Deductible

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star ratings rank Medicare plans from best (5 stars) to worst (1 star). The agency’s ratings are based on data measuring plans’ quality of care and customer satisfaction.

Based on the most recent year of data and weighted by enrollment, Baylor Scott & White Health Plan’s 2024 Medicare Advantage plans get an average overall rating of 3.96 stars

.

For comparison, the average star rating for plans from all providers for 2024 is 4.04

.

What does Baylor Scott & White Medicare Advantage cost?

Costs for Medicare Advantage plans will depend on your plan, geographic location and health needs.

Premiums

One of the costs to consider is the plan’s premium. In 2024, about 39% of Baylor Scott & White’s Medicare Advantage plans have $0 premiums

.

Even as a Medicare Advantage user, you’ll still be responsible for paying your Medicare Part B premium, which is $164.90 per month in 2023 ($174.70 in 2024), although some plans cover part or all of this cost

.

Copays, coinsurance and deductibles

Requirements for copays, coinsurance and deductibles vary depending on your plan, location and the services you use. Other out-of-pocket costs to consider include:

  • Whether the plan covers any part of your monthly Medicare Part B premium.

  • The plan’s yearly deductibles and any other deductibles, such as a drug deductible.

  • Copayments and/or coinsurance for each visit or service. For instance, there may be a $10 copay for seeing your primary doctor and a $45 copay for seeing a specialist.

  • The plan’s in-network and out-of-network out-of-pocket maximums.

  • Whether your medical providers are in-network or out-of-network, or how often you may go out-of-network for care.

  • Whether you require extra benefits, and whether the plan charges for them.

To get a sense of costs, use Medicare’s plan finding tool to compare information among available plans in your area. You can select by insurance carrier to see only Baylor Scott & White plans or compare across carriers. You can also shop directly from Baylor Scott & White Health Plan’s website by entering your ZIP code.

Baylor Scott & White Medicare Advantage plan types

There are several kinds of Baylor Scott & White Medicare Advantage plans, and they vary in structure, costs and benefits. About 65% of Baylor Scott & White Medicare Advantage plans include prescription drug coverage.

Plan offerings include the following types:

A health maintenance organization (HMO) generally requires that you use a specific network of doctors and hospitals. You may need a referral from your primary doctor in order to see a specialist, and out-of-network benefits are usually very limited.

Preferred provider organization (PPO) plans provide the most freedom, allowing you to see any provider that accepts the insurance. You may not need to choose a primary doctor, and you don’t need referrals to see specialists. You can seek out-of-network care, although it may cost more than seeing an in-network doctor.

Baylor Scott & White Medicare Advantage service area

Baylor Scott & White Health Plan offers Medicare Advantage plans in 47 counties in Texas. The company covers about 29,000 Medicare Advantage beneficiaries

.

Compare Medicare Advantage providers

Get more information below about some of the major Medicare Advantage providers. These insurers offer plans in most states. The plans you can choose from will depend on your ZIP code and county.

Find the right Medicare Advantage plan

  • What are the plan’s costs? Do you understand what the plan’s premium, deductibles, copays and/or coinsurance will be? Can you afford them?

  • Is your doctor in-network? If you have a preferred medical provider or providers, make sure they participate in the plan’s network.

  • Are your prescriptions covered? If you’re on medication, it’s crucial to understand how the plan covers it. What tier are your prescription drugs on, and are there any coverage rules that apply to them?

  • Is there dental coverage? Does the plan offer routine coverage for vision, dental and hearing needs?

  • Are there extras? Does the plan offer any extra benefits, such as fitness memberships, transportation benefits or meal delivery?

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Source: nerdwallet.com

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Medicare Advantage plans are available in Florida only, and the provider’s star ratings from the Centers for Medicare & Medicaid Services (CMS) are slightly below average. Member experience ratings, however, are above the average for major providers.

Here’s what you should know about Florida Blue Medicare Advantage.

Florida Blue Medicare Advantage pros and cons

Florida Blue’s offerings have advantages and disadvantages.

Pros

  • Members give high marks: Member experience ratings on metrics like customer service and getting needed care are above the average for major providers. 

  • Mix of plans: Florida Blue offers both HMO and PPO plans, giving members more options for care. 

Cons

  • Below-average star ratings: Florida Blue Medicare Advantage plans score slightly below the industry average star rating from CMS — 3.74 for 2024 plans versus 4.04 for the industry as a whole. 

  • Limited availability: Florida Blue offers Medicare Advantage plans in Florida only.

