-From National Public Radio's Morning Edition: "Health Care Costs Measured in Cupcakes" -- the story of a Seattle cupcake company owner and how health care costs have affected the bottom line. (Fun fact: employee health coverage accounts for about 25 cents of each $2.50 cupcake.) Click hear to read a print version of the story.
-From the (Vancouver) Columbian: A local woman saddled with tens of thousands of dollars in health care bills is lobbying her lawmakers -- in person -- in Washington, D.C. Click here to read the story.
Friday, July 31, 2009
Insurance regulators respond to NYT article...
Responding to a New York Times story (see the post below this), the National Association of Insurance Commissioners said today that AIG is stronger than the story -- "After Rescue, New Weakness Seen at A.I.G." -- would suggest.
"We are convinced, based on a complete, broad and deep ongoing review of all current material information, that the claims-paying abilities of these companies remains appropriate," the NAIC said in a letter sent to the Times this morning. "If this status changes, we are prepared and fully able to step in on behalf of policyholders and protect their interests."
The letter was written by Acting New York Insurance Superintendent Kermitt Brooks and Pennsylvania Insurance Commissioner Joel Ario. Here's a link to the full text of the letter, and here's a link to more on the the NAIC response.
"We are convinced, based on a complete, broad and deep ongoing review of all current material information, that the claims-paying abilities of these companies remains appropriate," the NAIC said in a letter sent to the Times this morning. "If this status changes, we are prepared and fully able to step in on behalf of policyholders and protect their interests."
The letter was written by Acting New York Insurance Superintendent Kermitt Brooks and Pennsylvania Insurance Commissioner Joel Ario. Here's a link to the full text of the letter, and here's a link to more on the the NAIC response.
In the news this morning...
-"After Rescue, New Weakness Seen at A.I.G" -- The New York Times, citing state regulatory findings, reported this morning that the American International Group "shows signs of considerable weakness even after their corporate parent got the biggest bailout in history.
Click here to read the story.
(Speaking of A.I.G., here's a consumer factsheet, written to answer policyholders' questions, from the Washington state Office of the Insurance Commissioner.)
-Also in the Times, economist Paul Krugman recounts the moment when a man at a town hall meeting told U.S. Rep. Bob Inglis to "keep your government hands off my Medicare" -- and then apparently wouldn't believe that Medicare was run by the federal government.
"It's a funny story -- but it illustrates the extent to which health reform must climb a wall of misinformation," writes Krugman. Click here to read the story.
-And New York Liquidation Bureau head Mark Peters, in an op-ed piece in the Albany Times-Union, argues against proposed changes that would allow insurers to choose whether to be regulated by the states or the feds. Click here to read the story.
Click here to read the story.
(Speaking of A.I.G., here's a consumer factsheet, written to answer policyholders' questions, from the Washington state Office of the Insurance Commissioner.)
-Also in the Times, economist Paul Krugman recounts the moment when a man at a town hall meeting told U.S. Rep. Bob Inglis to "keep your government hands off my Medicare" -- and then apparently wouldn't believe that Medicare was run by the federal government.
"It's a funny story -- but it illustrates the extent to which health reform must climb a wall of misinformation," writes Krugman. Click here to read the story.
-And New York Liquidation Bureau head Mark Peters, in an op-ed piece in the Albany Times-Union, argues against proposed changes that would allow insurers to choose whether to be regulated by the states or the feds. Click here to read the story.
Thursday, July 30, 2009
Home Inventory: Important Tips For Making One
Every home needs a home inventory updated at least once a year. Homeowners who live in hurricane stricken areas like Florida, coastal regions of Alabama or Louisiana and Texas are used to putting together a home inventory on a regular basis, but for those homeowners who live in the Midwest or in regions of the country without hurricane season abounding, they may think there is no need for a home inventory. This just is not the case!
No matter what part of the country you live in, a home inventory is a must have because fire, flood, and wind or tornado damage as well as theft or lost property can happen to anyone at any time. Not having your home inventoried can make the process of dealing with insurance agents an absolute nightmare, especially if you are trying to visualize from memory everything that was lost, damaged or stolen in your home while speaking to an insurance agent on the phone. The best bet for making sure your household goods are replaced to the fullest extent, is to keep some type of home inventory to help better replace these items.
There are several different ways to inventory the belongings in a home. Of course one of the easiest ways to inventory items is to get a notebook and pen and walk from room to room writing down anything that would or should be replaced in case of damage or loss. Inventorying items this way can be time consuming, but allows for everything in the room to be examined and approximate values to be determined, which should be included on an inventory list. The next step up from pen and paper would be to write the home inventory on a Microsoft excel spreadsheet or simply in a Microsoft Word file.
If the means are available for more hi-tech versions of inventorying home items, this is probably the best option. Simply turn the date and time stamp on the 35mm or digital camera and go from room to room taking pictures of each room, labeling the pictures with item information once the pictures have been developed.
