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Life Insurance Policy Lingo

By Life and Health
dictionary-390055_960_720Try to read your life insurance policy, and you probably barely make it through the first page. Those policies usually include dozens of words that are difficult to understand. Learn the lingo as you make sense of your life insurance policy and ensure you’re adequately covered.

Beneficiary – the person who receives the proceeds of a life insurance policy after the insured dies; primary, secondary and tertiary beneficiaries refers to the order in which beneficiaries receive the payout

Medical Examination – the exam required before the insurance company can issue a policy, it’s usually conducted in-home by a licensed paramedical professional

Mortgage Protection – the policyholder’s mortgage will be paid upon his or her death

Nearest Age – insurance companies use a person’s nearest age when determining premium costs, someone who’s 27 years and five months old would be claimed as a 27-year-old on the policy

Non-Medical Term Policy – no medical exam is necessary, the insurance company will ask applicants a few questions about their age and past physical health before making a decision on coverage

Preferred Risk – the applicant’s physical health, occupation and other characteristics indicate that he or she will live longer than other people of the same age

Premium – the payment someone makes to pay for their life insurance policy

Rider – an add-on to the policy that expands or waives a coverage or condition of the policy, typical riders include Accelerated Benefits, Accidental Death and Dismemberment, Accidental Death Benefit, Disability Income, and Other Insured

Smoker Ratings – assigned to applicants based on whether or not they have smoked in the past 12 months, affects the policy premium

Standard Risk – the applicant is entitled to insurance coverage without extra ratings or any special restrictions

Sub-Standard Risk – the applicant has a physical condition, personal or family history of illness or disease, risky occupation or other dangerous habit that could shorten his or her longevity

Term Life Insurance – protects the insured for a set term and expires when that term ends

Underwriter – the company that receives the premiums and accepts responsibility for the life insurance policy contract, the company employee who approves or denies claims or the agent who sells policies

Whole Life Insurance- provides coverage until the policyholder dies rather than for a set term, also provides tax-deferred accrual of cash

Now that you know life insurance lingo, you’re able to understand your life insurance policy. Make time to review your policy at least once a year, too, to ensure you have adequate coverage that’s right for your needs.

Health Insurance Options When You’re Laid Off

By Life and Health

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When you’re laid off from work, you typically lose your benefits package. Instead of putting off essential treatment or facing financial hardship because of your medical bills, consider several options that assist you in keeping important medical coverage when you’re laid off.

 

Sign up for COBRA

If you quality for COBRA (Consolidated Omnibus Budget Reconciliation Act), you’ll receive a letter from your employer. You have 60 days to enroll, and it’s effective for up to 18 months. With COBRA, you keep the same coverage as you had when you were employed, but you’ll pay the full premium and possibly a two percent administrative fee.

Join Your Spouse or Partner’s Health Insurance Plan

If your spouse or partner has health insurance through his or her job, ask if you can be added to that policy. Many companies offer an enrollment grace period for laid-off spouses or partners, but you’ll need to apply within 30 days of your layoff.

Buy Short-Term Health Insurance Coverage

Also known as gap or temporary insurance, short-term health insurance lasts for six months to one year. These plans typically cover emergency care or medication you need for an acute medical condition, not routine care or treatment for pre-existing conditions. You also may be unable to renew your coverage, but it’s an option if you’re healthy, expect to find another job soon or can buy regular health insurance when the short-term coverage ends.

 

Investigate Private Health Insurance

A variety of companies offer private health insurance. You can enroll online or in-person at a local insurance agent’s office. Be sure to compare several packages to get the one that fits your needs and budget.

Check with the organizations you belong to, too. Professional, trade, college and religious groups may provide discounted health insurance for members.

 

Apply for Affordable Care Act Coverage

Since you no longer have health coverage from your employer, you can apply for Affordable Care Act coverage from the federal government. Based on your income, you could receive health insurance at a reduced cost. The application is available at healthcare.gov.

Pursue Low-Cost or Free Options

Because your income may have dropped after your lay off, check into programs that offer low-cost or free health insurance. You can apply for medical assistance through the Department of Public Welfare, and CHIP may cover your kids. Free neighborhood clinics also provide treatment at no cost to you.

