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robintek

Jul 01
Love0

A Guide to Health Insurance Hardship Exemptions

By Life and Health
According to the Affordable Care Act, most United States citizens must purchase health insurance or be penalized with a fine. However, certain hardship exemptions exist and can eliminate the fine for qualifying individuals.

How to Qualify for a Hardship Exemption

Three basic qualifications can exempt you from purchasing health insurance. They include: 
1. A sudden increase in living expenses that makes purchasing insurance impossible.
2. Purchasing health insurance would deprive you of necessities like food, shelter or clothing.
3. Another legitimate circumstance that prevents you from obtaining health insurance.
Additionally, you may qualify for an exemption if you meet one of these criteria. 
  • You recently experienced a disaster like a fire or flood that substantially damaged your home.
  • You are a recent domestic violence victim.
  • Your close family member recently died.
  • You care for an ill, disabled or aging family member and face an increase in living expenses.
  • You’ve filed for bankruptcy within the past six months.
  • You have incurred significant medical expense debt in the past 24 months.
  • You’ve received a shut-off notice from a utility company.
  • You’re facing eviction or foreclosure.
  • You’ve been evicted from your home within the last six months.
  • You’re homeless.
  • Your state does not offer expended Medicaid coverage so you are ineligible for Medicaid.
  • You win an appeal for an exemption and become exempt from paying the fine for the months in which you did not have coverage.

How To Get the Hardship Exemption

To qualify for a hardship exemption, fill out the application on your state’s health insurance exchange. Be prepared to provide proof of the incident that prompts the hardship exemption. It must be legitimate and have happened fairly recently.

You may also contact your health insurance agent for details. He or she can walk you through the process and discuss alternatives like catastrophic health insurance. It covers major medical and typically includes low premiums that may be affordable despite your situation.

 

Jul 01
Love0

5 Life Insurance Rider Options You Might Need

By Life and Health
Life insurance gives you peace of mind since it provides your survivors with financial resources to pay everyday expenses, repay debt or fund education. However, you might need five riders that enhance your life insurance policy and add a further layer of financial protection.
1. Accelerated Death Benefit Rider
Receiving a terminal illness diagnosis is emotionally and financially devastating. With an accelerated death benefit rider, you receive 40 percent of your benefits now to pay for treatment or other expenses. While this early payment reduces the amount of money your survivors receive in the future, it can ease your current financial burden and potentially prolong your life.
2. Guaranteed Insurability Rider
You might be in good health today and eligible for affordable life insurance. A change in your health condition could make you uninsurable in the future, though. With a guaranteed insurability rider, you never have to worry about needing a medical exam to qualify for life insurance.
3. Waiver of Premium Rider
Add a waiver of premium rider to your life insurance policy and receive a free pass from paying your premium. You can use this rider if you become ill, injured or unable to work. It’s a beneficial option for sole earners or anyone who doesn’t wish to lose life insurance coverage during a health or other crisis.
4. Spouse Insurance Rider
When you have life insurance but your spouse doesn’t, you’re both taking a risk. Provide your spouse with coverage, too, when you purchase a spouse insurance rider. Select the same amount of coverage as you currently have or a lower amount as you buy peace of mind and reduce your future financial risk.
5. Long-Term Care Rider
Health care expenses during your senior years can quickly drain savings, especially if you live a long time or have serious medical challenges. A long-term care rider finances your nursing home care. Although the payout reduces the benefits your survivors receive, you receive essential care in your senior years.
If any of these riders interest you, talk to your life insurance agent. Adding additional coverage increases your peace of mind and provides essential protection for you and your loved ones.

 

