Author
Health & Life Insurance Contributor
Michael Chen is a contributor to Best Insurance Guide covering health, life and disability insurance. He writes plain-English explainers on premiums, deductibles, copays and subsidies, with every guide reviewed against current plan documents, CMS materials and marketplace guidelines before publication. *Editorial note: contributor profiles reflect current editorial roles. License numbers and verifiable professional credentials are published here as contributors provide them. Our guides are educational and do not constitute personalized financial advice — always confirm details with a licensed agent or your state insurance department before buying.*
health insuranceMeeting the deductible starts cost sharing rather than ending it. What changes, what does not, and why the months afterwards are the cheapest of the year.
life insuranceA contingent beneficiary receives the money if the primary one cannot. Naming one takes two minutes and it is the difference between a three-week payout and a year in probate.
health insuranceA deductible is what you pay before the plan starts sharing costs. Four things it interacts with decide what your care actually costs, and most people know only one.
life insuranceAccidental death and dismemberment pays only for accidents, which cause a small minority of deaths. It is a useful supplement and a poor substitute.
life insuranceIUL credits interest linked to an index, with a floor that protects you and a cap that limits you. Understanding the second is what separates the illustration from reality.
health insuranceCOBRA costs the full group premium plus a 2% fee, which is usually three to five times what was coming out of your paycheck. The real numbers and the deadlines.
health insuranceYour deductible is where the plan starts helping. Your out-of-pocket maximum is where it takes over completely. What sits between them, and what counts.
health insuranceSix routes to coverage when you have no employer plan, how long you can stay on a parent's insurance, and how quickly Medicaid actually approves.
health insuranceThe real difference between an HMO and a PPO, whether your policy number is your member ID, and what out-of-network actually costs you.
life insuranceA life insurance death benefit is normally income-tax free. The situations that change that, from interest on a delayed payout to estate tax and policy loans.
health insuranceMedicare is age-based and federal. Medicaid is income-based and run by your state. Why you can have both, and why you cannot get Medicare at 62.
life insuranceThere is no limit on how many life insurance policies you can hold. Why laddering beats one big policy, and who you are legally allowed to insure.