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Tuesday, July 15, 2014

New 'Pay-as-You-Drive' Insurance Plans Help Some Drivers Save

                        
New usage-based insurance plans that require a small plug-in device that collects data on your personal driving habits and reports back to your insurer can help produce significant savings for some drivers on auto insurance. NY1's Tara Lynn Wagner filed the following report.
For the most part, your car insurance rate is based on data, with things like your gender, age, address and education level factored in. But if you're a good driver, why should you be penalized for the faults of your peers? Enter the growing trend of usage-based insurance plans, also referred to as Pay as You Drive.
"You know, it's taking off, but yet, still less than 1 percent of all drivers are enrolled in one of these programs, so it really hasn't hit the mass market yet," says Laura Adams, a senior insurance analyst with insurancequotes.com. "But for those that are enrolled, they're saving a lot of money, in some cases as much as 30 or 40 percent."
In many cases, the programs involve a small plug-in device that collects data on your personal driving habits and reports back to your insurer.
Vanessa Baylor is an agency principal with Allstate. Their recently launched DriveWise program monitors several things, including mileage.
"If it's low mileage that we're specifically looking for, it's between 25 and 40 miles per day," Baylor says.
In addition to how much you drive, carriers are also interested in when.
"If you've got a night shift, let's say, and you're driving between the hours of midnight and 5 a.m., that is not favorable to an insurance company," Adams says. "Many accidents happen in the wee hours of the morning."
Feel the need for speed? Anything over 80 miles per hour is a red flag. So is slamming on the brakes.
Factoring all of that in, the Drivewise program then issues you a rating. The better the grade, the deeper the discount.
"Most drivers average around a B rating," Baylor says.
If you know you're not the best driver, you might be reluctant to give this type of program a try. But here's the thing: there's no penalty. Your rate won't go up based on your bad habits. Good drivers get rewarded with serious savings. Everyone else, well, maybe greater awareness will make you a better driver."
That's proven to be the case with Baylor, who's enrolled in DriveWise herself and regularly reviews her own behavior online.
"Actually, I have stopped braking as much, so it has helped me improve with my driving experience," she says.
While many insurance companies now offer usage-based options, Pay as You Go programs are not available in every state.

Even with Obamacare, shopping for health insurance isn’t as easy as buying a plane ticket


In-person enrollment help played a huge role in Obamacare’s first year. (Photo by Andrew Harrer/Bloomberg)
I've written recently about the importance of in-person assistance during the first year of Obamacare's coverage expansion. And new Kaiser Family Foundation polling of these assistance programs today shows just how much help people need with purchasing health insurance.
The big headline from this morning's poll was about how many people actually received some kind of personal assistance during the Affordable Care Act's first enrollment period — KFF estimates that at 10.6 million people. But I wanted to pull out some of the poll findings illustrating just how hard it is for people to choose a plan on their own.
Just 13 percent of assistance programs said they spent, on average, less than an hour with each person they helped. Most spent between 1-2 hours, but some averaged much higher.
averagetimekaiser

What kind of help were people looking for? The top three reasons given all involved the mechanics of health insurance — 87 percent cited a limited understanding of the ACA, 83 percent said difficulty understanding plan choices and 80 percent said they weren't confident enough to pick something on their own.
Further, almost 90 percent of assistance programs said they heard from people they helped after enrollment. The reasons varied, but there was confusion about plan choices and payment issues.


That suggests that people who needed help in the program's first year could likely need it again in the second. The administration tried to make it easier on those enrollees by allowing automatic renewal, but it also looks like people will need to shop around if they want to get a good deal and stay enrolled.
Just before HealthCare.gov's awful launch in the fall, President Obama said Americans would be able to go online to shop for health insurance the "same way you'd shop for a plane ticket on Kayak or a TV on Amazon." That, of course, was a sales pitch to get people to look at the enrollment Web site (before we knew how bad it'd be at the start). But today's polling data and similar polls in recent months show that just isn't the case — and the law's implementers need to plan appropriately for that.