Jul 01
Love0

7 Ways to Save Money on Your Life Insurance Policy

By Life and Health
As many as 57 percent of all Americans had a life insurance policy in 2014, reports the Insurance Information Institute. That’s good news because life insurance pays for funeral expenses, medical bills and debt an individual may accumulate. Unfortunately, some people don’t purchase this beneficial coverage because of its cost. Don’t make that mistake. Save money on life insurance in seven ways.
1. Purchase term life instead of whole life. Term coverage is cheaper than whole life. It also covers you for a set time period like as long as your kids live at home, for example.
2. Stick to basic coverage. Multiple riders that cover your kids or allow you to purchase more insurance later on can enhance your life insurance coverage. If saving money is your primary goal, though, skip these options and purchase basic coverage only.
3. Choose a lower coverage amount. Experts recommend consumers purchase a life insurance policy that’s 10 times your annual salary. If a policy of that amount is too expensive, try to at least cover your mortgage and debt repayment, monthly expenses, funeral costs and any educational expenses your survivors may incur.
4. Buy while you’re still young. Young people often receive better insurance rates than older adults. The sooner you purchase life insurance, the better your chances of saving money on a policy.
5. Stay healthy. Insurance companies often charge higher rates to people who are in poor health or who suffer from certain conditions like diabetes or heart disease. Other health conditions that can affect life insurance rates include: gender, tobacco use, overall health, family history and lifestyle.
6. Bundle policies. By purchasing life, auto and home insurance from the same company, you can save money. Ask your agent for more information about bundling your various insurance policies.
7. Comparison shop. Numerous companies offer life insurance, so comparison shop as you find affordable rates.
Every individual’s life insurance needs are unique. You can find affordable coverage, though, especially when you apply these seven tips. Talk to your insurance agent for additional ways to save money on life insurance.

 

Jul 01
Love0

What’s the Difference Between ACV and Replacement Coverage?

By Personal Perspective
When you purchase home insurance, the agent will ask you whether you want actual cash value or replacement cost for your possessions. Both types of coverage pay for items that are lost, damaged or stolen. The amount of money you’ll actually receive varies based on which type of coverage you choose, though, so understand the difference as you make the most protective and economical choice for you.

 

Actual Cash Value Coverage
With ACV, you receive payment for what the item is worth if it were sold today. You will not receive a check for the amount you paid for the item, and you may not receive enough money to buy a new one of comparable style, size or quality.
To determine ACV, the insurance company first calculates the object’s depreciation. This value is based on the item’s age and its wear and tear.
Select ACV when you want to pay less for your home insurance premiums. Remember, though, that you’ll also receive a lower reimbursement check after you file a claim.
Replacement Cost Coverage
If you want to buy exact replicas or comparable items, purchase replacement cost coverage. It reimburses you for the amount of money you would pay to replace your items today, even if those items depreciated significantly from wear and tear.
The total payment you receive will not exceed your policy’s total value, so don’t expect to replace your $1 million home if your policy only provides $500,000 worth of coverage.

While you pay more for replacement cost coverage, you have peace of mind knowing that you can replace your electronics, jewelry and other items if you have to.
The type of insurance coverage you choose depends on your budget and preferences. Your insurance agent can calculate your home insurance premium for both types of coverage before you choose the one that works best for you.

 

Jul 01
Love0

10 Ways to Get a Great Deal on Your Auto Insurance Policy

By Personal Perspective
Auto insurance: every driver needs it! You don’t have to spend a fortune, though. Instead, try 10 ways to save money on your auto insurance policy while receiving the best protection available.
1. Drive a basic vehicle. Luxury, racing or other high-end cars will cost more to insure. By choosing a basic vehicle, you still get where you’re going but pay less to insure your ride.
2. Drop comprehensive and collision coverage. Unless your vehicle is new or you’re required by the loan company to keep full coverage,
save yourself some serious cash and drop full coverage.
3. Reduce the number of cars on your policy. If you’re looking to cut the amount of money you spend on insurance in one year, reducing the number of vehicles you insure will do the trick.
4. Insure multiple vehicles. When you want to cut the cost of each vehicle’s insurance premiums, combine them under one policy. This trick is especially applicable to immediate family members who live in the same household.
5. Install an anti-theft device on your vehicle. This one investment can result in premium savings.
6. Drive safely. Some insurance companies offer safe drivers big discounts, so keep your record clean for five years to enjoy lower premiums. Taking a safe drivers course or a motor vehicle accident prevention course might also reduce your insurance costs.
7. Celebrate your birthday. Often, drivers under 25 and over 70 pay high insurance rates because of their higher accident risk. Talk to your agent about how your birthday about age-related discounts.
8. Remove mechanical or cosmetic modifications. They make your car run or look cool, but they could also factor into higher auto insurance premiums.
9. Bundle multiple policies with one company. You’ll receive a discount on your auto and home premiums and get the coverage you need.
10. Shop around. By comparing rates from different companies, you may find more affordable coverage.
Saving money on your auto insurance is possible. You just need to invest a little time. Contact your insurance agent today for more money-saving tips.