Many homeowners also use video cameras to go around the house recording what each room looks like at a certain time and date. This is a great way to get a live action shot of what the material items look like at present and can easily be handed over to an insurance company.
A few tips to keep in mind when creating an inventory is to always keep receipts for major purchases and store these with the home inventory. The more you can estimate for the Homeowners insurance company the price and date an item was paid for, the more likely a price near that cost will be given back for repayment. If possible, it is also best to write down where the item was purchased at, the model number and a manufacturer's name.
As well, it is important to always note the date and time on the inventory, and this is why using a still or video camera is a great idea. Although the Homeowners insurance company is supposed to be on the side of the insured, they will be estimating costs at a minimum to save themselves money. So be smart about a home inventory, so that items will be replaced at full cost and in a timely manner.
Remember that it is not necessary to inventory items that would not be missed if they are lost or damaged, such as a paperback novel or a $10 pair of flip-flops, but if you are a book collector who has an extensive collection of antique books or a shoe collector who has hundreds of dollars worth of shoes, be sure to inventory these items.
Of course large items like furniture, artwork, appliances, electronics, large sports equipment, and large outdoor equipment should absolutely be inventoried. It is probably wise to also inventory or at least photograph clothes, home interior accessories, tool sets, kitchenware, and even workout equipment, but the major rule of thumb is to know the value of your own personal property to determine if it is worth adding to a home inventory list.
After the home inventory is created it should be placed somewhere other than the home. This could be stored at a family member or neighbor’s home, although the safest place for a home inventory list is in a safety deposit box or a fire and flood proof security box.
No matter what part of the country you live in, a home inventory is a must have because fire, flood, and wind or tornado damage as well as theft or lost property can happen to anyone at any time. Not having your home inventoried can make the process of dealing with insurance agents an absolute nightmare, especially if you are trying to visualize from memory everything that was lost, damaged or stolen in your home while speaking to an insurance agent on the phone. The best bet for making sure your household goods are replaced to the fullest extent, is to keep some type of home inventory to help better replace these items.
There are several different ways to inventory the belongings in a home. Of course one of the easiest ways to inventory items is to get a notebook and pen and walk from room to room writing down anything that would or should be replaced in case of damage or loss. Inventorying items this way can be time consuming, but allows for everything in the room to be examined and approximate values to be determined, which should be included on an inventory list. The next step up from pen and paper would be to write the home inventory on a Microsoft excel spreadsheet or simply in a Microsoft Word file.
If the means are available for more hi-tech versions of inventorying home items, this is probably the best option. Simply turn the date and time stamp on the 35mm or digital camera and go from room to room taking pictures of each room, labeling the pictures with item information once the pictures have been developed.
Many homeowners also use video cameras to go around the house recording what each room looks like at a certain time and date. This is a great way to get a live action shot of what the material items look like at present and can easily be handed over to an insurance company.
A few tips to keep in mind when creating an inventory is to always keep receipts for major purchases and store these with the home inventory. The more you can estimate for the Homeowners insurance company the price and date an item was paid for, the more likely a price near that cost will be given back for repayment. If possible, it is also best to write down where the item was purchased at, the model number and a manufacturer's name.
As well, it is important to always note the date and time on the inventory, and this is why using a still or video camera is a great idea. Although the Homeowners insurance company is supposed to be on the side of the insured, they will be estimating costs at a minimum to save themselves money. So be smart about a home inventory, so that items will be replaced at full cost and in a timely manner.
Remember that it is not necessary to inventory items that would not be missed if they are lost or damaged, such as a paperback novel or a $10 pair of flip-flops, but if you are a book collector who has an extensive collection of antique books or a shoe collector who has hundreds of dollars worth of shoes, be sure to inventory these items.
Of course large items like furniture, artwork, appliances, electronics, large sports equipment, and large outdoor equipment should absolutely be inventoried. It is probably wise to also inventory or at least photograph clothes, home interior accessories, tool sets, kitchenware, and even workout equipment, but the major rule of thumb is to know the value of your own personal property to determine if it is worth adding to a home inventory list.
After the home inventory is created it should be placed somewhere other than the home. This could be stored at a family member or neighbor’s home, although the safest place for a home inventory list is in a safety deposit box or a fire and flood proof security box.
As sun and wildfires toast parts of the state, here are some fire tips
With record summer heat -- and in some places, wildfires -- scorching the state, here are some quick reminders:-Many rural homeowners fear that human-caused fires aren't covered by insurance because they fall under an arson exclusion. Not so. Fire is one of the "basic perils" listed in homeowner's insurance, and all fires should be covered, so long as they were not intentionally set by the insured person.
-Rural homeowners should do everything possible to limit exposure to wildfires. At a minimum, clear a firebreak around your home and outbuildings, using driveways or well-watered green lawn areas as a buffer between the buildings and trees, brush and uncut fields.
