How To Save on Health Insurance

May 19, 2012 By admin Leave a Comment

How To Save on Health Insurance

With health care costs soaring through the roof, the cost of health insurance premiums are increasing as well. Health insurance is a necessity, however, when you consider the costs of one visit to the emergency room, surgery to set a broken bone, scans, lab and other costs. When your budget is limited, how can you keep the costs of your health insurance premiums down? There are several steps you can take to reduce your health insurance costs and still maintain adequate medical coverage when you need it.

First step is to consider what health insurance options you have. Does your employer offer a group medical benefit? Many employers (and/or labor unions) offer health benefits to full-time employees. Group health insurance is usually the cheapest way to get medical coverage; an employer can negotiate with health insurance companies to get a group health plan at cheaper rates. In addition, many employers will pay part of the premium, reducing your health insurance cost even further. Another consideration is whether your spouse has health coverage available through their employer? If so, compare your health benefits plan to that of your spouse, and decide which health plan is the better buy. It may be possible to have one spouse carry family health insurance coverage and the other drop their health benefits. Many employers have multiple health insurance options, so review these plans as well. Choose the health plan that best meets your needs at the cheapest rate.

If no health insurance coverage is available through your employer, there are other ways to obtain health insurance coverage. Individual and family private health insurance policies are available. Shop and compare benefits and premiums from each health insurance plan. If you and your family are generally healthy, the new Health Savings Account (HSA) may be worth consideration. The HSA is an account that allows you to save tax-free dollars for your medical/health expenses. Similar to an Individual Retirement Account (IRA), you are limited in the amount that you are allowed to contribute each year; however, with the HSA, withdrawals for health expenses are not penalized, and no tax is paid on the withdrawal. When paired with a health insurance policy that has high deductibles and low rates, the HSA may be ideal for you. Save money in the HSA for deductibles and co-pays, and you’re set.

For those over 65 or permanently disabled, Medicare is available through the federal government. The original Medicare is an 80/20 plan (they pay 80% of eligible expenses and the insured pays 20%) with an annual deductible and a monthly premium. Supplemental health plans are available to cover this deductible and co-pay. These supplemental health plans are usually private and the insured pays a premium. In addition to the original Medicare plan, there are Medicare HMOs. In these Medicare HMO health plans, the Medicare premium is paid to an HMO to provide benefits to the insured. HMO plans are more restrictive in that patients must get care through a network provider, but often these plans cover more prescription drugs and preventive care than original Medicare does.

Recently some employers have offered lower premiums to employees who do not smoke cigarettes. This is currently a controversial topic for some, but it certainly may begin a trend. In the future, employers and their health insurance providers could offer reduced premiums for employees who maintain normal weight, exercise regularly, and receive certain wellness benefits. Maintaining a healthy lifestyle lowers the risk to the health insurance company that they will be paying big bucks in health care down the road. And health insurance, as any other insurance, is all about risk.

Bottom line: going without health insurance coverage is a big risk for you. Find health coverage that you can afford just in case Murphy comes knocking at your door!

How To Save on Health Insurance

Kay Lowe holds a Master’d degree in health care and has 30+ years in the health care field. She is also webmaster for Health-Infosource.com [http://www.health-infosource.com/health_insurance.html], a website dedicated to disseminating health information.

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Understanding Group Disability Insurance – Features and Limitations

May 19, 2012 By admin Leave a Comment

Understanding Group Disability Insurance – Features and Limitations

There are plenty of horror stories out there relating to group Disability insurance and the claims experience people have. Although some of these situations and stories are very sad, a major contributor of these disappointments and the bad reputation is a lack in understanding of group Disability insurance benefits. Employers provide these benefits, often only keeping the price in mind, and employees accept these benefits without ever questioning their quality. The fact of the matter is that group Disability insurance is not intended to be high quality income protection. However, the cost is lower and medical underwriting is limited, if any, allowing employers to provide it and those who are otherwise uninsurable to have some level of protection.

Group Long-Term Disability insurance traditionally insures 60% of a person’s income, up to a specified maximum monthly benefit (i.e. $6,000, $10,000, etc.) and will pay benefits to age 65. Depending on participation levels and who pays the premiums, group Disability insurance usually does not require any medical underwriting, which is one of the greatest benefits of having it. Overall, most people assume group Disability insurance to be simple and sufficient, but there are many things that should be understood.

The definition of disability, which describes the circumstances in which a person can qualify for a claim, used in most group Disability insurance contracts is one detail that is often overlooked. Most group contracts will provide an Own-Occupation definition of disability, which will pay benefits if a person is unable to do his/her primary occupation, but only for the first 24-months of a disability claim. After 24 months, the definition will become an Any-occupation definition, which only pays benefits if a person is unable to perform any job for which he/she is reasonably qualified. This is a very important provision for employers to consider when planning and setting up employee benefits. It is also very important for employees to understand it, in order for them to understand the type of protection they have. The horror stories of a person on Disability claim being told that they have to go work elsewhere, will no longer seem like such a horror story – it is clearly stated in the contract.

Something that many people do not know about group Disability insurance is that benefits are off-settable dollar-for-dollar with any benefits received from Social Security Disability. Additionally, you are actually required to apply for Social Security Disability and provide proof of application to the insurance company. Although it is very difficult to qualify for Social Security benefits, if you do, the definition of disability will no longer be an issue, but offsetting benefits will be. This is also something that has contributed to the reputation that group Disability insurance has established. If people understood this, perhaps it would not be such a shock when it happens.

