insurance

Work Injury? Short-Term Income Options While You Mend

April 14, 2023 by Tim McMahon

Unfortunately, Job injuries do happen. If you find yourself in this position, don’t fret; there are several options available to help supplement your income while you take time off from work to heal and mend. Let’s review some of these short-term options for supplemental income.

Workers’ Compensation

If you are injured due to your job or workplace, you may be eligible for workers’ compensation benefits. Workers’ compensation is a federal program that provides money to employees who suffer on-the-job injuries or illnesses and death benefits to families in the event of a worker’s death related to their job. Workers’ compensation aims to provide financial aid and reimbursement for medical expenses so that an employee can focus on healing and recovery without worrying about basic needs such as shelter, food, and clothing.

Each state has its own laws regarding workers’ compensation eligibility criteria and benefit amounts. Contact your state’s Department of Labor or consult with an attorney specializing in workplace injury cases for more information about workers’ compensation benefits in your state.

Social Security Disability

If your injury is expected to keep you out of work for a long period of time, you may be eligible for Social Security disability benefits. These benefits are designed to provide financial support when someone can no longer work due to a disability or illness that is expected to last for at least 12 months or result in death. [Read more…] about Work Injury? Short-Term Income Options While You Mend

Save Money by Getting Disability Insurance Through Your Work

October 19, 2021 by Guest Contributor

When you think of insurance through your employer, you typically think about health insurance. However, according to the Bureau of Labor Statistics (BLS), there is a growing trend for employers to offer other types of insurance as well. One of those is disability insurance. In this table (although dated) provided by the BLS, we can see that both long-term and short-term disability insurance coverage has increased over the years.

As the name implies, short-term disability plans are designed to replace lost wages for a short, fixed amount of time. Ninety-three percent of private industry workers are covered by a short-term plan. Generally, coverage is about 26 weeks.

If you are among the lucky ones whose employers offer the opportunity to have disability insurance here are some reasons why you should take them up on their offer. [Read more…] about Save Money by Getting Disability Insurance Through Your Work

3 Ways to Afford Medical Treatment When You’re Between Jobs

July 1, 2020 by Tim McMahon

In the midst of COVID-19, it’s safe to say that having appropriate healthcare coverage is a must. But with so many people finding themselves laid off or unemployed, paying monthly insurance premiums can quickly become impossible for many people.

As dire as the situation seems, there are ways to get the medical attention you deserve. Since most people look for ways to cut corners, health insurance may be the first thing to go. Read on to learn three ways to afford medical treatment when you’re in between jobs.

COBRA Coverage

COBRA coverage is a specific type of health insurance that kicks in when someone has been laid off from work. This coverage offers additional coverage for a period up to 36 months. Because the cost of COBRA can be expensive, most employers will shoulder the cost for their employees. Note, not every employer participates in the COBRA program, so check with your employer as soon as possible. [Read more…] about 3 Ways to Afford Medical Treatment When You’re Between Jobs

Running out of Sick Days? How to Balance Chronic Illness and Work

April 30, 2019 by Tim McMahon

Most companies today allot a certain number of PTO (Paid Time Off) days or hours for their employees. However, many employees may suffer from a chronic illness that requires them to miss more work days than normally allowed. If you’re running out of paid sick days for the year, following these tips can help you balance chronic illness and work and may keep you out of financial hardship.

Get a Proper Diagnosis

You may assume that you’ll be fine with time, but you could be suffering more than you have to if you don’t get the correct diagnosis from a doctor. Your doctor may even be able to write a note to your employer explaining your situation if you have a proper diagnosis, and this may help you get extended sick pay. The information that you receive about your diagnosis from your doctor can also be used to let your employer know exactly how much more time you expect to miss from, and this can be effective in bridging better communications with your boss. Not only that, but getting an official diagnosis can make it a great deal easier to get the care you need to fully recover.

Track Your Triggers

Certain triggers may be behind your symptoms, and eliminating these triggers can allow you to recover faster. Allergies caused by certain foods and environmental factors often lead to chronic illnesses, and an allergist can test you to determine if you’re suffering from allergies. Food allergies and intolerances that aren’t life threatening are often overlooked as being symptoms of something completely unrelated. Because of this, it’s important to be aware of any history of auto-immune disorders or food intolerances in your family history. On the other hand, environmental factors such as workload and even flickering lights can trigger debilitating effects. If your chronic illness is related to stress, methods like yoga, meditation or counseling can help you maintain your mental and physical health. No matter what the cause, however, tracking the factors surrounding episodes of illness are important to help your doctor make a proper diagnosis. [Read more…] about Running out of Sick Days? How to Balance Chronic Illness and Work

Lost Wages? How to Get the Compensation You Deserve

December 9, 2018 by Tim McMahon

Missing time at work could put you at a serious disadvantage when it comes to being able to pay your bills. If you’re missing work due to an injury or an accident, you may be entitled to receive some compensation. Here are some of the ways that you can go about getting the compensation that you deserve.

There are a variety of different types of accident and unfortunately each one may require a different approach to getting compensation. For instance an injury sustained on the job will require that you proceed with a “worker’s compensation” claim. In this case it is important that you give both your employer and the Doctor that this is a work related injury.

If it is another type of injury such as an auto accident then you must take slightly different steps. Of course you still need to notify your employer that you are injured and can’t work but you must document different things. [Read more…] about Lost Wages? How to Get the Compensation You Deserve

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

The Role Of an Umbrella Insurance Policy In Your Organization

October 4, 2012 by Rachel Oda

An Umbrella Policy is Full Coverage Insurance

Liability is a big buzzword these days, and there are very few other words that make business people cringe and fearful at the same time. As the world seemingly gets more and more litigious, liability takes on a whole new meaning. These days, there is no predicting what kind of lawsuits will be filed and the amount of money a judge will deem appropriate as a reward for that lawsuit. Because of this, umbrella insurance has become much more common than it has been in the past. Sometimes it is referred to as “Full Coverage Insurance“.

There was a time when umbrella insurance policies were only a luxury of the well-to-do, but that is not quite the story these days. In fact, it has become a norm for organizations, Small Businesses, corporations, and other associations to take out their own individual umbrella insurance policies to fill in any gaps left by other insurance policies.

In short, an umbrella insurance policy is just like a normal insurance policy- in that it protects businesses and individuals from risk- but, it has a much higher liability payout limit. Most regular insurance policies will only agree to cover a person’s liability- also known as risk- up to a certain point, but an umbrella insurance policy lifts the ceiling on that limit. The other defining characteristic of an umbrella insurance policy is that it will cover all types of insurance, from car insurance to home insurance and beyond.

An umbrella insurance policy will add a relatively small additional cost to a normal insurance policy, but- if a person ever finds themselves in a costly litigious situation- it could end up saving you a boatload of money. Some studies done by various insurance companies and professionals have concluded that an umbrella insurance policy can end up saving a person anywhere from $1 million to $5 million if that person does indeed have to go to [Read more…] about The Role Of an Umbrella Insurance Policy In Your Organization

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: