3 Warnings Before Switching Auto Insurance Companies

We've all been bombarded with ads, emails, commercials, and billboards saying how much we can save on our auto insurance by switching to another company. It's a competitive industry. Just because another company is offering a better rate doesn't mean you should rush to call and cancel your insurance and switch. There are a few things you need to make sure of before you do.


Here are a few things to watch out for before you switch your auto insurance to another company.


If you've been with one company for many years and they offer a credit that waives the first accident you have, you may want to stay or see if the other company can match it. Sometimes this is referred to as good driver discount or a longevity discount or accident forgiveness. The company rewards you for your loyalty by waiving the first accident you have.


This discount can be pretty significant. Since most accidents can raise your rate by 40% for 3 years the potential savings could be several hundreds of dollars over that 3 year period. But when you switch companies, you lose this credit you've built up. If you have an accident with that new company how much are you going to regret not having that accident forgiveness by seeing your rates jacked up by 40%?


Another thing to be mindful of is to make sure the company you are switching to is not offering you just a teaser rate for the first 6 months to get your business and then bump you up 6 months later once they've got you on their books. Since auto insurance is a profitable industry, companies may offer you a low ball rate to get you to switch and then once they've got you increase your rates at the renewal. If the rate the new company quotes seems too goo to be true do more research. Check out insurance forums or search Google for "XYZ insurance + Reviews."


Watch out for hidden fees. This is one that can surprise you. Some companies charge you for making monthly payments - usually $3-$5 a month. Over the course of a year that comes out to $36-$60. That one fee can take a big bite out of your potential savings so make sure you factor that into the rates you are comparing. Make sure you are really saving money when you switch.


Two other things to keep in mind when shopping around for auto insurance are the new company's website and hours of operation. Make sure their hours work with your hours. If they are only open from 8-5 and you work 8-5, when are you going to be able to call them if you have a question or need to make a claim? If you do all your business online you want to make sure the company you are looking at has a capable website that can help you 24 hours a day.


You can save money by shopping your auto insurance around. Just be sure to keep in mind the things I've mentioned to make sure the deal you're looking at is really a great deal.

3 Warnings Before Switching Auto Insurance Companies

Posted by maghestra No comments

We've all been bombarded with ads, emails, commercials, and billboards saying how much we can save on our auto insurance by switching to another company. It's a competitive industry. Just because another company is offering a better rate doesn't mean you should rush to call and cancel your insurance and switch. There are a few things you need to make sure of before you do.


Here are a few things to watch out for before you switch your auto insurance to another company.


If you've been with one company for many years and they offer a credit that waives the first accident you have, you may want to stay or see if the other company can match it. Sometimes this is referred to as good driver discount or a longevity discount or accident forgiveness. The company rewards you for your loyalty by waiving the first accident you have.


This discount can be pretty significant. Since most accidents can raise your rate by 40% for 3 years the potential savings could be several hundreds of dollars over that 3 year period. But when you switch companies, you lose this credit you've built up. If you have an accident with that new company how much are you going to regret not having that accident forgiveness by seeing your rates jacked up by 40%?


Another thing to be mindful of is to make sure the company you are switching to is not offering you just a teaser rate for the first 6 months to get your business and then bump you up 6 months later once they've got you on their books. Since auto insurance is a profitable industry, companies may offer you a low ball rate to get you to switch and then once they've got you increase your rates at the renewal. If the rate the new company quotes seems too goo to be true do more research. Check out insurance forums or search Google for "XYZ insurance + Reviews."


Watch out for hidden fees. This is one that can surprise you. Some companies charge you for making monthly payments - usually $3-$5 a month. Over the course of a year that comes out to $36-$60. That one fee can take a big bite out of your potential savings so make sure you factor that into the rates you are comparing. Make sure you are really saving money when you switch.


Two other things to keep in mind when shopping around for auto insurance are the new company's website and hours of operation. Make sure their hours work with your hours. If they are only open from 8-5 and you work 8-5, when are you going to be able to call them if you have a question or need to make a claim? If you do all your business online you want to make sure the company you are looking at has a capable website that can help you 24 hours a day.


You can save money by shopping your auto insurance around. Just be sure to keep in mind the things I've mentioned to make sure the deal you're looking at is really a great deal.

4 Reasons To Get An On Line Auto Insurance Quote

Whether you are looking for a new auto insurance plan, or just want to see what is out there, getting an on line auto insurance quote is a great idea. There are a variety of great places you can go online that will offer you free auto insurance quotes with no hassle whatsoever. If you have not got your instant auto insurance quote, the following are four great reasons you need to give it a go.


Reason #1 - It’s So Easy! - One of the best reasons that you should get an on line auto insurance quote is because it is so easy. No need to flip through your phone book looking for places to call or to spend your day on the phone trying to get a quote from a company. You can get your quote online without a bunch of hassle and it is so much easier than trying to call someone up. Online you can just simply enter your information and then get a great quote back on auto insurance.


Reason #2 - It Can Save You Big Money - Getting an instant auto insurance quote online can also save you a great deal of money. Often you will find that the quotes you get online are much cheaper than you could get anywhere offline. Many companies actually offer special online rates if you go online to get one of their auto insurance quotes.


Reason #3 - It’s Totally Free - Another reason you should get your on line auto insurance quote is because it is totally free. There are a variety of places that you can find free auto insurance quotes, and you will have no obligation whatsoever when you get a free quote online. Since it is totally free, there is no reason not to find out how much money you could be saving on your auto insurance.

Reason #4 - It’s Fast - Getting your auto insurance quote online is also very fast. You can get an instant auto insurance quote that will allow you to know how much you could save in just minutes. Why spend time waiting forever on hold with a company on the phone, when you can get an instant quote online.

If you need an insurance quote, and on line auto insurance quote is definitely the best way to go. They are easy, free, fast, and can save you hundreds of dollars on your car insurance. What are you waiting for? Your quote on car insurance is just a few seconds away.

Get a free instant auto insurance quote at http://www.auto-insurance-companies-free-quote.com.

4 Reasons To Get An On Line Auto Insurance Quote

Posted by maghestra No comments

Whether you are looking for a new auto insurance plan, or just want to see what is out there, getting an on line auto insurance quote is a great idea. There are a variety of great places you can go online that will offer you free auto insurance quotes with no hassle whatsoever. If you have not got your instant auto insurance quote, the following are four great reasons you need to give it a go.


Reason #1 - It’s So Easy! - One of the best reasons that you should get an on line auto insurance quote is because it is so easy. No need to flip through your phone book looking for places to call or to spend your day on the phone trying to get a quote from a company. You can get your quote online without a bunch of hassle and it is so much easier than trying to call someone up. Online you can just simply enter your information and then get a great quote back on auto insurance.


Reason #2 - It Can Save You Big Money - Getting an instant auto insurance quote online can also save you a great deal of money. Often you will find that the quotes you get online are much cheaper than you could get anywhere offline. Many companies actually offer special online rates if you go online to get one of their auto insurance quotes.


Reason #3 - It’s Totally Free - Another reason you should get your on line auto insurance quote is because it is totally free. There are a variety of places that you can find free auto insurance quotes, and you will have no obligation whatsoever when you get a free quote online. Since it is totally free, there is no reason not to find out how much money you could be saving on your auto insurance.

Reason #4 - It’s Fast - Getting your auto insurance quote online is also very fast. You can get an instant auto insurance quote that will allow you to know how much you could save in just minutes. Why spend time waiting forever on hold with a company on the phone, when you can get an instant quote online.

If you need an insurance quote, and on line auto insurance quote is definitely the best way to go. They are easy, free, fast, and can save you hundreds of dollars on your car insurance. What are you waiting for? Your quote on car insurance is just a few seconds away.

Get a free instant auto insurance quote at http://www.auto-insurance-companies-free-quote.com.

5 Basic Facts About Health Insurance Policies In A Bad Economy

1. DOES YOUR PLAN COVER YOU ON AND OFF THE JOB?

Many health insurance plans have specific exclusions that eliminate your benefits for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again.

COULD HAVE BEEN COVERED!?

That is correct. Most self employed people and even some small business owners do not carry Workers Comp on themselves.

There are designed insurance plans that will cover you on and off the job — 24-hours a day, if you are not required by law to have Workers Compensation coverage.

2. ARE YOU WRITING IT OFF?

Independent contractors (1099's), home based business owners, professionals and other self employed people generally are not taking advantages of the tax laws available to them.

Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance payments. Just that alone can reduce your net out-of-pocket costs of a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or check out the IRS website for more information.