As an employee you should review your group Disability insurance benefits and have an insurance advisor review them as well. This will assist you in properly understanding what is and is not covered by your group plan. Additionally, if your employer pays the premiums, you may not actually be insured at 60% due to the taxation of benefits and maximum benefit caps. In either scenario you may be eligible to supplement your group insurance with personal Disability income protection, which provides a much greater quality of coverage.

As an employer the previous points should be reason enough for you to work with a broker at the time of establishing your group benefits. Group Disability insurance does provide a valuable benefit at a low cost and with no medical underwriting. However, there are multiple levels of quality that exist with group Disability insurance. By reviewing quotes and proposals from multiple companies with a benefits consultant, you are more likely to make the best decision for your company and employees. There are certain areas that saving money is very important – protecting your income and the income of your employees should not be taken lightly. Whether you are a business owner looking to review your employee benefits package or an individual looking to review your insurance coverage, you will benefit greatly from the services of an insurance professional. For businesses located in California, the Financial Services Office of Michael Kortz can help. Call (949) 226-8390 or visit http://www.tfp8.com.

Understanding Group Disability Insurance – Features and Limitations

Understanding Group Disability Insurance - Features and Limitations

About the author:
Michael Kortz, RFC, RR, HIP is a Registered Financial Consultant (RFC) who holds a degree in Economics from the University of California at Irvine. He has been an insurance broker and investment advisor since 1999. He operates a boutique insurance brokerage firm in San Clemente, CA.

To explore the right employee benefit program for your business, please visit Employee Benefits Information.

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Veterinarian Disability Insurance Provided by the American Veterinary Medical Association – AVMA

May 18, 2012 By admin Leave a Comment

Veterinarian Disability Insurance Provided by the American Veterinary Medical Association – AVMA

Purchasing Disability insurance is an important and responsible thing for any professional to do. Depending on your occupation and interest, there are many ways that a person can obtain Disability insurance: through a group plan at work, individually or even through a professional association. Although many associations offer individual policies, many times they do not offer as quality of a product as is available on the individual market. For Veterinarians who are interested in obtaining Disability insurance, you should be sure to review all options carefully as each can differ greatly.

Although Disability insurance is important for any professional to have, medical professionals are some of the biggest proponents of having it – possibly because physicians and nurses witness debilitating injuries and illnesses every day. Most medical professionals are not only proponents of Disability income but more importantly, understand the value of protecting their specific occupation and using a quality Disability contract to do it.

Sadly, many Veterinarians who are responsible enough to obtain Disability Income insurance just do not give it the due diligence it deserves. Many Veterinarians simply decide to purchase income protection from the American Veterinary Medical Association (AVMA), because it is easy, priced affordably and endorsed by the AVMA, which to some people may imply a high level of quality. The truth is however, that the Disability insurance policy offered by the AVMA is not as good as many Veterinarians would expect.

There are three primary concerns that exist with the AVMA coverage, which can very easily be addressed by individual Disability insurance from most of the major insurance carriers offering Disability Income. The first concern is related to the renewability of these policies. With individual Disability insurance, Veterinarians can purchase Non-cancelable and Guaranteed renewable policies, which guarantees that the pricing and provisions of the contract cannot be changed by the insurance company. With the AVMA options, Veterinarians are forced to purchase a Guaranteed renewable policy only, which means that premiums are susceptible to change.

The second concern relates to the definition of total disability, which may be one of the most important provisions of a Disability insurance policy. When selecting the AVMA option, Veterinarians are provided the option of selecting a Modified Own Occupation definition of disability or paying an additional premium for a definition that closely resembles the True Own Occupation definition of disability. In either situation, Veterinarians that become disabled and unable to do their work will have limited options. With individual Disability insurance purchased separately however, Veterinarians have the option of purchasing a True Own Occupation definition of disability, which truly protects a Veterinarian’s medical specialty.

The third and greatest concern is regarding the Residual Disability benefit of a Disability policy, which provides benefits for partial Disability claims. With most individual Disability policies available from the major carriers, a person does not have to suffer a Total disability for any specific period of time in order to qualify for residual benefits. With most insurance carriers, the only requirement is that a loss of income greater than 15-25% (depending on the carrier) is incurred as a result of debilitating injury or illness. With the AVMA residual Disability benefits, Veterinarians must first experience a total disability for at least 30 days prior to qualifying for any residual benefits. As you can probably imagine, it is significantly more likely to experience a partial disability than total disability – hence the reason why this benefit is so important. Additionally, the way that benefits are paid will vary between the AVMA policy and those available from certain insurance carriers. The differences are substantial and this should be a very important factor to consider for any Veterinarian considering purchasing Disability insurance.

Purchasing Disability insurance is not something that should be taken lightly. Considering that you are likely to pay into this policy for the better part of your working years, shouldn’t it be something that is worth your while and money? As a Veterinarian, you should be concerned with protecting your medical specialty and your ability to earn an income. Review your options carefully and, although it may be difficult, put pricing aside while researching your options. Disability insurance is not a type of coverage that should be based on pricing alone. Prior to making any decisions, you should try to remain unbiased throughout reviewing the contractual differences within your options. To learn more and request information on the options available for Veterinarians, visit Veterinarian Disability Insurance.

Veterinarian Disability Insurance Provided by the American Veterinary Medical Association – AVMA

Veterinarian Disability Insurance Provided by the American Veterinary Medical Association - AVMA

Michael Relvas is a Life and Disability Income specialist with MR Insurance Consultants. MR Insurance Consultants specializes in assisting professionals nationwide with information, quotes and personal advice regarding Life and Disability Income insurance. If you would like to review your options with one of our specialists, call 800-817-4522 or visit us at Disability Income Insurance.

