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Aug 05
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How To Prepare Financially For A Critical Illness

By Employment Resources

No one wants to think about what would happen if they contracted a critical illness like cancer or had a major heart attack. However, critical illnesses affect millions of people every day. Take several steps today as you prepare financially for a critical illness.

What are Critical Illnesses?

A short list of critical illnesses includes:

– Kidney failure
– Organ transplant (heart, kidney, liver, lung, pancreas)
– Brain tumor that requires surgery
– Multiple Sclerosis
– Severe burns
– Blindness
– Paralysis of two or more limbs
– Dismemberment of two or more limbs
– Stroke
– Heart attack
– Heart surgery
– Cancer

Understand the Financial Risks

A critical illness could cost you thousands of dollars in out-of-pocket expenses. How will you pay for co-pays, childcare or loss of income? One study found that loss of income alone can exceed $50,000. These expenses could quickly wipe out your savings or tempt you to go into debt or borrow from your retirement plan. You need a feasible plan.

Access Your Cash Value Life Insurance Benefit

While life insurance doesn’t keep you healthy, a cash value policy can provide you with a little income when you become critically ill. Discuss the details with your insurance broker.

Boost Savings

A flexible spending or health savings account through your employer automatically saves money from every paycheck into a designated account. Those funds can cover non-reimbursed medical costs like deductibles, copays and medication.

You’ll also want to start an emergency fund. It pays for everyday expenses like transportation to the doctor’s office or child care.

Add Coverage to Your Mortgage Insurance

If you already have mortgage insurance, consider adding critical illness coverage to it. The extra protection can help you pay for expenses in the future.

Buy Critical Illness Insurance

This important coverage can pay for needed medical treatments. Ask your employer if it’s an option in your employee benefits package or purchase a policy from an independent agent.

Preparing for a critical illness should be a priority today. You can start saving in several ways. Which step will you take first?

Aug 05
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How to Choose a Financial Planner

By Employment Resources

A financial planner helps you invest, save and grow your money. Of course, you could do this job yourself and spend hours figuring out investment, the stock market and other financial issues, but most likely, you want to hire a professional. If so, do your research and use these tips to choose a financial planner you can trust.

Ask About Certification

A certified financial planner (CFP) is licensed and follows industry regulations. He or she also takes mandatory classes to stay updated on ethics issues and financial practices and products. Professional websites like the National Association of Personal Financial Advisors (NAPFA) and Garrett Planning Network help you find the right financial planner for your needs.

Consider the Payment Structure

Financial planners typically receive payment in one of two ways. They may earn a commission on the funds they manage or get paid a flat, hourly rate. If you choose a commission-based financial planner, make sure he or she gives you unbiased advice. Additionally, consider paying by the hour if your assets and needs are small right now.

Discuss Experience

While some financial planners work with anyone, others choose only clients who have significant assets. Certain financial planners may not be experienced with young adults or seniors, either. Discuss experience to make sure you and the financial planner you hire are compatible.

Run a Background Check

A basic Google search helps you hire a financial planner who is indeed reputable and qualified. It also verifies that candidates are not convicted of a crime and are not under investigation from regulatory agencies or industry groups.

Be Educated

Even after you hire a financial planner, stay on top of your financial portfolio. Read the monthly reports, double check statements and plan quarterly meetings with your financial planner as you stay educated about how your money is being saved and invested.

When you’re ready to hire a financial planner, you can make the best decision for you when you use this list and discuss your needs with your human resources manager at work. Protecting your money and your future could depend on this decision.

Aug 05
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Are Independent Contractors Covered By Workers’ Comp?

By Employment Resources

Every business owner is required to carry workers’ compensation for employees. They don’t, however, have to carry this coverage for independent contractors. Which are you? Understanding the rules can ensure you’re protected if you’re injured at work.

Are you an Independent Contractor or an Employee?

Before you can decide if you’re covered by an employer’s workers’ comp, you have to know if you’re considered an employee or an independent contractor.

 

Independent contractors:

– Control how and when the job is done and by whom
– Receive payment by the job
– Must pay their own taxes
– Provide all equipment necessary to complete the job
– May work for several companies simultaneously
– Are responsible to obtain any training
– Pay for licenses and other documents needed to work
– Can sue a business for work-related injuries that occur while on the job at their facility

Employees:

– Completes a job according to directions and method given by an employer
– Receive hourly or salaried wages
– Understand that taxes are taken out of their paychecks
– Complete jobs with equipment provided by the employer
– Typically works exclusively for one company
– Receive training from their employer
– Receive licenses and other work-related documents from employer
– Give up the right to sue the employer for injuries sustained while at work

What are the Consequences of not Carrying Adequate Workers’ Comp Coverage?