Packers, American Family Insurance renew partnership for 10 years

Partnership includes new Lambeau Field gate on stadium's east side


The Green Bay Packers and American Family Insurance today announced that the Madison, Wis.-based insurance company will renew and expand its partnership with the Packers to become the “Official Insurance Company of the Green Bay Packers” through the 2023 season. Included in the partnership will be American Family’s sponsorship of Lambeau Field’s new east-side gate – the American Family Insurance Gate – which will welcome fans to Lambeau Field throughout the year. American Family is also sponsoring two unique interactive fan programs – DreamDrive and DreamZone – that will run during Packers training camp.
American Family and the Green Bay Packers have worked together since 2005.
“We’re very happy to continue working closely with American Family Insurance through this 10-year partnership,” said Packers President/CEO Mark Murphy.  “We share a commitment to Wisconsin residents and the community that will be greatly enhanced with this expanded relationship.  The new American Family Insurance Gate is a great addition to Lambeau Field, and will enhance the experience of our fans.”
DreamDrive is a newly designed bike event for Packers fans and families at training camp, centered on the storied training camp tradition where Packers players ride children’s bikes to and from practice. Five special bikes, incorporating themes that celebrate Wisconsin’s rich heritage, will be provided for kids to use.
Fun activities for fans and families will also be offered at the American Family Insurance DreamZone, located adjacent to DreamDrive. The DreamZone will operate during the first week of training camp inside of the revamped Tundra Tailgate Zone. The area will feature inspirational and engaging activities centered on the pursuit of dreams.
“American Family Insurance encourages people to pursue their dreams and count on us to protect them,” said Jack Salzwedel, chairman and CEO of American Family Insurance. “The Packers’ storied history, players, fans and community epitomize the idea of dreams fulfilled and makes this ongoing partnership a great fit with our company. We’re excited to strengthen our affiliation with this iconic team even more with the addition of the new American Family Insurance Gate, DreamZone and DreamDrive.”
The two organizations have worked on a variety of activities through the years, including the Packers Heart Cap campaign to raise money for heart disease research and prevention, and the Breast Cancer Cap campaign which raised money for the fight against breast cancer. They also partnered to raise money for the military through the Packers Military Support Cap.
About American Family Insurance
Based in Madison, Wis., American Family Insurance is 373rd on the Fortune 500 list and offers auto, homeowners, life, commercial and farm/ranch insurance in 19 states. It is the nation’s third largest mutual property/casualty insurance company. Web: www.amfam.com; Facebook: www.facebook.com/amfam; Twitter: www.twitter.com/amfam. Google plus.google.com/ amfam/

Hearing on homeowners insurance rates rescheduled

A hearing on the insurance industry’s request for an average increase of 25.3 percent on homeowners insurance rates has been postponed until October.
The hearing, originally set for Aug. 6, is now set for Oct. 20 beginning at 9 a.m. in the Dobbs Building at 430 N. Salisbury Street in downtown Raleigh.
Postponing the hearing, according to the state Insurance Department, will give its experts time to prepare testimony in light of revisions to the rate hike request filed by the N.C. Rate Bureau, which represents the insurance industry.
The hearing will be presided over by Insurance Commissioner Wayne Goodwin. Both the industry and the Insurance Department will present their cases.
The hearing was scheduled in February after the Insurance Department concluded that the industry’s rate hike request wasn’t justified. The requested increase averages 25.3 percent but varies by region — from a decrease of 2.7 percent to an increase of as much as 35 percent along the coast.

Read more here: http://www.newsobserver.com/2014/07/15/4007668/hearing-on-homeowners-insurance.html#storylink=cpy