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Low Cost Texas Flood Insurance

May 13, 2012 By admin Leave a Comment

Low Cost Texas Flood Insurance

Low cost flood insurance is available for most Texas residents. The best rates are with the National Flood Insurance Program (NFIP). This is a program created by the federal government to provide affordable flood insurance.

The NFIP has created maps to determine the level of risk for different zones. The lowest risk areas are B or X zones. If your home or business is in the B/X flood zone and you have not made more than two flood claims you can probably qualify for the preferred rate. You can insure contents only or contents plus the dwelling. If you got $20,000 in contents coverage the preferred rate is $116 per year, at $50,000 it is $156 per year. For the building and contents $50,000/$20,000 is $180, or $200,000/$80,000 is $296. (Other choices up to $250,000 are available)

It is best to insure for the total value of your home and contents. However because B/X indicates a low level of risk you could insure for a lower amount to save on the premium. The idea is that if you do have a flood in the low risk zone it is likely that it may only be a few inches of water and not a total loss. So if you got the $50,000/$20,000 policy for a $200,000 home you could do a lot of repairs and replace a considerable amount of contents with $70,000 in total coverage. And you would be saving $116 per year in premiums. Again this is not a suggested strategy but I understand the thinking and it is far better than having no flood coverage. Remember that any home can be flooded!

If you are not in the B/X zone you can still get flood insurance from the NFIP in most cases. If your home is relatively new you will probably need to get an Elevation Certificate (E.C.). There is a one time cost for this and it is usually between $200 and $350. This measures how high certain points of your home are in relation to sea level. If your home was built before the area was in the NFIP program you may be excused from the E.C. requirement. It is usually advisable to get an E.C. even if you don’t have to because it will usually result in a discounted rate. (Don’t get an E.C. if you are in the B/X flood zone)

Another option to lower your flood insurance premium is to go with a high deductable. The deductible choices are from $500 to $5,000. I don’t suggest the high deductable unless you think your risk is small and you could afford the higher deductible in the event of a claim.

Many private insurance companies offer flood policies written through the NFIP. I suggest dealing with an agent that is experienced with the program. This type of policy can be purchased on the phone in a few minutes. Ask your agent about any questions you may have about the program. You can get more information at my Texas flood insurance site or you can call my Houston office at 281-537-2700.

Low Cost Texas Flood Insurance

Visit Texas-Flood-Insurance.com for online flood insurance quotes or information.

Lamb Insurance Agency, (Farmers Insurance) Auto, Home, Life, and Business Insurance for Texas – Farmers Insurance Houston

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Term Life Insurance – Save Money the Smart Way

May 12, 2012 By admin Leave a Comment

Term Life Insurance – Save Money the Smart Way

Term life insurance is the easiest type of life insurance to understand. To put it simply, the insured person pays a minimal premium per thousand dollars of coverage on an annual, semi annual, quarterly or monthly basis. If he or she dies within the term of the policy, the life insurance company will pay the beneficiary the face value of the policy.

Distinctive Features of Term Life Insurance

To better understand some of the distinctive features of term life insurance consider the following points:

First, term life insurance is “pure insurance” because when you purchase a term insurance policy you are only buying a “death benefit”. Unlike with other types of “permanent insurance” such as whole life, universal life, and variable universal life, there is no additional cash value built up with this kind of policy. Term insurance only gives you a specific death benefit.

Second, the coverage is for a defined period of time (the “term”) such as 1 year, 5 years, 10 years, 15 years, and so on. Once the policy is in force, it only remains in force until the end of the term — assuming you pay the premiums, of course.

Third, most term insurance policies are renewable at the end of the term. With what is known as “Level Term Life Insurance”, the death benefit remains the same throughout the term of the policy, but since the insured person is getting older, the premium will gradually increase. As time goes by the cost of a level term insurance policy may become greater than you are willing to pay for a simple death benefit. An alternative is the “Decreasing Term Life Insurance” policy in which the premium remains the same, but the death benefit goes down as time goes by.

Fourth, most term policies can be converted to permanent policies within a specific number of years. If you decide it is important to retain the insurance coverage, converting may be something you should plan for. You can anticipate the accelerating cost of term insurance premiums and convert your policy before the premiums become prohibitively high. It is true that in the short term the premium will usually be higher than if you stayed with the term policy. But over the long term this difference will decrease because of the rapid acceleration of the term insurance premium as you get older. A permanent policy also accumulates cash value which increases the total death benefit paid to your beneficiary.

Popular Uses of Term Life Insurance

Term life insurance is most appropriate whenever you want to protect your beneficiaries from a sudden financial burden as the result of your death. Here are some of the most common uses of term life insurance.

Personal Costs Due to Death – When a spouse or family member dies there will be immediate costs. Many people purchase a relatively small term life insurance policy to cover these costs.

Mortgage Insurance – Banks and financial institutions often insist that mortgage holders retain a term life insurance policy sufficient to pay out their mortgage. Such policies make the bank the beneficiary of the policy. If the mortgage holder should happen to die before the mortgage is paid off, the insurance policy will pay it out. This is also a great benefit to a spouse whose earning power will likely be decreased due to the death of his or her partner.

Business Partner Insurance – Term insurance is also used by business people to cover outstanding loans with their bank, or to purchase a deceased partner’s shares on death, if they had an agreement to do so. Most partnerships have an agreement of this sort, and the policy premiums are paid by the business.