3. INTERNAL LIMITS

All true insurance plans use some form of internal controls to determine how much they will pay out for a particular procedure or service. There are two basic methods.

-Scheduled Benefits

Many plans, some of which are specifically marketed to self employed and independent people, have a clear schedule of what they will pay per doctor office visit, hospital stay, or even limits on what they will pay for testing per 24-hr. period. This structure is usually associated with "Indemnity Plans". If you are presented with one of these plans, be sure to see the schedule of benefits, in writing. It is important that you understand these type of limits up front because once you reach them the company will not pay anything over that amount.

-Usual and Customary

"Usual and Customary" refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is based on what the majority of physicians and facilities charge for that particular service in that particular geographical or comparable area. "Usual and Customary" charges represent the highest level of coverage on most major medical plans.

4.YOU HAVE THE ABILITY TO SHOP!

If you are reading this you, are probably shopping for a health plan. Every day people shop, for everything from groceries to a new home. During the shopping process, generally, the value, price, personal needs and general marketplace gets evaluated by the buyer. With this in mind, it is very disconcerting that most people never ask what a test, procedure or even doctor visit will cost. In this ever-changing health insurance market, it will become increasingly important for these questions to be asked of our medical professionals. Asking price will help you get the most out of your plan and reduce your out-of-pocket expenses.

5. NETWORKS AND DISCOUNTS

Almost all insurance plans and benefit programs work with medical networks to access discounted rates. In broad strokes, networks consist of medical professionals and facilities who agree, by contract, to charge discounted rates for services rendered. In many cases the network is one of the defining attributes of your program. Discounts can vary from 10% to 60% or more. Medical network discounts vary, but to ensure you minimize your out-of-pocket expenses, it is imperative that you preview the network's list of physicians and facilities before committing. This is not only to ensure that your local doctors and hospitals are in the network, but also to see what your options would be if you were to need a specialist.

Ask your agent what network you are in, ask if it is local or national and then determine if it meets your own individual needs.

5 Basic Facts About Health Insurance Policies In A Bad Economy

Posted by maghestra No comments

1. DOES YOUR PLAN COVER YOU ON AND OFF THE JOB?

Many health insurance plans have specific exclusions that eliminate your benefits for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again.

COULD HAVE BEEN COVERED!?

That is correct. Most self employed people and even some small business owners do not carry Workers Comp on themselves.

There are designed insurance plans that will cover you on and off the job — 24-hours a day, if you are not required by law to have Workers Compensation coverage.

2. ARE YOU WRITING IT OFF?

Independent contractors (1099's), home based business owners, professionals and other self employed people generally are not taking advantages of the tax laws available to them.

Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance payments. Just that alone can reduce your net out-of-pocket costs of a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or check out the IRS website for more information.

3. INTERNAL LIMITS

All true insurance plans use some form of internal controls to determine how much they will pay out for a particular procedure or service. There are two basic methods.

-Scheduled Benefits

Many plans, some of which are specifically marketed to self employed and independent people, have a clear schedule of what they will pay per doctor office visit, hospital stay, or even limits on what they will pay for testing per 24-hr. period. This structure is usually associated with "Indemnity Plans". If you are presented with one of these plans, be sure to see the schedule of benefits, in writing. It is important that you understand these type of limits up front because once you reach them the company will not pay anything over that amount.

-Usual and Customary

"Usual and Customary" refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is based on what the majority of physicians and facilities charge for that particular service in that particular geographical or comparable area. "Usual and Customary" charges represent the highest level of coverage on most major medical plans.

4.YOU HAVE THE ABILITY TO SHOP!

If you are reading this you, are probably shopping for a health plan. Every day people shop, for everything from groceries to a new home. During the shopping process, generally, the value, price, personal needs and general marketplace gets evaluated by the buyer. With this in mind, it is very disconcerting that most people never ask what a test, procedure or even doctor visit will cost. In this ever-changing health insurance market, it will become increasingly important for these questions to be asked of our medical professionals. Asking price will help you get the most out of your plan and reduce your out-of-pocket expenses.

5. NETWORKS AND DISCOUNTS

Almost all insurance plans and benefit programs work with medical networks to access discounted rates. In broad strokes, networks consist of medical professionals and facilities who agree, by contract, to charge discounted rates for services rendered. In many cases the network is one of the defining attributes of your program. Discounts can vary from 10% to 60% or more. Medical network discounts vary, but to ensure you minimize your out-of-pocket expenses, it is imperative that you preview the network's list of physicians and facilities before committing. This is not only to ensure that your local doctors and hospitals are in the network, but also to see what your options would be if you were to need a specialist.

Ask your agent what network you are in, ask if it is local or national and then determine if it meets your own individual needs.

Hertz Hurts - How NOT to do Customer Service

According to its Mission Statement, Hertz strives to be the "most customer focused rental company in every market [they] serve." Recently, FoIB Bill M had the opportunity to put this to the test.
Hertz failed. Miserably:

"On March 3, my daughter rented a car from Hertz in Lafayette, IN.  Upon renting she asked about adding me (her father) as a driver.  She was told (in this technology age) that she and I would have to be there at the same time (inconvenient as I live in Ohio).  When she was informed of this, the Hertz rep assured my daughter that we could stop at any Hertz together and they could take care of it.

I then called two different Hertz locations in Dayton and they told me the same thing.  However, when we stopped at the Wayne Ave location in Dayton the rep said she could not access our information.  She was helpful in contacting the Lafayette Hertz and asking them to fax down a form which we signed and she faxed back for us.  They also finally mentioned that there would be an additional $ 13.00 charge per day for me to be able to drive the car (this was the first time we were informed of this).  I attempted to call Hertz customer service to discuss this and bailed on the call after 25 minutes on my cell with no live person yet.

On the 4th day of our trip the Service Engine light came on.  After a 20 minute phone call, we finally spoke to a gentleman at Hertz who told us to stop at any Hertz location (apparently a favorite lie told to customers) and we could trade it in for another model to continue our trip.  Being wiser from the first try we called several locations, and were told that this was not true (surprise!), and that we needed to go to the Airport Location (out of our way and extremely inconvenient).  After a 2 hour good faith attempt to help Hertz, we gave up and decided to drive it back to Lafayette IN (hoping that the vehicle didn't blow up in the meantime).

Needless to say Hertz will not be on our radar to rent from in the future: horrible customer experience. Next time, we'll take our busuiness to a company that actually cares about doing the right thing."
Thanks, Bill, for sharing that - hopefully it will save our readers from a similar fate.

View the original article here

Hertz Hurts - How NOT to do Customer Service

Posted by maghestra No comments

According to its Mission Statement, Hertz strives to be the "most customer focused rental company in every market [they] serve." Recently, FoIB Bill M had the opportunity to put this to the test.
Hertz failed. Miserably:

"On March 3, my daughter rented a car from Hertz in Lafayette, IN.  Upon renting she asked about adding me (her father) as a driver.  She was told (in this technology age) that she and I would have to be there at the same time (inconvenient as I live in Ohio).  When she was informed of this, the Hertz rep assured my daughter that we could stop at any Hertz together and they could take care of it.

I then called two different Hertz locations in Dayton and they told me the same thing.  However, when we stopped at the Wayne Ave location in Dayton the rep said she could not access our information.  She was helpful in contacting the Lafayette Hertz and asking them to fax down a form which we signed and she faxed back for us.  They also finally mentioned that there would be an additional $ 13.00 charge per day for me to be able to drive the car (this was the first time we were informed of this).  I attempted to call Hertz customer service to discuss this and bailed on the call after 25 minutes on my cell with no live person yet.

On the 4th day of our trip the Service Engine light came on.  After a 20 minute phone call, we finally spoke to a gentleman at Hertz who told us to stop at any Hertz location (apparently a favorite lie told to customers) and we could trade it in for another model to continue our trip.  Being wiser from the first try we called several locations, and were told that this was not true (surprise!), and that we needed to go to the Airport Location (out of our way and extremely inconvenient).  After a 2 hour good faith attempt to help Hertz, we gave up and decided to drive it back to Lafayette IN (hoping that the vehicle didn't blow up in the meantime).

Needless to say Hertz will not be on our radar to rent from in the future: horrible customer experience. Next time, we'll take our busuiness to a company that actually cares about doing the right thing."
Thanks, Bill, for sharing that - hopefully it will save our readers from a similar fate.

View the original article here

Isolated incident? Meaningless anecdote? I wonder.

