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Facing a License Suspension? What to Know About Your Auto Insurance

Whether your driver's license was temporarily suspended after a DUI conviction or a few unpaid parking tickets, you may find yourself wondering what you'll need to do to preserve your ability to drive in the future. In many parts of the country, especially those without a strong public transportation presence, a driver's license can be crucial when it comes to getting or maintaining steady employment.

Even after becoming eligible for the reinstatement of your driver's license, you can find yourself facing challenges you may not have expected. In most cases, a license suspension can boot you into the "high risk" group for auto insurance purposes, potentially increasing your premium and requiring you to prove your financial responsibility before your license will be returned.

Fortunately, navigating this process doesn't need to be overly complicated. Read on to learn more about the SR-22 process and how the reinstatement of driving privileges is often dependent upon your ability to obtain auto insurance.

The SR-22 Form

An SR-22 is a standard state form certifying the applicant's financial responsibility for his or her vehicle. In almost all cases, this certification of financial responsibility is really a certification of insurance coverage—very few drivers have the income and assets needed to self-insure against car crashes.

After you obtain an SR-22 form showing you've obtained valid auto insurance coverage, you'll be able to visit your local bureau of motor vehicles to seek reinstatement of your driver's license, assuming the other terms and conditions of your suspension have been met.

Who Needs This Form

Regardless of why your driver's license was suspended in the first place, you'll usually need an SR-22 for reinstatement. Many of the most common reasons for suspension, from DUI to multiple moving offenses to driving without valid insurance coverage, can put other drivers at financial risk if you're involved in an accident; proving you have insurance coverage mitigates much of this risk.

If you're not sure whether you're required to have an SR-22, you'll want to take another look at any written order or judgment from the traffic court; often, this order will clearly set out the requirements you'll need to fulfill before your license can be reinstated.

What to Expect

Obtaining an SR-22 is a fairly easy process; you'll just need to contact your insurance company and ask for a copy of this form. You may be charged a fee by your insurance company for providing this form and, in some states, an additional fee may be charged by the BMV once you've filed the form with them.

If your previous auto insurance company dropped you after your license suspension, your first step will be to obtain valid auto insurance. You may want to contact an insurance broker , who will be able to shop around on your behalf at various high-risk providers to find you the best rate and terms possible.

Depending upon the parameters set out in your court order or written communications from the BMV, you may be required to maintain higher liability limits than the minimum state-prescribed limits.

It's important to know your insurance requirements in detail before seeking your SR-22, as failure to obtain the "right" kind of coverage could throw an unnecessary wrench into the process.

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Original Medicare vs. Medicare Advantage Plans

When an eligible US citizen turns 65 years old, they can apply for Medicare Insurance on the Medicare.gov website.  Regular health insurance will stop once a person turns 65 years old.

As a senior citizen, you probably know, there are alternatives to original Medicare (Part A & Part B) you have a choice of selecting a Medicare Supplemental plan (also called Medigap plan) or a Medicare Advantage plan (Part C).

Nowadays, many seniors prefer to go with a Medicare Advantage plan over original Medicare since they are required to cover the same things at a minimum and have additional benefits, plus the out of pocket expenses may be lower since there is an annual limit on the out-of-pocket-max.

Most seniors have a difficult time deciding which insurer or what level of coverage to purchase if they have never researched it. Regardless of whether you are concerned about your medical costs of the future or just the ones you are going through now, learning about Advantage plans to replace your Medicare will be a good idea.

Who Sponsors Medicare Advantage Plans?

You need to understand that structure of all insurance companies in the United States revolves around making money. As a result, they only agree to take on the risk of seniors medical bills because they think that they can make a profit, they are accepting that sort of risk on the basis that they will make more money then that have to spend.

Ordinarily, the federal government assists in funding the advantage plan, through the premium paid for Part B by the Medicare recipient, as well as the premium that is paid directly to the company.

In these situations, the insurance company will most probably end up generating revenue simply because they’re able to designate deductibles and excess charges to its consumers and also have access to specialists to invest those funds.

Medicare Advantage Plans- Costs

Original Medicare plan (Part A & Part B) and Prescription Drug Plan (Part D) plus a supplemental plan cost a great deal more than any Medicare Advantage plan on the market. For instance, there are a ton of Medicare Advantage plans that are absolutely free for all seniors have already enrolled in Medicare Part B.

The seniors are required to continue to pay for Part B and whatever the co-pays and the deductibles are for that particular Medicare Advantage plan. That premium for Part B to be paid by person straight to the government. Those co-pays and deductibles will still be there depending on how comprehensive your Medicare Advantage plan is.

Extra Benefits Of Medicare Advantage Plans

With Medicare Advantage plans you’ve got several additional benefits usually embedded into the plan that is great to take advantage of additional coverage that you will not find with traditional Medicare.