Florida Blue Medicare star ratings

Average star rating, weighted by enrollment: 3.74

The Centers for Medicare & Medicaid Services maintains star ratings for Medicare Advantage plans on a 5-point scale, ranking plans from best (5 stars) to worst (1 star). The agency bases these ratings on plans’ quality of care and measurements of customer satisfaction, and ratings may change from year to year.

Based on the most recent year of data and weighted by enrollment, Florida Blue’s 2024 Medicare Advantage plans get an average rating of 3.74 stars

.

For comparison, the average star rating for plans from all providers is 4.04

.

What does Florida Blue Medicare Advantage cost?

Costs for Medicare Advantage plans depend on your plan, your geographic location and your health needs.

Premiums

One of the costs to consider is the plan’s premium. In 2024, about two-thirds of Florida Blue Medicare Advantage plans (65%) that aren’t special needs plans (SNPs) have a $0 premium

.

Even as a Medicare Advantage user, you’ll still be responsible for paying your Medicare Part B premium, which is $164.90 per month in 2023 ($174.70 in 2024)

Centers for Medicare & Medicaid Services. Costs. Accessed Dec 14, 2023.

, although some plans cover part or all of this cost. (Most people pay this standard amount, but if your income is above a certain threshold, you’ll pay more.)

Copays, coinsurance and deductibles

Requirements for copays, coinsurance and deductibles vary depending on your plan, location and the services you use. Other out-of-pocket costs to consider include:

  • Whether the plan covers any part of your monthly Medicare Part B premium.

  • The plan’s yearly deductibles and any other deductibles, such as a drug deductible.

  • Copayments and/or coinsurance for each visit or service. For instance, there may be a $10 copay for seeing your primary doctor and a $45 copay for seeing a specialist.

  • The plan’s in-network and out-of-network out-of-pocket maximums.

  • Whether your medical providers are in-network or out-of-network, or how often you may go out of network for care.

  • Whether you require extra benefits, and if the plan charges for them.

To get a sense of costs, use Medicare’s plan-finding tool to compare information among available plans in your area. You can select by insurance carrier to see only Florida Blue plans or compare across carriers. You can also shop directly from Florida Blue’s website by entering your ZIP code.

Available Medicare Advantage plans

There are a few kinds of Florida Blue Medicare Advantage plans, and they vary in terms of structure, costs and benefits. Florida Blue offers Medicare Advantage prescription drug plans (MAPDs) as well as Medicare Advantage plans without drug coverage. Florida Blue also offers Medicare Part D prescription drug plans.

Plan offerings include the following types:

A health maintenance organization (HMO) generally requires that you use a specific network of doctors and hospitals. You may need a referral from your primary doctor in order to see a specialist, and out-of-network benefits are usually very limited.

Preferred provider organization (PPO) plans provide the most freedom, allowing you to see any provider that accepts the insurance. You may not need to choose a primary doctor, and you don’t need referrals to see specialists. You can seek out-of-network care, although it may cost more than seeing an in-network doctor.

Special needs plans (SNPs) restrict membership to people with certain diseases or characteristics. Hence, the benefits, network and drug formularies are tailored to the needs of those members. Florida Blue offers one type of SNP:

  • Dual-Eligible SNP: For people who are entitled to Medicare and who also qualify for assistance from a state Medicaid program.

Florida Blue Medicare Advantage service area

Florida Blue offers Medicare Advantage plans in Florida only and covers about 185,000 members

.

Compare Medicare Advantage providers

Get more information below about some of the major Medicare Advantage providers. These insurers offer plans in most states. The plans you can choose from will depend on your ZIP code and county.

Find the right Medicare Advantage plan

  • What are the plan’s costs? Do you understand what the plan’s premium, deductibles, copays and/or coinsurance will be? Can you afford them?

  • Is your doctor in-network? If you have a preferred medical provider or providers, make sure they participate in the plan’s network.

  • Are your prescriptions covered? If you’re on medication, it’s crucial to understand how the plan covers it. What tier are your prescription drugs on, and are there any coverage rules that apply to them?

  • Is there dental coverage? Does the plan offer routine coverage for vision, dental and hearing needs?

  • Are there extras? Does the plan offer any extra benefits, such as fitness memberships, transportation benefits or meal delivery?

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Source: nerdwallet.com

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A standard renters insurance policy typically covers your personal belongings should they be damaged, destroyed or stolen. Renters insurance also covers liability in case someone is injured or someone else’s property is damaged, as well as any medical payments. Lastly, it can pay for additional living expenses should your place become uninhabitable.

So, how does renters insurance work? Let’s talk about what renters insurance is, the specifics of what it covers, and how much it might cost to hop on a policy.

Renters Insurance Basics

Renters insurance offers financial protection to tenants in case anything were to happen to their personal property and in the instance of legal liability.

