The department of Health and Human Services has put together an easy-to-read timeline re: what happens when under the federal health care reform law.
Small business health insurance tax credits, for example, started taking effect Jan. 1. The first $250 checks to 4 million senior citizens hitting the gap in Medicare prescription drug coverage were mailed in June.
The big stuff still lies ahead. A major round of provisions start taking effect Sept. 23rd: young adults can stay on their parents' health plan until age 26, there will be no pre-existing condition waiting period for children, insurers can't cancel a policy except in the case of fraud, no lifetime caps on benefits, and there will be no copays, etc. for preventive care. (In general. There are a variety of exceptions and exemptions for grandfathered plans and other factors.)
Tuesday, August 31, 2010
Monday, August 30, 2010
How to find flood insurance in WA's Green River Valley
About this time last year, some businesses in Washington state's Green River Valley started discovering that it was extremely difficult to get -- or afford -- flood coverage. The reason was no mystery: The Army Corps of Engineers, citing a weakened abutment to the nearby Howard Hanson Dam, pegged the risk of serious flooding at 1 in 3.
A year later, the Corps and contractors have done extensive work, and the risk is now believed to be about 1 in 60. (The normal risk is about 1 in 140.) As the Corps noted in a recent PowerPoint, the La Nina weather pattern can also bring back-to-back rainstorms, could require the Corps to rapidly draw down the pool of water behind the dam.
We're still urging homeowners in the area to strongly consider flood coverage from the National Flood Insurance Program. And although August may seem like an odd time to be thinking about flooding, the federal coverage doesn't take effect until 30 days after a policy's issued.
For businesses in particular, the federal coverage -- which is limited to $500k for the building and $500k for contents -- may not be enough. So our office launched a "Washington Flood Market Assistance Plan," which is a sort of matchmaking service connecting businesses needing coverage with insurers selling it.
More than two dozen insurance companies are participating, and the program's run by the Surplus Line Association of Washington, an industry association.
To learn more, please see our web page and FAQs on the program.
A year later, the Corps and contractors have done extensive work, and the risk is now believed to be about 1 in 60. (The normal risk is about 1 in 140.) As the Corps noted in a recent PowerPoint, the La Nina weather pattern can also bring back-to-back rainstorms, could require the Corps to rapidly draw down the pool of water behind the dam.
We're still urging homeowners in the area to strongly consider flood coverage from the National Flood Insurance Program. And although August may seem like an odd time to be thinking about flooding, the federal coverage doesn't take effect until 30 days after a policy's issued.
For businesses in particular, the federal coverage -- which is limited to $500k for the building and $500k for contents -- may not be enough. So our office launched a "Washington Flood Market Assistance Plan," which is a sort of matchmaking service connecting businesses needing coverage with insurers selling it.
More than two dozen insurance companies are participating, and the program's run by the Surplus Line Association of Washington, an industry association.
To learn more, please see our web page and FAQs on the program.
Friday, August 27, 2010
Getting health coverage for adult children
The number one health insurance problem we get calls about? People trying to find affordable coverage for their adult children. (We're the state insurance regulator in Washington.)
Starting soon -- and some major health insurers have already started to do this -- parents will generally be able to keep their kids covered up to age 26. In many cases, "soon" means next January 1, 2011. But depending on when your policy renews, it could be months later than that.
The New York Times recently did a story aiming to help parents struggling with this figure out what their options are, such as getting coverage through student health plans or buying an individual health insurance policy.
If you live in Washington state and need free help navigating this, give our consumer advocacy staff a call: 1-800-562-6900.
Starting soon -- and some major health insurers have already started to do this -- parents will generally be able to keep their kids covered up to age 26. In many cases, "soon" means next January 1, 2011. But depending on when your policy renews, it could be months later than that.
The New York Times recently did a story aiming to help parents struggling with this figure out what their options are, such as getting coverage through student health plans or buying an individual health insurance policy.
If you live in Washington state and need free help navigating this, give our consumer advocacy staff a call: 1-800-562-6900.