Even though you are laid off from your job, you can still have health insurance coverage. Research your options. Additionally, take care of your health as you reduce the risk of illness or injury. For additional assistance, contact your insurance agent.

 

Can You See Your Doctor for Workers Comp Treatment?

By Employment Resources

medical-563427_960_720Experience an injury or accident at work, and you’ll file a workers compensation claim and receive medical treatment at no cost to you. In these cases, you may prefer to see your own doctor who knows you and your medical history. Is that possible?

What Happens During Your First Workers Comp Doctor Visit?

During the initial doctor’s visit for your workers comp claim, the doctor will examine you and recommend treatment. He or she will begin the necessary claim paperwork and can also authorize any required time off work or restrictions in the duties you can perform.

Which Doctor Can you See?

The rules about doctor selection in workers comp cases vary by state. In most workers comp cases, you’ll be assigned a doctor that’s chosen by your employer’s workers comp insurance carrier. You might, however, live in a state that allows you to choose any doctor in a certain network that’s determined by your state, your employer or your employer’s insurance company. In this case, you still have some flexibility and say in who you see.

Can You Switch Doctors?

Despite strict workers comp rules, you do have the freedom to switch doctors after the initial visit and any time during ongoing treatment. Check with your HR department for information on if or how often you can switch. Then be sure the new treating physician completes the correct documentation that ensures your treatment continues to be covered by workers comp.

Can You Choose Your Preferred Doctor?

If you don’t like your options and insist on seeing your primary care physician, make sure he or she takes workers comp claims. The process is complicated, and your doctor may choose not to participate.

Perhaps your doctor does handle workers comp claims but is not in your company’s network. Submit a document in writing to your HR department before you’re injured and express that you wish to see only your chosen doctor.

In certain cases, you may insist on seeing your regular physician no matter what doctors are covered by your workers comp. Understand that you will pay for the treatment. None of the doctor visits, medication or ongoing treatment will be covered by your employer. However, you can continue to see your physician for other conditions that are covered by your regular health insurance.

Getting treated for an injury at work requires you to file a workers comp claim. Understand how the process works and which doctors you can see as you receive the medical treatment you need.

How to Avoid Three Common Early Retirement Pitfalls

By Employment Resources

piggy-bank-1019758_960_720Congratulations on your early retirement! Whether you elected to retire early or weren’t given a choice, you now have time to travel, pursue hobbies or spend more time with family. You can also remain financially secure during year early retirement when you avoid three common pitfalls.

  1. Spend Too Much Too Soon

Just because you have access to a lump sum of money doesn’t mean you should spend freely. Take time to think before you start buying. You don’t want to run out of money and be left scrambling to find a job or other ways to supplement your income.

Avoid this pitfall when you create a budget. Figure out exactly how much money you need each month to live and where that money will come from. Remember to include annual expenses like insurance premiums, vehicle inspections and taxes. Set up an emergency, fund, too, to cover unexpected expenses like burst pipes or illness.

Next, limit retirement account withdraws. Ideally, you want your funds to last as long as possible, so elect to withdraw only take the necessary minimums if possible.

Make every effort to live within your means, too. Your retirement should be fun and enjoyable, so plan a vacation, buy a boat or invest in a hobby if you can afford it. However, you don’t want to sacrifice financial peace of mind for instant gratification simple because you’re retired.

  1. Rely on Factors you Can’t Control

Some retirees plan their budget based on consistent investment results, no health insurance premium increases and a steady home value. These factors aren’t ones you can control, though.

For security, be prepared to adapt. Consider getting a part-time job or boosting the amount of money you save each month. Perform a complete financial review at least once a year, too, and adjust your lifestyle, spending or retirement portfolio if necessary. Your flexibility and willingness to adapt could mean the difference between financial freedom and disaster during your retirement.

  1. Take Social Security Early

You’re eligible for Social Security payouts when you turn 62. Your benefits last longer, though, if you wait a few years.

 

Use an online Social Security calculator to figure out the best time for you to start withdrawing your benefits. You can also discuss your options with a financial advisor. Being smart you’re your Social Security withdraws can mean you have more financial security throughout your retirement.