If you’re a renter, you may think that your landlord will foot the bill should there be a break-in and some of your belongings get stolen, or if there’s a fire in your apartment building. While a landlord might have insurance in place to cover the building, their insurance won’t cover your items should they get damaged or stolen, or pay for additional living expenses should you need to temporarily move out while your unit undergoes repairs. Rather, these are the types of things that renters insurance covers.

While renters insurance offers similar coverage to homeowners insurance (aside from covering the building, which is the landlord’s responsibility), it is generally much less costly. Some landlords require renters insurance, but not all do.
💡 Quick Tip: Online renters insurance can cover your belongings not just at home but also in your car and on vacation.

What Is Covered by Renters Insurance?

In a nutshell, standard renters insurance covers four main areas:

•   Personal possessions

•   Liability

•   Living expenses

•   Medical payments

Let’s take a closer look at each area.

Personal Property Damage

Renters insurance will cover your personal belongings if they are lost or stolen from common incidences such as:

•   Theft

•   Fire

•   Smoke

•   Lightning

•   Vandalism

•   Explosions

•   Water-related damage from utilities on the property

•   Windstorms

•   Any other disasters, risks or other events listed in your policy

As mentioned before, unlike homeowners insurance, a standard renters policy typically doesn’t provide financial protection and pay for repairs to the actual structure of the building in which you live.

Renters insurance also will not cover damage to personal property during an earthquake or flood, but you can get add-on insurance or a separate policy altogether so that both are covered. If you get comprehensive renters insurance, damage and destruction from hurricanes and storms can be covered, but this type of policy usually costs more.

Liability

A standard renters insurance policy will also protect you financially should you, a family member or, in some cases, a pet cause injury or damage to other people or to their personal property. It could cover the costs of lawsuits, up to the limit of the policy, and the expense of repairing or replacing another person’s property or belongings if you are at fault.

However, it won’t replace your personal belongings or property should you, a member of your family, or your pet cause damage to your own property.

For example, let’s say you’re walking your dog, and your dog has a run-in with another canine. Chaos ensues, and your dog damages a neighbor’s fence. In that case, your renters’ insurance policy will pay to replace the fence. On the other hand, if your dog is chasing a squirrel while on her leash and tears up your mailbox, you’re out of luck. Your renters insurance policy won’t cover that.

Living Expenses

Should you become unable to live in your home and need to temporarily move out due to a covered natural disaster like a tornado, or another incident or event like damage from a fire or a storm, a standard renters insurance policy can cover the cost of additional living expenses.

This can include costs such as meals out and accommodations. It could also pay for pet boarding, the cost of doing laundry outside of your home, and storage costs. What’s covered would be based on your normal living expenses and lifestyle.

Medical Payments

Medical payments are covered under the liability portion of your insurance policy. If someone were injured in your home — say a delivery person slips and falls on your premises or your dog bites a neighbor in your apartment building — your policy can cover medical bills or funeral expenses up to a certain amount. On the other hand, if you, your family member, or your pet were injured, renters insurance would not cover that.

Unlike the liability portion of a renters insurance policy, medical payments coverage will pay for medical bills no matter who is at fault.

Recommended: Choosing a Renters Insurance Deductible

How to File a Claim

Need to file a renters insurance claim? Here’s the general process you can expect to follow:

1.    Document the damage or loss: To file a renters insurance claim, you’ll first want to gather as many details about the incident as possible, including what exactly happened, when and where it happened, who was involved and what was damaged or taken. Take detailed notes and photos.

2.    Tell your landlord: Next, notify your landlord. That way, if there’s any structural damage to where you live, they can handle it on their end.

3.    File a police report if necessary: If there was damage to your property or loss of items due to burglary, theft, vandalism or an incident with ill intent, you’ll want to file a police report.

4.    Reach out to your insurance company: You’ll then want to reach out to your insurance company and file a claim. Generally this must be done within a certain timeframe, such as two or three days. You’ll typically need to provide your policy number as well as all of the details and supporting evidence you’ve gathered. This will help the insurer to gauge what will and won’t be covered. Often, someone will come by to assess the damage.

5.    Make any updates if needed: If there were any unexpected or additional costs along the way, such as staying at a short-term rental home while your place gets repaired, meals out because you couldn’t use your kitchen or personal possessions you later realized were damaged or missing, then you can update your claim along the way.

💡 Quick Tip: It’s important to create an inventory of your personal possessions in case you ever need to file a renters insurance claim. One easy way to do that is to walk through your home and photograph all your belongings — especially anything of value.

How Much Is Renters Insurance?