Key Person Insurance – When a company loses key individuals due to death, this can often result in hardship to the company. Key person insurance is purchased by the company for any individual it deems to be “key”. The company itself is made the beneficiary of the policy. So when a “key” person dies, the company receives a cash injection to handle the problems associated with replacing that person.

Getting a Term Life Insurance Quote

Here are some things to look for when getting a quote for term life insurance:

1. The cheapest rate today will not be the cheapest rate tomorrow. For instance, the cheapest premium today will likely be for a Yearly Renewable Term policy. This policy is renewed every year at which time your premium is also adjusted upwards. This is fine if you intend to convert to a longer term solution (permanent insurance) in a year or two, or if you have a very short term requirement for insurance. But if you think you will need this insurance for a longer period, you would be better to commit to something like a Ten Year Term Policy. This locks your premium and death benefit in for ten years. Your rates will not increase until you renew.

2. Compare coverage and premium projections for different policies. Think about the long term and get the coverage that saves you money in the long run.

3. Make sure you completely understand the conversion options built into the different policies you are considering. Most policies will let you convert part or all of your term insurance into permanent insurance within a specific period of time, and without the need of a medical examination.

4. For some situations you should consider options such as Decreasing Term Life Insurance in which the death benefit decreases as time goes by. This makes sense if the policy is being used to cover a mortgage or business loan.

Term life insurance is not the answer to all life insurance requirements, but it should be part of a sound plan for every person’s financial future.

Term Life Insurance – Save Money the Smart Way

Term Life Insurance - Save Money the Smart Way

For online insurance quotes and more information about Term Life Insurance and all other kinds of Life Insurance, visit LifeInsuranceHub.net

Rick Hendershot is a writer and publisher of the Linknet Publishing Network. For article writing and distribution services see Linknet Article Program. For another very cost effective way to enhance your search engine rankings, see Power Listings.

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Finding the Best Mexico Insurance Solution For Your RV

May 12, 2012 By admin Leave a Comment

Finding the Best Mexico Insurance Solution For Your RV

For the bold and adventurous RV enthusiast, Mexico can be an RVers paradise. There are hundreds of incredibly scenic and not too crowded RV parks up and down the shores of the Baja Peninsula and Mexico’s Pacific coast. The weather is nice, the sport fishing is great, the surf is always up somewhere, and the free-spirited culture makes for a friendly and entertaining community. But before the fun begins, you need to make sure your beloved travel companion, your RV, will be protected with the proper insurance in Mexico.

For those of you not familiar with the rules about Mexican auto insurance, here is your crash course. Mexican authorities, meaning the Mexican police and the Mexican court system, do not recognize US or Canadian vehicle insurance. At a bare minimum, you must get a Mexican liability auto insurance policy to pay for damages you might cause to third parties. If you do not have liability insurance that is underwritten by a Mexican insurance company, you could face a real nightmare if you were involved in a traffic accident. If you are in a traffic accident in Mexico and you can not prove that you can pay for the damages you caused to a third party with a Mexican insurance policy, there is a good possibility that your vehicle will be impounded and you will be detained until you come up with the funds to pay for the damages. All of this hassle can be avoided if you have a Mexican liability insurance policy that demonstrates your ability to pay for the damages. So always purchase a Mexican insurance policy before you drive your vehicle into Mexico.

OK – So now that you understand that you must get a Mexican RV insurance policy, you are now probably wondering where to purchase this insurance, and what coverage do you actually need. This article will give you a road map of how to shop for your Mexico RV insurance.

Is your RV registered in the US or Canada?

This actually can make a huge difference in the options available to you for insuring you RV in Mexico. Many US RV insurance companies have recently introduced special RV insurance programs which actually extend physical damage and theft insurance coverage in to Mexico. Sorry Canadians, at this time there are no Canadian RV insurance companies who extend any type of RV insurance coverage into Mexico, but perhaps this will change in the future. Until then, this portion of the article only applies to US registered RVs.

Some US RV insurance carriers extend physical damage and theft coverage in to Mexico.

So if your RV is registered in the US, you may want to seriously consider getting your US RV insurance through a US RV insurance company who extends physical damage and theft coverage in Mexico. At the time of this article, these companies include Progressive, National Interstate, and AIG. If you go with one of these US carriers, you will only need to purchase a Mexican liability insurance policy instead of a Mexican full coverage insurance policy. Because these US carriers will pay for damages to your RV while it is in Mexico, this alleviates the need for you to also purchase any type of physical damage and theft coverage through the Mexican insurance carrier. A Mexican liability only policy is much cheaper than a Mexican insurance policy which includes physical damage and theft coverage.

Example of cost savings when you have US RV insurance that extends physical damage and theft coverage in to Mexico:

Cost of your US RV Policy for an RV worth $80,000: $800 per year

Cost of your Mexican liability only policy for 6 months: $125

Total Cost: $925

Example of your cost if you have a US RV policy that does NOT extend physical damage and theft in to Mexico.

Cost of your US RV Policy for an RV worth $80,000: $800 per year

Cost of your Mexican full coverage policy (liability and collision / theft) for 6 months: $700

Total Cost: $1,500

As you can see, you can save a considerable amount of money by going with a US RV insurance policy that extends physical damage and theft into Mexico. It becomes a two for the price of one insurance policy.

