WHAT IS AN INSURANCE DECLARATION PAGE?

An Insurance Declaration Page (DEC Sheet) is usually the first page of your insurance policy and often summarizes your coverage by providing the following information:

Who is insured?

What is insured?

How it is insured (what type of coverage)?

How much it is insured for (policy limits)?

How long the insurance policy is valid for (effective and expiration dates)?

Looking through all the pages to understand the basics of your insurance policy would be complicated. The insurance DEC page provides the insurance policyholder with a basic overview of their insurance policy in one area so everything is clearly outlined as well as the costs associated with the coverage listed on the page.

The Insurance Declaration page is the most important part of your insurance policy because:

1. It dictates what insurance coverage you have and how your claim will be paid;

2. It tells you what the limits are for each section of the policy; and

3. It includes the premiums charged for the coverage you have purchased.

The declaration page is then followed by the second most important part of your policy, the policy wording which then defines each of the terms found on the DEC page and how they apply in a claim.

Our agents at Apron Agencies can help you review all the sections of your insurance DEC pages and make sure you understand what insurance you have and how well you will be covered in the event of a claim.

ARE YOU READY TO SAVE MONEY AND GET THE BEST INSURANCE COVERAGE AVAILABLE? TAKE ADVANTAGE OF OUR FREE HOUSEHOLD INSURANCE CHECKUP TODAY! 

CHECK YOUR SOURCE FOR INFORMATION ABOUT MEDICARE

You can search the internet regarding any topic and find multiple sources for answers to your questions. There is an endless amount of articles and videos on all aspects of health insurance coverage, including Medicare.

But, how do you know whether the information you are reading is correct? How can you separate the correct information from the rest? Here are Apron Agencies 3 tips to ensure you are receiving accurate information.

1. Consider The Source of the Information - Besides the U. S. government’s official website that explains your choices for Medicare coverage, another great resource for information is the AARP website. This article provides essential information to help you choose your plan. When reading articles on the internet, consider whether the article is written by someone who is knowledgeable about in health care information.

2. Remember to check the facts - Don’t rely on a single source of information.  First, look for more than one reputable source on the same topic. Then take a few minutes to fact check what you’ve read.

3. Ask a Health Care Professional - Before you make any decisions that could impact your health, talk to a health care professional. Here is a list of Frequently Asked Questions. You can also call 1-800-MEDICARE (1-800-633-4227) to ask any questions.

Do you have questions about your Medicare coverage or want to find out more about supplemental plans, feel free to contact us as we would be happy to help.

REVIEWING YOUR HOMEOWNERS INSURANCE POLICY LIMITS

With ever-fluctuating home values, are you confident your homeowners insurance policy limits are enough to cover the cost of rebuilding your home, should the unexpected happen?

The cost of rebuilding your house may be higher than the price you paid for it or the price you could sell it for today. As a homeowner, you need to protect your investment. The following tips will help you ensure you have the coverage you need—eliminating worry and additional hassles.

Review Your Policy Limits

Make sure that your home has sufficient coverage on an annual basis by contacting Apron Agencies, LLC. to review your policy limits. Let us know if you’ve remodeled, made an addition or purchased an expensive item for your home.

We also need to know if you’ve made a major lifestyle change—for example, if you’ve gotten married or taken in an elderly parent who owns expensive heirlooms. With these lifestyle changes may come new items that need to be accounted for in case of a loss.

Understand Your Policy

Read your policy to determine what exactly it covers. Most cover replacement costs, or payment for the cost to repair or replace damaged property using similar materials. A homeowners policy also covers your home’s contents, but coverage will vary based on your policy. You will want to purchase additional insurance to cover jewelry, collections, artwork and memorabilia. 

Purchase Additional Protection

A typical homeowners policy protects against fire, lightning, wind storm and many additional perils; check your policy for specifics. However, most homeowners policies do not protect against damage caused by floods, hurricanes or earthquakes. 

If you live in an area prone to specific natural disasters, it is a good idea to look into additional coverage available as a stand-alone policy.

Insure Home Improvements

When making a major change to your home, it is important to talk to us about insuring those changes. Be sure to let us know the specifics to ensure you have adequate coverage. If you remodeled a bathroom, we want to know whether you installed a standard bathtub or a whirlpool tub or if your countertops are now made of marble—it all adds to the value of your home.