In the Medicare Advantage plan, you may receive basic dental coverage to have your teeth cleaned and examined, yearly vision exams, discounted hearing tests, Silver Sneakers program at local gyms.

Regardless, to utilize some of these benefits, the insurer might require you to get a referral from your primary doctor, especially if you select an HMO network, plus you are going to have to go with a doctor within their network.

As you shop for a Medicare plans, you are going to realize that insurance companies all charge different prices for Medicare Advantage plans whether they are PPO or HMO networks.  You should work with an Insurance agent or shop on-line to compare prices. Read the booklets and compare:

* drug prices

* look-up all your doctors to see if they are in the network

* check out co-pays to see primary care physician or a specialist

* co-pays for x-rays, CT scans, imaging services

* compare the deductible amount

* compare yearly out-of-pocket-maximum.

* review services you normally use

With the sky-rocketing costs of health care, patients, and the federal government are starting to contemplate on how exactly they are going to manage the costs of their medical care obligations.

As the current system comes closer to collapsing, most are considering a private insurance company to handle their affairs. These days, Medicare Advantage (Part C) plans are the perfect solution for all Medicare recipients, the federal government partly sponsors them, and they help cut costs.

An advantage plan is an awesome alternative to Original Medicare but it is not for everyone.

The original Medicare coverage is great for seniors who are looking for a high-quality healthcare option, but the problem is that it only pays 80% of all medical expenses.  The policyholder is still responsible for 20% of all bills generated, and there is no annual limit.  And this is the place where Medicare Supplement plans come in.

Medigap policies or supplemental policies sold by the private insurance companies will fill predictable gaps in Medicare, these types of policies are required to pay the share of health care expenses which are not covered by original Medicare alone. Having a blend of these two categories of plans is ideal for getting the best coverage.

Medicare supplemental plans cover the same things as required by law, for example, all F plans cover the same no matter which insurance company sells the plan.  However, the prices may vary greatly, so it is worth shopping around for Medicare supplemental policies.

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All About Medicare After Retirement

Most Americans retire between the age of 62 and 65. At/after this age, one’s health starts getting deteriorated significantly. After all, health declines with age.

It is, therefore, necessary for those going into retirement to obtain appropriate and pocket-friendly healthcare coverage.

For those aged 65 and above the Medicare program is suitable because it will make health insurance cheaper. What’s more, even those with pre-existing conditions are eligible.

Here are a few other things worth knowing about Medicare and retirement:

Parts Of Medicare

The Medicare program comprises of 4 parts;

Hospital (Part A) which pays for seniors’ care either in hospitals, skilled nursing facilities, nursing homes and even certain types of home health care services.

Medical (Part B) which covers preventive services for common diseases, inpatient and outpatient physician services and in some situations outpatient prescription drugs.

Medicare Advantage (Part C) better known as MA plans are offerings from private entities. They are if two types; Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) plans.

One advantage of MA plans is that the offer surplus services such as vision, dental, hearing aids and wellness services all of which are essential during old age. Seniors who use MA plans often ignore Part A, B and sometimes even D coverage.

Prescription Drugs (Part D) uses a list called a formulary to provide prescription drugs. Every list has a similar Medicare prescription drug plan with medicinal products in each plan placed in rows.               

Retirees who choose to ignore the MA plans can instead, purchase a Medigap plan. As a standard, there are ten different policies in every Medigap plan. Aside from variety, seniors in retirement also get to benefit from many out-of-pocket costs similar to those in traditional Medicare.

Unfortunately, Medigap plans do not include Part D coverage, and because of this, those purchasing Medigap plans may also get Plan D coverage separately. However, it is important to note that open enrollment for Medigap starts on the month one turns 65 and is enrolled in Plan B coverage.

It is a one-time enrollment period that ends after six months. After the lapse of the enrollment period, some could find themselves paying higher premiums.

Enrollment Periods

i. All the four different parts of Medicare start enrolling people three months before 65th birthday month and three months after the birthday month. It is known as the initial enrollment period In total; the enrollment runs for seven months.

Alternatively, people can enroll in the four programs every year from January 1st to March 31st. In this case, the coverage starts on the first day of July. It is much better to sign up for the programs during this period as doing so after could result in the payment of higher premiums.

ii. However, if one does not enroll in the initial enrollment period, he or she may receive a Special Enrollment Period (SEP) particularly if they are still under cover of a group health plan by their 65th birthday.

Based on the SEP, one is required to enroll in Medicare, not more than eight months after the end of the group health plan or the employment it is based on.

The SEP does not apply to individuals whose health plan or employment ends before the initial enrollment period ends.

iii. Medicare Advantage (including prescription drug coverage) also has an open enrollment period every year between October 15th and December 7th. Those wishing to revert to traditional Medicare can do so between January 1st and February 14th every year.          