Thursday, August 26, 2010
Dogs and homeowners insurance: Dog bites accounted for $412 million in claims last year
Dog bites accounted for more than one third of all homeowners insurance liability claims paid out last year, according to a new report from the Insurance Information Institute.
Dog bite claims totalled $412 million in 2009, the group says, with an average claim of $24,840. The cost of dog-bite-related claims has risen nearly 30 percent from 2003-2009. The frequency of claims increased slightly, from 15,823 in 2008 to 16,586 a year later.
See the link above for more data, including national stats on dog bites, victim demographics, and the several kinds of liability that dog owners face.
A typical homeowners policy provides $100,000 to $300,000 in liability coverage. And one a dog has bitten someone, the company may boost your premiums, exclude the dog from coverage, or require behavior-modification classes before they'll cover the animal.
Dog bite claims totalled $412 million in 2009, the group says, with an average claim of $24,840. The cost of dog-bite-related claims has risen nearly 30 percent from 2003-2009. The frequency of claims increased slightly, from 15,823 in 2008 to 16,586 a year later.
See the link above for more data, including national stats on dog bites, victim demographics, and the several kinds of liability that dog owners face.
A typical homeowners policy provides $100,000 to $300,000 in liability coverage. And one a dog has bitten someone, the company may boost your premiums, exclude the dog from coverage, or require behavior-modification classes before they'll cover the animal.
Saturday, August 21, 2010
Busting the Top 6 Life Insurance Myths
Term life insurance has many advantages. But the term life insurance understanding and benefits means sifting through the myths that surround it, and there are many myths about life insurance. These myths and misconceptions of life insurance can lead to insufficient coverage causing financial hardship for families suffering the loss of a loved one.
To prevent this from happening to you, we've taken a look at the most common misconceptions about life insurance to put things - it helps you make the decision right life insurance for you and your family.
Myth # 1: I do not work outside the home, so do not need life insurance.
False! The fact that no pay to replace, does not mean life insurance is unnecessary. A life insurance policy that provides coverage for a parent who stays home is not so much on the money they bring home, but on the money you have at home.
In fact, have you ever considered how much it cost to pay for care and cleanliness in the absence of a parent who stays at home? Do not underestimate how much this would require, child care is expensive and is an increasing cost.
Myth # 2: I am young so most likely I will not need life insurance.
Some people are gamblers by nature and choose to risk passing on the full life insurance. Although it is unlikely to die during your working years, you are ensuring it is therefore likely to happen, but, for the worst.
That's why life insurance is affordable for healthy young people. Buy life insurance now means you are providing financial security without spending much money for it.
For example, online quotes show that a 10-year $ 250,000 term policy for:
• costs of a healthy 35-year-old woman as little as $ 165 per year
• costs of a healthy man of 35 years as little as 195 USD per year
What's more, they can even be eligible for the rates of life: the preferred annual premiums are even less! rates are lower premiums Preference - for the same coverage - offered by an insurance company based on your health. The good news is that eligibility for preferred rates is common and can save up to 30 percent over the standard rate.
Myth # 3: If it really is so cheap there must be a catch.
No catch term life insurance. Your basic life force of the insurance policy offer coverage if it pays the premium. You buy the term insurance coverage for the length of time you need life insurance because children go to school or until your mortgage is paid.
In addition, your premiums are fixed for the duration of the term. Not increase even if the statement of changes in their health.
Myth # 4: I do not need life insurance once my children are self-sufficient and my mortgage is paid.
Everyone needs insurance vary. But how would your spouse manage daily living expenses without your help? What if your spouse survived him by 10, even 20 years?
Even if your children no longer live at home and no longer has large debts, like a mortgage, there are still questions you should consider before deciding which life insurance is unnecessary.
MYTH # 5: I have life insurance through my work. I need nothing more than insurance coverage.
False. The truth is that the coverage of your life insurance through your work may not be how to protect yourself and your loved ones as much as you think. Consideration of the amount of your employer-paid insurance provides and calculate whether this is enough to keep your family comfortable through the difficult times, if you're not around.
