Understanding the Different Types of Health Insurance Plans

Understanding the complex world of health insurance can be rather challenging. At The Smith Insurance Group Inc., located in Sandy, UT, our goal is to make it easy and help you understand the different types of plans and policies available. Review some of the most popular ones so that when you come in for your consultation, you can feel comfortable about the level of knowledge you have on the subject.

The Four Main Types of Health Insurance

Health Maintenance Organization (HMO) Plans

HMOs offer a range of services within a network of healthcare providers. With this plan, you must choose a primary care physician (PCP) who will manage your healthcare needs. You’ll need a referral to see specialists. HMOs usually have lower out-of-pocket costs, but you’ll have limited flexibility when choosing a provider.

Preferred Provider Organization (PPO) Plans

PPO plans offer more flexibility in choosing healthcare providers. You don’t need a referral to see a specialist; you can visit providers outside the network. However, out-of-network care may result in more money coming out of your pocket.

Exclusive Provider Organization (EPO) Plans

EPOs are a combination of sort between HMO and PPO plans. Like HMOs, you’ll need to select a primary care physician and receive care within the plan’s network. However, you don’t need a referral to see specialists. EPO plans typically have lower premiums than PPOs but offer less flexibility in provider choice.

Point of Service (POS) Plans

POS plans combine elements of HMO and PPO plans. You’ll choose a primary care physician and need referrals for specialist care. However, you can receive out-of-network care at a higher rate if you choose to. POS plans will have you reaching for your wallet less than PPOs but offer more flexibility than HMOs.

Get Expert Guidance from The Smith Insurance Group Inc.

At The Smith Insurance Group Inc. in Sandy, UT, we know that every individual and family has different healthcare needs. Our knowledgeable staff will help you review the different types of health insurance plans and assist you in choosing the best plan for your situation. Contact us today to start your journey toward the health coverage you need.

What Does Motorcycle Insurance Cover?

The agents at the Smith Insurance Group Inc. serving the Sandy, UT area express the importance of a motorcycle insurance policy. Utah requires all drivers, including motorcyclists, to have liability insurance before they can legally drive on public roads. Motorcycle liability insurance will help you pay for any damage to another driver’s vehicle or injuries caused in an accident deemed your fault.

You can choose from many other types of motorcycle insurance to create the best policy for you and your situation. Read on to learn more about other types of motorcycle insurance coverage options.

Types of Motorcycle Insurance Coverage Options

Uninsured and Underinsured Motorcycle Insurance

If you become involved in an accident that is the other driver’s fault but that driver does not have any insurance or does not have an adequate amount of insurance, this type of motorcycle insurance will come in handy. This is because it will help you repair your bike and pay medical bills if you or your passenger are injured due to the accident.

Comprehensive Insurance

Comprehensive insurance will help if a natural disaster, such as a tornado or hurricane, damages your bike. It can also assist you with repairs or replace your motorcycle if it is damaged or destroyed by a fire or vandalism. This insurance coverage will also help you replace your bike if it is stolen.

Collision Insurance

If you collide with another vehicle or hit a stationary object, collision insurance will assist you in paying for any damages.

If you owe money to a lender for the purchase of your motorcycle, you will need to have both collision and comprehensive insurance coverage to protect your lender’s investment in your motorcycle.

Contact Smith Insurance Group Inc.

To obtain adequate motorcycle insurance for you and your bike, contact the experienced and knowledgeable agents at the Smith Insurance Group Inc. serving the Sandy, UT area today!

How much life insurance do I need?

We all know how important life insurance is, but it can be challenging to determine precisely how much coverage you need. Everyone’s situation is different, and the right amount of life insurance depends on your individual needs. The Smith Insurance Group Inc. specializes in protecting Sandy, UT area families with life insurance policies.

Determining how much life insurance is enough.

When deciding how much life insurance to purchase, you should consider a few factors. The most crucial factor is determining the amount of money your family will need if you pass away suddenly. This includes funeral expenses, any debts you may have, and any other financial obligations such as mortgage payments or college tuition costs for your children. You should also consider the income your family would lose in the event of your death and factor this into the total amount of coverage needed.

Once you have an estimate of the financial obligations that need to be met in the event of your death, you should decide which type of life insurance policy best fits your needs. Term insurance policies provide coverage for a set period at a lower cost than permanent policies but do not offer any cash value. Permanent policies such as whole-life and universal-life provide lifetime protection with tax-advantaged cash values that grow over time. 

Determining how much life insurance you need is a personal decision based on your circumstances and goals for protecting your loved ones after you’re gone. Talk to an experienced broker at The Smith Insurance Group Inc. who can help guide you through this process and suggest specific types of policies that meet your unique needs. We proudly serve the Sandy, UT area.