Things to Keep In Mind

i. It is important to find out if employer coverage will continue even into retirement. As a matter of fact, companies are not mandated to provide retiree coverage and can, therefore, cancel the coverage, raise the premiums or even change the benefits.

ii. Those plotting their retirement may also find out what happens to their retiree coverage once they qualify for Medicare. For example, individuals who are eligible for Medicare are often required to take up Plans A and B to get full benefits from the retiree coverage.

iii. Medicare normally pays first before any other coverage. Because of this, most retiree policies require people to have enrolled in Part A and B. It is, therefore, wise to check on the costs and coverage of Medicare before enrolling.

iv. Those who choose to go back to work after retirement and are still eligible for group health plan coverage should make sure to check with the relevant department to avoid lapses or even overlaps in the coverage.

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What Kinds of Life Insurance Can You Get At Work?

Employers usually provide employees with free basic group life insurance. The income paid is usually between US$25,000 and US$50,000, or a year’s salary. Although this money may pay for medical and funeral expenses when you die, it may not be much more for your family and loved ones. If your loved one depends on your income, you may need to consider supplementary life insurance. You can choose to purchase supplementary life insurance and an employer’s group policy. Generally, buying through the employer’s market is the cheapest way to obtain a life insurance policy.

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Hurricanes, Homeowner's Insurance, and What You Need to Know

Do You Have Enough Insurance?

Having the bare minimum won't help you in the event of a major disaster. A routine insurance checkup with your agent can help you to assess whether you're uninsured or not. According to a Consumer Reports survey, slightly more than half of American adults review this essential policy periodically (every couple of years).

Your homeowner's policy should cover:

Storm damage. This includes damage that results from lightning strikes, hail, wind, and other perils. Look closely at the specifically named perils or types of damage covered. If you don't understand the language of the policy, ask your agent for an explanation that isn't filled with jargon.

Fire. Even though fire isn't your first thought when it comes to hurricanes and strong storms, a lightning strike, an interior electrical issue, a gas appliance, or similar issues can all result in a home-destroying disaster.

Explosions. Again, gas appliances are combustible. A damaged gas line, a lightning strike, and other types of storm-related problems can result in an explosion.

Flooding. Most traditional homeowner's policies don't cover flood damage. But if a storm surge or torrential rain floods your home, you'll need this coverage to pay for repairs and rebuilding.

Exterior buildings. If you have a shed, detached garage, pool house, or other outbuilding, make sure that your homeowner's policy covers it too.

A severe natural disaster may displace you. Along with having enough insurance to pay for repair-related expenses, consider adding coverage that pays for living expenses while you rebuild.

What's Your Deductible?

Even though homeowner's insurance will pay for a sizable portion of your expenses (provided you have enough coverage in your policy), it won't cover 100 percent of the costs. Every policy comes with a deductible. Like your auto or health insurance, the homeowner's deductible is the portion of the costs that you're responsible for.

A higher deductible can score you a lower premium price. But following a natural disaster or severe storm, you may end up paying much more than you can afford. Discuss deductible and premium prices with your agent, working to find financial balance between the two.

Is the Contractor Legitimate?

After the storm settles, contact your insurance agency and get ready for the rebuild. If you don't already have a contractor, finding one immediately after a natural disaster comes with challenges. Beware of so-called contractors who prey on homeowners after severe storms.

These seemingly suspicious contractors may show up on your doorstep, asking if you need help. While a well-meaning professional is welcome, someone who is looking to profit from your loss isn't. Look out for contractors who:

Won't go through the insurance agency. If the contractor asks you to pay them directly, doesn't seem knowledgeable about filing a homeowner's claim, or refuses to work with your agency, something is wrong.

Has no references. Any contractor, whether they're local or not, should have at least a few positive references.

Pushes you to sign a contract. Avoid anyone who seems overly pushy or wants you to sign any kind of legal document without taking time to read and fully understand it.

Uses scare tactics. Even though storm damage can result in serious problems (including health hazards such as mold), a reputable contractor won't try to scare you into using their services.

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Do You Know How Your Insurance Claims Are Valued?

Although property insurance is understood in the general sense, the actual replacement coverage is not always clear. That is no surprise considering that there are many different ways to calculate replacement cost for items and property. Understand the following basic different calculation methods to help you choose the right replacement cost coverage for your policy.

Replacement Cost Equivalent

Replacement cost equivalent allows you to receive the value that it would cost you to replace the item with one of comparable design without factoring in any reductions for depreciation. When you opt for replacement cost coverage, this means you get the value of a brand new unit in the event of a loss.

The calculations for replacement cost mean that you will typically receive more money in a claim for replacement cost than you would with other replacement coverage options. That makes replacement cost coverage advantageous for most people because you are likely to receive enough money to easily replace a damaged or lost item.