Yeah, an anecdote is not data, it's just . . . an anecdote.  But anecdotes can make one wonder.
Like this anecdote from New Zealand:
"But at the start of May the couple were told they must leave as Albert’s health was no longer acceptable . . . [Immigration New Zealand's] medical assessors have to consider to what extent there might be indications of future high-cost and high-need demand for health services."
This anecdote suggests New Zealand is deporting people it considers health risks, as a tactic to manage costs within its socialized medical program.   Who knows if INZ uses this tactic a lot? Or for that matter if other countries do the same?
Well, we do know other countries (e.g., U.K., Canada) ration medical services either thru explicit rules, or global budgets, or by queue.  We do know Germany has been using a different creative tactic of its own: "one way Germany has contained its health care delivery costs has been forced labor at under-market rates."   And we do know that European Union countries under the Schengen Convention have “rejected the notion that their citizens areobligated to pay for medical expenses of foreign visitors.”
Even a collection of anecdotes may not be “data” but at some point is there enough to make you wonder?
I think our media have generally done a poor job reporting information - such as the anecdotes above - which illuminates the actual experience in other countries, pro and con, with governmental control of medical delivery and finance.  As a result, the American public was not well-informed during the health care debate and therefore susceptible to smoke-blowers.   So now, sadly, the only practical way for most Americans to anticipate how Obamacare is likely to work is to accept it, so that we can find out what is in it.
Sound familiar?

View the original article here

Isolated incident? Meaningless anecdote? I wonder.

Posted by maghestra No comments

Yeah, an anecdote is not data, it's just . . . an anecdote.  But anecdotes can make one wonder.
Like this anecdote from New Zealand:
"But at the start of May the couple were told they must leave as Albert’s health was no longer acceptable . . . [Immigration New Zealand's] medical assessors have to consider to what extent there might be indications of future high-cost and high-need demand for health services."
This anecdote suggests New Zealand is deporting people it considers health risks, as a tactic to manage costs within its socialized medical program.   Who knows if INZ uses this tactic a lot? Or for that matter if other countries do the same?
Well, we do know other countries (e.g., U.K., Canada) ration medical services either thru explicit rules, or global budgets, or by queue.  We do know Germany has been using a different creative tactic of its own: "one way Germany has contained its health care delivery costs has been forced labor at under-market rates."   And we do know that European Union countries under the Schengen Convention have “rejected the notion that their citizens areobligated to pay for medical expenses of foreign visitors.”
Even a collection of anecdotes may not be “data” but at some point is there enough to make you wonder?
I think our media have generally done a poor job reporting information - such as the anecdotes above - which illuminates the actual experience in other countries, pro and con, with governmental control of medical delivery and finance.  As a result, the American public was not well-informed during the health care debate and therefore susceptible to smoke-blowers.   So now, sadly, the only practical way for most Americans to anticipate how Obamacare is likely to work is to accept it, so that we can find out what is in it.
Sound familiar?

View the original article here

Ms Kathy Overreaches (Again)

What rational person confuses Critical Illness (CI) coverage with major medical? Well, apparently Ms Shecantbeserious believes it's a pretty substantial demographic, because she's proposing new reg's to significantly decrease the availability of CI plans.
We reached out to the Director of Health Product Sales of one of the most successful CI carriers, who told me that this was a surprise to him and his colleagues, as well. He thinks there may be some push-back from the NAIC (National Association of Insurance Commissioners) as this infringes pretty far on their own autonomy and authority.
In the event, we'll have an in-depth interview with him on the issue in the next week or so. Stay tuned.

View the original article here

Ms Kathy Overreaches (Again)

Posted by maghestra No comments

What rational person confuses Critical Illness (CI) coverage with major medical? Well, apparently Ms Shecantbeserious believes it's a pretty substantial demographic, because she's proposing new reg's to significantly decrease the availability of CI plans.
We reached out to the Director of Health Product Sales of one of the most successful CI carriers, who told me that this was a surprise to him and his colleagues, as well. He thinks there may be some push-back from the NAIC (National Association of Insurance Commissioners) as this infringes pretty far on their own autonomy and authority.
In the event, we'll have an in-depth interview with him on the issue in the next week or so. Stay tuned.

View the original article here

On Carriers and Service

Believe it or not, I don't really expect perfection from carriers. I do expect a level of service commensurate with their overall reputation; that is, I generally expect a carrier with an excellent reputation to provide excellent service. And, for the most part, this has been my experience.

Sometimes, though, even the best carriers fail to live up to that lofty goal, as was recently the case with John Hancock, specifically their Long Term Care insurance arm:
Some 20 years ago, I sold a policy to a very nice gentleman who eventually moved to another state, and who has been on claim for several years. The plan had two "buckets:" one for facility care, and one for home care. He has exhausted his facility care benefits and his children are attempting to determine if there's a way to access the home care benefits.

Seems simple enough, no?
When I originally reached out to JH in early February, I was looking for specific info on a 20 year old policy. The service rep with whom I spoke told me that she had to "research the archives" to find the answers to my questions, and would email them to me in the next day or so. I did hear from her two days later, with the message that she was "still gathering necessary documents and information needed for this policy." It would be another week or so before I heard from her again, and the information she shared did not fully answer my questions.

In the meantime, I had called the service number again, and got another rep who had no trouble pulling up the information I needed.
All of that was just for questions related to the policy. When I started asking claims-specific questions, I was transferred to the claims department. On the one hand, this is common: most carriers have separate departments for policy service and claims. What became increasingly frustrating was that, each time I called back, I got a different rep, and different answers. It was only when I was finally connected to the supervisor that I began to get consistent answers each time.

One can imagine how quickly this became old.
And there's this: I asked this supervisor for written confirmation of her answers (either by mail, email or fax), and was told that she couldn't do that.
It was at this point that I reached out to the company's media relations folks, and asked them if they'd like to respond to these issues before I posted about them. I have found this to be a very fair, very effective way to encourage carriers to engage in a little reflection, and ultimately provide a better experience to their customers, my clients.

I soon heard from Seth Kilgore, Director of LTC Claim Operations. He indicated that he would indeed appreciate the opportunity to address these issues, and we spoke at length later that day, and I followed up with some additional documentation.
We spoke again a few days later, and it was clear that Mr Kilgore took these issues seriously. He told me that he has begun asking his managers to actually listen to the recorded calls, and to provide written confirmation of answers when requested to do so. He told me that, while this is an unusual request, it is not an unreasonable one.

He's also going to treat this experience as a learning and training opportunity, to try to avoid the "different reps, different answers" problem.
As regards the specific manager with whom I spoke, Mr Kilgore told me that, once I started asking more detailed questions and asking for written confirmation, she should have escalated  to her leader or manager. Again, he saw this as a reasonable request, and a learning opportunity for the supervisor.
As regards the specific claims situation which prompted this whole ordeal, he is helping me to shepherd that through, as well.

So, once again the incredibly valuable megaphone that is InsureBlog enabled me to connect with the person best suited to address some major concerns, and the folks at John Hancock restored my faith in their reputation.

View the original article here

On Carriers and Service

Posted by maghestra No comments

Believe it or not, I don't really expect perfection from carriers. I do expect a level of service commensurate with their overall reputation; that is, I generally expect a carrier with an excellent reputation to provide excellent service. And, for the most part, this has been my experience.

Sometimes, though, even the best carriers fail to live up to that lofty goal, as was recently the case with John Hancock, specifically their Long Term Care insurance arm:
Some 20 years ago, I sold a policy to a very nice gentleman who eventually moved to another state, and who has been on claim for several years. The plan had two "buckets:" one for facility care, and one for home care. He has exhausted his facility care benefits and his children are attempting to determine if there's a way to access the home care benefits.

Seems simple enough, no?
When I originally reached out to JH in early February, I was looking for specific info on a 20 year old policy. The service rep with whom I spoke told me that she had to "research the archives" to find the answers to my questions, and would email them to me in the next day or so. I did hear from her two days later, with the message that she was "still gathering necessary documents and information needed for this policy." It would be another week or so before I heard from her again, and the information she shared did not fully answer my questions.

In the meantime, I had called the service number again, and got another rep who had no trouble pulling up the information I needed.
All of that was just for questions related to the policy. When I started asking claims-specific questions, I was transferred to the claims department. On the one hand, this is common: most carriers have separate departments for policy service and claims. What became increasingly frustrating was that, each time I called back, I got a different rep, and different answers. It was only when I was finally connected to the supervisor that I began to get consistent answers each time.

One can imagine how quickly this became old.
And there's this: I asked this supervisor for written confirmation of her answers (either by mail, email or fax), and was told that she couldn't do that.
It was at this point that I reached out to the company's media relations folks, and asked them if they'd like to respond to these issues before I posted about them. I have found this to be a very fair, very effective way to encourage carriers to engage in a little reflection, and ultimately provide a better experience to their customers, my clients.

