <a target="_blank" href="https://www.businessinsider.com/gm-hybrids-plan-good-for-car-dealers-and-shopper-2024-1">GM car</a> (Chevrolet, Cadillac, Buick, or GMC) with OnStar services, you can check whether you're enrolled in Smart Driver on your car's app — MyChevrolet, MyBuick, etc. Some drivers have shared on Reddit instructions for <a target="_blank" href="https://www.reddit.com/r/BoltEV/comments/1535ohe/psa_chevyonstar_automatically_opts_in_all_bolt/">unenrolling</a> from the service.Update: March 11, 2024 — This story was updated with a comment from General Motors.

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