Average annual cost of renters insurance: $15-$30 a month

According to the most recent data from National Association of Insurance Commissioners (NAIC), the average cost of a renters insurance policy is $15 to $30 a month. However, the cost can vary depending on a handful of factors, including:

•   Where you live

•   Type and amount of coverage

•   The size and construction of your building

•   Your deductible

•   Security and prevention measures in place

•   Any discounts

•   Your claims history

Recommended: Most Affordable Renters Insurance for Apartments

The Takeaway

While not required by your landlord, renters insurance can help cover your personal belongings, additional living expenses and liability should there be an incident, disaster, or theft where you live. To figure out how much coverage you need, it’s a good idea to take inventory of your items.

Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.

Explore renters insurance options offered through SoFi via Experian.

Photo credit: iStock/humanmade

Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Heading out on a vacation can be an exhilarating experience, especially if you’re into adventure activities. However, with increased adrenaline comes increased danger — and decreased coverage from insurance companies.

Being protected in an emergency is valuable when you’re doing something risky, so we’ve gathered some of the best adventure travel insurance policies.

Factors we considered when picking adventure sports travel insurance companies

You’ll want to consider the following facets of travel insurance during a comparison:

  • Cost. We looked for a mix of affordability and comprehensive coverage. 

  • Types of coverage. Extreme sports insurance isn’t usually included with standard travel insurance, which is why we’ve made sure it’s included. 

  • Coverage amounts. Being underinsured is almost as bad as having no insurance at all. 

  • Customizability. Plans that can be customized offer more flexibility for travelers. 

An overview of the best adventure travel insurance

To determine the best extreme sports insurance, we gathered quotes from various companies using insurance aggregator SquareMouth. To do so, we input a sample trip of a 33-year-old from Colorado traveling to New Zealand for two weeks. The total trip cost was $3,400, and activities included hiking and camping.

SquareMouth came back with 16 policies offering varying levels of coverage. Among the six we chose as the best, the average cost totaled $147.18 — though you’ll find significantly lower and higher on this list. Here are our picks.

Basic coverage cost

Recommended for

Battleface: Discovery Plan

Discounted but comprehensive medical coverage.

Travelex: Travel Select

Trip protections and medical insurance.

Tin Leg: Adventure

Extreme adventure sports.

IMG: iTravelInsured Travel SE

Lower-than-average cost with full travel protections.

John Hancock: Silver

Superior trip coverage such as change fee and missed connection reimbursement.

HTH Worldwide: TripProtector Preferred

Huge limits for primary medical coverage.

Top adventure travel insurance options

Let’s take a closer look at our top six recommendations for adventure travel insurance.

Battleface

What makes Battleface adventure insurance great:

  • Much lower cost than other options.

  • Provides primary health insurance. 

  • Includes six customizing options. 

Battleface is known for its adventure sports travel insurance, which makes it much more compelling than other products. Even at less than half the cost for other options, Battleface is providing you $100,000 in primary health insurance, $500,000 for medical evacuation and even coverage for pre-existing conditions.

Although its basic plan lacks features like lost luggage reimbursement, you’ll still get standard trip protections such as trip cancellation and employment layoff coverage. The extremely low cost may make this an enticing option for backpacker travel insurance or anyone wishing to save money on their travels.

Travelex

What makes Travelex great:

  • Strong travel protections.

  • $50,000 in primary medical insurance. 

  • Coverage for medical quarantine included. 

“Travelex’s primary goal is to provide travel insurance protection personalized to the type of trip you’re taking and the style of traveler you are. And regardless of which plan you choose, you’ll always have 24/7 access to travel assistance.”

Tin Leg

What makes Tin Leg great:

  • Coverage for activities such as bungee jumping and skydiving. 

  • No medical deductible.

  • Strong trip protections.

“The Adventure Plan … features primary medical coverage and work-related cancellations, plus more lost luggage insurance than the Luxury plan, coverage for accidental death and dismemberment during the trip (excluding flights) and extra coverage for delayed sports equipment. It’s also the only plan that offers medical coverage for adventure activities like mountain biking.”

IMG

What makes IMG great:

  • Up to $300 in reimbursed kennel fees for delays in returning home. 

  • Comprehensive trip protections, including trip delay and trip interruption reimbursement. 

  • Lower-than-average cost. 

“Some policies provide emergency medical evacuation coverage, while others skip this benefit entirely. This benefit may be more important if you travel to a remote location or engage in physical activity such as trekking.

“More comprehensive plans may include other benefits such as assistance with acquiring a new passport, reimbursing reward mile redeposit fees or coverage for pre-existing conditions. If these are something you’re interested in, be sure to check that your policy includes these options.”