Actual Cash Value

A cash value replacement policy gives you fair market value for the lost or damaged items. Fair market value is a calculation of the difference between the market value used for replacement cost and depreciation based on the age and use of the item in question. It is basically the equivalent of what you would see in the local market for resale of similar pieces.

The insurance company begins with the replacement cost of the item and then assumes a certain rate of depreciation per month or year, depending on the condition that the item was in at the time of the loss. The depreciation amount is deducted from the replacement cost to arrive at your settlement figure.

While this is a more accurate method for the insurance company because the money issued is comparable to the actual value of the item at the time of the loss, it does mean you receive less than you would with a replacement cost policy because of the depreciation deduction.

Book Value

Although not widely used across the insurance industry anymore, book value is still used in some areas. Book value is the amount that an object is worth after subtracting average depreciation. To calculate book value, you start with the like-new value of the item, then subtract the end-of-life value, or the amount that the item will be worth when it is no longer usable.

Divide the balance by the average number of years of the expected lifespan. This gives you the amount of depreciation per year. Determine how old the item was at the time of the loss, then subtract that many years' worth of depreciation from the like-new cost. This is the book value amount you will receive.

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3 Types of Life Insurance

It seems like you need insurance for just about everything: your home, car, and even health. However, if you don't have life insurance, you could be leaving a huge financial struggle for your loved ones. If you want to better understand life insurance, check out these three types to consider.

1. Term Life Insurance

Term life insurance is commonly used as a financial backup. Many people live paycheck to paycheck, and even if they do have savings, the amount may not be much. If your family relies on someone's income to sustain the household and family, term life insurance can be an excellent way to provide a lump sum upon the passing of the insured.

Term life insurance is affordable, costing as little as $30 to $40 a month in premiums for some people. Term life insurance is, however, temporary. For example, if you buy a standard term life insurance policy with a 20-year term when you're 20, it will be up when you're 40. You'll have to purchase another one, and now that you're older, the premiums will likely increase, especially if you smoke, drink, or have health problems.

As long as you keep paying your term and continue to renew the policy, you are covered, but the insurance carrier can refuse to renew your policy at the end of the term if your health or age is high risk. Term life insurance has no cash value, so no one can use it until after you pass.

2. Whole Life Insurance

Whole life insurance is permanent insurance, but because of this, it has a much higher premium than term life insurance. However, whole life insurance has cash value. This means you can actually withdrawal some of the money early if you need it for major life financial purchases (house, medical bills, etc.).

Another benefit of whole life insurance is that it doesn't end. As long as you continue to pay your premiums, the benefits don't have a term. This means you'll know your premium for the rest of your life. You don't have to worry about it suddenly going up because you've gotten older or have been diagnosed with a medical condition.

Finally, whole life insurance earns interest, which means you may end up with more money than expected. If the insurance carrier does particularly well, you may earn dividends, which can be used to pay your premium or used as cash.

3. Burial Life Insurance

Life insurance is valuable for your family after you pass, but even if you can't afford a large insurance expense, you should consider burial life insurance at the least. Funeral can be expensive, especially if you choose to be buried. Without life insurance, your loved ones will have to pay for everything out-of-pocket, which is the last thing they want to be doing when they should be mourning.

One type of burial insurance, guaranteed issue life insurance, has lower maximums (no higher than $25,000), but these plans are great for high-risk individuals. You can't be rejected for illnesses (other than terminal), but it also means you pay a high premium.

Another type, simplified issue life insurance, may be a good idea if you are at moderate risk or don't qualify for standard life insurance. This policy type usually has coverage up to $50,000.

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How to Choose a Medicare Plan

That’s day one of the 54 days when Americans 65 and older have to make their Medicare choices for 2021. These choices could save you hundreds, perhaps thousands of dollars a year and could well determine the quality of your health care, and your health, for years to come.

In other words, it’s important. It’s also complicated. Though the government has worked hard to simplify the bureaucracy around the 52-year-old program, Medicare enrolls face lots of choices. And particularly for Medicare Advantage (MA) and Part D drug plans, coverage options can be a moving target.

“These plans change a lot from year to year,” says Leigh Purvis, director of health services research with the AARP Public Policy Institute. “You can leave hundreds of dollars on the table if you’re not in the right plan for you.” But the decision isn’t just financial; your health care needs and preferences often evolve as you age. As your needs change, you might be better off with different coverage.

People do change each year, and more probably should. For example, nearly 1 in 5 Medicare Advantage members switched policies during open enrollment in a recent year, according to a 2016 Kaiser Foundation analysis. And roughly 12 percent of people changed their Part D coverage.

The Centers for Medicare and Medicaid Services (CMS) says the average Medicare Advantage premium is expected to be about $30 a month for 2021, a slight dip from 2020. CMS also is predicting that enrollment in MA plans will reach an all-time high next year of 20.4 million people.

