How Much do YOU Know about Car Accidents and Renting Replacement Vehicles?

I’m proud to announce that my magazine article, Rental Reimbursement Coverage:  Minor Coverage with Major Impact is the featured article in the Fall 2012 issue of the  national trade magazine, Today’s Insurance Professional.  It’s actually been so well-received, I’m receiving reprint requests!

I was asked to write the article by the International Association of Insurance Professionals after being contracted by a client to develop and write several insurance education courses on the topic of Rental Reimbursement insurance–which I then presented around the country and at two of the associations’ annual conventions.

Although the article was written with insurance professionals as its intended audience, consumers will certainly benefit from ” tips” about what the coverage provides and how both personal and business auto policies seldom offer “good enough” rental coverage without the addition of an endorsement.

Care to share any of your stories about car accidents and renting replacement vehicles?

What the Average American DOESN’T Know about the Affordable Care Act – Part II

Continuing from the blog post on Monday, here are few of the major provisions of the PPACA that will go into effect beginning in January 2014.

Most Americans will be required to be covered by health insurance or pay a penalty.  This is what is referred to as the individual mandate.   The following Americans will NOT be subject to a penalty if they aren’t covered by health insurance:

  • Members of a religion opposed to acceptance of health care benefits
  • Undocumented immigrants
  • Individuals serving time in jail
  • Members of an Indian tribe
  • Individuals with household income that doesn’t require the filing of a tax return
  • Individuals who must pay more than 8% of their income for health insurance—after application of any employer contributions and tax credits

A few facts about penalties:

  • They aren’t imposed until an individual has been uninsured for 90 days
  • Penalties are charged per person, with a family maximum, OR as a percentage of family income—whichever is more
  • Penalties, per person, per adult (children’s penalties are one-half the adult penalty) will be:  In 2014:  $95; in 2015:  $325; in 2016:  $695; and after 2016:  adjusted by annual cost of living increases
  • Penalties as a percentage of family income:  In 2014:  1%; in 2015:  2%; and in 2016:  2.5%

The following eligibility and rating restrictions will apply:

  • Coverage cannot be denied or non-renewed because of health status
  • Pre-existing conditions can’t be excluded
  • Premium rates may only be based on:  age, state of residence, individual or family enrollment, and tobacco use
  • Coverage cannot be cancelled or denied because of the enrollee’s participation in clinical trials for cancer or other life-threatening conditions

I’ll continue with more scintillating info on Friday!  So, what do you think so far?  Did you know these facts?  How do you feel about them?  How do you think they’ll affect you and your family?

What You Probably Don’t Know About the Affordable Care Act – Part I

During the past couple of years, I’ve written numerous insurance texts that are either devoted entirely to the Affordable Care Act or that contain chapters about it.  Formally known as the Patient Protection and Affordable Care Act of 2010, the media refers to this recent federal legislation as Obamacare.

I won’t bore you with details about provisions you already know, like the individual mandate and employer requirements going into effect on January 1, 2014.  I will provide you with lesser-known details that will either affect you directly or affect someone you know.  This first blog post discusses some changes that will go into effect in 2013.

(By the way, I have the text of the PPACA on my computer in PDF format; although I haven’t read all 974 pages of it, I have read significant portions of it and have conducted extensive research about it.)

As a warm-up, here are some of the provisions of the PPACA that have already been put into place:

  • Dependent coverage for adult children must now be provided on their parents’ health policies until age 26 (subject to requirements for being a “dependent”)
  • Certain types of preventive care is no longer subject to deductibles and copayments, such as mammograms and colonoscopies
  • Lifetime benefits have been eliminated
  • Annual benefits limits have been restricted
  • Pre-existing conditions limits may not be imposed upon children under age 19

Beginning in 2013, tax-deductibility of medical expenses will change.  At present, taxpayers are permitted to itemize and deduct medical expenses if those expenses exceed 7.5% of the taxpayer’s adjusted gross income.  This means if you earn $50,000 per year, you may itemize and deduct your medical expenses that exceed $3,750.  In 2013, the threshold increases to 10%.  So, if you earn $50,000 in 2013, you may only itemize and deduct your medical expenses that exceed $5,000.

If a person has a flexible spending account, the maximum contribution will be $2,500 beginning in 2013.  Up until that time, there has been no limit to contributions to this tax-advantaged plan that allows employees to designate a portion of their annual earnings to pay for qualified medical expenses.  (These funds are not taxed if used for qualified medical expenses.)