Employers may sometimes classify legitimate employees as independent contractors. They may be confused about the law or trying to get out of paying expensive workers’ comp insurance or extra taxes. However, disobeying the law can result in fines and penalties that could affect an employer’s ability to stay in business.

How do Independent Contractors Get Workers’ Comp?

Because they’re self-employed, independent contractors usually rely on their health insurance to pay for injuries that occur on the job. They can also purchase their own workers’ comp insurance policy and receive a Certificate of Insurance that proves they’re covered if they get hurt while on a job.

If you’re an employee, double check your workers’ compensation benefit. Make sure it’s current and that it covers you if you’re injured at work. If you’re an independent contractor, purchase workers’ comp coverage today. You can’t afford to be without it.

Aug 05
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Five Benefits Of Taking Flexible Paid Time Off In The Summer

By Employment Resources

time offHave you used all your flexible paid time off (PTO) this year? In 2013, U.S. employees used only 84 percent of their PTO. Now’s a great time, though, to take a few extra days off. The weather’s warm, your kids are home and you’ll enjoy five benefits by taking PTO this summer.

1. Boost Your Productivity

If you think that working all summer will increase your productivity, think again. Your brain works better when it gets regular breaks. Combat mental blocks and burnout when you use your PTO for a much-needed and well-deserved day or two off.

2. Recharge Your Batteries

What would you do if you had a whole day to yourself? Sitting on the beach, hiking through the woods or visiting with a friend gives you a change of pace that helps your brain unwind and recharge. You’ll return to work rested and ready to tackle whatever project sits on your desk.

3. Improve Your Health

Are you putting off a medical procedure or exam because you didn’t want to take time off work? Prioritize your health and possibly save your life when you use your flexible days off to attend to medical procedures this summer.

4. Jumpstart Your Employability

Learning something new could be exactly the jumpstart your career needs. So take your PTO and attend a one-day leadership seminar or
sign up for a week-long course at a local college. You can even take off a few hours each week to attend online classes and prepare yourself for a brighter future.

5. Reduce Workplace Conflict

Sometimes, stress at work can cause conflict between you and coworkers or even customers. Take a break from the drama. The time away can give you perspective on the conflict and refreshes you so that you’re ready to get along.

This summer, use your flexible paid time off to take advantage of five personal and professional benefits. If your employer doesn’t offer flexible paid time off, ask your human resources manager to consider adding it to your benefits package. It’s important for you and your employer.

Aug 05
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How to Choose a Health Insurance Deductible

By Life and Health

Health insurance deductibles are on the rise. This trend is partially because consumers save premium costs when they choose a high-deductible policy. Do you know how to choose a policy with a deductible you can afford? Use several tips as you choose the best health insurance for your needs.

Can You Afford the Deductible?

When you sign up for a high-deductible policy, you might think it’s okay because you can stretch that deductible over the year. What happens, though, when you have an accident and reach that deductible in one day? Make sure you have money saved to cover the deductible you choose.

Can You Afford the Premium?

Low-deductible policies often include low-cost premiums. With the money you save, you can balance your monthly budget, save an emergency fund or save the deductible cost. However, saving money each month could backfire if you’re slammed with a large bill after your child is injured while riding his bike or if you’re diagnosed with a chronic illness. Consider all of your risks as you decide whether to opt for low monthly premiums or a low deductible.

Does the Deductible Cover Your Family or Just You?

Certain health insurance policies include a low individual deductible but a high family deductible. If you have kids, you could end up paying a large deductible during the year. Read the fine print and understand exactly what the deductible is for each person in your family.

Do You Need a Major Procedure This Year?

If you’re considering a major medical procedure like a knee replacement or want to get pregnancy early in the year, choosing a health insurance policy with a high deductible might make sense. You’ll quickly meet your deductible and then have the rest of the year “off.” However, if your major procedure will happen late in the year, you might be better off with a low-deductible policy since you’ll probably face significant expenses both this year and next year.

