During this time, individual policy holders can enroll in a health plan or make changes to their existing plan. *If you obtain health insurance from your employer, you are likely to have a different Open Enrollment period.*
What to Expect in 2019
- The penalty has been removed! This means you will no longer receive a penalty for not having coverage or for obtaining a plan that does not provide the 8 coverages required by the Affordable Care Act.
- Short term medical plans will now offer coverage for the full year. These plans do not provide coverage for pre-existing conditions, maternity, or wellness visits. However, these plans are a fraction of the cost of plans offered through the Marketplace and they all have a PPO network.
- BCBS will continue to offer virtual visits for PPO plans only. Policy holders can call or chat online with a nurse practitioner to obtain a diagnosis and prescription for medication.
- Group plans are still an option for small employers. Blue Cross Blue Shield does offer relaxed guidelines during this time to allow for a 1-person group. The employer must have at least 2 full time employees that are not husband and wife.
How to Avoid Rate Increases
- Be prepared to discuss your household, estimated adjusted gross income for 2019. This will be used to determine if you qualify for assistance.
- Those without pre-existing conditions should consider a short term medical plan. The premium is much lower and all plans offer a PPO network. Wellness visits are not included with these plans.
- If you are going to opt to self-insure, protect yourself with an accident or critical illness plan. The plan works separate from health insurance and pays you based on a diagnosis of a critical illness (cancer, heart attack, or stroke) and in the event of an accident (slip, fall, and break an ankle) the plan will pay you a certain dollar amount. The purpose is to use the funds to pay towards the unexpected hospital or urgent care visit.
- Review ALL of your insurance policies. I specialize in personal lines insurance, which includes auto, home, and Medicare. As a broker, I have access to multiple carriers which allows me the opportunity to find the best plan based on your needs. I’ve saved people thousands by reviewing rates with multiple carriers.
NOTE: This is an extremely busy time for me. I suggest scheduling early as my schedule will fill up. Call 708 444-0050 or email, kelly@kellyburkeinsurance.comfor an appointment. Please include your availability (i.e. mornings, afternoons, or evenings) and the type of appointment you are requesting (face to face or conference call).
College is expensive enough without the added cost of unexpected accidents or theft not covered by your insurance policy. If you have a student heading away to school, below are a few tips to help you get the most out of your coverage.
HOMEOWNERS
- Personal Property: Most homeowners policies will cover personal property for up to 10% of your total policy while your child is residing at school (a $100,000 policy equals $10,000 in coverage). Not all types of damage are covered, so read your policy carefully. Some items such as jewelry or expensive electronics require special coverage. Renters insurance is strongly recommended.
- Liability Coverage: General damage to a dorm room or apartment is not usually covered. If you are listed on the lease with your college bound child, you can extend liability coverage to cover the apartment as well. The cost is less than $50/year and meets the insurance requirements for the apartment complex.
- Documentation: Creating an inventory of the items your child is taking to school is a good idea. Use photographs and keep receipts.
AUTO
- Car Stays Home: Keep your child listed on your auto policy if they will still drive your car while at home on school breaks.
- Car at School: Make sure to notify us if your child will be taking a car away to school. In most cases, if the car is registered to you and listed on your policy, it will be covered. If your child is more than 100 miles away from home and does not have a vehicle at school, be sure to inform your insurance carrier asap as this will result in an added discount to your insurance policy.
- Driving a Friend’s Car: Students are generally covered if they are listed on their parent’s policy and are not regularly using the vehicle. The coverage would be secondary. The insurance for the friend’s vehicle would be the primary coverage. Insurance follows the vehicle, if you allow a friend, family member to borrow your vehicle, they will be covered under your policy.
- Discounts: A full-time student meeting certain academic requirements can qualify for a good student discount. The good student discount applies to full time students with a 3.0+ GPA. Distant student discounts may also be available. Drivers under 21 who have completed driver’s education may also get a discount.
Before your child leaves for school, contact me at 708-444-0050 or kelly@kellyburkeinsurance.com. I can walk you through the steps to ensure you have the right coverage. I am here to help!
You’ve probably been at the rental-car counter, listening to the representative ask if you want to purchase the company’s insurance. And the thoughts start racing through your head. “Is this a rip-off? Doesn’t my regular auto policy cover me? What about my credit card? Why didn’t I figure this out before I left on my trip?”
At Kelly Burke Insurance, I am here to help. And while not every situation is the same, I’ve got some general tips that will help you make an informed decision the next time you’re standing at that counter.
1. Know your personal auto policy.
Because insurance policies vary, it’s a good idea to give us a call — before you rent a car — to make sure you have the coverage you need. In many instances, your personal auto policy will provide coverage for a rental car — but that coverage may be limited to the value of the car you own, rather than the one you’re renting. Of course, if you don’t have a personal auto policy, you’ll need to purchase coverage from the rental company.
And keep in mind that in the event of an accident, many rental companies will charge fees beyond repair costs. They may assess a loss-of-use fee for each day the car is unusable, as well as charge you because the value of the car has decreased. Not all insurance policies cover these fees.
2. Also know your homeowners or renters policy.
If you’re traveling with expensive electronics or other valuable items, you probably want to consider what coverage you’ll have in the event they are stolen. Your personal auto policy and/or credit card coverage likely won’t provide protection for this scenario.
3. Check your credit card protection.
Most credit cards will also provide some coverage, but often payment is limited to reimbursement of your personal auto policy deductible (after that policy pays for repairs). Generally, loss-of-use and other fees are not covered, but it’s important to check with your credit-card provider to determine their policies. And while some cards may offer additional protection for a fee, usually coverage is limited to damage to the car, not liability for any injuries to others. Remember, to receive any sort of benefit from your card, you must use that card to pay for your entire car rental.
