What should the Parkers consider when deciding what insurance coverage they need?

Insurance | FINC330 Risk Management | Colorado Technical University

The Parkers should consider a variety of factors when deciding what insurance coverage they need including the cost, their level of financial risk tolerance, and their current health needs. They should also determine if there are any lifestyle changes or additional medical treatments that require more comprehensive coverage. It is important to understand the differences between in-network and out-of-network providers, as well as potential co-payments and deductibles associated with each plan. The Parkers should research different plans to find one that meets both their budgetary constraints while providing adequate coverage for all expected medical expenses.

Additionally, they should inquire about any government assistance programs such as Medicare or Medicaid which could provide additional coverage options depending on their income level and other eligibility requirements. Finally, consulting an insurance professional can be helpful in understanding all the details of these various coverages so they can make the best decision possible for themselves and their family.