Health insurance isn’t an option, but you can choose the deductible you pay. With these tips and information from your insurance agent, you choose a policy at a price that meets your needs.

Aug 05
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Health Insurance Tips For Athletes

By Life and Health

Do you love playing basketball, doing karate or riding your bike? You need health insurance that covers all the injuries you might sustain while doing the activities you love. Here are a few tips that ensure you’re covered.

What Injuries Are Common Among Athletes?

Every sport has unique risks, including leisure spots like badminton. In fact, more than two million adults will suffer a sports injury this year. Common injuries include:

– Bone fractures
– Concussion
– Rotator cuff injury
– Anterior knee pain
– Tennis or Golfer’s Elbow
– Sciatica

Which Athletes Are at Risk?

Of course, certain sports are more dangerous than others. For instance, rugby and lacrosse cause an average of one injury during every 33 hours of play, and basketball causes one injury every 71 hours of play. And don’t forget the dangers of extreme sports like mountain climbing, motocross and boxing. Studies show that 90 percent of boxers suffer brain injuries. However, common sports carry risks, too. Aerobic dance class causes one injury every 100 hours. Make sure you have health insurance as you enjoy your favorite sport.

Update Your Health Insurance Coverage

Does your current policy cover your favorite sports activities? Some exclude treatment for injuries sustained while performing extreme sports or while visiting overseas locations. You’ll want a rider or a different policy if you need coverage for these activities.

Get Prompt Treatment

Waiting even a day to “see if the swelling goes down” can be disastrous after certain injuries. Be sure your health insurance allows you to see the doctor immediately. It should also allow for out-of-network treatment if you travel away from home to play sports.

Make Sure Your Doctors are Covered

Some athletic injuries may require emergency room care, orthopedic surgery, physical therapy and regular visits to a primary care physician. Check your health insurance policy to make sure you can access these and other treatments you may need after a sports injury.

Knowing that sports are risky probably won’t make you give up your favorite pastime. That means, though, that you have to have updated health insurance. Talk to your agent today to make sure you’re covered.

Aug 05
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Do You Need Life Insurance If You’re Retired?

By Life and Health

life insWould you cancel your auto insurance if you didn’t make a claim in 10 years? Of course not. Yet some retirees cancel their life insurance because they think they don’t need it. Consider several questions as you decide whether or not you need a life insurance policy if you’re retired.

Will Anyone Experience Financial Loss After You Die?

If you’re the primary breadwinner for your family, then yes, you need life insurance. It pays a death benefit to your beneficiaries and ensures they can pay daily living expenses or bills until they get on their feet.

If you don’t hold primary responsibility for your family’s finances, then you may not need a life insurance policy. Remember, though, that the policy’s death benefit can pay a beneficiary’s college expenses or help your favorite charity.

Do Your Survivors Need Money?

Your survivors may be fine without your life insurance payout. However, if they have a medical condition, college loan or young family, your life insurance policy payout could improve their quality of life.

Do You Own a Large Estate?

After you die, the tax bill on your estate could total thousands of dollars. Instead of dipping into savings, your survivors could use money from your life insurance policy to pay this bill and protect your assets.

Do You Have Adequate Retirement Income?

Your retirement accounts can determine whether or not you need life insurance. Talk to your financial planner and determine if you have adequate retirement resources. If you started saving late or didn’t save enough, you may need life insurance to fill in the gap
your survivors will face after your death.

Can You Afford the Monthly Policy?

For some retirees, money is so tight that paying even a small life insurance premium isn’t possible. However, if you can swing the few dollars, purchase a term life policy that will cover your funeral, repay your mortgage and relieve your spouse’s financial worry.

Despite what you’ve heard about life insurance, it can be beneficial during your retirement years. Discuss your needs and options with your insurance agent as you prepare financially for the future.

Aug 05
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How To Review Your Life Insurance Policy

By Life and Health

Whether you recently bought a life insurance policy or have had one for several years, now’s the time to review it. Make sure you have adequate coverage and know exactly what’s covered.

Understand the Summary

Your paper policy or online life insurance account will include a one-page summary that outlines the type, amount and coverage your policy offers. Look at it and make sure you understand each line. If you don’t, contact your insurance agent for an explanation.

Verify the Death Benefit or Cash Value

Because life circumstances change, verify that the death benefit is adequate. You might need to increase coverage, and now’s a good time to do that.