John Hancock

What makes John Hancock great:

  • Trip delay reimbursement after three hours.

  • No medical deductible. 

  • $750 reimbursement for missed connections.

“The Gold plan provides the greatest benefits, including a much higher limit for emergency medical and lost baggage reimbursement. Other than that, however, the Silver level is fairly similar, enjoying the same 150% reimbursement rate for trip interruption and a three-hour window for trip delay to kick in.

“The Bronze level is the least expensive, but it’s not all that far off from the cost of the Silver level. At this rate, you’ll be looking at far less coverage for emergency medical and trip delay, though you’ll still have $200 in coverage for change fees and 100% of costs incurred for trip cancellation.”

HTH Travel Insurance

What makes HTH Travel Insurance great:

  • $500,000 in primary medical coverage. 

  • $1 million in medical evacuation. 

  • High-limit travel protections. 

“HTH offers several types of travel medical insurance, as well as trip protection plans that include coverage for trip cancellation or interruption, baggage delays, and accident or sickness. … The cheapest plan … included 100% of the trip cost in case of cancellation, up to 150% of the trip cost in case of trip interruption and a variety of other benefits, including medical insurance coverage.”

What does travel insurance cover?

You’ll find a wide variety of coverage types offered by travel insurance policies. This is true whether you’re purchasing a single-trip or annual travel insurance plan.

How to choose the best adventure travel insurance policy

Travel insurance can be good to have while you’re away from home and can provide coverage when your plans go awry. Standard plans will generally include coverage for trip interruption, lost luggage and emergency medical situations.

However, they also usually include a provision excluding adventure sports from their policies, so it’s important to read over your plan documents thoroughly. Companies like SquareMouth also allow you to filter travel insurance plans by the types of activities you’re doing, which may make it simpler to find one that fits your needs.

If you want to buy adventure sports travel insurance

Participating in adventure sports or extreme activities can be thrilling but also riskier than the average traveler’s trip. Because of this, if you’re interested in purchasing travel insurance, you’ll want to be sure it provides coverage for your planned activities — whether you’re camping or cliff diving.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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When the Canada-based BMO bank acquired Bank of the West, headquartered in the U.S., in 2021, American consumers gained access to BMO’s credit card portfolio, which includes personal and business cards.

As of this writing, BMO offers two cash-back cards, a travel card, a 0% APR/balance transfer card and a secured card. However, a BMO representative confirmed that the card offerings and current card benefits may change in early 2024.

Here’s what you need to know about these cards before deciding whether to apply for one.

🤓Nerdy Tip

While BMO offers business credit cards, this article covers only its personal credit card offerings.

For a break on interest: BMO Platinum Credit Card

If you need an extra-long reprieve from interest, your best option among the BMO cards is the Platinum Credit Card. For a $0 annual fee, cardholders get 0% APR on purchases and balance transfers for 15 months (as of this writing). There are two important caveats to these offers, though: You may lose the 0% APR benefit if you make a late payment, and the balance transfer must be completed within 90 days of account opening in order to get the 0% APR offer.

The balance transfer fee for all of BMO’s personal credit cards is $10 or 4% of the amount of the balance transfer, whichever amount is greater. BMO only allows balance transfers of credit card debt. And as is standard with most issuers, it doesn’t permit transfers between BMO accounts.

As balance transfer offers go, this is a decent one, but it’s possible to find credit cards with longer interest-free promotions. The Wells Fargo Reflect® Card, for instance, offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.24%, 24.74%, or 29.99% Variable APR .

🤓Nerdy Tip

All of BMO’s publicly available personal credit cards offer cell phone protection plans. Cardholders are eligible for up to $400 in coverage except for Premium Rewards cardholders, who get up to $600 worth of coverage. To qualify for cell phone insurance, you must pay your cell phone bill with a qualifying BMO credit card. A $50 deductible is required for each claim.

For building credit: BMO Boost Secured Credit Card

BMO’s lone secured card requires a $25 annual fee and a minimum $300 security deposit. Those numbers are on the higher end compared with other secured cards. The Discover it® Secured Credit Card, for example, has a $0 annual fee and a $200 minimum security deposit — and it earns rewards, which the Boost Secured card does not.

However, the Boost Secured does offer two benefits rarely found in other cards for people with bad or limited credit: cell phone insurance and rental car insurance.

For travelers: BMO Premium Rewards Credit Card

The only travel card in BMO’s credit card portfolio, the Premium Rewards card, offers some solid perks for a $79 annual fee, which is waived the first year. Some highlights:

  • 15% bonus points on your account anniversary (15% of total purchases made in the previous year). 