But time is short: You’ve only got until Dec. 7 to do the research, make decisions and file the forms. To help you get started, here are the three main steps in shopping for the Medicare coverage that serves you best.

1. Choose original or Advantage

For new enrollees, this is the big first decision. Original Medicare comprises two parts: Medicare Part A, which provides coverage for most costs related to hospital stays, and Medicare Part B, which covers doctor visits, lab work, outpatient services and preventive care.

Part A is free to most people who qualify for Medicare. You need to pay for Part B — the standard premium this year is about $134 a month, or $109 a month for most people who have their premium deducted from their Social Security checks. However, the premium rate is higher if your income is above a certain threshold. There are deductibles and copays involved with both parts.

Over the years, as private insurers started to offer health maintenance organizations (HMOs) and preferred provider organizations (PPOs), Congress decided that Medicare recipients should have this option as well. So in 1997 it created Medicare Part C, or what is known today as Medicare Advantage plans.

In these plans, you get Part A and Part B coverage from private insurance companies approved by Medicare. Unlike original Medicare, the plans use a network of health care providers; you may be able to see a doctor out of network, but at a higher cost. Some plans charge a monthly premium above the usual Part B premium, and there are potential copays and deductibles, too. These vary according to the plan you choose.

2. Fill the gaps

In 2003, Congress addressed one of the key gaps in Medicare coverage: the costs of prescription medicine. It approved the creation of Medicare Part D, which provides low-cost plans that cover prescription drugs. If you choose not to enroll in Part D when you’re first eligible, you likely will pay a penalty when you do sign up, unless you’ve had creditable drug coverage from another source.  

One challenge: Part D plans vary widely. For example, two plans may have very different copays for the same drug. It’s financially smart to reconsider your coverage each year, particularly if your medicine needs have changed. CMS estimates that Part D premiums will average $33.50 per month in 2021, the first average decline since 2012.

There are many other costs you need to cover under Medicare. For example, Medicare Part A covers 100 percent of the first 60 days of a hospital stay. But for original Medicare enrollees, you must cover a deductible for each hospital stay. In 2017 that deductible was $1,316. Another big expense for Part B under original Medicare: the 20 percent copay for doctor visits and other related medical expenses.

There are a few solutions. Some people have insurance from the military or a current or past employer that will help defray these costs. And there are government assistance programs such as Medicaid and Medicare Savings Programs, which help Americans who qualify to pay for these costs.

3. Do the shopping

If you are a new enrollee who is considering original Medicare coverage, start by asking your current doctors if they accept Medicare patients. That will let you know if you’ll be able to stay with them.

There are several ways to shop for an Advantage or Part D drug plan, but it is highly suggested to get in touch with the expert medicare providers in Pennsylvania, who can provide you comparison between all the offerings available to see what’s right for your needs, and also look at the monthly premiums and other costs you would face. Then on to the final step: Fill out the forms and submit to them.

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Kidney Failure and Medicare: What you should know

In 1972, Medicare benefits were extended to cover the high cost of medical care for most individuals suffering from permanent kidney failure also known as end-stage renal disease (ESRD).

People whose kidneys have failed need dialysis or a kidney transplant to live. To this day, kidney failure is one of only two medical conditions that gives people the option to enroll in Medicare without a two-year waiting period, regardless of age. Because Medicare for people with ESRD was established separately and later, there are some specific rules around eligibility and coverage of Medicare for dialysis and transplant patients.

The following applies to people who receive Medicare ONLY because they have kidney failure. For those who are also eligible for Medicare based on age (over 65), or who have received Social Security Disability for 24 months, the following does not apply.

People who need dialysis are not eligible to sign up for Medicare (Parts A and B) until the day they begin dialysis. Once they sign up, Medicare will be effective at the beginning of their fourth month of dialysis and will start paying for their treatment if they choose in-center hemodialysis. For those who start dialysis at home—either peritoneal dialysis or home hemodialysis—Medicare coverage is effective on their first day of dialysis treatment.

Medicare also covers kidney transplants. After someone receives a successful kidney transplant, Medicare will continue to cover medical expenses for three years. Someone who receives a kidney transplant before needing to start dialysis (pre-emptive) can enroll in Medicare after the transplant and coverage will be retroactively effective to the day of the transplant. Three years after the successful transplant, Medicare coverage will end. People who receive a kidney transplant need to plan ahead to make sure they will have insurance coverage once their Medicare coverage ends.

If someone has health insurance through their employer or their spouse’s employer, that insurance plan will be primary (pays first) for 30 months starting the day his or her dialysis begins. After that, Medicare pays first, and their employer health plan will pay second.