Early retirement can be a blessing, especially when you plan your finances wisely. Take time today to begin a financial assessment. Keep these early retirement pitfalls in mind as you make the most of your early retirement.

Basic Tax Return Deductions Explained

By Employment Resources

calculator-385506_960_720April 15, the deadline for filing federal taxes, will be here before you know it. Get ready now by understanding basic deductions you can take.

Standard Deduction

Whether you file as a single or married person, you receive a standard deduction on your taxes. The basic standard deduction in 2015 is:

  • Single and married filing separately: $6,300
  • Married couples filing jointly: $12,600
  • Head of household”: $9,250

Taxpayers who are over 65 years of age, fully or partially blind, or both receive a larger standard deduction. There are also exceptions to the standard deduction. It won’t apply if:

  • You itemize deductions
  • You’re married but file separately and your spouse itemizes deductions
  • You, or your spouse if you file a joint return, is a non-resident alien for any portion of the tax year
  • You file a return that covers fewer than 12 month

Student Loan Interest

In addition to your standard deduction, you can deduct the student loan interest you, your spouse if filing jointly or your dependents paid. The maximum deduction is $2,500, but your income can affect this amount.

Mortgage Interest

Deduct the mortgage interest you pay on your home if you meet three guidelines. You must itemize deductions, make payments on a qualifying home and be legally liable for the mortgage.

Property Taxes 

Pay property taxes on a property you own, and you can deduct those payments. This deduction applies even if your taxes are paid via an escrow account.

Medical Expenses

If your qualifying medical expenses exceed 10 percent of your adjusted gross income, you can deduct them. They must be related to a medical diagnosis, cure, treatment or disease prevention and can include medications, health and dental insurance, medical devices and equipment, long-term care and transportation costs. Be sure to save detailed records if you plan to take this deduction.

Charitable Donations

Donations you make to charity can be itemized and deducted on your tax return. You must donate to a qualified organizations and not an individual. Remember to assign a fair market value to items you donate and obtain a written receipt from the organization.

Unreimbursed Job Expenses 

Sometimes, you may drive your vehicle to meet clients, pay for your hotel when traveling for work or buy business cards. Ordinary and necessary job-related expenses are deductible if your employer does not reimburse you for those expenses.

These are just a few examples of deductions you can take when you file your taxes. Your accountant can provide additional details. Discuss any special considerations with your Human Resources office, too, as you prepare your tax return this year.

How to Tell Your Boss that You’re Pregnant

By Employment Resources

pregnant-393364_960_720Telling your family and friends about your pregnancy is easy. Telling your boss the big news can be a little scarier, though. He or she might question your job performance or commitment to the company. Learn several tips that help you feel confident about telling your boss that you’re pregnant.

Before you Share the News

After you confirm your pregnancy, take time to read your employee manual. Understand your company’s leave policies as you anticipate multiple doctor appointments and maternity leave. Review the prenatal and postpartum care your health insurance covers, too.

When to Tell the Boss

You can wait to share the news until after your first trimester ends. By 12 weeks, your risk of miscarriage decreases, and your baby bump may begin to show.

In certain cases, you will want to tell your boss about your pregnancy by eight weeks: 

  • You have severe nausea.
  • Your pregnancy is high risk.
  • You work at a physically strenuous job or around chemicals.
  • You need special accommodations, including less travel or lighter duty.
  • You work from home.

You definitely want to have the big talk before 20 weeks. Not only will your baby bump be visible and more difficult to hide, but you’ll also want to start planning your maternity leave. Discuss details like how long you’ll be off, who will take over your duties and if you’ll check in during your maternity leave or totally unplug.

 

Where to Have the Talk

When you’re ready to share your pregnancy, choose a private place and select a time when your boss is not rushed or stressed. Consider scheduling an appointment to talk at work or offer to take your boss for coffee or to lunch. Remember to discuss your pregnancy with the Human Resources manager, too.

What Not to Do

Do not wait until the last minute to share the good news. Your boss will need time to plan projects and coverage for your duties while you’re on maternity leave.

You also don’t want your boss to be the last one in the office to hear the news. Word travels quickly, and it’s unprofessional to tell the boss important news last.