I don’t have a car loan. Do I still need auto insurance?

Most states require all drivers to carry auto liability insurance that meets the state minimum requirements. However, drivers can invest in more than just auto liability coverage. Drivers have many coverage options. Our Sandy, UT team at The Smith Insurance Group Inc. is committed to helping drivers find coverage that meets their needs. 

Auto Insurance Requirements

Most states require all drivers to carry liability insurance that meets the state minimum levels, regardless of whether you have a car loan or not. All drivers must carry liability insurance. However, other circumstances may require you to carry more than liability coverage. Minnesota also requires drivers to carry uninsured motorists’ coverage and personal injury protection coverage. 

I don’t have a Car loan. Do I still need Auto Insurance?

Yes. You still need to carry auto liability insurance. However, if you have a late-model car, investing in more than just liability coverage may be wise. Likely, you won’t be able to pay for damage to your vehicle out of pocket. One rule of thumb is to carry full coverage insurance if your car’s value exceeds your annual insurance premium. Your car’s value may justify paying for full coverage if its value is less than what you’re paying in insurance costs. For example, the odds of your car being totaled is greater if the value of your vehicle is less than the cost of repairing it. If you have more questions about auto insurance, call us. We’d be happy to help you explore your options. 

Do You Need Term Life Insurance or Whole Life Insurance?

At The Smith Insurance Group Inc., we understand the importance of life insurance to your family’s future. You may not have yet paid off your home in Sandy, UT, or your children may have just started school. Life insurance can help you pay for those things after you’ve died.

You’ve got many choices of life insurance products, though, and that can make it a tough decision. You need to determine if you want term or whole life insurance.

What does that mean, you ask? The difference between the two policy types comes down to the period they cover.

Term Policies

A term policy refers to one that remains active during the specified period it covers. Typically, this refers to a period of 10, 20, or 30 years. The policy remains active if you pay your premiums during this period. If you die during the term of the policy, it pays your beneficiary the amount of money named in the policy.

Whole Policies

 A whole policy or whole life insurance is one that remains active throughout your life as long as you pay the premiums. Some whole-life policies let you purchase the coverage outright, so you pay the equivalent lump sum of the average number of years the typical policyholder pays into the policy. If that’s 30 years of premiums, that’s what you pay. Others require monthly or quarterly premium payments.

Contact Us

Contact The Smith Insurance Group Inc., serving Sandy, UT, for more information on life insurance. Let us help you find the ideal policy for you, whether you need a term or whole-life policy.

Prepare Your Car, Truck, or SUV for Winter in Utah

As the temperatures drop and the snow falls in Sandy, UT, it’s essential to ensure your car, truck, or SUV is prepared for winter weather. Along with providing comprehensive auto coverage from The Smith Insurance Group Inc, a few simple steps can help prevent costly repairs and accidents.

Check Your Tire Tread and Pressure

As the temperatures start to drop, so does the air pressure in your tires. That’s why it’s essential to check your tire pressure regularly during the winter. Low tire pressure can cause your tires to lose traction on icy roads, leading to accidents. It can also cause your tires to wear down more quickly.

Besides checking your tire pressure, it’s also important to check your tire tread. Tire tread helps you grip the road. The deeper the tread, the better grip you’ll have. If your tire tread is shallow, you might replace your tires before winter weather hits.

Clear Off Your Car Before You Drive

Another critical step in preparing your car for winter is clearing the snow and ice before driving. Ice and snow can obstruct your vision and make it difficult to see other vehicles on the road. It can also cause your car to lose traction and slide on icy roads. So before you head out this winter, take a few minutes to clear off your car completely.

Check Your Wiper Blades

Ice and snow can also make it difficult to see the road ahead. To ensure you have clear visibility, check your wiper blades before winter weather. If they’re cracked or worn down, replace them before the snow falls.

Also, ensure your Sandy, UT vehicle coverage is up-to-date with The Smith Insurance Group Inc. We can provide comprehensive coverage to protect your vehicle from damage and theft year-round.

Make Sure You Have Motorcycle Insurance to Protect Your Ride

The Smith Insurance Group Inc. of Sandy, UT is ready to provide you with a quote or answer any questions you may have.

Insurance on your bike is as important to your protection while driving as all your safety gear. It pays for repairs, medical bills for injuries sustained, and replacement costs. Without this coverage, you would pay out of pocket for these things.

Most states, including Utah, require motorcycle insurance. Without it can result in hefty fines and, in some cases, the loss of your license. Here are some types of coverage that are recommended.