People eligible for Medicare are generally not able to enroll in a Medicare Advantage plan, unless they had coverage from a plan owned by the same parent company prior to becoming eligible for Medicare.

Medigap plans (supplemental Medicare polices) are not available to ESRD patients in all states. This means if someone does not have another plan that will pay after Medicare, he or she may not be able to purchase any other supplemental policy and will be responsible for paying all deductibles and coinsurance. Medicare patients are responsible for a 20% coinsurance on most out-patient care.

People with ESRD can enroll in the Affordable Care Act Marketplace plans and receive tax credits and subsidies (if they are financially eligible), but only if they do not enroll in Medicare.

If someone chooses not to enroll in Medicare he or she doesn’t have to but should not enroll in Part A without Part B. If they choose not to enroll in Medicare, they should not enroll in any part of Medicare.

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How does Medicare work with my current employer insurance?

As more people continue to work past age 65 and receive employer health benefits, they have questions about Medicare coverage. Learning about how Medicare works with your current employer insurance can help you decide if you want to sign up for Medicare when you become eligible. Note that when we say “current employer insurance,” we mean insurance from either your or your spouse’s job.

The first thing to think about is whether Medicare will pay primary or secondary to your current employer insurance. Medicare paying primary means that Medicare pays first on health care claims, and your employer insurance pays second on some or all of the remaining costs. Medicare paying secondary means that your employer insurance pays first, and Medicare pays on some or all of the remaining costs.

Medicare works with current employer coverage in different ways depending on the size of the employer. For people who are eligible for Medicare because they are 65 or older, Medicare pays primary if the insurance is from current work at a company with fewer than 20 employees. This is called a small group health plan. Medicare pays secondary if the insurance is from current work at a company with more than 20 employees. This is called a Group Health Plan (GHP).

If you have insurance from your or your spouse’s current employer when you become eligible for Medicare, you may think about delaying Medicare enrollment. If you are covered by current employer insurance—regardless of the size of the employer—you can delay Medicare enrollment without penalty. (Those who work at companies with fewer than 20 employees may want to sign up for Medicare since it pays primary. 

You will have a Special Enrollment Period (SEP) to enroll in Medicare at any point while covered by the employer plan or up to eight months after the first month you are without that employer coverage. To avoid gaps in coverage, it is often wise to sign up in the month before employer coverage ends.

Before you delay Medicare enrollment, note that you may encounter some problems if Medicare is supposed to pay primary.

Your employer plan may refuse to make payments until Medicare pays.

If your employer plan pays primary but was supposed to pay secondary, it may recoup payments, leaving you responsible for the out-of-pocket costs.

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Do Both Spouses Need Life Insurance

If your spouse, partner or roommate shares the mortgage or rent and pays part of the bill and suddenly you have to pay everything alone, so will you be able to bear all the expenses ? The economic contribution to the family is not always cash. There are also running errands, housekeeping services, homework tutoring, and if you suddenly have to pay for these activities, all of these activities can constitute a huge expense. Buying life insurance can prove to be a financial savior. The final cost  includes any medical expenses that may prove significant, especially in the case of illness. So it is very beneficial for both to have a life insurance policy.

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What You Should Know About Kidney Failure and Medicare

For most individuals with permanent renal failure (also known as end-stage renal disease (ESRD)), the benefits of medical insurance have been extended to cover high medical expenses. Medicare also covers kidney transplants. After someone successfully completes a kidney transplant, medicare will continue to bear medical expenses for three years. People undergoing kidney transplantation need to plan ahead to ensure that they will be covered after their Medicare insurance expires.

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2 Risks to Insure Against When Hosting Corporate Events

Many companies host corporate events, such as company parties, grand openings, sponsored fundraisers, and other gatherings. Should your company ever host an event like these, your company could be held financially responsible if an accident happens at the event. Here are two risks to insure against anytime your company hosts a corporate event.

1. Basic Accidents Resulting in Attendee or Vendor Injuries

Every business must protect a range of basic accidents, which are sometimes referred to as slip-and-fall accidents. These include slips, trips, falls, and just about any other accidents that result in injuries. Should an attendee or vendor be injured during an event, your company might be asked to pay their medical costs and other related expenses.

General liability insurance provides coverage for third parties, which include attendees and vendors, who are injured in basic accidents. Should a third party file a claim for a covered injury against your company, this insurance will pay legal fees, medical expenses, and other costs that arise from the claim.

Your company may already have general liability insurance in place, but whether a current policy will cover an event depends on the terms of the policy and the nature of the event. You should check a couple of specific items.

First, some general liability policies limit coverage to accidents that occur on a business's property. This is fine if your company's event is at the company's facility, but it wouldn't cover an off-site event. Second, most policies exclude certain high-risk activities. If the event features an excluded activity, your company's current policy won't cover any injuries caused by that activity.