Auto insurance discounts you may be missing

With gas prices stuck at a permanently high level, you need to look for any edge that might cut your total car costs. Start by making sure you aren't missing any auto insurance discounts, some of them new.
Financial website Bankrate.com notes that fierce competition among insurers leads to a steady introduction of new discounts. Bankrate surveyed the top 10 auto insurers and found that some discounts have been introduced or greatly expanded in the past year, including those for having daytime running lights and for driving low annual mileage.
You may have to dig for some of these discounts. "You can't assume that your insurance company knows that you added an antitheft system to your car or that your alma mater offers an alumni discount," says Doug Whiteman, Bankrate insurance analyst. "It's your responsibility to tell your provider and ask for the discount." He adds: "This simple step could save you hundreds of dollars a year."
Some discounts are well-established, such as those for having auto and homeowners insurance with the same company, but you nonetheless should consider taking advantage of them. Some others in this category are being in the military, taking a defensive driving course (especially for seniors) and as much as 15 percent discount for a young driver on your policy who gets good grades.
Also, remember that driving carefully and avoiding accidents for a long period (often five years) can cut your rates. Most major insurers give discounts for air bags, antilock brakes and antitheft devices. However, available discounts will vary by state depending on the regulations where you live.
Other discounts are newer and less well-known. Here are some to look for:
Datyime running lights Low-intensity lights that turn on whenever your engine is started have long been required in Canada. Research there found an 11 percent reduction in daytime accidents. The U.S. doesn't require them, but several manufacturers have installed them voluntarily. So, if your car is from General Motors (GM), Toyota (TM), Volvo, Mercedes-Benz or Subaru, check into savings with this discount.
Alumni and affinity groups Half the top 10 auto insurers have arrangements for discounts with alumni associations of some universities, fraternities and sororities, and professional associations. I had never heard of this one until recently when our insurance agent pointed out that my wife's alumni association entitled us to a discount.
Newer cars Half the insurers surveyed also give discounts for cars three years or newer. This presumably results from tightening federal safety regulations that have made more and more safety equipment -- such as traction control that helps avoid rollover accidents -- mandatory on all new cars.
Low mileage If you drive relatively few miles a year, your insurance costs can be reduced. But the companies won't take your word for it. This discount usually involves installing an electronic device in your car that measures your actual mileage and sends it to the insurer. Getting this discount can also mean surrendering a bit of privacy because some of these devices also measure how you drive, whether you speed or stop and start aggressively, for instance.
Discounts will often save you money, but they aren't the whole story. J. Robert Hunter, director of insurance for the Consumer Federation of America, points out that in the current market, your credit history is among the most important factors in determining your insurance premium.
And he notes that the insurer with the most discounts may not have the lowest rates. Always check the bottom line. Says Hunter: "You really have to be careful."

Sunday, July 13, 2014

Marketplace insurance customers asked to verify info

Potentially thousands of central Wisconsin residents who signed up for health insurance through the federal marketplace are being asked to clear up questions about their personal information that could affect their coverage.
Reports from the U.S. Department of Health and Human Services inspector general revealed key personal details submitted by customers, including annual income and citizenship information, don't match records the government has on file.
Individuals with inconsistencies in their applications have been receiving notification letters since early May, said Marty Anderson, director of marketing and consumer products for Security Health Plan. Security Health Plan provides marketplace insurance to customers in Clark, Marathon, Portage and Wood counties in central Wisconsin.
About 6,000 of Security Health Plan's 25,000 statewide members have received letters so far. The Associated Press reported in June about 2.1 million out of 8 million people enrolled in marketplace coverage had at least one data discrepancy in their application as of April 28.
If state statistics follow the pattern of Security Health Plan and nationwide numbers, 30,000 to 35,000 of the 140,000 Wisconsin residents enrolled in marketplace insurance could have discrepancies on their applications.
The most common discrepancies in the federal market had to do with citizenship and immigration status, but some customers are being asked to clear up name and address errors.
"Inconsistencies do not necessarily indicate that an applicant provided inaccurate information ... or is receiving financial assistance through insurance affordability programs inappropriately," the inspector general's report stated.
Congressional Republicans who called for the report were concerned people not legally entitled to receive government-subsidized health insurance could nonetheless be getting it.
Anderson said he thought the majority of discrepancies affecting Security Health Plan customers involved income documentation. For example, seasonal workers who anticipate earning less in 2014 than they reported on their 2013 federal income taxes might need to provide documents supporting the anticipated income reduction.
Security Health Plan and other insurance providers have been notified which members received inconsistency notices, but not what the inconsistencies are.
"We've been reaching out via phone and email to follow up on the federal government's notice," Anderson said.
Customers who receive inconsistency notices have 30 days to respond. The requested documentation can be uploaded through the Healthcare.gov website or sent by mail. Anderson recommended submitting the documentation as soon as possible and notifying the federal government via the Healthcare.gov hotline if documentation was sent by mail.
Those who don't respond to the inquiries could face a reduction in their premium tax credit or lose their insurance if the government learns the customer is not a citizen or legal immigrant.
"Of the people who enrolled, 98 percent are receiving a premium tax credit subsidy, and there could be a detrimental impact if they have the tax credit revoked or reduced," Anderson said. About 60 percent of those who receive premium tax credits pay 80 percent or more of their premium using the subsidy.
"We don't want to see anyone losing their coverage or their credit," he said.
Representatives from Compcare Health Services Insurance Corp., which serves Marathon, Portage and Wood counties, and WPS Health Plan Inc., which serves Marathon and Wood counties, did not provide information about how the inconsistency notices were affecting customers by the time of publication.
Marisa Cuellar can be reached at 715-384-3131. Find her on Twitter as @cuellm34.