 

Jul 01
Love0

5 Questions to Consider Before Renting Out Your Home With Airbnb

By Personal Perspective
Would you like your house to bring in a paycheck? It can when you rent it out with Airbnb. The company started in 2008 and now offers over 800,000 rental listings in your choice of 190 countries. Before you sign up to put your house to work, though, consider five home insurance questions that protect you and your home.
1. Do you have home insurance?
Airbnb does not specifically require participants to carry home insurance. However, they do provide a free Host Guarantee of $1 million in coverage for damaged property, excluding jewelry and collectibles. That figure isn’t much, though, when you consider that anything from a full-house demolition to a severe physical injury could occur while strangers rent your home. Make sure you have an insurance policy in place to protect you.
2. How often will you rent your home?
Many home insurance policies provide liability coverage for occasional rentals. Yours might not. Plus, that term “occasional rental” isn’t definitive. It could mean once a year or once a month. Verify your policy’s rental coverage and frequency.
3. Do you have enough liability and medical coverage? 
While renters could damage your physical home, they could also fall down the steps and file a lawsuit or require extensive medical treatment. Update your home insurance to provide adequate worst-case-scenario liability and medical coverage.
4. Are your guests’ possessions covered?
After securing coverage for your home, consider your guests’ belongings. Make sure your home insurance policy covers their electronics, jewelry or other valuables that might be stolen, lost or damaged while they stay in your home.
5. Do you need a commercial or landlord policy?
If you rent via Airbnb often, you could technically be considered a hotel owner. In this case, you’ll need commercial insurance. Likewise, if you purchase a second home or rent your vacation home, you may need landlord insurance.
Renting your house through Airbnb puts your house to work for you. Consider these five questions before you sign on, though, to ensure you have the right home insurance coverage for your protection and peace of mind.

 

Jul 01
Love0

Does Hoarding Affect Home Insurance Rates?

By Personal Perspective
Up to five percent of the world’ population could be classified as hoarders. If you or a loved one suffer from this disorder, understand how it could affect your home insurance rates.

What is Hoarding?

A mental health disorder, hoarding occurs when a person cannot discard possessions regardless of their value. It can cause a person to pile their home or garage so full of stuff that they cannot use the kitchen, bathroom or bedroom. Hoarding can also create physical, emotional, social and financial challenges that affect the hoarder’s well-being and health.

How Does Hoarding Affect Home Insurance Rates?

Hoarders experience many serious repercussions of their disorder, including home insurance rate increases. If an insurance agent performs a home inspection for any reason and sees safety hazards, the insurance company will send the hoarder a letter that outlines the hazards. The homeowner will have a time limit to fix the hazards. If the repairs aren’t made, the home insurance policy could be cancelled.

Three common safety hazards hoarders experience in their homes include:
1. Fire: Too much clutter could start a fire, especially when it accumulates around a heater vent, stove or power outlet. Clutter could also block escape routes and prevent firefighters from getting into the home if a fire starts.
2. Mold: Excessive debris can cause mold and other bacteria to flourish in a hoarder’s home. Not only is mold dangerous to a hoarder’s health, but most insurance companies consider mold to be a neglectful home maintenance problem that warrants rate hikes or a policy cancellation.
3. Insects and Rodents: A home that’s full of trash will attract insects and rodents. When left unchecked, these pests can damage a home’s walls, wiring and even foundation, leading to unsafe living conditions.

Your book collection or pile of unopened mail doesn’t make you a hoarder unless it prevents you from using the bathroom or opening your front door. Consider removing clutter from your home, though, as you create a safe living environment. Not only will you improve safety, but your insurance rates will thank you

 

Jul 01
Love0

Is Your Business Prepared for a Natural Disaster?

By Risk Management Bulletin
Natural disasters can strike anywhere and at anytime, but many businesses fail to recognize that they are at risk for damaging losses when they occur. Even businesses that don’t operate in Tornado Alley or hurricane-prone coastal regions are at risk. For example, the recent flooding in Texas has caught many businesses completely unprepared. That’s why every business must develop a disaster plan that will help keep the business running in case the worst does happen. Additionally, business must thoroughly examine their insurance policies to ensure that they are covered for natural disasters.

Developing a Disaster Response Plan

Developing a disaster response plan starts with identifying the events that are most likely to affect a business. Insurance agents can help with this, as they have access to insurance data that isn’t available to the general public. However, business owners can also review local newspapers or contact their local emergency management officials for information.

Another important aspect is appointing a person in charge of facilitating communication among staff members. Determine what method of communication will occur and at when it will be initiated. Keeping employees informed, both at work and away from work, is critical to maintaining everyone’s safety.