Tips for shopping for US carriers who extend into Mexico: Make sure to ask how far into Mexico their coverage will extend. Some US companies only extend coverage 25 miles into Mexico, so make sure to ask specifically about this. Only buy a policy that covers your RV for the entire country of Mexico.

If your US RV insurance extends into Mexico, you will still need to purchase a Mexican liability insurance policy for your RV. Do not forget to purchase your Mexican liability policy!

Mexican insurance for Canadian registered RVs

As stated previously, there are currently no Canadian insurance companies who offer RV insurance programs that extend coverage into Mexico. So if you want to physical damage and theft coverage for your RV while it is in Mexico, your only option is to purchase the physical damage and theft coverage through the Mexican insurance carriers. This is not a terrible option, but you will need to do some careful shopping to make sure you are getting quality Mexican insurance for your RV. This option also applies for US registered RVs that are insured with a US company who does not extend physical damage and theft coverage into Mexico.

Where to purchase your Mexico RV insurance

Although you could wait till the last minute to buy your Mexican insurance at the Mexican border, most RVers choose to plan ahead and purchase their Mexico RV insurance through a US or Canadian insurance broker well in advance of their Mexico trip. The internet is the best place to find a company who sells Mexico RV insurance.

Not all Mexico RV insurance is the same!

When shopping for Mexico RV insurance on the internet, you can either get a quote directly off of the website or you have the option to call to get a quote over the phone. This process usually takes only a few minutes. Many of the internet websites for Mexican insurance offer multiple Mexican insurance carriers, so you will be able to compare prices and insurance coverages in order to select the best plan for your situation.

When comparing Mexico RV insurance, make sure to research the following coverages and benefits.

Deductibles: Make sure to understand your deductibles. Some Mexico RV insurance deductibles are based on a percentage of the value of your RV. For rigs valued over $50,000, these deductibles can get really high. Some other companies offer fixed deductibles which will lock in your deductible at a fixed amount regardless of the value of your RV.

Labor rates for repairs made in the US or Canada: Make sure to look for Mexico RV policies that allow you to repair your RV in the US or Canada, and check to see what the hourly labor rate is that the Mexican insurance company will pay for these repairs. Some of the less expensive Mexico RV policies will only pay $20 per hour for US repairs, while some of the better Mexico RV policies will pay $75 per hour or whatever the current US labor rate is. This is obviously the preferred choice.

Liability Limits: With insurance, higher liability limits are always better. It is recommended to get a minimum of $70,000 worth of liability insurance in Mexico, but many policies will go as high as $300,000

Legal Service: All of the quality Mexican insurance brokers will include legal services at no extra charge. Do not buy a Mexican insurance policy that does not include legal service coverage.

Medical Evacuation, Plane Tickets Home, and other Travel Assistance coverages: Some of the better Mexican insurance vendors will also bundle in these travel assistance coverages at no extra charge. These are excellent coverages to have, so it is highly recommended to find a Mexico RV policy which includes these extra travel assistance insurance coverages.

If all of this information has your head spinning with questions, you can always call a Mexican insurance broker and let their customer service people answer your questions. If the vendor has a website, make sure they have a valid insurance license listed on their website, and they should also have links to their Better Business Bureau statistics available. Unfortunately, there are some vendors who are more professional than others, so do some research to make sure you are working with a quality insurance broker who has a solid reputation.

Armed with this information, you should be on your way to properly insuring your RV while in Mexico. Once the Mexico RV insurance is secured, you can then focus on having a fun and exciting RV adventure in Mexico.

Finding the Best Mexico Insurance Solution For Your RV

Jeff Nordahl is the president of Adventure Mexican Insurance Services. He is an experienced computer software designer and a Mexico insurance expert with over 10 years in the industry. Visit Mexico RV insurance for more information and get an insurance quote for Mexican insurance at the Adventure Mexican Insurance website.

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Seven Myths About Flood Insurance

May 11, 2012 By admin Leave a Comment

Seven Myths About Flood Insurance

Floods happen with great regularity in the United States. In recent years, we have witnessed entire cities underwater in the spring floods along the Mississippi River. However, floods can happen in unexpected areas and for unexpected reasons. Congress created the National Flood Insurance Program (NFIP) to provide insurance protection for the hazard of flood.

The standard homeowner policy (HO-3) defines flood as follows:

“…A general and temporary condition of partial or complete inundation of normally dry land areas due to:

1. The overflow of inland or tidal waters;

2. The unusual or rapid accumulation or runoff of surface waters from any source; or

3. Mudslides.

Remember Hurricane Katrina? The hurricane winds blew flood waters into areas that had never had floods before. The insurance industry denied thousands of claims, attributing the damages to flood. Thousands of property owners who were nowhere near a flood plain had their claims denied because they did not have flood insurance.

So, here are seven common myths about Flood Insurance.

Myth #1: Homeowners, renters, and business property insurance policies cover flood damage.

No, homeowners, renters, and business property insurance policies do not cover floods. The NFIP policy is a separate policy that does cover flood damage to a home or business. Contents coverage can also be added to the flood policy. Policies are available to property owners as well as property renters, whether home or business.

Myth #2: Only homeowners and business owners can buy flood policies.

Fact is that most homeowners, renters, condo owners, and businesses in NFIP participating communities can buy flood policies. Policy limits are:

o Home and Condo Owners – $250,000 in structural coverage, $100,000 in contents coverage

o Renters – $100,000 in contents coverage

o Business owners and renters – $500,000 in structural coverage, $500,000 in contents coverage

Myth #3: You can’t buy flood insurance if you are in a high-risk zone.