Don’t be afraid of losing your job, either. Employers are legally prohibited from discriminating against pregnant women, and you can pursue legal action if your boss intentionally reduces your workload, pressures you to quit or fires you because of the pregnancy.

Your pregnancy is an exciting experience. Stay professional at work when you follow these tips as you share your big news with your boss.

Could Your Social Media Posts Get You Fired

By Your Employee Matters

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Almost everyone has a social media account these days. Whether you’re a loyal Facebook fan or write a regular blog, you need to know how your social media activity affects your job.

First Amendment Rights

According to your First Amendment rights, you have freedom of speech. This basic right protects you from the government, but it does not offer you protection from a private company. Your employer has the right to tell you what you can and cannot post on your social media accounts and to discipline or fire you based on your online activity.

Legal Rights

You’ll need to turn to laws other than the Constitution to defend what you say online. When you post to your blog or on social media, consider these laws that some states have passed.

  • Off-duty conduct laws protect you from being fired for something you do on your own time.
  • Protections for political views allow you to express your political views and affiliation.
  • Concerted activity protections fall under the National Labor Relations Act. You and your coworkers can communicate about your job or working conditions online or offline and join together to express your concerns to your boss.
  • Prohibitions on retaliation laws assist you when your rights are violated because you post about an incident of discrimination, harassment, wage violation or other illegal action.
  • Protections for “whistlebloggers” can assist you when you write about safety concerns or illegal occurrences in the workplace because you are performing a public good.


How to Stay Out of Trouble

While these laws can protect you, consider ways you can avoid trouble as you maintain your social media presence.

First, be nice to your coworkers. Posting hateful comments, criticizing someone’s weight or harassing a coworker is mean and could be ground for dismissal.

Second, leave racism and bigotry offline. Whether you’re joking or serious, racist or bigoted comments reflect poorly on you and on your employer.

Third, keep secrets. Confidential information, trade secrets and other private details about your company should not be shared in any way on social media.

When do you Need a Workers’ Compensation Lawyer

By Your Employee Matters
lawyers-1000803_960_720When you file a Workers’ Compensation claim, you may need professional help. A lawyer can assist you in making sure you receive the medical treatment and financial compensation you deserve after you are injured at work.

You may not need an attorney if:

*Your workplace injuries are minor.
*Your injury does not cause permanent bodily function loss.
*You can return to work after resting a few days or weeks.
*You feel comfortable returning to work after treatment.
*You are willing to sign the settlement with your employer’s Workers’ Comp insurance company and release your right to file in the future for compensation or medical care for your injury.
You will need a Workers’ Comp lawyer if:
*You need surgery because of your injury.
*You have pre-existing disabilities.
*You will no longer be able to work regularly in any job.
*You cannot return to work at your current job but are able to work in a different capacity.
* Your health will remain compromised because of your moderate to severe injury, and you will qualify for permanent partial disability.
*You want to dispute the claim decision made by your employer, the employer’s insurance company or the Workers’ Comp division in your state.
*You wonder if you are receiving the correct benefits or if you qualify for additional benefits.
* Your medical benefits claim is denied.
*Your employer disputes the decision of your state Workers’ Comp division.
*You want assistance understanding and navigating the Workers’ Comp process.

Even if none of these conditions apply, you can still hire an attorney. It’s your right to have legal representation as you navigate medical treatment, understand the paperwork and negotiate with your employer. Your attorney can also advocate for you and assist you in applying for benefits like Social Security disability.
When you’re ready to hire a Workers’ Compensation lawyer, contact one that specializes in your type of claims. Then request a free consultation. The initial meeting usually lasts 30 to 40 minutes and gives you time to share details of your claim. The attorney can then advise you on whether or not you need legal representation and if he or she wants to take your case.  In most cases, Workers’ Comp attorneys receive payment on a contingent basis, which means they get paid a portion of any benefits you receive. You will own nothing if you don’t win the case.
 Deciding to hire a Workers’ Compensation attorney is a big decision. Before you move forward, consider whether or not it’s essential. You can find details of your company’s Workers’ Comp plan when you talk to your Human Resources director.