  • Liability coverage – it helps pay for costs resulting from damage or injury to another person if you are at fault.
  • Medical payments and personal injury protection – this coverage will help you pay for your own medical costs and provide personal injury protection for more coverage. Optional personal injury protection can help pay for lost wages, childcare, and other related expenses during recovery.
  • Passenger coverage – Anyone riding with you will not have to worry about medical payments resulting from injury if an accident occurs.
  • Collision and comprehensive coverage – help pay for damage done to your property. Collision covers the cost of repairing or replacing the motorcycle if involved in an accident. Comprehensive offers the same protection if a non-collision event occurs such as theft, fire, or weather event. Your bike is protected even when parked on your property.
  • Breakdown coverage – this optional coverage pays for certain repairs to your motorcycle. Similar to an extended warranty, it pays for engine, transmission, and other maintenance repairs.
  • Roadside assistance and towing – this coverage will have your motorcycle towed to the nearest shop. It also covers flat tires, battery failure, and mechanical or electrical failures, and provides free delivery of fuel, oil, or water if needed.

If you are a motorcycle rider, do not be caught without this insurance. The Smith Insurance Group Inc. of Sandy, UT can help you obtain the protection you need. Contact our team today.

Be sure to protect your boat when it is in dry dock storage

The Smith Insurance Group Inc. is the agency boat owners in the Sandy, UT area can turn to with all their insurance questions and needs. If you are wondering if you have the protection you need for your boat, give us a call or stop by today!

Dry dock storage insurance protection for your boat

Different boat insurance policies provide different levels and types of coverage. It is crucial to select a policy that has the protection that you need. Because everyone’s insurance needs differ, it makes sense to analyze your insurance needs carefully and choose a policy that meets them.

This is especially true when your boat is not on the water. There can be differences in the coverage provided depending on where and how you store your boat. Someone who trailers their boat home and stores it in the garage for the winter will likely have different insurance needs than someone who keeps their boat in a dry dock.

Let your insurance agent know your habits and preferences regarding boat storage so they can help you determine your unique insurance needs. Finding the right policy may take time, but it is worth the effort. 

Give us a call today!

Boat owners in the greater Sandy, UT area rely on the team at The Smith Insurance Group Inc. We help you get the right insurance to protect your boat. If it’s time to upgrade your current policy or you’re getting ready to buy your first boat, we are here to help. Contact our office today and let us help you with all of your boat insurance needs.

Your Health is Important – Make Sure You Are Insured to Protect You from the Unexpected

Don’t allow yourself to be caught in a financial situation because of unpaid medical bills. Let The Smith Insurance Group Inc. of Sandy, UT explain how health insurance can help you weather the storm of any unexpected medical bills you may encounter.

We never know when a car accident will put us out of commission. Or when a serious diagnosis from the doctor stops us in our tracks. Both of these scenarios can potentially negatively affect our finances.

Health insurance will provide financial protection if you are faced with the unthinkable. For example, if you suffer from a broken leg, it can cost up to $7500 or more. If you have health insurance coverage, it can defray most of the cost of this injury.

You can obtain preventive services such as vaccinations and lab tests, usually at no cost to you. Getting the recommended preventive services your doctor advises will help you to maintain good health and well-being.

With health insurance, you will have access to a network of doctors, hospitals, and other resources to maintain good health. You can find the doctor of your choice close to your home. You will have peace of mind and worry less because you know you have financial and medical protection in case of a medical incident.

That old phrase, "you have nothing if you don’t have your health," is a truism. A good health insurance plan will protect your health and your family’s financial future. Don’t be without it any longer.

Contact the insurance professionals at The Smith Insurance Group. Let us explain how a health insurance policy can benefit you and your family.

Finding a term life policy to fit any budget

The Smith Insurance Group Inc. is proud to provide the residents of Sandy, UT with the insurance services they need. If you are wondering how to fit a life insurance policy into your budget, we are here to help!

Finding a term life insurance policy to fit any budget

Life insurance is a crucial thing to have, especially if you are a parent. However, for many young families, every added expense can strain their budget.

Luckily, a term life policy can give your family the protection it needs without breaking the bank. Because of the many available and affordable options, it is unnecessary to go without life insurance protection. Now is a great time to review the possible options and choose the appropriate policy for your needs.

Adults who no longer need to protect young children can also find term life insurance beneficial. Such policies can help to defray burial and end-of-life expenses.

There’s no reason for anyone who wants life insurance to go without it. Sitting down with a local agent to review the available options is an excellent first step. Understanding what policies will fit into your budget will help you make an informed decision that will pay dividends for you and your family. Find out more about term life today.

Give us a call today!

If you live in Sandy, UT or the surrounding area, you can depend on the team at The Smith Insurance Group Inc. for all your insurance needs. We can help you review the term life policies that fit your budget and help you determine which one is right for you. Give us a call or stop by our office today.