Fact is that you can buy NFIP coverage no matter where you live, as long as your community participates in the NFIP.

Myth #4: You can’t buy flood coverage if you’ve been flooded before.

Fact is that as long as your community participates in NFIP, you can buy flood insurance.

Myth #5: You can’t buy flood insurance immediately before or during a flood.

Fact is that you can buy NFIP insurance any time. There is usually a 30-day waiting period before the effective date of the policy. Also, the policy does not cover a loss in progress, which is defined in the policy as a loss occurring at midnight on the date your policy goes into effect. So, the new policy won’t cover past or current losses, only losses after the policy goes into effect.

Myth #6: If you live in an area that is not a flood zone, you don’t need flood insurance.

Fact is that floods occur regularly in places that are not mapped flood zones. 25% of NFIP’s claims come from low-to-medium risk zones. On the other hand, if you live in a flood zone, you likely cannot finance a home loan without buying flood insurance.

Myth #7: FEMA disaster assistance will pay for flood damage.

Fact is that unless your area is declared a disaster area, there is no FEMA assistance. Fewer than 50% of floods are declared a disaster area. And, if you don’t have flood insurance when the flood occurs, you will have to buy and keep flood coverage to be eligible for future benefits.

Don’t allow your property to be damaged by flood without having the proper insurance coverage. Get the coverage you need, and don’t wait any longer.

For all the details about Flood Insurance, go to: National Flood Insurance Program

Seven Myths About Flood Insurance

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Don’t Fall Victim To A Health Insurance Scam – 10 “Red Flags” You Should Look For

May 11, 2012 By admin Leave a Comment

Don’t Fall Victim To A Health Insurance Scam – 10 “Red Flags” You Should Look For

In today’s fast paced world, business owners don’t often have the time to thoroughly check out the companies they rely on to provide goods and services. In many cases, a determination of product/service quality can be made at the time goods are delivered or services are rendered. If goods or services do not meet expectations, there is often an immediate remedy available. For example, poor quality goods can be shipped back to the supplier and/or payment for services can be withheld until services are satisfactorily rendered.

Unfortunately, business owners do not always purchase items that are tangible items, in the sense that they can immediately determine the quality of the goods and/or services at the time of purchase. One example of such a purchase is health insurance. Since health insurance is not usually used immediately after purchase, the quality of care or the legitimacy of the policy may not even come into play until the business owner, or a family member, actually needs to have medical treatment. This is one of the primary reasons that many companies, often appearing legitimate, can get away with selling bogus health insurance coverage to unsuspecting business owners.

In most cases, fraudulent health insurance policies are sold to business owners by telemarketers or “agents” through bogus Associations and Unions. In that, the buyer must join a professional and/or trade association or become a union member to qualify for health insurance. In fact, in a study published by the U.S. General Accountability Office (GAO) in 2004, the GAO found that association schemes ranked at the top of the marketing methods followed by bogus health insurers. According to the report, “Employers and Individuals Are Vulnerable to Unauthorized or Bogus Entities Selling Coverage, between 2000 and 2002, the U.S. Department of Labor and state insurance regulators identified 144 unauthorized entities selling health insurance unlawfully. These entities defrauded 15,000 employers and more than 200,000 policyholders out of $252 million.”

However, it is important to mention that many individual and group health insurance products are endorsed by reputable Associations, such as the ARRP and the American Bar Association and, many reputable Unions, such as the AFLCIO and the Teamsters. These organizations have long been recognized for bringing a common class of professionals or citizens together for other purposes that have very little to do with health insurance. Membership commonly includes a wide range of other benefits in addition to discounted health insurance. Typically, the organizations have a governing organization, a constitution and bylaws, a set of officers, voting rights, regular membership meetings and a professional code of conduct.

Unfortunately, most individuals do not find out that they were making hefty monthly payments or premiums to fraudulent Associations or Unions until they have a severe condition that requires medical treatment. Usually, it isn’t until after they receive treatment that they receive notice from their medical provider that the claim that was submitted to the insurance company was denied and that all the medical charges that were incurred are now their responsibility.

Often, the scheme starts when business owners are contacted by telephone or approached by someone who claims to represent a certain, official sounding, Association or Union. The business owner is then informed that if s/he becomes a member of the Association or joins the Union, s/he could qualify for a low cost group or individual health insurance plan. Typically the Association or Union is promoted to represent self-employed individuals and small business owners. The low cost health insurance is usually presented as one of the many “perks” that the business owner can qualify for, in addition to many other “member” benefits, like discounts on other services, such as dental, eyeglasses, office supplies, hotels, rental cars, etc.

In many instances, these bogus companies involve licensed health insurance agents to sell their fraudulent health insurance products. Sometimes the “agents” know the products are fraudulent, other times, the “agent” also falls prey to the scheme. Often, the schemes prey upon consumers who have been previously declined insurance coverage or suffer from a pre-existing condition. Since these consumers have very limited options to purchase private health insurance coverage, the benefits of an Association or Union membership that offers health insurance coverage for a “membership fee” or “union due” is enticing. To the unsuspecting consumer that has a pre-existing medical condition or is paying high premiums for coverage, the “membership fee” or “union due” is a small price to pay for what they believe will be a quality health plan that provides “guaranteed” coverage with no “pre-existing condition exclusions” and no “waiting periods.”