I soon heard from Seth Kilgore, Director of LTC Claim Operations. He indicated that he would indeed appreciate the opportunity to address these issues, and we spoke at length later that day, and I followed up with some additional documentation.
We spoke again a few days later, and it was clear that Mr Kilgore took these issues seriously. He told me that he has begun asking his managers to actually listen to the recorded calls, and to provide written confirmation of answers when requested to do so. He told me that, while this is an unusual request, it is not an unreasonable one.

He's also going to treat this experience as a learning and training opportunity, to try to avoid the "different reps, different answers" problem.
As regards the specific manager with whom I spoke, Mr Kilgore told me that, once I started asking more detailed questions and asking for written confirmation, she should have escalated  to her leader or manager. Again, he saw this as a reasonable request, and a learning opportunity for the supervisor.
As regards the specific claims situation which prompted this whole ordeal, he is helping me to shepherd that through, as well.

So, once again the incredibly valuable megaphone that is InsureBlog enabled me to connect with the person best suited to address some major concerns, and the folks at John Hancock restored my faith in their reputation.

View the original article here

The Most Transparent Administration in History

Campaign slogans are like the morning mist. Once the person is elected political Alzheimer's sets in.


On the heels of the resignation of Gary Cohen comes the announcement that David Wright will be leaving.

Most of the public probably has no idea  who either of these individuals are. Gary Cohen was director of the Center for Consumer Information and Insurance Oversight.

That is government speak for an agency that was responsible for creating Obamacare regulations.

Mr. Cohen's boss, Marilyn Tavenner (CMS chief) had this to say.

“Under his leadership, CCIIO established the rules which have made the promise of the Affordable Care Act a reality for millions of Americans who now can have the security of health coverage without regard to their previous health condition, and can know that their insurance will cover all the most common services they will need,” Tavenner said.

Kind of brings a tear to your eye, doesn't it?

So what's the deal with David Wright?

Mr. Wright ran the Office of Research Integrity (ORI), responsible for reviewing any misconduct in research projects.

Sounds like the Department of Redundancy Department, doesn't it?

So what does the ORI do?

I have no idea, but I'm sure the NSA does.

What is interesting here is Mr. Wright's reason for resignation. He claims this is "the worst job I have ever had".

Wright describes his inability to obtain approval to spend $35 to convert old cassette tapes to CDs. He tried to fill a vacancy in his office, but an HHS deputy secretary said there was a secret priority list and couldn’t tell him where his open job fell.

Washington Post

Perhaps they could have told him, but then they would have to kill him.

“Since I’ve been here I’ve been advised by my superiors that I had ‘to make my bosses look good.’ I’ve been admonished: ‘Dave, you are a visionary leader but what we need here are team players.’

Recently, I was advised that if I wanted to be happy in government service, I had to ‘lower my expectations.’ The one thing no one in OASH [Office of the Assistant Secretary of Health] leadership has said to me in two years is ‘how can we help ORI better serve the research community?’ Not once.”Wright alleges in the letter that Koh himself described his office as operating in an “intensely political environment.”

I am shocked, shocked to learn that D.C. is a political environment.



View the original article here

The Most Transparent Administration in History

Posted by maghestra No comments

Campaign slogans are like the morning mist. Once the person is elected political Alzheimer's sets in.


On the heels of the resignation of Gary Cohen comes the announcement that David Wright will be leaving.

Most of the public probably has no idea  who either of these individuals are. Gary Cohen was director of the Center for Consumer Information and Insurance Oversight.

That is government speak for an agency that was responsible for creating Obamacare regulations.

Mr. Cohen's boss, Marilyn Tavenner (CMS chief) had this to say.

“Under his leadership, CCIIO established the rules which have made the promise of the Affordable Care Act a reality for millions of Americans who now can have the security of health coverage without regard to their previous health condition, and can know that their insurance will cover all the most common services they will need,” Tavenner said.

Kind of brings a tear to your eye, doesn't it?

So what's the deal with David Wright?

Mr. Wright ran the Office of Research Integrity (ORI), responsible for reviewing any misconduct in research projects.

Sounds like the Department of Redundancy Department, doesn't it?

So what does the ORI do?

I have no idea, but I'm sure the NSA does.

What is interesting here is Mr. Wright's reason for resignation. He claims this is "the worst job I have ever had".

Wright describes his inability to obtain approval to spend $35 to convert old cassette tapes to CDs. He tried to fill a vacancy in his office, but an HHS deputy secretary said there was a secret priority list and couldn’t tell him where his open job fell.

Washington Post

Perhaps they could have told him, but then they would have to kill him.

“Since I’ve been here I’ve been advised by my superiors that I had ‘to make my bosses look good.’ I’ve been admonished: ‘Dave, you are a visionary leader but what we need here are team players.’

Recently, I was advised that if I wanted to be happy in government service, I had to ‘lower my expectations.’ The one thing no one in OASH [Office of the Assistant Secretary of Health] leadership has said to me in two years is ‘how can we help ORI better serve the research community?’ Not once.”Wright alleges in the letter that Koh himself described his office as operating in an “intensely political environment.”

I am shocked, shocked to learn that D.C. is a political environment.



View the original article here

Advantages to Indemnity Health Insurance Plans

Indemnity health insurance plans are more regularly known as traditional health insurance plans. These health insurance plans can be costly but often cover most health problems that may arise, while other insurance plans exclude some illnesses or diseases from their coverage. Some disadvantages to indemnity plans are that they do not usually cover preventative health care like physicals, and traditional health insurance plans often cover only a percentage of your bill. Research the advantages and disadvantages to indemnity health insurance when you are considering health insurance options.

While the disadvantages may seem problematic, there are many advantages to indemnity health insurance plans. You may have a higher monthly premium and you may need to pay upfront costs and submit claims paperwork, but your deductible will be more manageable and your coverage will be wider. Some health insurance plans will not cover certain medical expenses or care, but indemnity plans often do.


Another benefit of indemnity health insurance plans that many people desire is the freedom to choose your own physician. While other health insurance plans offered by the insurance industry limit your choice of physicians and hospitals to a list of preferred providers, indemnity insurance will cover any physician or hospital. This benefit may seem unworthy of mention, but there has been more than one instance where a mother finds that her son or daughter's pediatrician is not in their preferred provider network and has to search for another pediatrician. This also means that you can see a specialist without having to consult with your primary care physician first.


Overall, indemnity health insurance plans also offer you the best emergency medical coverage in the industry. While preferred provider organizations (PPOs) or point-of-service (POS) plans limit the physician you can see to a list of network physicians and hospitals, the freedom of choosing any physician is nationwide with indemnity health insurance plans. This means that if you are traveling across the country and have an accident or a medical emergency, you can go to the nearest hospital or see the closest physician without worrying about the expense. There have been instances where hospitals or physicians will either refuse to treat patients or treat them only minimally because the hospital or physician is not inside the plan's preferred provider network - meaning that the patient's health insurance will only cover a small part of the expense and the patient is liable to pay the rest of the bill. This is a risky financial situation for the physician and/or hospital since patients are often unable to fully pay costly medical bills. With indemnity health insurance plans, this is almost never the case. Consider this and the other benefits of indemnity health insurance when choosing the plan that is right for you.

Advantages to Indemnity Health Insurance Plans

Posted by maghestra No comments

Indemnity health insurance plans are more regularly known as traditional health insurance plans. These health insurance plans can be costly but often cover most health problems that may arise, while other insurance plans exclude some illnesses or diseases from their coverage. Some disadvantages to indemnity plans are that they do not usually cover preventative health care like physicals, and traditional health insurance plans often cover only a percentage of your bill. Research the advantages and disadvantages to indemnity health insurance when you are considering health insurance options.

While the disadvantages may seem problematic, there are many advantages to indemnity health insurance plans. You may have a higher monthly premium and you may need to pay upfront costs and submit claims paperwork, but your deductible will be more manageable and your coverage will be wider. Some health insurance plans will not cover certain medical expenses or care, but indemnity plans often do.


Another benefit of indemnity health insurance plans that many people desire is the freedom to choose your own physician. While other health insurance plans offered by the insurance industry limit your choice of physicians and hospitals to a list of preferred providers, indemnity insurance will cover any physician or hospital. This benefit may seem unworthy of mention, but there has been more than one instance where a mother finds that her son or daughter's pediatrician is not in their preferred provider network and has to search for another pediatrician. This also means that you can see a specialist without having to consult with your primary care physician first.