Moreover, when you leave your job for any reason, including retirement, coverage generally stops.
Myth # 6: It is a hassle to get life insurance.
Thanks to the Internet, getting quotes is quick and easy. There are a number of services online life insurance quote and generally, all you have to do is answer a few simple questions to get quotes. Sometimes you can even buy a policy online.
Final Reality:
From the moment they marry, buy your first home, start a family and enjoy his retirement, life insurance, which means you and your family have the security knowing you can achieve long-term financial goals you set.
the life insurance policies will offer coverage tailored to the needs of your family. The comparison of the prices on the Internet can help you find affordable life insurance that will protect you and your family in the coming years.
To prevent this from happening to you, we've taken a look at the most common misconceptions about life insurance to put things - it helps you make the decision right life insurance for you and your family.
Myth # 1: I do not work outside the home, so do not need life insurance.
False! The fact that no pay to replace, does not mean life insurance is unnecessary. A life insurance policy that provides coverage for a parent who stays home is not so much on the money they bring home, but on the money you have at home.
In fact, have you ever considered how much it cost to pay for care and cleanliness in the absence of a parent who stays at home? Do not underestimate how much this would require, child care is expensive and is an increasing cost.
Myth # 2: I am young so most likely I will not need life insurance.
Some people are gamblers by nature and choose to risk passing on the full life insurance. Although it is unlikely to die during your working years, you are ensuring it is therefore likely to happen, but, for the worst.
That's why life insurance is affordable for healthy young people. Buy life insurance now means you are providing financial security without spending much money for it.
For example, online quotes show that a 10-year $ 250,000 term policy for:
• costs of a healthy 35-year-old woman as little as $ 165 per year
• costs of a healthy man of 35 years as little as 195 USD per year
What's more, they can even be eligible for the rates of life: the preferred annual premiums are even less! rates are lower premiums Preference - for the same coverage - offered by an insurance company based on your health. The good news is that eligibility for preferred rates is common and can save up to 30 percent over the standard rate.
Myth # 3: If it really is so cheap there must be a catch.
No catch term life insurance. Your basic life force of the insurance policy offer coverage if it pays the premium. You buy the term insurance coverage for the length of time you need life insurance because children go to school or until your mortgage is paid.
In addition, your premiums are fixed for the duration of the term. Not increase even if the statement of changes in their health.
Myth # 4: I do not need life insurance once my children are self-sufficient and my mortgage is paid.
Everyone needs insurance vary. But how would your spouse manage daily living expenses without your help? What if your spouse survived him by 10, even 20 years?
Even if your children no longer live at home and no longer has large debts, like a mortgage, there are still questions you should consider before deciding which life insurance is unnecessary.
MYTH # 5: I have life insurance through my work. I need nothing more than insurance coverage.
False. The truth is that the coverage of your life insurance through your work may not be how to protect yourself and your loved ones as much as you think. Consideration of the amount of your employer-paid insurance provides and calculate whether this is enough to keep your family comfortable through the difficult times, if you're not around.
Moreover, when you leave your job for any reason, including retirement, coverage generally stops.
Myth # 6: It is a hassle to get life insurance.
Thanks to the Internet, getting quotes is quick and easy. There are a number of services online life insurance quote and generally, all you have to do is answer a few simple questions to get quotes. Sometimes you can even buy a policy online.
Final Reality:
From the moment they marry, buy your first home, start a family and enjoy his retirement, life insurance, which means you and your family have the security knowing you can achieve long-term financial goals you set.
the life insurance policies will offer coverage tailored to the needs of your family. The comparison of the prices on the Internet can help you find affordable life insurance that will protect you and your family in the coming years.
Thursday, August 19, 2010
Job opening: Senior Policy Analyst
We're trying to fill a critical vacancy in our policy and legislative affairs division: A senior policy analyst with an expertise in property and casualty insurance. From the job announcement:
The closing date is Sept. 16, 2010 at 4:59 p.m. For more information -- salary, qualifications, how to apply, etc. -- click on the above link.