Protecting Business Assets

The next step is to install physical protection methods to reduce the impact of each scenario identified. For example, if flooding is an issue in an area install additional drainage, a retention pond or use waterproofing techniques around the base of the building. Those in tornado-prone areas should have a safe location for employees to wait out the storm. However, they should also install shutters to protect windows and consider upgrading roofing material so that it is wind-resistant.

Update Business Insurance Policies 

It also pays to have an insurance agent review the business’s coverage for natural disasters. Some businesses learn that their policy doesn’t cover flooding or earthquake damage, and opt to add that coverage as an additional rider. Additionally, ask the agent to describe scenarios where the coverage would not apply. For example, does it cover all flooding, including burst pipes from winter storms as well as flash floods?

 

Jul 01
Love0

Hazard Ahead: Company Vehicles Increase Company Liability

By Risk Management Bulletin
Many businesses require travel during the workday, whether to client locations or on short errands around town. During these trips, employees can encounter accidents and other mishaps, which may happen in a company-owned vehicle or in their personal vehicle. Unfortunately, many of the consequences of these driving mishaps can negatively impact the company that employs them. However, there are ways to alleviate the company liability involved with owning company vehicles by establishing safety protocols and obtaining the right insurance.

Developing Safety Protocols

When employees are allowed to drive company vehicles, it is imperative that employers develop a safety program that communicates the popery operating and safety procedures that they must follow. Some important rules to include are:
– Avoid using cell phones during vehicle operation unless using a hands-free device.
– Seat belts must be worn at all times and by all passengers.
– Drivers are required to follow all state and federal traffic laws.
– Only approved employees are allowed to drive the vehicles.
– Establish the times and days of the week that the vehicle may be driven.
– Company policy on personal use of company vehicles.
– Proper procedures for reporting accidents and maintenance issues.

Obtain Proper Insurance

Businesses have additional insurance needs when they own vehicles because most general business policies do not cover vehicles. Instead, they need a separate business auto policy. These policies are flexible enough to provide the same coverage to all vehicles, or provide some vehicles with additional coverage. For example, vans that transport merchandise may need more coverage than cars which simply go to the post office daily.

Employees and Personal Vehicles

Many businesses allow employees to conduct business in their personal vehicle. While employers typically pay the employee a certain amount per mile for wear and tear, they are not required to insure an employee’s vehicle. Instead, employers must make it clear to employees that they are responsible for damage caused to their own vehicles. However, if employees will be transporting anything of value, those items should be insured to obtain compensation if they are damaged or stolen.

 

Jul 01
Love0

Summer Dangers: How Employers Can Prevent Heat Exhaustion

By Risk Management Bulletin
Higher summer temps mean fun in the sun on weekends, but those scorching temperatures can be deadly for workers who aren’t prepared for them. Heat exhaustion affects a wide variety of workers, and unfortunately, most businesses aren’t prepared to handle it. Once the temps start to rise, employers must be proactive to protect employees from succumbing to heat exhaustion and know how to respond if they do.

Who Is Susceptible?

Those most at risk are workers whose job requires them to be outdoors. These include construction workers, HVAC workers, roofers, landscapers and many others. However, there are other jobs, such as automobile sales people, that may seem like an indoor job but actually require time outdoors. Even traditional office workers can succumb to heat if they are required to exert themselves too much during times of warm weather. For example, moving boxes or supplies from storage sheds or walking long distances between buildings.

Preventing Heat Related Illnesses

Preventing heat exhaustion is simply a matter of remembering to take it easy during hot weather. Employees should avoid exerting themselves beyond the physical activity that they are accustomed to. Additionally, they should take frequent breaks in a shady, cool location, especially if they begin to feel weak. Employers can help by supplying adequate drinking water and sports drinks, which can help rebalance electrolytes lost through sweating. Workers such as landscapers and roofers who must be outside, should schedule work as early as possible to avoid the hottest times of the day.

Signs of Heat Exhaustion

Employers and workers must be watchful for signs that someone is experiencing heat exhaustion, as many individuals will continue to push themselves even when lightheaded or weak. Symptoms include headache, blurred vision, nausea, paleness, excessive sweating, a weak pulse and shallow breathing. In severe cases, the individual will pass out. If these symptoms occur, force the individual to stop working, move them to an indoor location with air conditioning and make them lay down. A cool drink of water or a sports drink should also be given in small sips. If symptoms don’t subside within 15 to 20 minutes, call the paramedics.

 

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