In many circumstances, the print materials that are left with the consumer are very well designed, however, the majority of the time, the language in the “health plan brochure,” if there is one, is very unclear. The literature may name the entity that is authorized to act as the health plan administrator of the plan, but neglect to name the actual insurance company that is providing the health insurance coverage. Unfortunately, it is often difficult for the consumer to separate the illegitimate companies selling official sounding health plans from the legitimate ones. Typically fraudulent health plans have many commonalities.

Here are 10 “Red Flags” that may indicate health insurance fraud:

1. The “agent” is not a licensed insurance agent but an “enrollment” or “membership” coordinator.

2. The term “discount plan” is written in the product literature, but the term health plan, health insurance or policy is frequently used by the plan promoter. Discount plans often provide nothing more than a discount for medical services, such as prescription medications, eyeglasses, dental, etc. These plans are not designed to offer major medical health insurance coverage.

3. The official sounding “Association or Union” is one that you have never heard of before.

4. The plan is referred to as an ERISA plan. The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that allows employers to set up employee benefit plans for employees and their dependents. ERISA plans are not subject to state regulation and are not regulated by the state insurance commissioner. ERISA plans are normally not sold as health insurance, but are instead, established by employers, unions or groups acting on behalf of employers. Therefore, unsuspecting buyers believe these plans actually offer health insurance coverage, when if fact, they do not.

5. The buyer is told that the “membership fee or union dues” includes the health insurance premium, but there is no mention of the word “premium” in any of the plan literature.

6. The plan offers “guaranteed” insurance coverage with no exclusions for “pre-existing conditions” and no “waiting periods.”

7. The plan is significantly cheaper in price than other health insurance plans.

8. The term “reinsured” is used in regards to the plan. Reinsurance is something insurance companies buy to protect themselves against their own risks. It is insurance for insurance companies. Licensed insurers rarely have their agents mention any of their reinsurance arrangements during a sales presentation.

9. If the Association or Union is comprised of members from all walks of life and/or requires its members to state that they belong to a certain trade, class or group of professionals that they have no affiliation with, for example, the Association or Union is said to be comprised of “Food and Beverage” workers, but “Florists” and “Machinists” are allowed to enroll as members.

10. If the Association or Union is said to have a special arrangement with a health insurance company, a plan administrator or another third party that has designed the plan using a legal “loophole” that allows members to purchase health insurance at a discounted rate or to purchase a individual or group health insurance policy.

So how can you protect yourself from falling victim to a fraudulent insurance scam? Make sure you contact your state’s department of Insurance to determine if the health insurance company and the third-party administrator are licensed to do business in your state and make sure that the “agent” selling the plan is a “licensed health insurance agent.” Additionally, make sure that the health insurance company has been approved to sell the particular policy that is being offered. Since it may be difficult to tell if fraud is involved, always put off buying your insurance policy until you have had the opportunity to perform your own due diligence.

Don’t Fall Victim To A Health Insurance Scam – 10 “Red Flags” You Should Look For

Don't Fall Victim To A Health Insurance Scam - 10

C. Steven Tucker, is the President of Small Business Insurance Services, Inc. and has been a Licensed Mult-State Insurance Broker serving the small business and self-employed market for over a decade. Mr. Tucker believes an informed insurance consumer makes the best health insurance purchasing decisions. Mr. Tucker has written several articles that focus on small business health insurance, which can be read on a number of web sites. Mr. Tucker’s blog can be read at http://www.smallbusinessinsuranceservices.vox.com. If you have general questions regarding health insurance, or you are in the market to purchase a health insurance plan, you can contact Mr. Tucker through his web site at http://www.smallbusinessinsuranceservices.com, via Email at smallbusinssvcs@aol.com or by plone, toll-free at 1-866-SBIS123 (724-7123)

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The Disability Insurance Trap

May 6, 2012 By admin Leave a Comment

The Disability Insurance Trap

One out of every four Americans will miss at least 90 consecutive days of work because of an injury or sickness between the ages of 35 and 65. Disability insurance can help prevent such medical disasters from becoming financial disasters.

However, disability insurance is usually obtained through deeply flawed group policies offered by employers. Employees with such group coverage often aren’t adequately protected.

Here’s what to watch out for and how to get the best coverage…

PROBLEMS WITH EMPLOYER PLANS

The employer-sponsored disability policies in which all or part of the premiums are paid by the employer, generally claim to replace 60% or 70% of an employee’s income when he/she is disabled beyond the typical 90 or 180 day elimination (or waiting) period. However, these promises are empty and deceptive. Insurers are allowed to reduce the benefits they pay dollar for dollar for any benefits the disabled employee receives from his state workers’ compensation program … Social Security disability program… the state’s disability program … and even cash settlements received for pain and suffering if the employee was injured in an accident that caused his disability.

Even worse: Any money these insurers pay out to group disability policy holders is taxed. Beneficiaries end up with only a small fraction of what they thought they were insured for.

Other drawbacks…

- An employer might eliminate its disability plan at any time.

- An employee may not be able to take this disability policy with him if he quits or is fired.

- If a claim is ultimately denied, an employee in the group plan must appeal the denial in a timely manner, then sue in federal court to recover only his past-due benefits, some interest and attorney fees if the court allows. The horror of group disability litigation is that there is no trial by jury, no recovery for emotional distress and no opportunity to seek punitive damages under the Employee Retirement Income Security Act (ERISA). The carrier is required to pay only what it owed – this is like robbing a bank and returning the money years later without any penalty or jail time.

