Insurance

What Happens to Your Finances When You Go out on Workers’ Comp

June 3, 2017 by Guest Contributor

Workplace injuries can and do happen to many people each day. While those who work in high-risk or dangerous jobs are more likely to suffer from a workplace injury, the reality is that issues like falling, tripping and more can happen to any worker at any time. Workers’ compensation insurance is designed to help injured workers pay for their expenses while they are recovering from an injury. However, it is important to understand more fully what happens to your family’s finances when you are out on workers’ comp. This understanding may inspire you to take action to address a possible issue before you find yourself in dire financial straits.

Your Medical Expenses May Skyrocket

Many workplace injuries result in substantial medical bills in a very short period of time. These bills may [Read more…] about What Happens to Your Finances When You Go out on Workers’ Comp

Health Insurance Options for Unemployed Workers

January 29, 2013 by Brenda Panin

Health Insurance Options-

Finding yourself without a job is stressful. There are many decisions to make when you are unexpectedly laid off, and the worries are overwhelming. Healthcare – or lack thereof – often tops the list of concerns for the newly unemployed.

Although many people automatically opt for COBRA coverage after learning that their position has been eliminated, it’s important to know that there are other options available. A little homework could deliver significant savings and provide peace of mind in knowing that your family has healthcare coverage while you look for another job.

An independent healthcare plan might be your best option, particularly if you and your family are in good health. The higher the deductible you choose and the higher the of out-of-pocket costs you’re willing to incur, the lower your monthly premium will be. Accidents can happen at any time, but if you feel you’re close to landing a new job and you want to minimize your monthly costs, you may want to choose a high-deductible policy and consider it catastrophic-only coverage. Keep in mind that all insurance policies now cover annual exams, such as well woman visits and pediatric check ups.

People with pre-existing conditions are sometimes skeptical about choosing an independent healthcare plan. While it’s true that much of the Affordable Care Act, which stipulates that no one can be denied health coverage regardless of health status, are not yet all in place, there are provisions that protect children. If one of your minor dependents has a chronic illness and has been denied healthcare coverage in the past, he or she can now be covered. It’s true, though, that [Read more…] about Health Insurance Options for Unemployed Workers

How Redundancy Insurance Can Help You Cope With the Risk of Unemployment

January 21, 2013 by Guest Contributor

Editor’s Note:

In the U.K. unemployment insurance is called redundancy insurance and it is available from private insurers. In the U.S. although there is State Unemployment Insurance it is difficult if not impossible to find supplemental (private) unemployment insurance although John Hartline, an insurance industry veteran, tried to get insurance companies to provide it, as reported in this article from the N.Y. Times. ~Tim McMahon, editor

Redundancy Insurance :

As the news tells us on an almost daily basis, the employment market is more fragile now than it has been for a long time. The current economic crisis sees no signs of abating and more companies are going into administration than we have ever known before which has resulted in over 2.51 million currently being unemployed in the UK (source:office for national statistics).

During such troubled times, one of the primary concerns that all of us have is how we would support ourselves and our dependents should the next company in crisis be ours.

This risk applies to small businesses and large corporations alike and the fear of loosing financial security for ourselves and our families is going nowhere.

The Introduction of Redundancy Insurance

Thankfully, there is a solution to this worry that ensures you can meet your bills and maintain your current standard of living should you be made unemployed through no fault of your own.

Redundancy cover has been created in direct response to the uncertainty in the employment market specifically to protect the income levels of individuals who are [Read more…] about How Redundancy Insurance Can Help You Cope With the Risk of Unemployment

Does Usage Based Car Insurance Offer a Route to Lower Rates?

December 5, 2012 by Guest Contributor

Usage-Based Car Insurance

For most American drivers, car insurance is not only legally mandated but is a real necessity. However, it’s now becoming possible to sign up for as pay-as-you-drive, or usage-based car insurance. If you don’t drive very much, it can give you lower rates. However, there are certain things to know before you decide that this is the best option for you.

Wireless Transmission Devices will Monitor Car Usage

As with traditional insurance programs, your driving habits will still play a large role in your rates. Unfortunately, if you had a habit of occasionally driving recklessly in the past, usage-based insurance programs won’t let you use the honor system to prove that you’ve changed your ways for good.

Usually, the amount of miles that you drive in a particular period is automatically calculated and transmitted to your insurance company through a device that resides in your car. However, Allstate and Progressive are just two companies that also monitor driving behavior such as the number of times that a policyholder drives at speeds over 80 miles per hour or the way that they use their brakes. A member of Progressive’s usage-based insurance program notes that unusual braking patterns can point the finger at aggressive drivers.

Understandably, some drivers are concerned that [Read more…] about Does Usage Based Car Insurance Offer a Route to Lower Rates?

Keeping Worker’s Compensation Insurance Affordable

September 30, 2012 by Jorgen Rex Olson

How Business Owners Can Keep Worker’s Compensation Insurance Affordable –

With the recent hits to the economy, changes in law, and other sorts of changes in the workplace, costs of maintaining workers compensation insurance for companies, and in particular for small businesses, are rising unpredictably. Some of this can be caused by your state’s assigned risk pool, some by the increase of high-risk situations, and some by other factors. However, there are things that you as a business owner can do to help reduce the rates of workers compensation insurance for your company.

1. Preventative Measures

First, there are some preventative measures you can take in the area of safety that may help to reduce workers comp insurance rates in the future. Whether you’ve had problems with worker safety in the past or not, being safe certainly doesn’t hurt. Depending on your line of work, you may want to look into safety precautions at workstations, or even establish a group to keep an eye on workplace safety within your organization. The more you can reduce the risk of accidents, the better you’ll make out in the long run.