An insurance agent can help you sort through the details of your company's current general liability policy (assuming the company has one) and see whether it adequately covers a planned corporate event. If a different general liability policy is needed for the event, the agent can help you find one that'll specifically cover basic accidents that could occur during the event.

2. Incidents Involving Intoxicated Attendees

Although general liability insurance covers many common accidents, it most often excludes accidents that are caused by or result in the injury of an intoxicated person. Insurers don't account for the additional risk of injury that impaired judgment creates, so they don't include alcohol-induced accidents in general liability's protections.

Instead, insurance companies offer liquor liability insurance that protects against alcohol-induced accidents. Just as general liability covers legal costs, medical costs, and other expenses associated with valid basic-accident claims, liquor liability covers these costs when there's an alcohol-induced accident claim.

If your company's corporate event will offer alcohol to adults who are of age, the company needs liquor liability coverage to protect against the risk that accompanies offering adult beverages.

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4 Health and Wellness Issues That Can Impact Your Auto Insurance

For most people, the ideal auto insurance policy offers many kinds of desirable coverage at both sufficient levels and affordable prices. However, certain preexisting situations can limit your ability to get optimal rates for your auto insurance coverage, including health and wellness issues that might affect your predicted accident risk.

You need to know how your health may affect your auto insurance coverage and rates so that you can take any necessary steps to minimize or alleviate these factors. Here are four issues you might need or want to address before shopping for auto insurance.

1. Cardiovascular Diseases

The state of your heart and blood vessels could affect your perceived risk as a driver. If you have heart disease, for instance, and you have not taken steps to get the problem under control through treatment, you may find auto insurers less than enthusiastic about providing coverage at a low rate.

In addition, if you fail to disclose a serious heart or blood vessel problem and then have a heart attack or stroke while driving, your insurer might not have an obligation to pay your claim.

2. Diabetes

Diabetes represents another potentially hazardous condition. If your blood sugar suddenly drops, you can experience everything from mental confusion and vision problems to seizures and loss of consciousness while behind the wheel. Nerve damage, vision loss, and other side effects of diabetes add to the risk.

The law requires you to disclose your diabetes to the DMV so that this information goes on your driver's license. Since diabetics have a 12 to 19 percent higher risk of car accidents than the general population, your auto insurance company may make you pay a higher-than-usual rate as a high-risk driver.

You can keep your auto insurance rate from climbing even higher by maintaining tight control over your diabetes and checking your blood sugar before every drive. Stable blood sugar can help you prevent the auto accidents that typically boost auto insurance rates for policyholders.

3. Drinking or Smoking Habits

If you have a dependency on alcohol, you may find it difficult to steer clear of this substance long enough to drive sober, especially if you fear dangerous physical withdrawals. Impaired driving can lead to harmful or fatal accidents, making you a bad risk for insurers.

In South Carolina, even a first-time DUI offense can force you to drive with a provisional license for months. This situation requires you to file an SR-22 form confirming that you carry certain types and amounts of auto insurance coverage for the duration of this period.

Smoking has traditionally raised health insurance rates, but your smoking habit could conceivably raise your auto insurance rate as well. This habit elevates your risk for heart disease, which is a factor in auto insurance rates.

Lighting, handling, and extinguishing cigarettes can also constitute distracted driving, a leading cause of accidents.

4. Physical Disabilities

Many individuals with physical disabilities can drive perfectly well (and perfectly legally) as long as they make use of the proper corrective or assistive devices. For instance, visually impaired individuals may still drive as long as their corrective lenses allow them to score 20/40 on a DMV vision test.

However, the presence of a disability may still affect how much you pay for auto insurance based on the perceived accident risk. Even if you mitigate this risk by installing the appropriate equipment (such as pedal extenders, special hand controls, and wheelchair modifications), you may still have to pay more to cover these items.

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Landlords, Get the Best Insurance Coverage With These Policies

Do you rent out a property you own? As a landlord, the right insurance protects both your personal finances and your business investment. But what is the right insurance coverage for a landlord? The answer is actually two parts: landlord insurance and renters insurance. Here is a short guide to what you need to know about both.

How Landlord Insurance Protects You

If you rent out any property you own - be it your primary home, a vacation home, or even just a room - personal homeowners insurance generally will not pay for damage or liability issues related to it. This is considered a business venture and must be covered by a business insurance. For residential landlords, this is usually what's known as landlord insurance.

Landlord insurance is designed to provide two-pronged protection. First, it covers the dwelling and related structures (such as a fence or garage). This coverage would extend to natural disasters and certain home emergencies and provides optional coverage for theft and vandalism.

In addition to the building, you also get coverage for personal assets kept on the property. This coverage might include gardening tools, snow removal equipment, or security technology you have installed around the unit.

