It is important to periodically review your life insurance, especially when major life changes occur. Examples of this would be a change in employment or the educational plans of your children. There are also two types of life insurance, term life and whole life. Term life remains in effect for a certain number of years while whole life remains in effect indefinitely. A qualified professional can help you compare these two types of life insurances and see which is right for you.
Choosing and Reviewing Your Life Insurance
January 26th, 2012Don’t Be In The Dark
January 25th, 2012Many consumers may agree that signing up for auto insurance could be one of the most complex parts of purchasing a car. While a few people know exactly what they’re dealing with when signing on to a plan, other car owners may be taking a shot in the dark. To help with some frequently asked questions, it’s important to look into the plan you’re looking to purchase and ask as many questions as possible.
What you don’t know about your insurance plan may really leave you spending more money than you have to. It’s always important to do plenty of research on questions you have before fully committing to a plan.
Pa. Given More Power to Negotiate Contracts
January 24th, 2012Providing patients with excellent health care should not be interrupted by contract disagreements. This is why two similar bills, HB 2052 and SB 1358, filed in the Pennsylvania House and Senate, would each give the state more power to negotiate contracts between insurers and health care providers. These bills would also give the state more power to extend contracts between insurers and health care providers if they are about to expire. The House bill would allow the Pennsylvania Insurance Department to assist in the resolution of disputes between health care providers and insurers. If no agreement can be made, and the secretary of health finds that ending the contract would significantly affect the delivery of health care services, the legislation requires the parties to submit to binding arbitration. Tony Deluca, Chairman of the House Insurance Committee, says that people are worried they will lose access to the University Of Pittsburgh Medical Center’s 3,000 doctors and 20 hospitals because these two businesses can’t or won’t come to an agreement.
Replacing Medical Bill with Skills
January 23rd, 2012A new program, The Lincoln Art Exchange, is a new way for patients to pay the Lincoln Hospital back for medical care. This program, officially dropping today, allows uninsured artists to pay for the price of medical attention by offering their skills as financial aid.
Eligible artists will be required to attend a brief interview, and once they are enrolled, they will be scheduled to work with patients or at hospital events. For each hour worked, artists will earn 40 credits, which pans out to $40. Credits may be used towards surgeries, prescriptions, and doctor’s visits, among other medical visitations.
There is no cap to how many artists may join the program, and there is no limit to how many hours may be fulfilled. Once the medical costs have been covered, artists in the program may continue to volunteer to work with patients.
The hospital sees this as a way to “…improve health outcomes for New York City residents and the art community,” Jimenez-Hernandez, Executive Director said.
Making Sure You Have Enough Home Insurance
January 18th, 2012If you own a home, more than likely you have insurance, but do you have enough of it? There are four elements that help you decide how much coverage you should get:
- The cost to rebuild your home.
- The cost to replace the contents of your home.
- Additional living expenses if you are forced to move out during repairs.
- Your liability to others who might get hurt on your property.
The Insurance Information Institute’s 2011 Insurance Pulse Survey found that “nearly half of all homeowners in the U.S. believe the insured value their home is linked to its market value”. Michael Barry, the institute’s Vice President of media relations, says these things are completely different. The insured value includes what it would cost to rebuild your home in its current location with comparable construction materials if you were to have a total loss. This number does not represent the market value. It’s a smart idea to review your insurance each year before your policy renews to make sure you have the right coverage.
Make Sure Your Home is Safe This Winter
January 17th, 2012The days are getting colder which is why it is important to protect your home from the weather. Aside from frozen pipes, another winter risk is ice dams. They occur when heavy snow buildup melts during the day then refreezes as temperatures drop overnight. If this occurs for a few days, the melted water and ice work up under the shingles on your roof. The result of this is damage in your attic, ceilings, walls, and your belongings. The following are some precautions that you can take to prevent ice dams from forming.
- Keep your gutters and down spouts clear of debris, snow and ice, so melting snow on your roof can flow through.
- Keep the snow on your roof to a minimum by using a roof rake to pull the snow off.
- Make sure you have good airflow in your attic (to keep it cool and dry) by evaluating insulation and ventilation.
Maryland Leads States Supporting Affordable Care Act
January 16th, 2012Maryland Attorney General Douglas Gansler supports the Affordable Care Act (passed in 2010) and on January 13, 2012, he filed a friend-of-court brief. This brief was cosigned by 12 other attorney generals from other states that also support the law. This is in contrast to the states of “Virginia, Florida, and a dozen other states who have sued to block federal health care reform,” reports Marylandreporter.com. Gansler believes that the U.S. needs a solution for health care and that the law does not violate the U.S. Constitution’s “commerce clause”. His brief only addressed whether or not the federal government has the ability to require that people either have heath insurance or pay a fee. According to Oregon Attorney General Tom Kroger, the question is “Who pays for health care?”. People who do not have insurance and who need immediate medical care may go to a hospital emergency room, but the high cost of this care is then paid for by the taxpayers. Kroger believes that “People have no right to shift their health care costs onto everyone else.”
Why Renters’ Insurance is Important
January 13th, 2012When it comes to insurance, it is better to be financially safe and knowledgeable from the start rather than being sorry when it is too late. Some may wonder why they need renters’ insurance if someone else owns their home. Although the landlord is responsible for the building, they are not responsible for your belongings. If you do not have renters’ coverage and a fire, tornado, or hurricane affects your home and your belongings, you will not be compensated for your losses. According to Savannahnow.com, “A renters’ policy also provides liability coverage for your protection”. Examples of this would be if you have a pet that bit someone or if someone was injured in your rental unit.
If a Tree Falls, Who Pays?
January 12th, 2012Bad weather is inevitable but what happens when the weather affects your home? Would your home owner’s insurance pay if a tree fell and damaged your home? Financialedge.investopedia.com reports that many people are not sure who would pay when a tree falls. They compiled a list of common instances and what would happen in each. Here are a few:
If a tree fell on your roof or another insured structure (such as a detached garage), your insurance company would pay for the removal of the tree. They would also pay to fix the damage and you would be responsible for your deductible.
If a tree fell onto your street, may want to call your city’s public works department. They may pay for clearing the street in larger cities but they may not remove the part of the tree that is on your property.
Read the rest of the instances here.
Obama Administration Expected to Make a Decision on Delaying Texas’ MLR Requirement
January 11th, 2012Texas insurance regulators are waiting on the Obama administration on whether or not they can delay forcing insurers to pay rebates to health plan members. This would happen if the companies exceed new medical loss ratio (MLR) requirements. The medical loss ratio took effect on January 1st, 2011 and according to a U.S Government Accounting Office evaluation, has cost agents and brokers up to 50% of their commissions. “Six states have requested delays and received approval to phase-in the MLR requirement, while eight others had their requests denied,” IFAwebnews.com reports. Texas’ request to the U.S. Department of Health and Human Services is expected soon.