Understand Rebuilding Costs

As a general rule, rebuilding a home costs more than an identical home would cost as a new construction. That’s because rebuilding includes a number of additional factors—like demolition, debris removal, worksite access and updated building codes—that can drive up the price of a rebuild. Don’t assume that the new construction cost of your home provides enough coverage. Consult a contractor for an estimate on your home today.

Take Construction Costs into Account

Construction costs are on the rise, so your policy should reflect that. When reviewing your policy, consider the rising cost of materials, labor and supplies, and set your limits accordingly.

Don’t play the guessing game. Contact Apron Agencies at (504) 416-0237 for assistance on determining the value of your home. We can work together to create a policy that will protect your investment. We are ready to help and are just a phone call away!

3 TIPS TO FIND THE BEST COMMERCIAL INSURANCE

Protecting your business should be your number one priority!

You have worked hard to build your business and at Apron Agencies, LLC, we want to ensure that you have the right safeguards in place to protect your business.

As you start researching for the best policy, here are three things to think about:

1. Your Coverage - A great deal may not be a great deal. Look past the price to your worse case scenario. If something were to happen to your business, would you be short on coverage? You may pay less now but more when you make a claim and your problem is not sufficiently covered.

2. Your Future - A lot can happen in a year. Pay special attention to coverage limits and exclusions. As your business continues to grow, you want to make sure your policy can grow with your company.

3. Your Current Policy - Look at what your current plan offers and how it differs from your needs.

At Apron Agencies, we can help you find the right policy to fill in all the gaps. Our independent insurance agents have the tools to help you choose the right insurance policy for your commercial needs at the right price. Call us today at (504) 416-0237!

HOW TO AVOID THE MEDICARE PART D "Donut Hole"

Did you know about the Medicare Part D "donut hole" and how to avoid it? 

The Part D coverage gap or "donut hole" occurs when a person reaches a specific spending limit for their medications and must pay more of the costs after reaching that threshold.

The following are ways you can avoid the donut hole altogether or get financial assistance if you fall into the coverage gap.

Shop around

The Annual Enrollment Period for Medicare Advantage Initial Coverage Election Period runs October 15 – December 7. During this time, people who are eligible for Medicare can join, switch, or leave plans.

This Part D plan checklist, developed for National Council on Aging, provides a list of questions to ask before selecting prescription drug coverage. Aside from reviewing costs, you should choose a plan that covers all/most of your medications and makes it convenient for you to fill your prescriptions. 

The Medicare Plan Finder is a tool you can use to compare plans and determine your costs in the coming year, including when/if you may fall into the "donut hole". Some Medicare plans may offer additional coverage during the coverage gap, for instance, generic drugs; however, they may also charge a higher monthly premium. 

What's ahead

You may have heard that the Affordable Care Act was set in motion to close the Part D coverage gap in 2020. However, "closing" does not mean that people reaching the donut hole do not pay anything for their drugs. Instead, it indicates that plans and pharmaceutical companies pick up more of the tab.

For example, beginning in 2019, Medicare beneficiaries enrolled in Part D prescription drug plans reaching the donut hole will still pay 37% of their generic medications' costs and 25% of the brand-name medications.

Resources to help 

If you are unable to avoid the "donut hole", you should explore these options to help pay for your prescriptions:

• Louisiana RX Assistance Plans: Several prescription assistance programs help curb the costs of medicines if you meet specific eligibility criteria. 

• Patient Assistance Programs: Many brand-name drug manufacturers have these programs to provide discounts or no-cost medications to those who qualify. You must provide proof of income and the cost of the prescription to take advantage of these programs.

• Generics: Talk to your doctor about whether generics are a good substitute for your brand-name drugs. If your medication is in a higher cost tier or is not covered on your plan's formulary (approved drug list), you can ask for an exception to get the plan to cover it entirely or at a lower cost.

• "Best" Price: You can also ask your pharmacist for the "best" price for the prescription. Sometimes costs for drugs are ss if you do not use your insurance. Be mindful that any medication you purchase outside of your insurance will not count toward satisfying your deductible, nor will it apply to the "donut hole".

Avoiding the coverage gap entirely

Check whether you qualify to receive Medicare's Extra Help/Part D Low-Income Subsidy if you have limited income and resources. Extra Help has helped people save significantly on their prescription drugs.