Overall, indemnity health insurance plans also offer you the best emergency medical coverage in the industry. While preferred provider organizations (PPOs) or point-of-service (POS) plans limit the physician you can see to a list of network physicians and hospitals, the freedom of choosing any physician is nationwide with indemnity health insurance plans. This means that if you are traveling across the country and have an accident or a medical emergency, you can go to the nearest hospital or see the closest physician without worrying about the expense. There have been instances where hospitals or physicians will either refuse to treat patients or treat them only minimally because the hospital or physician is not inside the plan's preferred provider network - meaning that the patient's health insurance will only cover a small part of the expense and the patient is liable to pay the rest of the bill. This is a risky financial situation for the physician and/or hospital since patients are often unable to fully pay costly medical bills. With indemnity health insurance plans, this is almost never the case. Consider this and the other benefits of indemnity health insurance when choosing the plan that is right for you.

Affordable Life Insurance for Diabetics

Over 8% of the U.S. population has some form of diabetes. Most diabetics think they aren’t insurable, which couldn’t be further from the truth. Diabetics can find affordable life insurance, especially those who control their blood sugars well with diet or oral medications. If you were diagnosed with late onset diabetes (after the age of 50) you very well could qualify for affordable “above average” rates.
So, how does diabetes impact life insurance rates? The healthier you are the lower the cost of your life insurance. With diabetes, many factors impact your rates. The more recent the diagnosis the better, in that, over the long term, blood sugar medications harm our bodies. So someone diagnosed at age 65 with late onset diabetes is less of a risk for life insurance companies to insure than a 35-year-old who was diagnosed during adolescence.

If you are compliant with your doctor, rates are usually affordable.

The type of medications a diabetic takes also impact rates. A type II diabetic taking only oral medications is less of a risk than a type I diabetic taking insulin. And diabetics controlling their blood sugars with diet are even less of a risk than the other two. Life insurance for diabetics is ultimately like any other health concern: If you are compliant with your doctor, rates are usually affordable. The key is always good control and following doctors’ orders.

The following is a list of health conditions that make it tough for diabetics to qualify for affordable rates.
History of heart diseaseUncontrolled high blood pressure and/or cholesterolNicotine useKidney diseaseVascular disease and or strokesNeuropathy in your limbs or extremities
Above average life insurance rates are available for diabetics who:

Control their blood sugars well with diet and/or medicationHave fasting blood sugars under 100Have A1C numbers in the 6s ie… 6.1Had late onset diabetes diagnosed after age 50.
If you are diabetic and looking for life insurance, be sure that you work with a life insurance agent who can look at various companies and help you “shop” for the most affordable life insurance rates for your condition. When speaking with an agent, be prepared with details of your health history. The agent is on your team and there to help you get the best possible rate, so honesty is the best policy.
Remember, if you take care of your health, then an agent can take care of finding you affordable rates for life insurance.

Sam Goldsmith is the principal broker of Goldsmith Insurance Agency, an independent life insurance agency located in Indianapolis. He has helped thousands of consumers all over the country—including diabetics—find affordable life insurance with the best-rated companies.

View the original article here

Affordable Life Insurance for Diabetics

Posted by maghestra No comments

Over 8% of the U.S. population has some form of diabetes. Most diabetics think they aren’t insurable, which couldn’t be further from the truth. Diabetics can find affordable life insurance, especially those who control their blood sugars well with diet or oral medications. If you were diagnosed with late onset diabetes (after the age of 50) you very well could qualify for affordable “above average” rates.
So, how does diabetes impact life insurance rates? The healthier you are the lower the cost of your life insurance. With diabetes, many factors impact your rates. The more recent the diagnosis the better, in that, over the long term, blood sugar medications harm our bodies. So someone diagnosed at age 65 with late onset diabetes is less of a risk for life insurance companies to insure than a 35-year-old who was diagnosed during adolescence.

If you are compliant with your doctor, rates are usually affordable.

The type of medications a diabetic takes also impact rates. A type II diabetic taking only oral medications is less of a risk than a type I diabetic taking insulin. And diabetics controlling their blood sugars with diet are even less of a risk than the other two. Life insurance for diabetics is ultimately like any other health concern: If you are compliant with your doctor, rates are usually affordable. The key is always good control and following doctors’ orders.

The following is a list of health conditions that make it tough for diabetics to qualify for affordable rates.
History of heart diseaseUncontrolled high blood pressure and/or cholesterolNicotine useKidney diseaseVascular disease and or strokesNeuropathy in your limbs or extremities
Above average life insurance rates are available for diabetics who:

Control their blood sugars well with diet and/or medicationHave fasting blood sugars under 100Have A1C numbers in the 6s ie… 6.1Had late onset diabetes diagnosed after age 50.
If you are diabetic and looking for life insurance, be sure that you work with a life insurance agent who can look at various companies and help you “shop” for the most affordable life insurance rates for your condition. When speaking with an agent, be prepared with details of your health history. The agent is on your team and there to help you get the best possible rate, so honesty is the best policy.
Remember, if you take care of your health, then an agent can take care of finding you affordable rates for life insurance.

Sam Goldsmith is the principal broker of Goldsmith Insurance Agency, an independent life insurance agency located in Indianapolis. He has helped thousands of consumers all over the country—including diabetics—find affordable life insurance with the best-rated companies.

View the original article here

End-of-Life Documents: What Are They and Do I Need Them?

I recently read an article by Jean Cherni in the New Haven Register, which discussed the need for end-of-life planning documents. And just what are these documents and why do you need them? Here’s a summary:

No. 1: Durable power of attorney. This appoints another person to transact business, legal and financial matters for you until you die.
Why do you need it? Lets say you are incapacitated by an accident or illness, it allows the person you’ve chosen to act for you—and quickly. That can help you avoid a lot of problems, including hard-to-get guardianship and conservatorship rights. (If you are unsure of what either of these two terms means, this article makes it clear.)

No. 2: Appoint a health-care representative. As with the first document, this allows someone to act on your behalf to make health-care decisions if you’re unable. It allows them to do such things as review health records, authorize admission to or discharge from a hospital and make decisions about life-sustaining medical procedures.
Why do you need it? You’ll have peace of mind knowing that your wishes will be fulfilled as you intended, especially when it comes to life-sustaining medical procedures. It also helps avoid family arguments about who should have the final say.

No. 3: Advance care directives or living will. This puts in writing the decisions you have made about your health care—instructions, if you will, for your doctor—so that your wishes are followed if you are unable to articulate them.
Why do you need it? It ensures, for example, that you receive the treatment you’ve decided on beforehand if you are terminally ill or permanently unconscious.
It helps to ensure that the treatments you will receive in a terminal or permanently unconscious situation are in concert with your wishes and provides guidance to your health-care representative.

No. 4: A will or revocable living trust. This puts in writing who will inherit your assets when you die, and in what manner. These two documents can help eliminate, avoid or postpose taxes that are payable when you die. An attorney can help you decide which of these documents is better for you.
Why do you need these? If you do not have a will or a revocable living trust, basically the government will be able to decide how and to whom your assets are distributed, and it may not be to those you intended.
These legal documents require the guidance of a qualified legal advisor to insure they meet the requirements of your state of residency, and if you already have these but have moved to a new state, they should be reviewed to insure they comply with the laws of your state.

Marvin H. Feldman, CLU, ChFC, RFC, is President and CEO of Life Happens.

View the original article here

End-of-Life Documents: What Are They and Do I Need Them?

Posted by maghestra No comments

I recently read an article by Jean Cherni in the New Haven Register, which discussed the need for end-of-life planning documents. And just what are these documents and why do you need them? Here’s a summary:

No. 1: Durable power of attorney. This appoints another person to transact business, legal and financial matters for you until you die.
Why do you need it? Lets say you are incapacitated by an accident or illness, it allows the person you’ve chosen to act for you—and quickly. That can help you avoid a lot of problems, including hard-to-get guardianship and conservatorship rights. (If you are unsure of what either of these two terms means, this article makes it clear.)

No. 2: Appoint a health-care representative. As with the first document, this allows someone to act on your behalf to make health-care decisions if you’re unable. It allows them to do such things as review health records, authorize admission to or discharge from a hospital and make decisions about life-sustaining medical procedures.
Why do you need it? You’ll have peace of mind knowing that your wishes will be fulfilled as you intended, especially when it comes to life-sustaining medical procedures. It also helps avoid family arguments about who should have the final say.

No. 3: Advance care directives or living will. This puts in writing the decisions you have made about your health care—instructions, if you will, for your doctor—so that your wishes are followed if you are unable to articulate them.
Why do you need it? It ensures, for example, that you receive the treatment you’ve decided on beforehand if you are terminally ill or permanently unconscious.
It helps to ensure that the treatments you will receive in a terminal or permanently unconscious situation are in concert with your wishes and provides guidance to your health-care representative.