-For more tips, including advice on insurance coverage and protecting family keepsakes, see this checklist.
Wednesday, July 29, 2009
Legislation wrap-up: new rules for flood insurance, organ transplants, annuities and discount health plans
“Get your medical bills lowered.” “A solution so simple, it’s brilliant.” “The savings do not stop there.”
As people struggle to find affordable health care, many are turning to discount health plans. And some buyers, who mistakenly think they’ve bought insurance coverage with full benefits, are discovering that the discounts are much more limited than they thought.
Several new laws, including one requiring more regulation and disclosure for such plans, took effect yesterday. The others include laws shortening the insurance waiting period for some people getting organ transplants, consumer-protection changes involving flood insurance, and new rules for annuities.
Click here for more information on the specifics.
As people struggle to find affordable health care, many are turning to discount health plans. And some buyers, who mistakenly think they’ve bought insurance coverage with full benefits, are discovering that the discounts are much more limited than they thought.
Several new laws, including one requiring more regulation and disclosure for such plans, took effect yesterday. The others include laws shortening the insurance waiting period for some people getting organ transplants, consumer-protection changes involving flood insurance, and new rules for annuities.
Click here for more information on the specifics.
"We've got to have reform"
Washington Insurance Commissioner Mike Kreidler testified recently about health care reform before the state Senate Health and Long-Term Care Committee.
An excerpt:
This is going to take some time to take place. I know what's going to happen if we do nothing. We're going to spend $33 trillion over the next 10 years, get the results of a Third World country, and outspend everybody else by two to one. That is unacceptable to the American people. We've got to have reform.
An excerpt:
This is going to take some time to take place. I know what's going to happen if we do nothing. We're going to spend $33 trillion over the next 10 years, get the results of a Third World country, and outspend everybody else by two to one. That is unacceptable to the American people. We've got to have reform.
Welcome
Welcome to the blog of the office of the Washington state Insurance Commissioner.
We'll be trying some tech things here over the next couple of weeks, so you'll see some test posts, etc.
We'll be trying some tech things here over the next couple of weeks, so you'll see some test posts, etc.
Monday, July 20, 2009
Start Investing Early in Your Career
There are several ways to reduce your Insurance Premiums, and by implementing these methods you can save yourself thousands a year.
Excess
Most claims are subject to an excess which is stipulated in your policy. If you opt for a higher excess, your monthly premiums will be less. In an average policy the excess is usually between 750 and 1000. If you make your excess 2000, you will also protect your no-claim bonus, by not claiming for small amounts during the year, which will result in your premiums being lowered the following year.
Market Value
The replacement value of goods, increases all the time. The only exception is Motor Vehicles. Make sure you car is only insured at the market value. A car you bought 5 years ago will not have the same market value today. So check with your broker or insurance company that you are only paying for the market value and that it is reduced on an annual basis.
Specified Items
Most Insurance Companies require you to Insure specific items in your policy. i.e. - Jewellery, Glasses, Cell phones etc. Make sure that if you no longer own these items, that you have them removed from your policy. There's no point paying cover for something you don't own anymore.
Security
By installing the following security measures, your are reducing the risk of loss, and will result in reducing your monthly premiums.
Household
Burglar bars
Alarm System and Armed Response
Security Gates
Motor Vehicle
Alarm, Immobilizer or Gear Lock
Satellite Tracking System
No-Claim Bonus
Your monthly premiums are directly related to your number of claims you submit. The less claims you submit, the lower the premiums. Most insurance companies offer a discount on household and car insurance if no claims have been submitted. Policyholders can earn such a bonus on the basis of a claim-free history.
Excess
Most claims are subject to an excess which is stipulated in your policy. If you opt for a higher excess, your monthly premiums will be less. In an average policy the excess is usually between 750 and 1000. If you make your excess 2000, you will also protect your no-claim bonus, by not claiming for small amounts during the year, which will result in your premiums being lowered the following year.
Market Value
The replacement value of goods, increases all the time. The only exception is Motor Vehicles. Make sure you car is only insured at the market value. A car you bought 5 years ago will not have the same market value today. So check with your broker or insurance company that you are only paying for the market value and that it is reduced on an annual basis.
Specified Items
Most Insurance Companies require you to Insure specific items in your policy. i.e. - Jewellery, Glasses, Cell phones etc. Make sure that if you no longer own these items, that you have them removed from your policy. There's no point paying cover for something you don't own anymore.
Security
By installing the following security measures, your are reducing the risk of loss, and will result in reducing your monthly premiums.
Household
Burglar bars
Alarm System and Armed Response
Security Gates
Motor Vehicle
Alarm, Immobilizer or Gear Lock
Satellite Tracking System
No-Claim Bonus
Your monthly premiums are directly related to your number of claims you submit. The less claims you submit, the lower the premiums. Most insurance companies offer a discount on household and car insurance if no claims have been submitted. Policyholders can earn such a bonus on the basis of a claim-free history.
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