4 answers
Jams
Student
Richland, Washington
2
Questions
Asked
610 views
How does insurance and bills work?
I have never been taught by my family or school how insurance works. Like at all. And how do you pay bills? Is there a website to pay for all of this stuff? Or maybe you mail it in?
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4 answers
Kimberly Krebs
Corporate Security Manager
80
Answers
Bethlehem, Pennsylvania
Updated
Kimberly’s Answer
Excellent question! I'm certain that many other young individuals share this curiosity. Let's delve into a few of the most frequently encountered bills and break them down step-by-step.
For car insurance, you'll want to reach out to several insurance companies to compare rates and coverage. A simple online search for "car insurance companies" will yield numerous results. Once you've chosen a few, give them a call. They'll need to know details about your car, such as the year, make, model, and safety features, as well as your address. After answering these questions, they'll provide you with a price. Once you've selected the insurance company that suits your needs, you'll arrange payment. You can authorize them to automatically withdraw the payment from your bank account each month, or you can opt to send a check or make a payment through your bank's online portal. If you're worried about forgetting to make a payment, setting up automatic withdrawals might be the best option for you.
When it comes to rent, the process is similar. You can arrange automatic payments with your landlord, or choose to pay by check or through an online transfer from your bank account to theirs. Your landlord will inform you of their preferred payment method.
For internet service, you'll need to search for "internet providers" online. After entering your zip code, you'll see a list of companies that service your area. You can call for pricing information, but it's often available online. Once you've chosen a provider, follow their sign-up instructions and provide your bank information for automatic monthly payments. Alternatively, you can choose to pay online each month or send a check.
In general, this is the process for most insurance and bill payments. You'll typically have three options: 1) set up automatic payments by giving the company your bank account information, 2) transfer money online from your account to the company's account, or 3) write and mail a check.
Set up a checking account and download the app on your phone for easy banking
For car insurance, you'll want to reach out to several insurance companies to compare rates and coverage. A simple online search for "car insurance companies" will yield numerous results. Once you've chosen a few, give them a call. They'll need to know details about your car, such as the year, make, model, and safety features, as well as your address. After answering these questions, they'll provide you with a price. Once you've selected the insurance company that suits your needs, you'll arrange payment. You can authorize them to automatically withdraw the payment from your bank account each month, or you can opt to send a check or make a payment through your bank's online portal. If you're worried about forgetting to make a payment, setting up automatic withdrawals might be the best option for you.
When it comes to rent, the process is similar. You can arrange automatic payments with your landlord, or choose to pay by check or through an online transfer from your bank account to theirs. Your landlord will inform you of their preferred payment method.
For internet service, you'll need to search for "internet providers" online. After entering your zip code, you'll see a list of companies that service your area. You can call for pricing information, but it's often available online. Once you've chosen a provider, follow their sign-up instructions and provide your bank information for automatic monthly payments. Alternatively, you can choose to pay online each month or send a check.
In general, this is the process for most insurance and bill payments. You'll typically have three options: 1) set up automatic payments by giving the company your bank account information, 2) transfer money online from your account to the company's account, or 3) write and mail a check.
Kimberly recommends the following next steps:
Tammy Laframboise
Present pension and financial planning information to members of a pension
43
Answers
Toronto, Ontario, Canada
Updated
Tammy’s Answer
Hello,
Insurance is purchased to cover a person for some potential loss or cost. The insurance coverage is represented by a contract, called a policy, between the person being covered and the insurance company. If a company is buying insurance for their employees then the policy is between the employer and the insurance company. The contract is paid for with regular premiums that last as long as the policy is "in force". Usually, once you stop paying the premium the insurance is no longer "in force" and the person is no longer covered.
There are many types of losses or costs, called perils, that can be covered. Life, critical illness, long-term care, disability, health, home and auto insurance are all available for purchase.
In the case of a:
-Life insurance policy, the policy pays out a lump sum if the person whose life is covered dies during the term of the coverage. The owner of the policy who pays the premiums may or may not be the person whose life is insured.
-Critical illness policy, the policy pays out a lump sum if the insured person experiences one of a specific list of critical illnesses. In this case, the owner is usually the insured. A basic critical illnesses policy might only cover cancer. More comprehensive policies include stoke, heart attack and dementia.
-Long term care policy, the policy pays regular "income" amounts if the insured person is unable to care for themself due to aging, a serious accident, severe illness or deteriorated mental abilities.
-Disability policy, the policy pays regular "income" amounts if the insured person becomes disabled. In Canada, most companies provide disability insurance for their employees.
-Health policy, the policy pays out when the insured person incurs specified health related costs, e.g. prescription drugs or medical services or supplies. Often this is a benefit provided by employers for their their employees.
-Home insurance policy, the policy pays out if there is damage to your home.
-Auto insurance policy, the policy pays out if there is damage to your car.