Newest Health Insurance Customers Are Generally Happy

We’ve known for a few months now that lots of people signed up for health insurance this year in new marketplaces. A new survey shows that the people who did so are also pretty happy with their purchases.
The survey, from the Commonwealth Fund, a research group, came to similar conclusions as other surveys about the expansion of health insurance. It found that about 15 percent of adults younger than 65 now lack health insurance, down from 20 percent before the Affordable Care Act rolled out in January.
What was more surprising is that people who got the new coverage were generally happy with the product. Overall, 73 percent of people who bought health plans and 87 percent of those who signed up for Medicaid said they were somewhat or very satisfied with their new health insurance. Seventy-four percent of newly insured Republicans liked their plans. Even 77 percent of people who had insurance before — including members of the much-publicized group whose plans got canceled last year — were happy with their new coverage.
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In March, people waited at a mall in Miami to sign up for health insurance under the Affordable Care Act. Credit Joe Raedle/Getty Images
Larry Levitt, the senior vice president for special initiatives at the Kaiser Family Foundation, another research group that polls on the Affordable Care Act, said he wasn’t sure we’d see such high satisfaction so early. The law’s requirement that Americans obtain insurance always made him wonder whether people would be glad to have insurance if they felt forced to buy it. “It’s possible people may have felt coerced into buying coverage, even if they didn’t like it or didn’t feel it was a good value,” he said in an email. “That doesn’t seem to be happening so far.”
The Commonwealth poll appears to be the first national survey since the health-law passed to have gone beyond questions about insurance status and asked about satisfaction and usage.
The survey also found that a majority of people are using their new insurance. The survey found that 60 percent of the newly insured had gone to a doctor or a hospital or filled a prescription with their new plan. Of those, more than 60 percent said they wouldn’t have been able to afford the care without their new coverage. Most people seeking new primary care doctors found the process fairly easy and had to wait less than two weeks for an appointment.
That news, of course, can cut both ways. It may be a sign that the new plans are working as intended by making it easy for people to have access to affordable care. It may also be a sign that those newly insured people are relatively sick and will be particularly expensive to insure. Commonwealth found that about 70 percent of people using their plans had a pre-existing health problem. It will take some time to see how costly this new population turns out to be.
It’s also early to know whether this happiness will last. You might expect the first people to sign up for a new program to be those most enthusiastic about its prospects to improve their life. But with widespread coverage of complaints about high costs and limited networks of doctors, the new study suggests that, among the early adopters, at least, the benefits of coverage outweigh the problems.
There is reason to think that the good feelings may linger. Americans may complain about the details of their health insurance, but they are generally happy with it once they have it. An Associated Press poll in January found that 73 percent of all Americans with insurance before the rollout of the law were satisfied.