This position has lead responsibility for policy related research and analysis in support of the development of OIC legislative proposals and the OIC analysis of proposed legislation involving property and casualty insurance (and related) statutes. It assists the OIC legislative liaison and other OIC staff as requested, including completing bill analyses, fiscal notes, drafting comments or testimony, developing legislative proposals, and serving as the primary policy division resource on property and casualty insurance and markets. The position also serves as the Commissioner's delegate on boards, task force, work groups or other organizations as requested by the Commissioner.
The closing date is Sept. 16, 2010 at 4:59 p.m. For more information -- salary, qualifications, how to apply, etc. -- click on the above link.
Washington state's smoking rate drops to third lowest in America
The Washington state Department of Health says that new survey results show that the state's adult smoking rate is now third lowest in the nation: 14.8 percent.
Here's their press release.
To add our two cents' worth: Smoking can significantly drive up health (and life) insurance rates. For example, look at these rates for an individual plan with Premera Blue Cross. (And note that the older you get, the larger the difference between smoker- and non-smoker rates.)
Here's their press release.
To add our two cents' worth: Smoking can significantly drive up health (and life) insurance rates. For example, look at these rates for an individual plan with Premera Blue Cross. (And note that the older you get, the larger the difference between smoker- and non-smoker rates.)
July: 432 complaint files opened and $690,000 recovered for consumers
Our telephone hotline (1-800-562-6900) fielded nearly 12,000 calls last month.
We try to help people with insurance problems, and they bring us a wide range of issues: people unable to find affordable health coverage, people arguing with their insurers over denied or delayed claims, people looking for advise in dealing with storm damage, etc.
And if you call, rest assured that we won't try to sell you anything. We're the state insurance regulatory agency for Washington state. (Not in Washington? See here for contact info in your own state.)
Among the calls last month:
-We helped resolve a problem with an insurer -- the issue was whether the person's previous insurance qualified as "creditable coverage," meaning that pre-existing conditions would be covered -- resulting in the payment of $51,190 in claims.
-We helped a student get $900 for visits to her doctor's office. The claims had initially been denied under her student plan.
-We helped one person get a premium refund on a life insurance contract ($2,482) and another resolve delays in getting an annuity surrender request honored, resulting in a $254,448 payment to the consumer.
-And we helped a woman recoup a $261 life insurance premium that the company took from her father's bank account -- after his death.
That's just a sampling. There were many others: delayed auto insurance claims, trying to resolve disputed damage amounts for homeowner's claims, helping fix billing errors, etc.
Need help? Give us a call or e-mail us at AskMike@oic.wa.gov.
We try to help people with insurance problems, and they bring us a wide range of issues: people unable to find affordable health coverage, people arguing with their insurers over denied or delayed claims, people looking for advise in dealing with storm damage, etc.
And if you call, rest assured that we won't try to sell you anything. We're the state insurance regulatory agency for Washington state. (Not in Washington? See here for contact info in your own state.)
Among the calls last month:
-We helped resolve a problem with an insurer -- the issue was whether the person's previous insurance qualified as "creditable coverage," meaning that pre-existing conditions would be covered -- resulting in the payment of $51,190 in claims.
-We helped a student get $900 for visits to her doctor's office. The claims had initially been denied under her student plan.
-We helped one person get a premium refund on a life insurance contract ($2,482) and another resolve delays in getting an annuity surrender request honored, resulting in a $254,448 payment to the consumer.
-And we helped a woman recoup a $261 life insurance premium that the company took from her father's bank account -- after his death.
That's just a sampling. There were many others: delayed auto insurance claims, trying to resolve disputed damage amounts for homeowner's claims, helping fix billing errors, etc.
Need help? Give us a call or e-mail us at AskMike@oic.wa.gov.
Wednesday, August 18, 2010
Seattle woman charged with insurance fraud for claiming car in accident had been stolen
A 38-year-old Seattle woman has been charged with insurance fraud after allegedly smashing her Honda van into two parked cars, hopping into a friend's car to flee, and then filing an insurance claim saying the van had been stolen.
