Posts by: Krush Digital

The American Heart Association and American Stroke Association designate February as American Heart Month, an ideal time to consider whether supplemental insurance to cover heart-related conditions is right for you.

Every year, more Americans die from cardiovascular diseases than from all cancers and accidents combined, and heart disease is the No. 1 killer of American women. The National Institutes of Health estimates that 1.1 million Americans suffer heart attacks each year, and the American Stroke Association says another 700,000 U.S. residents suffer a stroke, making strokes the third most common cause of death in the United States. Younger adults are not immune, as it was reported at the American Stroke Association’s annual conference this month that the sharpest increase in stroke-sufferers (51 percent) was among males ages 15 to 34, a trend described as “definitely alarming” by researchers.

Your first priority is lowering the risk of cardiovascular disease by leading a healthier lifestyle. Beyond that, do you need to carry additional insurance against heart attack and stroke?

It is important to consider whether your primary health insurance is sufficient to meet your needs in the event of a heart attack or stroke. The high cost of treating these health crises can mean expensive deductibles, copayments and other financial responsibilities. One study of stroke victims over age 65 found that even six months later, three in 10 still needed help walking, about one in four patients required assistance with cooking or feeding themselves, and about one in four was admitted to a nursing home. So long-term recovery can be slow and you might miss time at work, adding to your costs.

A number of reputable companies sell supplemental insurance policies that cover specific critical illnesses, including heart attack and stroke. Supplemental insurance is a separate policy that adds to the health coverage you already have, providing additional cash benefits to help offset uncovered expenses and out-of-pocket health care costs.

If you decide it’s worth considering supplemental insurance, contact your current health insurance provider or a licensed agent or broker in your community to explore the options. Be sure to purchase coverage only from reputable insurers. To check the licensing status of any agent or company doing business in Oklahoma, call our Consumer Assistance Division toll-free at 1-800-522-0071, or visit the Oklahoma Insurance Department Web site at www.ok.gov/oid.

Valentine’s Day is upon us, and romance is in the air. Have you considered the insurance ramifications?

The Diamond Information Center estimates that one in every 10 American married couples became engaged on Valentine’s Day. Many other couples choose the holiday as their wedding day.

That makes Valentine’s Day a date of life-changing moments. So beyond kindling a fire in your heart, Valentine’s Day should spark a review of your insurance needs.

With every typical engagement, of course, comes a ring. And even if this Valentine’s Day is only for gift-giving from the heart – to your significant other, a future spouse, or the person you wed long ago – the jewelry, watch or other present you painstakingly picked might not be protected if your insurance policy is insufficient.

Most homeowners and renters insurance includes jewelry among the types of personal property that is covered against loss. But, the standard coverage your insurer provides might not be enough. Many policies set limits on the amount of coverage, and some policies don’t protect against all types of loss. Given the sentimental value of these pieces, beyond their financial worth, it’s wise to be sure that your heirlooms are covered under all circumstances, including accidental damage or simply losing the item.

Now is a good time to review your homeowner’s insurance policy to see if your current plan is enough to cover the actual worth of your jewelry, particularly if you just added a major piece such as an engagement ring to that collection. Have your jewelry appraised and documented to set an accurate value; some insurers will require this information before considering a supplemental policy or an endorsement of increased coverage on your current policy. Keep photos of each item and a copy of the appraisal in your home inventory in the event you need to file a claim.

Consider that circumstances beyond the sheer dollar value of the jewelry can affect your insurance premiums and deductibles. The insurance company might charge you more if the item is worn every day, increasing its exposure to loss, damage or theft. On the other hand, you might qualify for a discount if a little-worn item is stored in a home safe or a safe deposit box at the bank, or if your home has a burglar alarm system.

As you shop for supplemental insurance on your heirlooms, ask about options such as a zero deductible for jewelry, double-check to ensure that the policy covers not just theft, but also simple loss of the item or damage to it, and find out if you are covered worldwide or only if the theft or loss occurs in the U.S. Also, know the difference between replacement coverage and actual cash value coverage. The former replaces the item with a similar piece of equal current value while the latter gives you cash in an amount equal to the value of that item as stated in the original policy – which could be less than jewelry is worth today.

If you do become engaged on Valentine’s Day, your mutual insurance needs are affected far beyond the impact of an engagement ring. Marriage is a status-changer that can facilitate enrollment opportunities and changes in many of your insurance policies.

Many newlywed couples will be consolidating households for the first time. If you buy a home together, it might be more likely that your new insurance policy on that residence will accurately reflect the value of the items a bride and groom each bring into the marriage, and therefore into the home. But if one spouse moves into the other’s place, it is crucial to review the homeowner’s or renter’s insurance policy which covers that residence, to be sure it provides adequate protection for any valuable property that has been moved into the household.

The engagement period is also an ideal time to review your auto insurance. Newlyweds will likely want their vehicles insured by the same company, in no small part because they might qualify for a multi-car discount. Compare the current auto insurance policy on each spouse’s vehicle – considering not just monthly premium, but deductibles, amounts and types of coverage provided, and customer service – to decide which company will get your new household’s business.

A family health insurance policy is probably in order, as well. If either or both spouses have coverage through work, talk with a human resources representative at the office to determine which policy offers the best benefits for switching from “single” to “couple” or “family” coverage, and thus which policy can be dropped. If you’ve gone with limited coverage in the past as a single individual, consider increasing your protection or adding supplemental disability insurance, because now if you’re so sick or injured that you can’t work, the financial fallout affects more than just yourself.