California Bill Would Regulate Pet Insurance

California could soon start regulating the small but growing market for pet insurance under proposed legislation.
A bill by Assemblyman Matt Dababneh, D-Los Angeles, would set guidelines for the largely unregulated pet insurance industry, according to the Sacramento Bee.
Former Gov. Arnold Schwarzenegger vetoed similar legislation, but the latest measure was approved 78-0 by the state Assembly and now awaits approval by the state Senate.
California Bill Would Regulate Pet InsuranceIf the proposed legislation is signed by Gov. Jerry Brown, California would be the first state to impose basic requirements for pet insurance, said Patrick Storm, a spokesman for Insurance Commissioner Dave Jones, who supports the legislation.
"Pet insurance is still the Wild West, and that's what we're trying to rein in," Storm said.
The legislation was prompted by increasing complaints to the state Department of Insurance about pet insurance policies that consumers say are confusing or sometimes misleading.
"Consumers weren't confident in the product they were buying," Dababneh said. "There's obviously a big new opportunity for us here in California to once again lead the way."
The legislation would make policies more transparent and give insurance regulators a greater ability to oversee the plans. Policyholders would get a 30-day trial period during which they would have the option to return their coverage.
The pet insurance industry has largely remained neutral on the bill, but Veterinary Pet Insurance, the largest U.S. provider, has endorsed the measure.
"Because there are now so many companies in the market, we felt it was important that everyone was playing by the same rules," company spokesman Curtis Steinhoff said.
Only about 1 percent of American pet owners hold policies, but they're becoming increasingly popular as treatments get more expensive and more owners treat their pets like members of the family.
Stuart Waldman decided to buy pet insurance after treatment for his previous dog cost him $17,000. But he hasn't been impressed and wishes consumers could have better access to policy information, Waldman said.
"We get claims rejected constantly because of a pre-existing condition," said Waldman, a Los Angeles resident and former Assembly aide. "We always have to appeal."

Source: http://www.nbcsandiego.com/news/local/California-bill-would-regulate-pet-insurance-266893521.html#ixzz37Om9KrtP
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The Rings, the Cake, the Rice ... the Insurance?

Picture a rustic wedding in a verdant California park, the nervous couple about to walk the aisle. Now, picture a firefighter rushing in and telling everyone to immediately evacuate because of a wildfire.
Fans of the ABC comedy series “Modern Family” will recognize the scene from this season’s two-part finale. But weddings and wildfires are not just a made-for-TV combination.
On June 7, only two weeks after that episode was shown, Michael Wolber waited at Rock Springs Ranch in Bend, Ore., for his bride, April Hartley. She and her father were about to walk down the hillside when fire trucks rushed in with sirens blaring. A wildfire that ended up destroying more than 6,900 acres was quickly approaching, and though of lesser significance, six months of wedding preparations were about to potentially go up in smoke, literally.


“I’ve never been evacuated before, and I’ve never been married before,” said the now Ms. Wolber, 33. “I was having trouble deciding which I should be more nervous and panicked about.”

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In the season finale of "Modern Family" in May, a firefighter rushed into a wedding to order an evacuation because of a wildfire. Credit Peter "Hopper" Stone/ABC