ADVANTAGES OF INDIVIDUAL COVERAGE

It is best to purchase your own individual disability coverage through an insurance agent, whether or not you are covered through your employer’s group plan. You will be given the maximum benefit you’re owed, tax free, even if you get other forms of compensation for your injury … you, not your employer, have control over the coverage … and if necessary, you can take the insurer to court, get a trial by jury and seek not only the benefits owed but also punitive damages if your state allows.

The downside is cost. A 55-year-old man in good health might spend $280 per month for a well-designed disability policy that replaces 60% of wages up to $4,000 a month after a 90 day waiting period. A 55-year-old woman might spend around $325 (women are more likely to become disabled, thus their coverage will cost more). For a 45-year-old man, the cost might be $199 a month. For a woman, it might be $281 a month.

Two ways to cut the cost of your coverage…

*Increase your waiting period from 90 to 180 days. This should reduce premiums by about 20% compared with a 90-day wait, but this strategy makes sense only if you can afford to live half a year without income. With a six month waiting period, you begin to accrue payable benefits in the seventh month and would get a check at the 225th-day (seven-and-a-half month) mark.

- Women should ask their agents to check whether unisex policies are available. These might cost 10% to 20% less.

MUST-HAVE FEATURES

Expect an insurer to offer coverage for up to two-thirds of your current wages, not to exceed $15,000 per month.

Three provisions that you also should insist on having…

- “Own occupation” protection. Without this provision, your insurer could reduce benefits by the amount you’re capable of earnmig, even in a line of work that doesn’t appeal to you.

Example: A stroke makes it impossible for a woman to continue her career as a surgeon. Without “own occupation” protection, her disability insurer might argue that she still could work as a janitor and then reduce her benefits by the $2,000 a month she could earn in that job. With “own occupation” protection, the woman receives her full benefit for as long as she can’t perform surgery.

- Noncancelable and guaranteed renewable to age 65. With this clause in the contract, your insurance company cannot terminate your coverage until you turn 65, even if your health deteriorates. Guaranteed renewable policies also have fixed premiums.

- Total disability and partial disability coverage. Some individual policies provide for both total and partial disability benefits.

Example: A woman has a heart attack but still can work 20 hours per week. If her policy covers only total disability, her insurer will not owe her a dime. With total and partial coverage, she will be compensated based on the percentage of her income that she has lost.

RECOMMENDED FEATURES

- Cost-of-living adjustments. This feature increases your monthly benefits after disability strikes to keep pace with inflation. It’s highly recommended for those younger than 40 but not vital for those over 50 – inflation won’t have as much time to deplete the value of their benefits. Expect a policy that provides an annual 3% to 6% increase in benefits to cost 8% to 12% more than the disability policy that doesn’t provide such an increase.

- Future increase option. It makes sense to add on more disability coverage over the course of your career to keep up with your increasing wages. A future increase option gives you the right to buy more coverage at the initial contract rate, even if your health declines. This provision typically isn’t available past age 50.

WHAT TO AVOID

- “Except fraud” provision. If an “except fraud” clause is written into your contract, your insurance company can attempt to take away your policy at any time by claiming that you materially misstated your medical, financial or occupational status when you applied for coverage. Insurance companies sometimes use this clause to deny benefits to honest policyholders when they find the slightest hint of an error on the application.

Better: Ask for a “two-year contestability policy” instead. After your contract has been in force for two years, the insurance company cannot contest any statements in your application.

The Disability Insurance Trap

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Continuing Education for Insurance Agents and Brokers

May 5, 2012 By admin Leave a Comment

Continuing Education for Insurance Agents and Brokers

The life insurance industry is as dynamic as it is competitive. For agents, advisors and brokers to survive in this field, updating knowledge and skills about latest government norms and state rules and policies is very crucial. This is the reason why every state has made it mandatory for insurance professionals to enroll themselves for some stipulated hours of training for earning insurance credits for retention of license. Insurance agent continuing education is available in traditional institutions in classroom style as well as online training centers. Insurance continuing education online is a boon for those professionals who are pressed for time and do not have enough hours free to spend in regular classes. This enables them to gain credentials and education credits without taking the trouble of attending actual classes.

Continuing insurance education online has got its own share of benefits. For beginners it’s an easy portal from where they can accumulate formal training and become life insurance agent, broker, underwriter or advisor. Insurance agent continuing education is variable from state to state and individual to individual, depending upon the area of existing or required license and the state from which the agent is operating. Each state has a specific set of guidelines for the same and online certification courses are available for each and every type of training that is targeted. The courses focus on varied field of knowledge, ranging from risk management, managerial services, financial services and so on. The main aim and objective of all the courses remain to hand over the most updated information about guidelines, rules, regulations and laws that operate in the insurance industry, to the participator so that he/she becomes equipped to achieve greater sales target in his career.

Insurance continuing education online is relatively cheaper than what is offered by physical insurance training schools. Apart from this, registering online can help the applicant to save on time as he does not need to be physically present at the place at any stipulated hour. It is also convenient as it can be continued as per one’s own convenient time and schedule. The internet is full of resources on insurance agent continuing education and hence you can get ample material to study for the field or topic you need certification for. The popularity of continuing insurance education online can be seen in the surge of participants enrolling in such programs for taking new courses or switching over from classroom courses to these ones in the virtual world.

Online institutions offer a multitude of courses for agents taking up continuing insurance education. All specialty areas are covered in the programs which cover commercial as well as personal lines. Every state makes it mandatory for the agent to conform to its set guidelines and rules, while selling insurance products or receiving Insurance CE and hence the course needs to be approved by the particular State Department of Insurance. If you are interested in participating in insurance continuing education online, check out the courses on offer and enroll for the right one.