COLUMBUS – April is Financial Literacy Month, and the Department of Insurance reminds Ohioans it is a resource to help them become more knowledgeable and empowered insurance consumers, ultimately translating into stronger financial protections and monetary savings.
“Financial literacy includes understanding insurance. The Ohio Department of Insurance provides free and objective resources to help Ohioans gain a stronger grasp on the complexities of insurance,” Department of Insurance Director Judith L. French said. “We also help people resolve certain insurance issues they may experience.”
Last year, department staff resolved insurance coverage and claim disputes, answered insurance questions, outlined suitable insurance options, and identified financial assistance programs, saving or recovering nearly $37 million for Ohioans.
French shared three ways Ohioans can become wiser insurance consumers with the department’s help:
Research matters: Study the different types of insurance and their associated key words and meanings. Also, learn how to best shop for insurance and know your rights and responsibilities. Educational insurance tips sheets, guides, and toolkits are available on the department’s website, www.insurance.ohio.gov.
Know your rights: Ohio law allows you to file a complaint or appeal a coverage, claim, and even healthcare service decision made by your insurance company. Do this through the department’s website, where you can also research the license status of insurance agents and companies in Ohio. You can even learn if you are the beneficiary to a missing life insurance policy.
Seek help: To talk with a department insurance expert, call 1-800-686-1526 and 1-800-686-1578 for Medicare help. You can also participate in the department’s interactive insurance webinars.
The department regulates one of the world’s largest insurance markets. Its consumer protection oversight also involves licensing insurance companies and agents, monitoring insurance industry financial solvency and business conduct, reviewing insurance products and rates, and fighting insurance fraud.