  • A sign-up bonus of 35,000 bonus points when you spend $5,000 within 3 months of opening your account (as of this writing).

  • Access to over 850 airport VIP lounges worldwide with Priority Pass Select, plus two complimentary visits to participating lounges.

  • No foreign transaction fees.

  • Lost or damaged luggage insurance.

By comparison, the venerable Chase Sapphire Preferred® Card awards a 10% points bonus on each account anniversary and doesn’t come with lounge access, and its annual fee is slightly higher than the Premium Rewards card. However, unlike the BMO Premium Rewards card, the Chase Sapphire Preferred® Card features travel partners to which you can transfer your points, often for outsize value.

The Premium Rewards card also earns the following rewards in BMO’s proprietary currency, Flex Rewards:

  • 3 Flex Rewards points per $1 spent on eligible dining, hotels and airfare (on up to $2,500 in combined spending each quarter), and 1x on all purchases after that.

  • 1 Flex Rewards point per $1 spent on all other eligible purchases. 

Flex Rewards points may be redeemed for flights, hotels, merchandise, gift cards and statement credits, among other options. Point values vary depending on the redemption; cardholders can check the redemption value at www.bmoflexrewards.com.

Flex Rewards points don’t expire, assuming your account remains in good standing with BMO.

For cash back: BMO Cash Back Credit Card and the BMO Platinum Rewards Credit Card

Two BMO cards would be good picks as cash-back cards. One earns direct cash back as a percentage of each purchase; the other earns BMO’s proprietary currency, Flex Rewards, which can be redeemed for cash back in the form of statement credit.

BMO Cash Back Credit Card

For straightforward cash-back rewards, the aptly named BMO Cash Back Credit Card is probably the better choice. It has the higher rewards rates, and the rewards categories represent a range of everyday spending. The $0-annual-fee Cash Back card earns:

  • 5% cash back on eligible streaming, cable TV and satellite services.

  • 3% cash back on eligible gas and grocery purchases, up to $2,500 in combined quarterly spending (1% after that).

  • 1% cash back on all other eligible purchases.

The only redemption option is a statement credit. Rewards never expire as long as the account is open and in good standing.

As of this writing, the card also comes with the following sign-up bonus: Get a $200 cash-back bonus when you spend $2,000 within 3 months of opening your account.

BMO Platinum Rewards Credit Card

The Platinum Rewards card, like its Cash Back sibling, earns rewards on gas and groceries, but the rewards rates on the Platinum Rewards card are a hair lower. It earns:

  • 2 Flex Rewards points per $1 spent on eligible gas and groceries, up to $2,500 in combined spending each calendar quarter (1x on all purchases after that). 

  • 1 Flex Rewards point per $1 spent on all other eligible purchases.

Redemption options for the Platinum Rewards card are the same as the Premium Rewards card because both cards earn Flex Rewards.

In favor of the Platinum Rewards card, its annual fee is also $0, and it has a good welcome offer: Get 25,000 bonus points when you spend $2,000 within 3 months of opening your account. It also gives cardholders a points bonus every account anniversary equal to 10% of the total points earned in the past year. The Cash Back card doesn’t award an annual bonus.

These are both decent options for cash back. But if you’d prefer a simple, high flat rate back on everything, without the need to keep track of bonus categories, you could consider a product like the Citi Double Cash® Card. It earns 2% cash back on every purchase: 1% back when you buy, 1% back when you pay it back.

The card has a $0 annual fee, and it also offers a 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 19.24%-29.24% Variable APR.

Who doesn’t want to be rewarded?

Create a NerdWallet account for personalized recommendations, and find the card that rewards you the most for your spending.

Source: nerdwallet.com

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Your home is not just the cherished place you live. It is a valuable asset that can bring you opportunities for financial security and growth. Owning a home helps you build equity, and in turn, wealth, providing an option when you need to access funds. But there are other ways you can use your home as part of your financial strategy. Let’s explore how you can put your home to work for your financial benefit.

The Tangible Benefits of Homeownership

Owning a home can be a very rewarding experience. In addition to giving you a sense of pride and a connection to your community, homeownership provides tangible benefits that can improve your financial well-being. Two key benefits are equity and tax advantages.

Building Equity Over Time

As you make mortgage payments, you build equity in your home. Equity is the difference between the market value of your home and the amount you owe on your mortgage. Once you’ve accumulated enough home equity, you can tap into it for various needs like home renovations, debt consolidation or other expenses. You can typically obtain this cash through a second mortgage, such as a fixed-rate Home Equity Loan or a Home Equity Line of Credit (HELOC).