2. Experience Rating

You’ll also want to check out your experience rating or experience modifier. This compares your claims history to that of other organizations in your industry. You can check out your rating by looking at worksheets from the National Council on Compensation Insurance (NCCI). Make sure that your rating is accurate, as your rating could save you as much as 45% on your Compensation Insurance.

3. Relationship

Establish a good relationship with a healthcare provider. Sometimes you can use managed medical care to treat your workers. The more quickly you can get injured workers back to work, the better it is for your organization, and the better [Read more…] about Keeping Worker’s Compensation Insurance Affordable

Life Insurance Benefits

July 30, 2012 by Guest Contributor

Company Life Insurance

One of the most essential parts of financial planning is buying the right types of insurance policies. Some companies provide employees with life insurance as a benefit. Usually, it is Term Life insurance and it is based on a multiple of your annual salary. For example, it could be as much as five times your annual salary. Theoretically, this would allow your family to survive for 5 years without you… giving them time to get prepared financially.

So, if you have a spouse or children to worry about, life insurance is a must. But there are disadvantages to employer-provided life insurance. Why would you choose to pay for something you can get for free?

What’s the Difference Between Term and Whole Life Insurance?

The biggest difference between term and whole life insurance is what you get for the premiums you pay. With term life insurance, you or your employer, is paying specifically for a death benefit and nothing more. The insurance company gets a certain amount of money for premiums, and then they give your loved ones a death benefit if you die while the policy is in effect. This usually means while you are employed there. So if you become disabled and can’t work you could end up losing your life insurance just when you need it most. At that point, you may not be eligible for coverage from a new policy.

With a whole life insurance policy, that you own, you get permanent life insurance coverage. This type of policy is going to pay out a death benefit as long as you keep paying your premiums. With a whole life insurance policy, you will be able to provide your family with some kind of financial benefits when you die as long as you keep paying the premiums, even if you aren’t employed. [Read more…] about Life Insurance Benefits

Making a Decision: Individual or Group Life Insurance Policies?

June 28, 2012 by Guest Contributor

Individual or Group Life Insurance Policies?

These days it seems everyone is planning for their future. From choosing the right career, to when is the right time to have a family, there will be choices that will ultimately reflect things to come. One of these choices is choosing the right life insurance option for you and your family. Many choose to enroll in their employer-sponsored group life insurance, while others feel they need more. Here are the pros and cons of choosing your employer-sponsored life insurance and finding your own coverage.

Employer-Sponsored Coverage

There are many benefits to choosing life insurance offered by your employer, there are also a few cons that cause people to strike out on their own and find their own coverage.

Pros of Group Life Insurance Policies:

• Cost: This is often the number one reason to choose a group life insurance policy. As your employer is given a group rate, the savings are passed on and you pay less (or even nothing)
• Acceptance: With a group policy, the risks are spread over everyone who has opted into the policy. This means you are guaranteed coverage in most cases. If you choose to raise your coverage, you may be asked to undergo a questionnaire or doctor’s exam to determine your ability to be covered, but in many cases this is rare.
• No Increased Rates: One of the benefits of group life insurance is that it is not individually underwritten. This means you can have the worst health at work but still pay the same rate as the healthiest employee in the company.

Even though guaranteed coverage and low rates are good reasons to choose group life insurance, there are also cons that may make you think twice.

The Top 5 Health Insurance Companies

June 16, 2012 by Guest Contributor

Finding The Right Health Insurance Company

With fewer jobs in the country due to a poorly performing economy and many large companies moving jobs offshore to reduce costs, many US residents have taken it upon themselves to open up their own small businesses. Naturally, these entrepreneurs are looking to find the best health coverage for themselves as well as for their families. Researching the right health insurance plan that will not only satisfy your individual needs, but also the needs of your family is no easy task, as health insurance coverage needs vary from person to person.

When conducting your research on what coverage you need for your health needs, the insurance company will consider the following factors:

Your age
Your Income
Whether or not you smoke/drink
Your Geographic location (not all providers are available in every state)

You on the other hand will be concerned with these factors:

What is the deductible?
How much is the co-pay for each doctor visit?
How much is the co-insurance? (The percentage you have to pay before you reach the out-of-pocket limit)
Out of Pocket Maximum Per Year
Maximum per Person / Per Family
Exclusions (for Preexisting conditions etc)
Limitations on which Doctors you can use
Acceptance at local hospitals
Out of Network Acceptance (if you are traveling)

An excellent way to reduce your health insurance costs is by using a Group Health Insurance Policy. If you can get insurance as one of the Benefits through your place of employment or even by join a group or organization, you may be able to reduce your costs by getting in on a group policy.

See: What is Co-Insurance?

Group Health Insurance Policies

How to Find the Right Health Insurance Policy?

Tim McMahon~editor

The Top 5 Health Insurance Companies

According to online sources, there are a total of 25 noted health insurance companies that rank well in the services they provide and the fees they charge. The Top 5 Health Insurance Companies are as follows:

What is Co-Insurance?

May 23, 2012 by Tim McMahon

CoInsurance: Definition

Coinsurance is a tricky term to define because it can mean different things depending on which type of insurance you are talking about. It is most commonly used in health insurance and commonly means the percentage of the total health care bill that you as the insured will have to pay. In other words you are responsible for a portion and the insurance company is responsible for a portion. You are both co-insuring against the cost of health care.

Of course it is not a straight percentage. If you have an 80/20% coinsurance clause in your health insurance policy that means that after your deductible has been met you owe 20% of the bill while the insurer will cover 80%. But then there is an Out-of-Pocket Maximum that limits your liability.

So in a way, [Read more…] about What is Co-Insurance?