The second part of landlord insurance is liability protection. Liability coverage kicks in if someone is injured or their property is damaged while on property you own. It prevents you from having to shoulder the financial burden of litigation or medical expenses.

How Tenant Insurance Protects You

Tenant (or renters) insurance primarily protects your tenants by covering what your own insurance doesn't - their own belongings. Rather than focusing on the actual structure, this inexpensive insurance covers the personal assets of anyone renting - regardless of whether they are currently stored in the home. It also covers belongings of any of their guests and pays for additional living expenses while the structure is fixed.

Because renters insurance pays your tenant, does this mean it doesn't protect you? Not at all. If your property suffers a catastrophic emergency and your tenant can't afford to replace what they need to continue living there, you may lose that tenant. You may even end up with a costly eviction if their financial situation deteriorates.

Tenant insurance also reduces the threat of litigation. If a renter can't get their belongings repaired or replaced, they are more likely to attempt to claim landlord responsibility. And their guests are more likely to expect payment from you if their things are damaged as well. Therefore, what is good for the renter is good for the landlord.

How You Can Make Them Work Together

Clearly, the ideal arrangement is to have both protections in place. A landlord does well to require tenants to hold tenant insurance. And the best way to do this is to make it a part of the rental agreement and a condition of signing the lease.

The good news is that in most states - including South Carolina - you can include wording to this effect in the lease and require some kind of proof of insurance or consider the lease breached. A landlord may also choose to request a copy of renters insurance policies annually to ensure that tenants keep up with their insurance.

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3 Things to Understand About CGL Insurance

Businesses face a variety of situations that could involve costly damage, physical injuries, and litigation in the form of lawsuits. If you worry about your business's vulnerability to such expensive problems, you should look into the critical protection offered by a commercial general liability (CGL) insurance policy.

The more you understand about CGL insurance, the more easily you can discuss options with your insurance agent and arrive at the right kind of coverage package for your company's needs. Start by examining these three key points.

1. CGL Insurance Coverage Groups

A CGL insurance policy consists of three distinct coverage groups, each of which protect your business against a different category of liability. Insurance companies identify these three categories as Coverage A, Coverage B, and Coverage C.

Coverage A protects your business from liability related to bodily injury and property damage. This category would protect your business against financial losses that might occur if a visitor sustains an injury in your facility or one of your employees causes accidental damage to someone else's personal property.

Coverage B protects your business against liability in cases involving damage to another party's reputation, quality of life, or intellectual property. You might need this coverage if someone accuses you of copyright infringement, slander, libel, invasion of privacy, wrongful eviction, or stealing their advertising ideas.

Coverage C helps cover the costs of medical payments related to a bodily injury sustained on your property or otherwise in connection with your work. In addition to general medical care, ambulance service, surgery, and other reasonable costs, it also covers funeral expenses due to accidental death.

2. Main Types of CGL Insurance Policies

When you select a CGL insurance policy for your company, you will need to decide between two primary types of policies: occurrence-based policies and claims-based policies. Occurrence-based policies cover any incidents that occur during the policy period. Claims-based policies pays claims made during a pre-specified period.

Both of these policy types have their pros and cons. You'll probably pay higher premiums for an occurrence-based policy, but your available coverage will renew itself each year. A claims-based policy may cost less, but it only provides one fixed limit for the life of the policy, potentially allowing you to exhaust your coverage.

Many smaller or younger businesses choose a claims-based CGL policy until they reach a point where they need (and can afford) the extra coverage provided by an occurrence-based policy. Your insurance agent can help you identify the right type of policy for your current needs and budget.

3. Useful Supplements to CGL Insurance

CGL insurance may not provide sufficient coverage to protect every area of your business against financial loss. General commercial liability and professional liability include two different sets of circumstances, so you will probably want to purchase specific professional liability add-ons to supplement your CGL coverage.

The type of professional liability you choose as a companion to your CGL policy may depend on your business's specific industry. For instance, if your business includes the sale of alcoholic beverages, you may want liquor liability insurance to protect against intoxication-related injuries or property damage.

If your business involves agricultural, industrial, or commercial production, your everyday processes may expose your business (or third parties) to pollution, either in a sudden, acute incident or over a period of time. You can guard against the associated losses by maintaining pollution liability coverage.

Just as coverage B of your CGL policy protects you against liabilities based on improper actions, directors and officers liability can protect you against losses caused by the actions of your top-level team members. Covered actions can include misleading statements, omissions of key data, breach of duty, and other wrongdoing.

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Benefits of small business health insurance

As a business owner, you may wonder whether you should provide health insurance for your employees or not. For any company, the decision to provide small business group health insurance is a major decision as it plays a key role for both the employer and employee. You may be surprised to find that small business health insurance can help your company be more strategic, efficient and effective in many ways. It helps in attracting new talent to your business and also helps in retaining the old ones.