No. 4: A will or revocable living trust. This puts in writing who will inherit your assets when you die, and in what manner. These two documents can help eliminate, avoid or postpose taxes that are payable when you die. An attorney can help you decide which of these documents is better for you.
Why do you need these? If you do not have a will or a revocable living trust, basically the government will be able to decide how and to whom your assets are distributed, and it may not be to those you intended.
These legal documents require the guidance of a qualified legal advisor to insure they meet the requirements of your state of residency, and if you already have these but have moved to a new state, they should be reviewed to insure they comply with the laws of your state.

Marvin H. Feldman, CLU, ChFC, RFC, is President and CEO of Life Happens.

View the original article here

Life Insurance After Retirement: Oxymoron?

Unlike health and car insurance, many retirees opt to drop their life insurance policies when they drop their jobs. The logic being that if someone is in a position to retire, they are generally financially stable enough that their death will not leave a spouse or other loved one struggling to make ends meet. While you don’t need life insurance under these circumstances, there are a few reasons why you might want to hold onto your policy.

Posterity

Whether or not your children are grown—hey, some of us get a later start than others—it is human nature to want the best for your kids. In today’s world, that often translates to monetary support. Your life insurance policy can provide your children extra financial security for years to come. And if you have younger kids at home, a life insurance policy can ensure they are able to attend college or pursue other professional opportunities.

The Greater Good

If your family is already protected in the event of your passing, you may want your life insurance policy to be paid out to an organization or charity whose mission you support. Naming a charity as your primary beneficiary is a feel-good way to leave behind a lasting legacy.

Estate Purposes

Individuals and families with large estates must develop a financial plan that enables them to afford estate taxes into the future. A permanent or universal life insurance policy promises payout no matter how long you live. The money from this type of policy can provide your heirs with the necessary funds to maintain the family estate without having to tap into their personal assets.

Business Security

Business owners and partners may want to consider keeping their life insurance policies after retirement as private company interests are illiquid assets subject to both taxation and market flux. As the value of these high-risk securities grows, so too does tax liability. This is especially true during times of economic instability. In these cases, a life insurance policy can ensure that your business won’t have to liquidate corporate assets after you’ve gone.

There is no one-size-fits-all approach to retirement. The same is true of life insurance. Regardless of your financial situation, it is a good idea to speak with an insurance or financial professional to determine which life insurance options make the most sense for you, your family and your assets.

Edward Oberg, currently on hiatus from the insurance game, now spends his time writing for The Hartford and hunting for monster brook trout that delight in eluding him.

View the original article here

Life Insurance After Retirement: Oxymoron?

Posted by maghestra No comments

Unlike health and car insurance, many retirees opt to drop their life insurance policies when they drop their jobs. The logic being that if someone is in a position to retire, they are generally financially stable enough that their death will not leave a spouse or other loved one struggling to make ends meet. While you don’t need life insurance under these circumstances, there are a few reasons why you might want to hold onto your policy.

Posterity

Whether or not your children are grown—hey, some of us get a later start than others—it is human nature to want the best for your kids. In today’s world, that often translates to monetary support. Your life insurance policy can provide your children extra financial security for years to come. And if you have younger kids at home, a life insurance policy can ensure they are able to attend college or pursue other professional opportunities.

The Greater Good

If your family is already protected in the event of your passing, you may want your life insurance policy to be paid out to an organization or charity whose mission you support. Naming a charity as your primary beneficiary is a feel-good way to leave behind a lasting legacy.

Estate Purposes

Individuals and families with large estates must develop a financial plan that enables them to afford estate taxes into the future. A permanent or universal life insurance policy promises payout no matter how long you live. The money from this type of policy can provide your heirs with the necessary funds to maintain the family estate without having to tap into their personal assets.

Business Security

Business owners and partners may want to consider keeping their life insurance policies after retirement as private company interests are illiquid assets subject to both taxation and market flux. As the value of these high-risk securities grows, so too does tax liability. This is especially true during times of economic instability. In these cases, a life insurance policy can ensure that your business won’t have to liquidate corporate assets after you’ve gone.

There is no one-size-fits-all approach to retirement. The same is true of life insurance. Regardless of your financial situation, it is a good idea to speak with an insurance or financial professional to determine which life insurance options make the most sense for you, your family and your assets.

Edward Oberg, currently on hiatus from the insurance game, now spends his time writing for The Hartford and hunting for monster brook trout that delight in eluding him.

View the original article here

The Basics of Estate Planning (Even If You Don’t Think You have an “Estate”)

Death is inevitable and, regardless of how you feel about that, there will be family left behind who will have to manage “your estate.” Now the word estate may conjure up images of Downton Abbey or an oil baron’s fortune, but if you are leaving anything behind, that is your “estate.”
The key is to ensure that those who depend on you financially aren’t left with more grief and hardship than necessary. With this estate-planning checklist, you will learn how to prepare so your loved ones don’t have to.

1. Decide who the recipients will be. If you died today, who would be your beneficiaries of what you leave behind? If you’ve recently gotten married or divorced, you need to make changes to your bank accounts, will, life insurance policy, 401Ks, IRAs, corporate benefits programs, and any other account that list a recipient. This assures that your financial dependents, current spouse, next of kin or whomever you wish to be your beneficiary is properly listed.

2. Decide on an estate plan. Having an estate plan can help your loved ones avoid unnecessary legal and financial hassles and expenses, while guaranteeing that your final wishes are carried out as intended. When it comes to an estate plan, here are some factors to think about:
Have you created a will? A will specifies who takes possession of your belongings/assets when you die. You don’t have to hire an attorney to create a will; you can do it yourself. There are professional sites online that can help you create one together.Do you have a living will or proxy? An advanced directive, or living will, details your wishes for end of life care. For example, if you are in a car accident resulting in a vegetative state requiring life support, a living will determines whether or not your appointed proxy can “pull the plug.”Who has power of attorney? A person who has power of attorney makes decisions for you should you be in a position where you are unable or unavailable to do so. This includes signing any legal documents and dealing with all of your financial and legal affairs. This can be an actual attorney or a friend or family member you’ve deemed appropriate.Who will care for your children? If you are a parent, you will need to think about guardianship and decide who will look after your children in case you and your spouse die.Do you have a revocable trust? Also known as a living trust, a revocable trust details who your heirs are; however, unlike a will, it cannot be challenged in court. While a living trust determines who will receive your assets upon your death, until then, the owner retains full control of the assets.Or should you have an irrevocable trust? Irrevocable trusts are their own legal entities. Should you need to remove some assets from your estate for tax purposes, you can put them in an irrevocable trust, which in essence becomes the owner of those assets.
Because life is in a constant state of flux, estate plans should be reviewed every five to seven years. If you don’t already have one, you can meet with an estate-planning professional for a free consultation.

3. Purchase life insurance.
You absolutely need life insurance when someone else depends on you financially. With the proceeds from a life insurance policy, your spouse and/or children can continue to meet their everyday expenses and plan for the future, such as college or retirement. Term life insurance is an inexpensive safety net. Here are some questions you should ask yourself before buying a policy:
How much and what type of insurance do I need?How long of a term is necessary? Should it be permanent?Can I keep my life insurance through my employer if I lose my job, resign or retire?How much can I afford to pay and how do I get affordable rates?
In addition, you’ll want to consider disability insurance in case you become ill or injured and unable to work.

4. Organized yourself and finances.
Create a spreadsheet of all of your accounts, their numbers and locations. Print out a copy and keep it with your will, insurance policies and any other financial documents. Keep a copy in a safe deposit box, your attorney’s office and/or a safe at home. If you ever need to update your information, revise all existing versions.
Whether you hire a lawyer, financial advisor or take care of the documents yourself, basic estate planning will ensure that your finances and their allocation are dealt with properly.
Have you gone through the estate planning process—written a will, purchased life insurance or established a trust? If so, what tips do you have for other financially responsible families?

Gary Dek is a former investment banker and private equity analyst. He blogs at mylifeinsurancequotes123.com where he provides unbiased life insurance guides for consumers looking for the best, affordable coverage.

View the original article here

The Basics of Estate Planning (Even If You Don’t Think You have an “Estate”)

Posted by maghestra No comments

Death is inevitable and, regardless of how you feel about that, there will be family left behind who will have to manage “your estate.” Now the word estate may conjure up images of Downton Abbey or an oil baron’s fortune, but if you are leaving anything behind, that is your “estate.”
The key is to ensure that those who depend on you financially aren’t left with more grief and hardship than necessary. With this estate-planning checklist, you will learn how to prepare so your loved ones don’t have to.