Six Tips for Building Trust in the Office

By Your Employee Matters

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Workplace trust plays a role in your team’s success and productivity. It also improves client relations and boosts resiliency after a challenge. You and your team can build trust in six key ways as you improve performance and camaraderie at work in 2016.

  1. Be Honest

Telling the truth every time lays the foundation for trust in your office. Your coworkers won’t have to guess if you’re telling the truth or if they can trust what you say.

Even if being honest places you at a disadvantage or could have painful consequences for you, a coworker or a client, always tell the truth. Remember that the truth will come out eventually, so it’s better to be honest upfront.

  1. Avoid Stealing

Stealing photocopies, paper clips or time gives your coworkers an opportunity to doubt your credibility. Make every effort to avoid stealing as you demonstrate that you can be trusted.

  1. Exercise Good Judgment

There’s a time and place to share information. Use good judgment as you decide when, where and how much to share.

This truth-building step can be used to protect coworkers’ and clients’ private information and competitors’ proprietary information. It also prevents you from speaking or sharing unsolicited or blunt judgment before you know all the fact.

  1. Watch Your Body Language

Even though you’re not talking, your body language works for you as it invites people to talk to and trust you. Practice looking your coworkers and clients in the eye when you interact, and stand with an open posture instead of with your arms crossed or your hands clenched.

  1. Look for Ways to Exhibit a Mutually Beneficial Attitude

Anyone who looks out only for him or herself will not earn a reputation as someone who can be trusted. Genuinely care about your coworkers and client, and work hard to nurture relationships that are two-sided. Be gracious about giving and receiving constructive criticism, too, as you create a mutually beneficial culture of trust.

  1. Be Consistent

When you live a consistent lifestyle of truth, you don’t have to worry about getting caught in a lie or remembering which story you told your coworkers. Your constant performance at work also builds trust since it shows your coworkers that they can count on you. So be on time and stay until your shift is over, perform your best on every job and do what you say every time.

Are you ready to build trust and a safe working environment at your place of employment? Taking these steps will improve relationships, productivity and success for you and your company in 2016.

 

 

Questions Employers Can’t Ask During Job Interviews

By Your Employee Matters

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Are you planning to look for a new job in 2016? Job interviews can be intimidating, especially when you know you’re up against stiff competition. Interviewers also sometimes ask personal questions that can be uncomfortable to answer. There are guidelines that determine which questions a potential employer can ask interviewees. As you anticipate landing a new job this year, understand which questions an interviewer cannot ask and how you could potentially respond.

Which Questions are Off-Limits?  

Title VII is the portion of the Civil Right Act that addresses employment discrimination. While it doesn’t include a specific list of off-limits questions, it does stipulate that employers cannot ask anything that could be used to discriminate against someone. Here are a few questions that are too personal for job interviews.

*What is your race, color or ethnicity?

*How old are you?

*Are you disabled?

*Are you married?

*Do you have children or plan to have children?

*Are you pregnant?

*Are you in debt?

*What is your political affiliation?

*What is your religious affiliation?

*Do you drink or smoke?

How Can You Respond if You’re Asked a Personal Question?

Despite the guidelines, interviewers do want to get to know you and may inadvertently ask a personal question as you chat. Getting angry, threatening to sue or storming out of the interview are in bad taste and guarantee you won’t get hired. However, you can handle the situation in two ways as you maintain your dignity and retain the relationship.

Consider this example of two ways you can respond when a hiring manager asks you if you have children.

  1. Tackle the personal question head-on. Respond by affirming that you are committed to your job, will put in long hours and can work from home if necessary. Remind the interviewer of how you handled responsibilities as a parent in your past jobs, too.
  2. Bring the conversation back to your qualifications. Despite the discomfort of the question, you’re really at the interview to discuss why you’re qualified for the job. Point out your sales record or leadership success as you gently steer the conversation back to why you deserve to be hired.

If a potential employer insists that you answer these questions, politely end the interview and walk away. You do not want to be caught in a situation that could hurt you in the future or work for a company that disrespects you.

Be prepared for your next job interview when you know some of the questions you cannot be asked and ways to respond. Being ready could actually help you get the job you want.