Tax Advantages

As a homeowner, you can deduct some of the interest you pay on your mortgage from your federal income taxes. This can save you a significant amount of money each year.*

Strategies to Unlock Your Home’s Financial Potential

Understanding the different ways you can take advantage of your home can help you unlock its full financial potential and move you closer to your goals.

1. Home Equity Loans

Having home equity can be a safeguard for managing large expenses. For example, if you need access to funds for home improvements, debt consolidation, school tuition, an emergency or any other significant expense, consider a Home Equity Loan.

A home equity loan allows you to borrow against your home’s equity and receive a one-time cash payment. Since this type of loan is a second mortgage, your primary mortgage, including your interest rate, remains unaffected. This can be a great advantage if you have a very low interest rate on your first mortgage and you want to access cash from your home equity without refinancing your entire loan balance — especially if rates are running on the higher end in the current market. You’ll also have the security of a fixed interest rate and payment on this type of loan, unlike a line of credit. The amount borrowed may even be tax deductible if the funds are used to renovate your home.*

2. Consolidate Debt

Your home equity can help you take charge of your debt. If you have a lot of high-interest debt from credit cards or personal loans, consider consolidating your debt with a home equity loan or cash-out refinance. A cash-out refinance replaces an existing mortgage with a new loan with a higher balance, sometimes with more favorable terms than the current loan. The difference between these two loans is distributed to the homeowner as cash.

Credit card and personal loan interest rates are typically much higher than home loan interest rates, so a cash-out refinance or home equity loan could potentially save you a lot of money on interest payments.

Paying down debt can also boost your credit score. But don’t treat a cash-out refinance or home equity loan like an ATM. Have a plan in place to avoid further debt.

3. Home Improvements

Certain improvements to your property can substantially enhance your home’s worth. Upgrading areas like the kitchen and bathrooms or incorporating energy-efficient elements can greatly appeal to future potential buyers if you choose to put the house on the market. Even if you’re not planning on selling anytime soon, this kind of investment often yields long-term financial benefits. Any increase in market value also contributes to an increase in your home equity.

4. Exterior Improvements

Exterior improvements like landscaping, a new wood deck or a wrap-around porch not only boost curb appeal but may also boost your home’s market value. When your market value increases, so does your home equity. Plus, when you’re ready to sell, potential homebuyers may be willing to pay more, often making these types of upgrades good long-term investments.

5. Investment

If you have good credit, liquid reserves and other qualifications, the equity in your home could be used to purchase an investment property.

A single-family home, townhouse or multi-family unit can be a long-term asset, offering additional tenant income. A vacation home can provide a reliable getaway that appreciates over time — and you can buy one with as little as 10% down.

6. Higher Education

As the equity in your home grows, so does the amount of accessible funds you have available to pay for a child’s education or your own tuition expenses. Just be sure to compare the interest rates of a home equity option vs. taking out a student loan. And do the math to ensure your existing budget can manage the increased or additional loan payments you’ll be responsible for.

7. Renting Out Spare Rooms or Basement

If you have extra space, you may be able to generate additional income by renting out a spare bedroom, guest house, casita or basement. A bedroom, guest house or casita could be rented to a tenant, and a spacious basement or garage could be leased to someone who needs storage space. Do your due diligence before renting out a room to ensure you understand the laws involved, any HOA restrictions, insurance, permits and safety requirements and tax implications.

8. Listing Your Space for Short-Term Rentals

Earn money by listing your guest house, casita or extra room as a short-term rental on a peer-to-peer exchange service such as Airbnb. Hosting out-of-town visitors can be very profitable, especially if you live in a tourist spot, business or transportation hub or near a university. Again, you’ll need to comply with your area’s legal, zoning, insurance, tax rules and other regulations.

9. Rent Out Your Pool or Backyard

Have a pool or backyard that often goes unused? Rent it out and bring in some extra cash. Apps like Swimply and Peerspace allow you to list your pool or yard and connect with individuals looking to swim, host a party, conduct photoshoots and even film commercials. That said, before you get started on using your property for this type of business venture, be sure to check with your homeowners insurance provider on any additional protections needed.

10. Home Equity Line of Credit (HELOC)

A HELOC allows you to access your home equity by providing a line of credit, which behaves similarly to a credit card. Borrow the amount you need when you need it, up to your approved limit. Keep in mind that HELOCs use variable rates, so the interest rate will fluctuate based on certain benchmark rates and the current market.

Want to leverage your home equity? Check out our home value estimator to help give you an idea of your home equity, then explore our home equity loan options or contact a Pennymac Loan Expert today.

*Consult a tax adviser for further information regarding the deductibility of mortgage interest and charges.