1. Decide who the recipients will be. If you died today, who would be your beneficiaries of what you leave behind? If you’ve recently gotten married or divorced, you need to make changes to your bank accounts, will, life insurance policy, 401Ks, IRAs, corporate benefits programs, and any other account that list a recipient. This assures that your financial dependents, current spouse, next of kin or whomever you wish to be your beneficiary is properly listed.

2. Decide on an estate plan. Having an estate plan can help your loved ones avoid unnecessary legal and financial hassles and expenses, while guaranteeing that your final wishes are carried out as intended. When it comes to an estate plan, here are some factors to think about:
Have you created a will? A will specifies who takes possession of your belongings/assets when you die. You don’t have to hire an attorney to create a will; you can do it yourself. There are professional sites online that can help you create one together.Do you have a living will or proxy? An advanced directive, or living will, details your wishes for end of life care. For example, if you are in a car accident resulting in a vegetative state requiring life support, a living will determines whether or not your appointed proxy can “pull the plug.”Who has power of attorney? A person who has power of attorney makes decisions for you should you be in a position where you are unable or unavailable to do so. This includes signing any legal documents and dealing with all of your financial and legal affairs. This can be an actual attorney or a friend or family member you’ve deemed appropriate.Who will care for your children? If you are a parent, you will need to think about guardianship and decide who will look after your children in case you and your spouse die.Do you have a revocable trust? Also known as a living trust, a revocable trust details who your heirs are; however, unlike a will, it cannot be challenged in court. While a living trust determines who will receive your assets upon your death, until then, the owner retains full control of the assets.Or should you have an irrevocable trust? Irrevocable trusts are their own legal entities. Should you need to remove some assets from your estate for tax purposes, you can put them in an irrevocable trust, which in essence becomes the owner of those assets.
Because life is in a constant state of flux, estate plans should be reviewed every five to seven years. If you don’t already have one, you can meet with an estate-planning professional for a free consultation.

3. Purchase life insurance.
You absolutely need life insurance when someone else depends on you financially. With the proceeds from a life insurance policy, your spouse and/or children can continue to meet their everyday expenses and plan for the future, such as college or retirement. Term life insurance is an inexpensive safety net. Here are some questions you should ask yourself before buying a policy:
How much and what type of insurance do I need?How long of a term is necessary? Should it be permanent?Can I keep my life insurance through my employer if I lose my job, resign or retire?How much can I afford to pay and how do I get affordable rates?
In addition, you’ll want to consider disability insurance in case you become ill or injured and unable to work.

4. Organized yourself and finances.
Create a spreadsheet of all of your accounts, their numbers and locations. Print out a copy and keep it with your will, insurance policies and any other financial documents. Keep a copy in a safe deposit box, your attorney’s office and/or a safe at home. If you ever need to update your information, revise all existing versions.
Whether you hire a lawyer, financial advisor or take care of the documents yourself, basic estate planning will ensure that your finances and their allocation are dealt with properly.
Have you gone through the estate planning process—written a will, purchased life insurance or established a trust? If so, what tips do you have for other financially responsible families?

Gary Dek is a former investment banker and private equity analyst. He blogs at mylifeinsurancequotes123.com where he provides unbiased life insurance guides for consumers looking for the best, affordable coverage.

View the original article here

Harry's $407,000 Bind: Liar or Victim

On the one hand, we know that Harry Reid considers all reports of ObamaTax problems to be lies.
On the other, there's this little problem for Harry:
"Basich, 62, bought a plan through the state’s Nevada Health Link insurance exchange in the fall ... Yet the Las Vegan is stranded in a no-man’s-land where no carrier claims him"
Mt B claims that he attempted to sign up for a new ObamaPlan on October 1, but that it took him until mid-November to enroll in a plan that would become effective January 1.
Except: the folks that run the Silver State's Exchange, Xerox, claim his plan was really effective as of March 1. Which wouldn't necessarily be a problem (beyond some premium refunds), except for this small, um, bump in the road:
"[O]n Dec. 31 ... he had a heart attack. His treatment, which included a triple bypass on Jan. 3, resulted in $407,000 in medical bills in January and February that no insurer is covering."
Well, darn!
He's been working closely with his agent, Tamar Burch, and has even called upon his Senator, the aforementioned Mr Reid, for help. For his part, the esteemed Senator has vowed to help (although one might question his commitment, considering he must certainly believe Mr B a liar).
For its part, Xerox seems to be pulling out all the stops:
First, it tried to put him with a different carrier than the one he'd actually selected. When that didn't work, they redoubled their efforts by  promptly calling in the lawyers and clamming up.
Perfectly understandable, don't you think?
As it stands, Mr B is facing almost half a million dollars in unpaid medical bills and uncertainty as to when (or even if) they'll be paid and he'll have coverage.
The good news, of course, is that this is obviously a one-off, isolated event.
Wait, what?
Uh-oh:
His agent reports that "of nearly 200 Branch Benefits Consultants client sign ups via Nevada Health Link, only 5 percent have gone through problem-free. More than 20 customers have the same plan-selection issue as Basich." In addition, she reports "widespread enrollment problems, including frequent website error messages; inaccurate federal subsidy calculations; payments missing in the system despite clients’ canceled checks; and wrong effective coverage dates."
And that's just Nevada. What about the other 57 states?

View the original article here

Harry's $407,000 Bind: Liar or Victim

Posted by maghestra No comments

On the one hand, we know that Harry Reid considers all reports of ObamaTax problems to be lies.
On the other, there's this little problem for Harry:
"Basich, 62, bought a plan through the state’s Nevada Health Link insurance exchange in the fall ... Yet the Las Vegan is stranded in a no-man’s-land where no carrier claims him"
Mt B claims that he attempted to sign up for a new ObamaPlan on October 1, but that it took him until mid-November to enroll in a plan that would become effective January 1.
Except: the folks that run the Silver State's Exchange, Xerox, claim his plan was really effective as of March 1. Which wouldn't necessarily be a problem (beyond some premium refunds), except for this small, um, bump in the road:
"[O]n Dec. 31 ... he had a heart attack. His treatment, which included a triple bypass on Jan. 3, resulted in $407,000 in medical bills in January and February that no insurer is covering."
Well, darn!
He's been working closely with his agent, Tamar Burch, and has even called upon his Senator, the aforementioned Mr Reid, for help. For his part, the esteemed Senator has vowed to help (although one might question his commitment, considering he must certainly believe Mr B a liar).
For its part, Xerox seems to be pulling out all the stops:
First, it tried to put him with a different carrier than the one he'd actually selected. When that didn't work, they redoubled their efforts by  promptly calling in the lawyers and clamming up.
Perfectly understandable, don't you think?
As it stands, Mr B is facing almost half a million dollars in unpaid medical bills and uncertainty as to when (or even if) they'll be paid and he'll have coverage.
The good news, of course, is that this is obviously a one-off, isolated event.
Wait, what?
Uh-oh:
His agent reports that "of nearly 200 Branch Benefits Consultants client sign ups via Nevada Health Link, only 5 percent have gone through problem-free. More than 20 customers have the same plan-selection issue as Basich." In addition, she reports "widespread enrollment problems, including frequent website error messages; inaccurate federal subsidy calculations; payments missing in the system despite clients’ canceled checks; and wrong effective coverage dates."
And that's just Nevada. What about the other 57 states?

View the original article here

Cliff, Kathy and PCIP

As we've remarked on numerous occasions, the PCIP (Pre-Existing Condition Insurance Plan) was actually a pretty great idea, and one of the very few pieces of the ObamaTax that was well-executed. And it's been scheduled to be executed for some time now: first, at the end of 2013, then the end of March, and now, well:
"Enrollees in the federally-run [PCIP], who have not yet found new health insurance coverage through the Marketplace, can purchase an additional month of PCIP coverage through April 30, 2014, while they continue their search."
That helpful news popped up on their site last Friday (the 14th), to little immediate fanfare. Now, of course, the news is all over the net, but as usual, we're only getting bits and pieces.
Because I have a client who is in the midst of this situation, and because we strive always to keep our readers better informed, I did some digging.
Here's the challenge: it is indeed true that the final day of the initial Open Enrollment "season" is March 31 [ed: unless DC wavers on that, as well]. Which is fine, but under the new rules, one must have one's application submitted at least two weeks prior to one's desired effective date. Since no one wants to work Saturdays, that also meant last Friday (again, the 14th) was the real cut-off date. So if you were on PCIP, and you knew for a fact that your coverage was ending March 31, you'd better have your ObamaApp in by last Friday.
Fortunately for my client, she did. Yes, it was a harrowing afternoon, but we got it done.
Imagine my surprise to walk in yesterday morning to find that - surprise! - the condemned had been given a one month reprieve.
Maybe.

