Health insurance terms you need to understand

One of the most important decisions you make every year is your choice of health insurance. It is also one of the most confusing. You are confronted with words and concepts you don’t understand or that are not adequately explained. You finally choose a plan, probably the least expensive, and hope it will give you the coverage you need. At Luke Peterson Insurance in Altoona, IA, we understand what an important decision health insurance is and how stressful it can be. We are locally owned and provide a high level of friendly customer service. 

Network

Every insurance company has providers who have a contract to furnish services to members for a predetermined rate. Before deciding on an insurance plan, you should determine if your preferred primary care doctor and any other medical professionals you use are in the network. 

Formulary

The formulary is the list of covered drugs. They are listed in tiers, and the policy will have set prices for each tier. Before choosing a policy, make sure any medication you take is listed in the formulary and compare the plans’ prices. 

Deductible

The deductible is the amount that you must pay before the insurance policy kicks in. It can be all services, or some may be exempt from the deductible. Read this part of the policy carefully. 

Copayment

This is your share of any service. It may be a set amount such as $10 for a visit to the doctor or a percentage of the charge. It is much harder to anticipate the percentage dollar amount. 

Out of the pocket maximum

This is a significant figure. It is the most you will have to pay in any given year for medical expenses. If you have a bad accident or a serious illness with hospitalization, you will really appreciate this limit. 

Contact Luke Peterson Insurance in Altoona, IA to learn more about health insurance options.

3 Benefits of Life Insurance in Iowa

As we age, it’s important to start thinking about preparing for our inevitable passing and how this will affect our loved ones in Altoona, IA. A life insurance policy is one of the best options you can take advantage of to ensure all is well after you die. With so many benefits to having a life insurance policy, we had a hard time narrowing it down to just three. But here they are, three benefits of life insurance, one of which you may not have thought of before. 

1. College Tuition

Did you ever consider that life insurance is a great way to cover college tuition costs? It’s true. After you’re gone, your life insurance policy can help cover the cost of your children’s or grandchildren’s college tuition. 

2. Burial Expenses

Taking care of burial expenses can get expensive quickly. There are so many factors to consider, like flowers, a casket, a venue, and more. Life insurance can help pay for all this…and more.

3. Peace of Mind

Life insurance is an investment in the future but also the present. While you’ll be making sure everyone is taken care of after you’re gone, you will benefit from this knowledge with unlimited peace of mind. No matter when the time comes, your life insurance policy will be ready to help make the financial transition of your loved ones that much smoother. 

Securing the future of your loved ones in Altoona, IA after you pass is a top priority. The team at Luke Peterson Insurance understands this. We help you purchase a life insurance policy that’s right for your family. If you’re looking for peace of mind knowing that everything will be ok after you’re gone, then call the team at Luke Peterson Insurance today to get started. 

Is auto insurance needed in Iowa?

In the Altoona, IA area, there are many local amenities and job opportunities for people to take advantage of. If you do live in this area of Iowa, you will want to have a car to ensure you are able to get around town to enjoy all that it has to offer. If you are going to purchase a car here, you should make sure that you get into a quality auto insurance policy. There are several reasons why the average car owner needs to have auto insurance here. 

Insurance is a Legal Requirement

You will need to have an auto insurance policy because it is a legal requirement. Anyone that wants to drive a car in Iowa needs to abide by the laws that govern liability insurance. If you do not carry this insurance at a level required by the state, you could face penalization. Further, you will be obligated to pay for any damages caused in an accident without this coverage.

Insurance Protects Vehicle

It would help if you also got an auto insurance policy because it can protect your vehicle. If you have made a big investment in your car or do not have the means to replace it entirely, you should make sure that you get appropriate coverage. When you get an auto insurance policy with full coverage, you can receive protection against many situations that could result in a loss.

As you are looking for a new auto insurance policy in the Altoona, IA area, you should reach out to Luke Peterson Insurance. The team at Luke Peterson Insurance understands the risks that come to car owners in Iowa. They can then help you mitigate these risks with a new quality insurance policy. 

How can commercial insurance protect my small business

Being a small business owner is risky, especially in these uncertain times. Even in the best of times, there are lots of things that can go wrong. Some of the risks are unavoidable, but you can minimize the damage that they can do to your small business by having the right commercial insurance. Every business will not need all the available components that are offered with commercial insurance. It is vital to have an insurance agency like Luke Peterson Insurance of Altoona, IA. We make it our business to know you and your business before suggesting a full policy.

In the state of Iowa, two types of commercial insurance are required, commercial auto insurance and workers’ compensation. The law states that if your business owns a vehicle, it must be insured with a commercial auto policy with basic coverage of 20/40/25. This protects your business against the financial ramifications of an accident. This is liability coverage that protects other people from your business vehicle. The Iowa workers’ compensation laws also require almost all employers to have workers’ comp. There is the option to self-insure if that is what you choose, but the Insurance Commissioner must approve that option. Workers’ comp protects your employees from the results of injury while at work or while performing work tasks. 

Business liability offers almost universal protection to every small business. The results of someone being injured while at your location or by one of your products can be devastating, and it may force the closing of your business. Business liability insurance can help pay legal expenses as well as a judgment against you. 

These are just three of the many components that can be put together to create the perfect commercial insurance policy for your business. All of them can help save your small business. Call Luke Peterson Insurance in Altoona, IA, or stop by the office to discuss your commercial insurance needs. 

What does home insurance cover?

Homeowner’s insurance is designed to cover many things. However, how much coverage you need is dependant on several factors. Homeowners usually arent insurance professionals, and trying to navigate the ins and outs of homeowner’s insurance can be confusing if you don’t know exactly how much coverage you need. One of our experienced insurance agents at Luke Peterson Insurance understands the confusion that homeowners insurance can often create when there’s a fundamental lack of understanding of what this insurance covers and how much you need. 

Coverage Where You Need it

Homeowner’s insurance is designed to cover several specific things. Dwelling coverage is designed to pay for the rebuild or the repair of your home. However, where you live is going to determine your state minimums for this type of coverage, as well as your premiums and limits. Keep in mind that if you have a mortgage or home loan, homeowners insurance is more than likely, not an option but a requirement. As a point of reference, coverage limits should be equal to the cost of rebuilding your home in your specific city or state. Additional living expenses coverage typically accounts for thirty percent of dwelling coverage. This part of homeowner’s insurance covers your personal; items and how much it would cost to replace them if they were damaged or stolen. This coverage is also designed to cover the cost of housing if you are forced to live somewhere else while your house is being rebuilt or repaired. 

Personal Liability coverage

Home is where the heart is, and many make memories in and around our homes. As a result, accidents can happen. If we are entertaining guests in our pool, and a guest gets injured, we could be held liable for the injuries our guests sustained while visiting our property. Also, as homeowners, we might be deemed responsible for damage to the personal property of a guest while they’re visiting your residence. However, as an Altoona, IA property owner, you should keep in mind that policy limits will vary for this type of coverage. 

No one should navigate something as important as investing in homeowner’s insurance alone. You can benefit from the help of a Luke Peterson Insurance agent as an Iowa homeowner. Give our office in Altoona, IA a call. We’re here to help you pick the best coverage for your situation.