When you start a job you will be told about the benefits that you are entitled to as an employee which may include some insurance coverage. In Canada, if the company has a group health and dental plan, then employees have life insurance, disability insurance and health and dental insurance. Each company negotiates with the insurance company individually so the amount and type of insurance provided differs from company to company and ends when the employee leaves the company.
Great question!
Tammy
Insurance is purchased to cover a person for some potential loss or cost. The insurance coverage is represented by a contract, called a policy, between the person being covered and the insurance company. If a company is buying insurance for their employees then the policy is between the employer and the insurance company. The contract is paid for with regular premiums that last as long as the policy is "in force". Usually, once you stop paying the premium the insurance is no longer "in force" and the person is no longer covered.
There are many types of losses or costs, called perils, that can be covered. Life, critical illness, long-term care, disability, health, home and auto insurance are all available for purchase.
In the case of a:
-Life insurance policy, the policy pays out a lump sum if the person whose life is covered dies during the term of the coverage. The owner of the policy who pays the premiums may or may not be the person whose life is insured.
-Critical illness policy, the policy pays out a lump sum if the insured person experiences one of a specific list of critical illnesses. In this case, the owner is usually the insured. A basic critical illnesses policy might only cover cancer. More comprehensive policies include stoke, heart attack and dementia.
-Long term care policy, the policy pays regular "income" amounts if the insured person is unable to care for themself due to aging, a serious accident, severe illness or deteriorated mental abilities.
-Disability policy, the policy pays regular "income" amounts if the insured person becomes disabled. In Canada, most companies provide disability insurance for their employees.
-Health policy, the policy pays out when the insured person incurs specified health related costs, e.g. prescription drugs or medical services or supplies. Often this is a benefit provided by employers for their their employees.
-Home insurance policy, the policy pays out if there is damage to your home.
-Auto insurance policy, the policy pays out if there is damage to your car.
When you start a job you will be told about the benefits that you are entitled to as an employee which may include some insurance coverage. In Canada, if the company has a group health and dental plan, then employees have life insurance, disability insurance and health and dental insurance. Each company negotiates with the insurance company individually so the amount and type of insurance provided differs from company to company and ends when the employee leaves the company.
Great question!
Tammy
Jerome Dees Jr.
Sales Professional and Networking Expert
615
Answers
San Francisco, California
Updated
Jerome’s Answer
It’s pretty funny we are all expected to do this, but nobody really shows us how.
Most bills are electronic these days. You can likely pay them with a credit card or you can set them up to pull directory from your bank account.
In terms of paying rent, you may have to pay that by check and your bank will sell you a fair amount for $20.
Depending on the job, you get, some may offer discounted insurance. In that case, you pick a plan that you think will best cover your needs. Some of your doctors visits will be free, while others may cost a little bit out of pocket. There can be added cost for x-rays, and medicine, just depends on the type of insurance you have.
Hope that helps
Most bills are electronic these days. You can likely pay them with a credit card or you can set them up to pull directory from your bank account.
In terms of paying rent, you may have to pay that by check and your bank will sell you a fair amount for $20.
Depending on the job, you get, some may offer discounted insurance. In that case, you pick a plan that you think will best cover your needs. Some of your doctors visits will be free, while others may cost a little bit out of pocket. There can be added cost for x-rays, and medicine, just depends on the type of insurance you have.
Hope that helps
Pam Szivos
Manage projects and provide operational support for a customer service area
9
Answers
Bath, Pennsylvania
Updated
Pam’s Answer
Taking the first step towards financial independence, you'll want to initiate the process by opening a bank account. Look for a bank that doesn't impose fees, and consider opening both a checking and savings account. This will allow you to handle most of your bill payments through the convenience of online banking, offered by either your bank or the respective business. If needed, you can also resort to the traditional method of writing a check to settle your bills.
Next, it's essential to secure insurance coverage. Your employer might offer this, or you might need to explore options on your own. If it's offered at your workplace, there should be informative meetings or helpful pamphlets to guide you through the options available. If you're shopping independently, you can easily find information online or visit a physical store, like the Highmark Stores in PA.
Insurance coverage can include Medical, Dental, Vision, Life, Paycheck protection/disability, and even additional coverages like critical illness or accident protection. Health insurance plans typically include a copay (the amount you pay at the doctor's office), a deductible (the amount you pay before insurance kicks in), and possibly coinsurance (where the insurance pays a percentage and you cover the remainder).
Next, it's essential to secure insurance coverage. Your employer might offer this, or you might need to explore options on your own. If it's offered at your workplace, there should be informative meetings or helpful pamphlets to guide you through the options available. If you're shopping independently, you can easily find information online or visit a physical store, like the Highmark Stores in PA.
Insurance coverage can include Medical, Dental, Vision, Life, Paycheck protection/disability, and even additional coverages like critical illness or accident protection. Health insurance plans typically include a copay (the amount you pay at the doctor's office), a deductible (the amount you pay before insurance kicks in), and possibly coinsurance (where the insurance pays a percentage and you cover the remainder).