You’ll also want to verify the accuracy of the policy’s cash value. Also, understand how it’s calculated as you prepare for the future.

Check the Term

Let’s say you bought your 15-year term life insurance policy five years ago when your kids were young. Now, though, your family has grown or your health has changed, and you need a longer term. Use this review to make sure the policy’s term is long enough for your needs.

Read the Restrictions

Does your policy require a waiting period before benefits can be paid or must you undergo an annual health exam? Know the restrictions to reduce surprises, ensure you’re following the guidelines and not inadvertently doing something to void the policy.

Drop or Add Riders

Spousal benefits and a premium waiver if you become disabled are two of several life insurance riders. Update the riders on your policy and drop or add them as needed.

Change the Beneficiaries

Has your life insurance policy beneficiary changed? If so, update the policy to ensure the right person gets the money from your policy.

Reviewing your life insurance policy should be something you do at least once a year. This task ensures your policy is current and accurate. For help meeting your life insurance needs, talk to your agent today.

Aug 05
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Is Your Business At Risk of a Data Breach?

By Risk Management Bulletin

303 entyty (1)Data breaches are reported daily and are an increasing concern for businesses that collect and store personal information from clients. However, it isn’t just large retailers and credit card companies that are at risk, so are small to medium size businesses. Even more concerning is that smaller businesses typically don’t have the controls or technology in place to properly protect data. All employers should know their risk for a data breach, how to prevent one and what to do if one occurs.

Types of Data at Risk
Many businesses are at risk of a breach simply by the activities that they perform. Businesses that sell items or services on their website can easily be hacked. Storing personal information for employees or clients either in unlocked filing cabinets, or on laptops or tablets that may be stolen is another risk factor. Even businesses that use cloud storage capabilities are at risk of attack. The type of information that is most at risk of being stolen are user account numbers, social security numbers, drivers license numbers, credit card numbers, bank routing numbers and any type of password protected account information. Names, addresses and phone numbers are typically not hacked and businesses are not legally responsible if this information is stolen.

Stop Breaches
Businesses are required to protect personal data no matter where it resides, which requires a multi-prong approach. First, businesses must invest in the latest security features for all software and hardware that it uses. This includes mobile devices such as smart phones and tablets. Additionally, employees who have access to personal information must be thoroughly trained on the proper handling of both the data itself and the systems on which it resides.

Responding to Data Breaches
47 U.S. states have laws requiring businesses to contact individuals if their data is accessed or stolen during a breach. The laws in your state will define what constitutes a breach, who must be contacted in case of a breach and how they must be contacted. It’s also a good idea for businesses at high risk of a data breach to purchase cyber insurance to protect against financial losses.

Aug 05
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Hiring Hazards to Avoid

By Risk Management Bulletin

job-interview (1)Maintaining adequate staffing levels at a business inevitably means that employers must go through the interviewing and hiring process. While many employers, especially small business owners, rely mainly on intuition to select the right employee, there is far more to the process. In fact, in today’s litigious society, there are some strict rules to abide by when it comes to interviewing potential candidates. Here are the hazards to avoid during the hiring process that will avoid placing your business in legal hot water.

Avoid Focusing on Personal Issues
Legally, an employer is not allowed to obtain personal information about an applicant in order to determine if they are fit for a position. For example, it is illegal to ask a candidate, “How long do you expect to live in the area?” Additionally, it is illegal for an employer to consider personal information that the candidate volunteers. If the employer asks the candidate to “Tell me about yourself” and the candidate reveals personal details, the employer cannot legally use the information as a basis for hiring or not hiring. Instead, employers should phrase the question as, “Tell me about your previous professional accomplishments”

Interview Questions Must be Consistent
Sometimes hiring biases creep into interview questions even when employers don’t mean for them too. For this reason, it’s important to develop a set list of questions before interviewing starts and to ask only those questions to each candidate. Questions must revolve around how the candidate would perform the job they are interviewing for and how they have performed in previous positions. Avoid asking off-the-cuff questions even when a good rapport is established with an interviewee.

Reference Checks
Interviews are only one step of the hiring process. Thorough reference checks are another vital component to hiring the right individual. First, verify that the reference can actually provide you with relevant information. Many candidates use friends who don’t have real insight into their work habits. Next, ask open-ended questions such as, “Why did the candidate leave your organization? These will solicit a more detailed response than simple yes or no questions.

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