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Source: pennymac.com

Apache is functioning normally

When your pet faces a medical issue, your vet may prescribe a special diet to help manage the condition. While prescription pet food can be a critical part of your furry friend’s treatment plan, it can also come with a hefty price tag. If you’re wondering whether pet insurance covers the cost of prescription pet food, the answer is: It depends on the provider.

What is prescription food for pets?

Prescription diets are formulated to address specific health conditions in pets, ranging from allergies to kidney disease. Unlike regular pet food, these generally require a vet’s prescription, ensuring they’re fed to pets who genuinely need them.

Why might my pet need prescription food?

Your vet might recommend a prescription diet if your pet has conditions like:

  • Arthritis.

  • Food allergies.

  • Kidney issues.

  • Heart problems.

These diets cater to the pet’s unique nutritional needs and can help manage or treat their condition. They usually come with a higher price tag than standard pet food.

Does pet insurance cover prescription pet food?

Some pet insurance plans cover prescription food, but it’s important to read the fine print. Your policy might cover prescription diets under certain conditions or up to a specific limit.

Pet insurance company

Covers prescription food in standard plan?

Covers prescription food through add-on?

Sometimes.

Nationwide

Sometimes.

Sometimes.

AKC’s prescription food coverage

AKC won’t cover most pet food, but it makes an exception for prescription diets used as the sole treatment for a covered condition. So if your veterinarian prescribes a special diet to manage your pet’s condition, AKC will consider covering the cost.

Embrace’s prescription food coverage

Embrace generally doesn’t include prescription food coverage in its standard insurance plans. One exception may be if your vet prescribes a certain type of diet for hyperthyroidism in cats. But if you enroll in the optional Wellness Rewards program, you can get reimbursed for prescription diets purchased through your vet. The Wellness Rewards program also covers other routine expenses like wellness exam fees and vaccines.

Figo’s prescription food coverage

Figo offers optional “Powerups” that you can add to its standard accident and illness plan. One of them reimburses you for vet exam fees and will pay up to $250 per policy term for food prescribed as the sole treatment for a covered illness. So if your dog is diagnosed with an ailment that requires a special diet and your vet prescribes a therapeutic food as the only treatment, this rider can help offset the cost.

MetLife’s prescription food coverage

MetLife covers prescription pet food from a veterinary provider under its standard accident and illness plan in most states.

Nationwide’s prescription food coverage

Nationwide may cover prescription food under certain plans or with an extra rider. If it’s included, the food must be a therapeutic diet prescribed by a veterinarian to treat a covered medical condition. Your vet may need to provide Nationwide with details about the type of food, which condition it’s treating and how much you should feed your pet.

Pets Best’s prescription food coverage

Pets Best doesn’t cover prescription pet food or supplements.

Spot’s prescription food coverage

Spot’s core pet insurance plan includes coverage for prescription food and supplements when they’re prescribed by a licensed veterinarian to treat covered conditions. The policy reimburses actual costs for these prescription foods, up to the limits specified in your policy.

However, Spot doesn’t cover prescription food used for general maintenance or weight management, or any food you can buy without a vet’s prescription.

Trupanion’s prescription food coverage

Trupanion covers prescription pet foods for dogs and cats when they’re prescribed by a licensed veterinarian for the treatment of a covered illness or injury. This coverage reimburses 50% of the cost, minus any deductible. But the policy covers only the first two months of the prescribed diet. After that, you’ll pay the full cost out of pocket.

🤓Nerdy Tip

Pet insurance often excludes pre-existing conditions. So if your pet was already on a prescription diet before you bought your policy, it probably won’t be covered.

How does coverage for prescription food work?

First, check your policy details to make sure prescription food is covered and see what restrictions apply. To find this information, look in the fine print and read through your plan’s endorsements.

Typically, your vet must prescribe the food for a specific medical condition affecting your pet. It usually can’t be for general health or weight management.

If it’s covered, you’ll generally pay upfront for the food and then submit a claim to your insurance company. The insurer would reimburse you according to your plan’s terms.

For example, if your dog develops kidney disease, your veterinarian may prescribe a special low-protein diet. After buying the prescribed food, you’d submit the receipt and any other requested documentation to your insurer. Depending on your plan, you might be reimbursed for a percentage or up to a certain limit of the food’s cost. If you haven’t met your deductible, the insurer may subtract that amount from your claim payout.

Other ways to save on prescription food

Prescription pet food can be a game changer for pets with certain health issues. But if your policy doesn’t offer coverage, there are other ways to make these diets more affordable. Consider:

  • Buying in bulk or during sales.

  • Joining loyalty programs or subscribing to regular deliveries for discounts.

  • Exploring homemade diet options (with guidance from your vet).

Source: nerdwallet.com