insurance

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 insur...

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, yo...

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: ■ 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. UPDATE: One carrier that didn't make the list is Western Reserve Group , which has just announced: ' [W]e are adjusting discounts and reducing rates for our personal lines auto policyholders, once we receive regulatory approval which w...

Co-blogger Bob emailed us with this info he learned from a trusted source: ' 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 prequalific...

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 Original content copyright © InsureBlog

One of my small business clients reached out to me for help in his application for the Paycheck Protection Program. One of the requirements was apparently proof that he had been paying his group health insurance premiums. Because he's on auto-withdrawal (EFT) he didn't have cancelled checks, and so was in a quandary. Added to his stress was a looming deadline.... One of my favorite parts of this job is being able to help my clients, and this turned out to be easier than I'd thought: I popped over to the carriers agent portal, signed in, brought up his account, and clicked the 'Billing' tab, which showed a l i st of premiums, when they were due, and when they were paid. I took a screen-shot and emailed it over to my client, who just let me know that the screen-shot worked, and his application is being processed. Is this a big deal? Well, for my client it certainly is, as it may be what ultimately keeps his doors open. And for me, the satisfaction that I was able to h...