4. Consider any unique circumstances.
Are you renting a car in a foreign country, or for more than a week? You’ll definitely want to get confirmation of coverage from both your insurance carrier and credit card company because different rules might apply. Also, no matter where you are, vehicles such as trucks, RVs or exotic sports cars often aren’t covered under standard agreements. And if you’re using a car for business purposes, your personal coverage might not apply. Finally, if multiple people will be driving the car during your trip, make sure your coverages will apply to them.
According to the Insurance Information Institute, rental companies offer four main types of coverage.
A Loss Damage Waiver (LDW) relieves you of responsibility if your rental car is damaged or stolen. This may also provide coverage for loss of use.
Liability Protection provides protection from lawsuits if you are sued after an accident.
Personal Accident Insurance covers you and passengers for medical bills after an accident. You may not need this if you have adequate health and auto coverage.
Personal Effects Coverage protects you if items are stolen from your car. You generally are covered for this under your homeowners or renters policy, but keep in mind that the loss must exceed your deductible for you to receive payment. If you have a high deductible, it may make sense to purchase this coverage from the rental company.
When you go on vacation, you don’t want to stress out about insurance. So give me a call at 708-444-0050 before you leave. Then, when you head over to the rental-car counter, you can stop worrying about your coverage — and start enjoying your trip!
When you’re just starting out, it often seems that a dollar never stretches far enough. And with new commitments, such as buying your first home or having children, comes the responsibility to make sure your loved ones will be provided for financially, no matter what life may bring.
If you were to die unexpectedly, life insurance is there to make sure your loved ones can maintain their standard of living, stay in your home, send your kids to the same schools and keep their plans for the future on track. It also gives the grieving spouse or partner time to make decisions, or in some cases find work outside the home, without worrying about finances.
But common misconceptions often prevent young families from purchasing the life insurance they need.
Myth 1: I only need life insurance if I’m the primary breadwinner in my family. Whether you bring home the largest paycheck in your household or a smaller one, your family relies on your income to maintain its quality of life, and it would be missed if something were to happen to you. Even if you don’t work outside of the home, having life insurance is a smart choice. Stay-at-home parents perform valuable services such as childcare, cooking, housecleaning and household management, which can be costly to replace for a surviving spouse or partner.
Stay-at-home parents perform valuable services such as childcare, cooking, housecleaning and household management, which can be costly to replace for a surviving spouse or partner.
Myth 2: If I buy a term life insurance policy and find that I still need protection when the term ends, I can always renew the policy. Term policies are quite popular with many young families, and for good reason: They typically offer the greatest coverage for the lowest cost. Term insurance provides protection for a specific period of time (the “term”), and can be ideal for people who feel they have financial needs to cover that will disappear over time, such as a mortgage or a child’s education.
However, many families realize that even after the kids are grown and the mortgage is paid off, their need for insurance continues—to provide income for a surviving spouse, eliminate debts, pay taxes, etc. Because life insurance premiums increase with age, renewing your policy when the term expires can be very expensive. Moreover, poor health may make renewal impossible.
Myth 3: I only need term life insurance. Term life insurance makes sense for many young families because their need for coverage is great and their budgets are often limited. But that doesn’t mean it’s the only type of insurance you should consider.
Permanent life insurance policies provide a death benefit as well as other unique features such as lifelong protection and the ability to accumulate cash values on a tax-deferred basis, similar to assets in most retirement-savings plans. You can access the cash values for important uses like a child’s education or a business opportunity. (Keep in mind, however, that withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid.)
If any of this sounds daunting, just know that it does’t have to be. You can start by doing a quick calculation on your own to see if you need life insurance with this Life Insurance Needs Calculator (or just click on “What’s Next” below). And just know that you can also talk things through with Kelly Burk Insurance at no cost. We will help you figure out how much you may need, and also find a policy that fits into your budget.
Source: www.lifehappens.org
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On October 12th, President Trump signed an Executive Order, forcing changes to be made toward some of the rules of small business health insurance plans, short-term health insurance policies, and cost-sharing reduction payments (aka subsidies).
What does the Executive Order mean
- Broader rules for AHP’s (Association Health Plans), allowing small businesses to purchase plans across state lines. By joining an AHP, small employers within the same line of business could purchase plans collectively.
- Increase the policy period on short-term plans from 3 months to 12 months with the option to renew. These plans are not required to follow the rules of the ACA mandate (i.e. they do NOT provide coverage for pre-existing conditions)
- Cost-sharing reduction payments (aka subsidies) will no longer be funded by the government. Insurers are required by law to offer assistance to low-income individuals. Customers who are currently receiving assistance through the Marketplace will likely see little change.
- Rates have not been released and likely will not be released until November 1st. This means renewals will not be available until November 1st.
How to Avoid Rate Increases:
- Be prepared to discuss your household, estimated adjusted gross income for 2018. This will be used to determine if you qualify for assistance.
- Those without pre-existing conditions should consider temporary insurance. The premium is much lower and all plans offer a PPO network. Wellness visits are not included with these plans.
- If you are going to opt to self-insure, protect yourself with an accident or critical illness plan. The plan works separate from health insurance and pays you based on a diagnosis of a critical illness (cancer, heart attack, or stroke) and in the event of an accident (slip, fall, and break an ankle) the plan will pay you a certain dollar amount. The purpose is to use the funds to pay towards the unexpected hospital or urgent care visit.
- Review ALL of your insurance policies. As a broker I have access to multiple carriers which allows me the opportunity to find the best plan based on your needs. I’ve saved people thousands by reviewing rates with multiple carriers. Personal lines insurance (auto, home, life, and health) is my area of expertise!
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