After all, just because Ms Shecantbeserious has decreed it doesn't necessarily make it so (although one would think). So I called our broker rep for the carrier that actually issues (issued) the Ohio PCIPs, Medical Mutual; it was no surprise that they were also caught unaware, and had no idea how to answer any of my questions. I was directed to the Department of Insurance (of course).
So, called the DOI and was quickly routed to Chris, a supervisor who, no surprise, was also unaware of the details. It seems that just because it was decreed in DC, it doesn't mean that the troops in Columbus need to be informed. Since administration of Ohio's PCIP program was handed off to the Feds a while back, I would have to move higher up (or down, as applicable) the food chain, and my next call was to the folks at PCIP.gov, who were also very nice and eager to help.
Once I explained who I was and why I was calling, I asked how this was gong to work. Amanda told me that they would indeed be mailing out "coupons" (premium notices) and information...

By the end of the week.
Here's the thing: that means that at least a few of these will go out in Friday's mail, and will arrive in participants' mailboxes sometime during the last week of March, far too late to find other coverage, and barely enough time to meet the deadline for payment to be received (a very generous April 4th).
Now, they have the option of preemptively mailing in their April payment (which, thankfully, is the same as their March), making sure to note their billing number on their check.
Which may or may not arrive in time, either.
Oh, one more thing from the PCIP site's announcement:
"Enrollees will be notified by mail ... along with details about cost-sharing" [emphasis added]
Hunh? What does "cost sharing" even mean in this context? We use it in Medicare and in certain ACA plans, but PCIP?

Don't feel too bad: it also stumped Amanda. But she offered to find out for me, and I spent a scant few minutes on hold as she consulted a supervisor. The good news is that it's merely a case of someone being a bit too clever with their wording: it refers only to the co-insurance already built into the plan.
Whew!
Now, maybe Cliff can get back to delivering those coupons.

View the original article here

Cliff, Kathy and PCIP

Posted by maghestra No comments

As we've remarked on numerous occasions, the PCIP (Pre-Existing Condition Insurance Plan) was actually a pretty great idea, and one of the very few pieces of the ObamaTax that was well-executed. And it's been scheduled to be executed for some time now: first, at the end of 2013, then the end of March, and now, well:
"Enrollees in the federally-run [PCIP], who have not yet found new health insurance coverage through the Marketplace, can purchase an additional month of PCIP coverage through April 30, 2014, while they continue their search."
That helpful news popped up on their site last Friday (the 14th), to little immediate fanfare. Now, of course, the news is all over the net, but as usual, we're only getting bits and pieces.
Because I have a client who is in the midst of this situation, and because we strive always to keep our readers better informed, I did some digging.
Here's the challenge: it is indeed true that the final day of the initial Open Enrollment "season" is March 31 [ed: unless DC wavers on that, as well]. Which is fine, but under the new rules, one must have one's application submitted at least two weeks prior to one's desired effective date. Since no one wants to work Saturdays, that also meant last Friday (again, the 14th) was the real cut-off date. So if you were on PCIP, and you knew for a fact that your coverage was ending March 31, you'd better have your ObamaApp in by last Friday.
Fortunately for my client, she did. Yes, it was a harrowing afternoon, but we got it done.
Imagine my surprise to walk in yesterday morning to find that - surprise! - the condemned had been given a one month reprieve.
Maybe.

After all, just because Ms Shecantbeserious has decreed it doesn't necessarily make it so (although one would think). So I called our broker rep for the carrier that actually issues (issued) the Ohio PCIPs, Medical Mutual; it was no surprise that they were also caught unaware, and had no idea how to answer any of my questions. I was directed to the Department of Insurance (of course).
So, called the DOI and was quickly routed to Chris, a supervisor who, no surprise, was also unaware of the details. It seems that just because it was decreed in DC, it doesn't mean that the troops in Columbus need to be informed. Since administration of Ohio's PCIP program was handed off to the Feds a while back, I would have to move higher up (or down, as applicable) the food chain, and my next call was to the folks at PCIP.gov, who were also very nice and eager to help.
Once I explained who I was and why I was calling, I asked how this was gong to work. Amanda told me that they would indeed be mailing out "coupons" (premium notices) and information...

By the end of the week.
Here's the thing: that means that at least a few of these will go out in Friday's mail, and will arrive in participants' mailboxes sometime during the last week of March, far too late to find other coverage, and barely enough time to meet the deadline for payment to be received (a very generous April 4th).
Now, they have the option of preemptively mailing in their April payment (which, thankfully, is the same as their March), making sure to note their billing number on their check.
Which may or may not arrive in time, either.
Oh, one more thing from the PCIP site's announcement:
"Enrollees will be notified by mail ... along with details about cost-sharing" [emphasis added]
Hunh? What does "cost sharing" even mean in this context? We use it in Medicare and in certain ACA plans, but PCIP?

Don't feel too bad: it also stumped Amanda. But she offered to find out for me, and I spent a scant few minutes on hold as she consulted a supervisor. The good news is that it's merely a case of someone being a bit too clever with their wording: it refers only to the co-insurance already built into the plan.
Whew!
Now, maybe Cliff can get back to delivering those coupons.

View the original article here

Bigger better?

This is interesting:

"An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy."

First, Mazel Tov to the anonymous buyer for his foresight, and to Dovi Frances, the agent who put the deal together. The premiums for the $201 million of coverage apparently run into the "low ... millions of dollars," which is actually a pretty good deal: even $5 or $6 million (what most would consider the high end of the low end), represents a very small fraction of the total amount at risk.

I do take exception to the characterization "most valuable," however: perhaps "the biggest" or "the largest face amount," but "the most valuable policy" is the one that's in-force on the day anyone who's bought a policy dies.

A few other factoids from the article struck me as interesting:

As many folks who have bought life insurance can attest, the underwriting process can involve some pretty invasive medical underwriting (exams, blood work, and the like). But what many folks don't know is that there is often financial underwriting, as well; that is, it's not just whether one is healthy enough to buy the plan, but whether one's financial health justifies the face amount. For a plan with hundreds of millions of dollars at risk, one might imagine both of those processes being, well, painfully invasive.

This also caught my eye:

"The firm has represented the billionaire since he responded to a direct mail solicitation in 2010."

Musta been one heckuva mailer.

Finally, the unnamed policyholder acknowledges purchasing the plan to cover any estate tax liabilities. This is an often overlooked use of life insurance, and further underscores its value: paying a few dollars (or even millions of dollars) for a life insurance policy to cover a large estate tax exposure is also a great tax planning tool.

So, thanks to Mr Frances and his anonymous client for some terrific lessons, whether our own life insurance needs run into the hundreds or millions of dollars (or somewhere in between).

View the original article here

Bigger better?

Posted by maghestra No comments

This is interesting:

"An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy."

First, Mazel Tov to the anonymous buyer for his foresight, and to Dovi Frances, the agent who put the deal together. The premiums for the $201 million of coverage apparently run into the "low ... millions of dollars," which is actually a pretty good deal: even $5 or $6 million (what most would consider the high end of the low end), represents a very small fraction of the total amount at risk.

I do take exception to the characterization "most valuable," however: perhaps "the biggest" or "the largest face amount," but "the most valuable policy" is the one that's in-force on the day anyone who's bought a policy dies.

A few other factoids from the article struck me as interesting:

As many folks who have bought life insurance can attest, the underwriting process can involve some pretty invasive medical underwriting (exams, blood work, and the like). But what many folks don't know is that there is often financial underwriting, as well; that is, it's not just whether one is healthy enough to buy the plan, but whether one's financial health justifies the face amount. For a plan with hundreds of millions of dollars at risk, one might imagine both of those processes being, well, painfully invasive.

This also caught my eye:

"The firm has represented the billionaire since he responded to a direct mail solicitation in 2010."

Musta been one heckuva mailer.

Finally, the unnamed policyholder acknowledges purchasing the plan to cover any estate tax liabilities. This is an often overlooked use of life insurance, and further underscores its value: paying a few dollars (or even millions of dollars) for a life insurance policy to cover a large estate tax exposure is also a great tax planning tool.

So, thanks to Mr Frances and his anonymous client for some terrific lessons, whether our own life insurance needs run into the hundreds or millions of dollars (or somewhere in between).

View the original article here