No one likes paying too much, especially for insurance. Seems like everyone is constantly shopping for the best rates.
Nothing wrong with that. I always tell folks when you pay more you don't get more, you simply paid too much.
But it is also possible to pay too little for insurance. When you do, more often than not it comes back to bite you.
More often than not consumers would be wise to pay a few dollars more and get a plan without so many "gotcha's".
#PayingTooMuchForInsurance
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Monday 20 April 2020
Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america
"I was told this today...with an effective date of applications starting tomorrow. I have several folk 65+ who are trying to apply, and I have to say sorry, but I have more expensive options for you to look at.
Throughout the rapidly evolving pandemic, Mutual of Omaha has been continuously evaluating our underwriting and new business practices to support business continuity, deliver a consistently high level of service, and maintain our financial strength.
As a result, effective Thursday, April 16, 2020, we are implementing a temporary change. We will not be accepting LTC applications for individuals age 65 and older. All LTC cases not already approved or issued will be postponed and processed as an incomplete application.
We will continue to prequalify applicants 64 and younger. The prequalification will be good for 60 days. If the health of the client changes or the prequalification is past 60 days, you will need to prequalify the applicant again."
I then confirmed this with FoIB Randy G, who added:
"MOO, TransAmerica, NGL, and Thrivent are not accepting any applications for those over the age of 65.
They say temporarily….
Reason is that individuals over the age of 65 will require a home face to face interview.
The nurses who conduct those interviews don’t have sufficient PPEs to enter homes.
Anyway, that’s the story I got.
The companies will still accept applications for those 64 and under. However, there are restrictions to this as well."
Thanks, Herman and Randy!
Oh, my take?
I think it's bullcrap: have none of these carriers ever heard of Skype?
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Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america
"I was told this today...with an effective date of applications starting tomorrow. I have several folk 65+ who are trying to apply, and I have to say sorry, but I have more expensive options for you to look at.
Throughout the rapidly evolving pandemic, Mutual of Omaha has been continuously evaluating our underwriting and new business practices to support business continuity, deliver a consistently high level of service, and maintain our financial strength.
As a result, effective Thursday, April 16, 2020, we are implementing a temporary change. We will not be accepting LTC applications for individuals age 65 and older. All LTC cases not already approved or issued will be postponed and processed as an incomplete application.
We will continue to prequalify applicants 64 and younger. The prequalification will be good for 60 days. If the health of the client changes or the prequalification is past 60 days, you will need to prequalify the applicant again."
Throughout the rapidly evolving pandemic, Mutual of Omaha has been continuously evaluating our underwriting and new business practices to support business continuity, deliver a consistently high level of service, and maintain our financial strength.
As a result, effective Thursday, April 16, 2020, we are implementing a temporary change. We will not be accepting LTC applications for individuals age 65 and older. All LTC cases not already approved or issued will be postponed and processed as an incomplete application.
We will continue to prequalify applicants 64 and younger. The prequalification will be good for 60 days. If the health of the client changes or the prequalification is past 60 days, you will need to prequalify the applicant again."
I then confirmed this with FoIB Randy G, who added:
"MOO, TransAmerica, NGL, and Thrivent are not accepting any applications for those over the age of 65.
They say temporarily….
Reason is that individuals over the age of 65 will require a home face to face interview.
The nurses who conduct those interviews don’t have sufficient PPEs to enter homes.
Anyway, that’s the story I got.
The companies will still accept applications for those 64 and under. However, there are restrictions to this as well."
Thanks, Herman and Randy!
Oh, *my* take?
I think it's bullcrap: have none of these carriers ever heard of Skype?
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Friday 17 April 2020
Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america
As we noted the other day, many auto insurance carriers have installed discount/refund programs as a result of the pandemic's stifling effect on driving:
"In general, insurers that represent four out of five auto insurance policies sold in the United States have offered to refund some portion of driver premiums."
But that was just a small sampling. This time, FoIB Bill M tips us to a comprehensive list of many (most?) such programs. For example:
"In general, insurers that represent four out of five auto insurance policies sold in the United States have offered to refund some portion of driver premiums."
But that was just a small sampling. This time, FoIB Bill M tips us to a comprehensive list of many (most?) such programs. For example:
■ Amica: 20% credit on April and May premiums
■ The Hartford: 15% refund on April and May premiums (but only for policies in effect as of April 1)
■ Mercury Insurance: 15% credit on April and May premiums
And of course many others. Do click on over to see what your carrier's offering.