Also beginning in 2013, the Medicare tax rate for individuals who earn more than $200,000 per year will increase.  The same holds true for married taxpayers filing jointly if their combined wages are in excess of $250,000.  The increased tax rate applies to wages in excess of the thresholds.  These same individuals will also pay a higher Medicare tax rate on their investment income.

So, did you know these facts?  What are your thoughts?

Link to the text of the PPACA

Link to the Henry J. Kaiser Family Foundation site about the PPACA

Link to the U.S. Department of HHS about the PPACA

LifeHealthPro’s list of articles about the PPACA

Link to Healthcare Reform Article by the New York Times

 

Book Review: When the Past Haunts You by L.C. Hayden

This is the second book I’ve read from the Harry Bronson series and it’s just as good as the first one.  Hayden sucks you into the story on the first page with her talent for devising unique and unexpected plot twists.

In a nutshell, retired police detective Harry Bronson is reluctant to even talk to his estranged sister when she calls, begging him for help.  Decades after the tragedy that destroyed his family, Bronson finds himself not only flying cross-country to his sister’s aid but also committed to solving a murder.  He winds up digging through years-old family secrets and dealing with a multitude of corruption among his sister’s wealthy and powerful friends and business associates.

The action is non-stop and, as Harry struggles to learn the identity of the murder, he must face his past.  I highly recommend When the Past Haunts You, which is available from Amazon in both trade paperback and for Kindle.

L. C. Hayden is an award winning author. Her Harry Bronson series have been the finalist for the Agatha Award for Best Novel (Why Casey Had to Die) as well as finalist for Left Coast Crime’s Best Mystery (What Others Know).

How to Protect Yourself from Violence

Gavin de Becker’s book, The Gift of Fear, may just be the single most important book I’ve ever read.  The sub-title of the book is “and other survival signals that protect us from violence.”

My biggest takeaway from reading the book is confirmation and validation of something I’ve always believed … but didn’t always know how spot on the belief was and didn’t always practice.  Here’s the takeaway:  our instincts are always right.  Doesn’t matter if you’re a woman or a man, if your instincts, guts, inner voice–whatever it is you want to call it–tell you something’s wrong, something’s wrong!

Contrary to what many will try to tell you, what de Becker calls instinct isn’t a 6th sense.  It’s not something woo-woo, it’s not clairvoyance, it’s not ESP.  Actually, it’s way more logical than that.  In fact, it’s precisely like the processing of a computer.  For example, I’m 56 years old.  I’ve lived on this earth for 56 years and have experienced 56 years’ worth of interactions with other people.  Every single moment of my life was recorded by the computer inside my head.  And, like a computer, my brain processed those sights, sounds, smells, and stored them away for future use.  My instincts are the embodied in the future.  When my instincts tell me something’s wrong, something’s wrong.   I may not know exactly what’s wrong, or why, but I can take the warning to the bank because the processor in my brain has evaluated all the facts and has spotted something out of kilter.

de Becker talks about pre-incident indicators, what he calls PINs.  No one is ever violent without first giving clues to the impending violence.  And, the majority of violence can be avoided if we pay attention to our surroundings and the people in the circumstances in which we find ourselves.  The PINs are always there.  He also proves that fear, when respected, is not only a survival instinct, it’s your friend.

I read The Gift of Fear on the heels of reading Fight Like a Girl … and Win by Lori Hartman Gervasi.  Although Fight Like a Girl is  touted as a self-defense book (the sub-title is Defense Decisions for Women), it’s more a how-to about how to prevent putting ourselves in situations that are threatening or violent than it is about how to physically defend ourselves.  It’s practical and after reading it, I picked up dozens of tips about how to keep myself safe.  I especially liked Gervasi’s advice about how all sorts of everyday household contents have the potential to be serious weapons in the event an unwanted person (read:  man) enters your home, threatens you, and you need to defend yourself.

You can’t go wrong reading this books.  In fact, you’ll be doing yourself a favor if you do so.  Especially if you read them in the order I did:  Gervasi’s book first, from a woman’s perspective, which views all the potential violence that’s out there and then de Becker’s book, from a man’s perspective, which is also that of a person who lived with violence as a child and grew up to be the premier security expert in the world.

P.S.  Many thanks to Alain Burrese, for recommending Gervasi’s book when he helped me with some research I was doing, and to both Alain and Gervasi for recommending The Gift of Fear.