Finally, engagement and marriage should prompt a serious conversation about life insurance. Perhaps you’ve been uncovered, or had only a very small policy, in the past. That might have been enough for a single person with fewer obligations and no dependents. Now, another person is counting on you as a contributor to the family, hopefully for the rest of your natural lives. Any home you’ve purchased, the daily and future needs (including college educations) of your potential children, the retirement plans of your spouse, and so many other essential elements of the lives of any survivors you leave behind, are put at risk in the event of your untimely and uninsured death. Plan now for the type and amount of life insurance each spouse should carry to protect the family’s future.

If you’re a senior who relies on Medicare, you should be aware of changes to the program this year that could affect your benefits.

As with every enrollment season, there are important points you should consider when evaluating your coverage needs. The Oklahoma Insurance Department offers this information to help you wisely consider your options.

The enrollment deadline for Medicare Advantage Plans and Prescription Drug Plans was Dec. 31st. But from now until Feb. 14, Medicare Advantage enrollees can switch to original Medicare if they choose. Keep in mind, however, your prescription drug coverage was part of the Medicare Advantage plan from which you are disenrolling. So, if you opt to make the switch, you should enroll in a separate Medicare prescription drug plan immediately to prevent any lapse in prescription coverage. In most cases, you will not be able to change your options outside this enrollment period, so be sure to carefully review your Medicare benefits and options right now and lock in your coverage for the coming year.

Federal Reforms Bring Medicare Change
The Patient Protection and Affordable Care Act (PPACA) was signed into law last March. This federal health care overhaul includes many significant changes to Medicare. You might notice these differences during 2011.

• • Improvements are promised to original Medicare. These include better preventive care, as Medicare beneficiaries will receive free services including diabetes screening, mammograms, some vaccines, and colorectal cancer screenings. Also, beneficiaries are eligible for a yearly wellness exam to develop or update a personalized prevention plan. Check with your plan to see what preventive care and wellness improvements to the original Medicare plan will be available to you.
  • Some beneficiaries enrolled in Medicare prescription drug plans have faced a gap in coverage often known as the “donut hole.” This is the point in your annual drug coverage when you and your prescription drug plan together have spent $2,840. At this point you become responsible for the cost of all medications until the total amount paid for this year by you and your prescription plan reaches $6,447.50. Beginning in 2011, beneficiaries who fall into this gap will receive a 50 percent discount on Medicare-covered brand-name drugs, and a 7 percent discount on Medicare-covered generic prescriptions while they are in the “donut hole.”
  • Beginning in 2011, seniors enrolled in Medicare Advantage plans cannot be charged more than seniors on traditional Medicare for services such as chemotherapy, dialysis, skilled nursing care and other services deemed appropriate.

Consumer Protection
State and federal rules are in place to protect you against abuses in the marketing and sales of Medicare prescription drug plans and Medicare Advantage plans. Individuals who contact you about any type of private Medicare coverage:

• • • Must be licensed by the state; check with the Oklahoma Insurance Department to be sure the salesperson is a licensed agent. You can visit us online at https://www.oid.ok.gov or call toll-free (800) 522-0071 to determine whether the salesperson is licensed.
    • May not make unsolicited contact, such as door-to-door sales, cold-calls or approaching you on the street or in a parking lot.
    • Must make an appointment to visit your home.
    • Must arrange in advance the type of products that will be discussed during a scheduled sales appointment. At that appointment, the salesperson may not try to sell you any other type of insurance or coverage other than the types you agreed in advance to consider.
    • May not try to sell you non-health-care-related products, such as a life insurance policy or annuity, during a sales or marketing presentation of a Medicare prescription drug or Medicare Advantage plan.
    • May not attempt to sell you a plan in certain health care settings, such as the doctor’s office or at the pharmacy.
    • May not solicit your business at an educational event.
    • May not offer you free meals at a promotional or sales event.
    • May not offer you gifts or other promotional items of a value exceeding $15.

Fraud Happens, Avoid It
Regrettably, not everyone who contacts a consumer about switching Medicare plans has the best of intentions. To protect yourself from scams, follow these tips:

• • • Beware of door-to-door salespeople. Agents cannot legally solicit business at your home without an appointment. Do not allow an uninvited agent into your home.
    • Do not give out personal information, such as your Social Security, Medicare, bank account or credit card numbers, to anyone you have not verified as a licensed agent. An agent is not allowed to request such information during their marketing activities and cannot ask for payment over the Internet. You must be sent a bill. Once you have decided to purchase a plan and have verified that the agent is licensed, you may give the agent this type of personal information to assist in enrollment and billing.
    • Verify that the plan you have chosen is Medicare-approved. All of the approved plans can be reviewed at www.medicare.govor by calling 1-800-MEDICARE; (800) 633-4227.

Other Key Considerations
Federal assistance with premiums is available to Medicare beneficiaries who meet certain income requirements. If you think you may qualify for help paying your premium, call Oklahoma’s SHIP Helpline at (800) 763-2828 or the Social Security Administration at 1-(800) 772-1213.

Medicare beneficiaries may also seek advice in reviewing their options for coverage and obtaining financial assistance by contacting their State Health Insurance Assistance Program (SHIP). In Oklahoma, you can reach the SHIP Helpline at (800) 763-2828.

You can get more information about your Medicare options, learn about new coverage that is required under PPACA, or use Medicare’s online Prescription Drug Plan Finder at www.medicare.gov.

Finally, find out more about your changing insurance needs and receive tips for choosing the coverage that is best for you and your family from the Oklahoma Insurance Department at www.oid.ok.gov or call the SHIP hotline at (800) 763-2828.

About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.