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Wednesday 15 April 2020
Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america
Is it OK to have an HSA plus Medicare? Can I still make contributions once I enroll in Medicare? How about my younger spouse? What else do I need to know?
When you enroll in Medicare Part A or B, you can no longer contribute to your Health Savings Account. When your Medicare begins, your account administrator should change your contribution to your HSA to zero. If you have a spouse who also has an HSA, money can be deposited for him or her. A Health Savings Account is a bank account, not insurance. HSA's have a single owner. Joint ownership is not an option.
You may continue to withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses, such as deductibles, (some) premiums, copayments, and coinsurances. If you use the account for qualified medical expenses, its funds will continue to be tax-free.
If you sign up for Part A after turning 65, Medicare will automatically backdate your Part A effective date by up to 6 months. If you enroll in July, your Part A will be effective January 1 of that year but not before your 65th birthday.
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Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america
One of the side effects of the forced shut-down is that folks are driving less - a lot less. And this, in turn, has given auto insurers a good reason to refund at least some of our premiums (less driving = fewer accidents). As we've noted previously, some carriers have been pretty good about this:
"Allstate and American Family Insurance have begun discounting car insurance premiums since many drivers aren’t using their cars as much due to stay-at-home policies aimed at slowing the spread of the coronavirus."
But they're not the only ones and, in fact, some are even better about how they're handling this opportunity. FoIB (and P&C Guru) Bill M tips us to this list of the 10 Best such:
"In general, insurers that represent four out of five auto insurance policies sold in the United States have offered to refund some portion of driver premiums."
Nice!
Leading off in the #10 spot is MapFre, a carrier I've only recently heard of (our eldest is insured with, and speaks very highly of, them). I definitely recommend clicking through to see if your carrier is listed (and in what spot).
"Allstate and American Family Insurance have begun discounting car insurance premiums since many drivers aren’t using their cars as much due to stay-at-home policies aimed at slowing the spread of the coronavirus."
But they're not the only ones and, in fact, some are even better about how they're handling this opportunity. FoIB (and P&C Guru) Bill M tips us to this list of the 10 Best such:
"In general, insurers that represent four out of five auto insurance policies sold in the United States have offered to refund some portion of driver premiums."
Nice!
Leading off in the #10 spot is MapFre, a carrier I've only recently heard of (our eldest is insured with, and speaks very highly of, them). I definitely recommend clicking through to see if your carrier is listed (and in what spot).
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Tuesday 14 April 2020
Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america
We've written before about the evolution of coverage for Uber and Lyft drivers, but of course they're not the only ones active in the so-called 'gig-economy.' With social distancing a (hopefully temporary) way of life, more and more folks are turning to services like InstaCart to traverse the various aisles and endcaps, searching for wild game (or cans of soup and maybe a roll of TP or 6). What a lot of folks (myself included!) probably didn't know is that these folks rely on their own transportation to ferry their customer's merch their doorways.
One of our regular readers emails us me about the disturbing truth:
"I want to do some work for Instacart. They do not offer a master insurance policy the way Uber does, you have to provide your own coverage. I have two vehicles, one is covered by a commercial policy, the other is under a regular auto policy.
For the former, commercial coverage is written to cover one type of work, so I can't operate outside of that, thus I have no coverage for Instacart.
For the latter, my broker told me that many insurance companies covering personal vehicles are extending coverage for gigs such as Instacart, but not mine.
My broker pretty much told me that I would have to buy a new commercial policy if I want to do Instacart. I probably won't. And can you imagine how probably 100% of people doing Instacart don't have proper coverage, if any?"
Thank you!!
One of our regular readers emails us me about the disturbing truth:
"I want to do some work for Instacart. They do not offer a master insurance policy the way Uber does, you have to provide your own coverage. I have two vehicles, one is covered by a commercial policy, the other is under a regular auto policy.
For the former, commercial coverage is written to cover one type of work, so I can't operate outside of that, thus I have no coverage for Instacart.
For the latter, my broker told me that many insurance companies covering personal vehicles are extending coverage for gigs such as Instacart, but not mine.
My broker pretty much told me that I would have to buy a new commercial policy if I want to do Instacart. I probably won't. And can you imagine how probably 100% of people doing Instacart don't have proper coverage, if any?"
Thank you!!
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