According to Insurance Commissioner Mike Kreidler's anti-fraud team, the Special Investigations Unit, Luom Vo was driving on Seattle's Beacon Avenue just before 2 a.m. on Nov. 27, 2009. She hit two parked vehicles -- a Volvo station wagon and a Pontiac Vibe -- causing extensive damage. The van was disabled in the crash, which caused a total of nearly $26,000 in damage to the three vehicles.
People in nearby houses heard the crash and immediately went outside to see what had happened. They said they saw Vo get out of the van and into a white Chevrolet that sped away from the scene.
Later that day, Vo filed a claim with her insurer, PEMCO, saying that the van had been stolen. She subsequently insisted to a PEMCO investigator that she was not driving it when it was involved in the collision.
The SIU investigation found that the van had not been stolen, and that she was, in fact, behind the wheel.
She was charged with insurance fraud in King County Superior Court.
According to Insurance Commissioner Mike Kreidler's anti-fraud team, the Special Investigations Unit, Luom Vo was driving on Seattle's Beacon Avenue just before 2 a.m. on Nov. 27, 2009. She hit two parked vehicles -- a Volvo station wagon and a Pontiac Vibe -- causing extensive damage. The van was disabled in the crash, which caused a total of nearly $26,000 in damage to the three vehicles.
People in nearby houses heard the crash and immediately went outside to see what had happened. They said they saw Vo get out of the van and into a white Chevrolet that sped away from the scene.
Later that day, Vo filed a claim with her insurer, PEMCO, saying that the van had been stolen. She subsequently insisted to a PEMCO investigator that she was not driving it when it was involved in the collision.
The SIU investigation found that the van had not been stolen, and that she was, in fact, behind the wheel.
She was charged with insurance fraud in King County Superior Court.
Tuesday, August 17, 2010
Everett man charged with fraud for allegedly getting insurance AFTER accident
A 40-year-old Everett man has been charged with insurance fraud after allegedly causing a three-car wreck -- with no insurance on the vehicle -- then going online to add coverage and subsequently filing a claim.
Mike Bieniek was driving his 1999 Ford F-150 last October when the accident happened. He filed a claim with his insurer, Geico Insurance. The resulting claims total thousands of dollars in vehicle damage and injuries. The State Patrol cited Bieniek, who rear-ended the car in front of him and pushed it into the next one, for tailgating.
According to Bieniek, he'd owned the truck for about five years, loaning it to sub-contractors helping him at job sites and relying on them to get insurance when they used it. He said a friend had returned the truck to him at a grocery parking lot, at which point he pulled out his laptop, went online to Geico's website, and added coverage for the truck. Shortly after pulling out of the parking lot, he said, he was involved in the collision.
But a subsequent investigation by Insurance Commissioner Mike Kreidler's anti-fraud team, the Special Investigations Unit, determined that things didn't happen in quite that order.
The crash occurred at about 10:10 a.m., according to the police report and witnesses. It was more than half an hour later that Bieniek logged into Geico's website.
Bieniek was charged in King County Superior Court.
Mike Bieniek was driving his 1999 Ford F-150 last October when the accident happened. He filed a claim with his insurer, Geico Insurance. The resulting claims total thousands of dollars in vehicle damage and injuries. The State Patrol cited Bieniek, who rear-ended the car in front of him and pushed it into the next one, for tailgating.
According to Bieniek, he'd owned the truck for about five years, loaning it to sub-contractors helping him at job sites and relying on them to get insurance when they used it. He said a friend had returned the truck to him at a grocery parking lot, at which point he pulled out his laptop, went online to Geico's website, and added coverage for the truck. Shortly after pulling out of the parking lot, he said, he was involved in the collision.
But a subsequent investigation by Insurance Commissioner Mike Kreidler's anti-fraud team, the Special Investigations Unit, determined that things didn't happen in quite that order.
The crash occurred at about 10:10 a.m., according to the police report and witnesses. It was more than half an hour later that Bieniek logged into Geico's website.
Bieniek was charged in King County Superior Court.
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