While most wedding planning is devoted to creating a perfect day, things can go wrong — sometimes, terribly wrong. And while you can’t ensure a happy marriage, you can insure a wedding.
For more than 20 years, the Firemen’s Fund Insurance Company, part of Allianz, has been underwriting wedding insurance through Robert V. Nuccio, an insurance broker in Toluca Lake, Calif., and the owner of Wedsure. Over those two decades, Mr. Nuccio’s firm has gone from being the only company in the United States offering special-event policies to being one of several, including units of Travelers, Aon and USAA. As it turned out, the Wolbers were insured by Wedsure, but more on that later.
Policies differ, but wedding-insurance plans protect against situations like extreme weather or a missing caterer. Plans are secured by couples to protect most anything that would prevent them, their parents or the majority of their guests from attending the wedding as planned.
One caveat is that most insurance companies require such a policy to be bought at least 14 days ahead to cover weather-related events. In other words, calling for insurance while Hurricane Sandy was barreling up the East Coast wouldn’t have worked.
When Mr. Nuccio started offering wedding insurance, he said, an average wedding cost between $14,000 and $15,000. It is now close to $30,000. “To a guy who makes $50,000 a year, $30,000 is a lot of money,” Mr. Nuccio said. “When you can’t afford to put on the same event twice, that’s when you buy wedding insurance.”
That motivated Josh Rosenberg, 31, to purchase wedding insurance with Travelers last July. He had witnessed friends lose their deposits after Hurricane Irene forced them to postpone their wedding and was concerned that a snowstorm could interfere with his wedding plans this December. “I was Googling how to protect myself,” Mr. Rosenberg said. “I didn’t even know wedding insurance existed.”
As it turned out, he had more than blizzards to fear. In May, his wedding site, the reBar restaurant in Brooklyn, went bankrupt, and the owner was charged with grand larceny and tax evasion.
Mr. Rosenberg and his fiancée, Kristina Martin, 31, were shocked and anguished. But one week later they received a check from Travelers for a little more than $13,000. “Every penny we gave to reBar we got back,” he said.
Julie Villar, 27, was not so lucky. Her wedding was only two weeks away when reBar closed, and though she managed to find another location, she and her husband, Chris Gardner, 29, didn’t have insurance and lost the $20,000 they had paid reBar.
But Leslie Price, a New York wedding planner and the owner of In Any Event, doesn’t recommend wedding insurance for most of her clients, preferring a simpler form of protection. “For every contract that I have my couples sign, I have my vendors add a postponement clause,” Ms. Price said, explaining that the clause allows for a one-year postponement if the event needs to be canceled because of illness, accident, acts of terrorism or acts of nature, “or for any reason beyond client’s control.”
Ms. Price’s method requires less effort for her clients and has the added benefit of being free, which was the advantage that was also stressed by Joyce Scardina Becker, an owner of Events of Distinction in San Francisco, who inserts a similar clause into contracts with service providers.
Yet insurance offers greater reimbursement, and the cost is relatively small. It can be as little as $125 for $10,000 of coverage, and roughly $600 for $100,000 of coverage.
But that’s just cancellation insurance. There is also liability insurance, which many wedding spaces now require. With more weddings taking place at private estates and alternative event spaces, couples often must provide a certificate of liability insurance, making them responsible for any property damage or bodily injury that takes place during their wedding, or after the wedding if it was caused by the actions of an intoxicated guest who was served alcohol at the event.
“We’ve become a litigious society,” Ms. Scardina Becker said. “One moment you think you’re inviting a friend to your wedding, and the next moment you’re being subpoenaed for a lawsuit.”
Rock Springs Ranch is one place that requires liability coverage, which is why the Wolbers, the Oregon couple, had purchased a policy from Wedsure (that included cancellation coverage).
That didn’t make the prospect of being evacuated any more palatable, and the couple remain grateful that the firefighters gave them a 15-minute reprieve to have an abbreviated marriage ceremony.
“There was a huge weight off both of our shoulders when we realized we could get married in this place we picked,” said Mr. Wolber, 25.
But instead of lingering among their guests for a relaxed and elegant reception, they immediately vacated the premises with their photographer, Josh Newton, who took the shooting flames and billowing smoke in stride, since he had photographed weddings for 10 years and has dealt with mishaps big and — well, there is no small. “When anything goes wrong at a wedding,” he explained with a laugh, “it feels like a natural disaster.”
He drove the couple to a secure location to take pictures, and the resulting photos of the couple embracing before a fiery sky became an Internet phenomenon after Mr. Newton posted them online the next day.
The Wolbers became the symbols for a wedding gone wrong. But when they contacted Wedsure, they were told that their insurance did not cover the evacuation of their reception.
“The policy says we cover the nonrefundable expenses you have incurred if it’s canceled, but it wasn’t canceled,” Mr. Nuccio said. “They needed to cancel the wedding reception.”
After the ceremony, the Wolbers did meet with their guests in a public park in Bend, where they sat on the ground and ate salvaged food on paper plates, while their rented tables and stemware remained in a smoke-infused lodge.
Mr. Nuccio, before knowing the Wolbers were actually clients of Wedsure, was asked by a reporter about their particular situation since their photographs had gone viral. He suggested then that the Wolbers’ experience exemplified the benefits of wedding insurance. “Even though the wedding took place, the reception was spoiled,” he said.
But Mr. Nuccio, in a later interview, pointed out that the Wedsure contract defines cancellation as a private event being terminated “in its entirety.” The contract also defines a “private event” as something taking place at a specific “date and place,” and the public park was definitely not the location specified in their contract. Mr. Nuccio did not respond to questions about this seeming contradiction, nor did a representative from Fireman’s Fund Insurance.
Some may consider being removed from one’s wedding as synonymous with cancellation. “If insurance doesn’t help with that extreme of a circumstance, it’s hard to recommend,” Mr. Wolber said.
Travelers has similar language in its wedding-insurance contract, but Ed Charlebois, the vice president for specialty-lines product management, suggested that Travelers might interpret it differently.
He emphasized that each claim is unique, but he also said that “if you had your ceremony but were not able to have the reception where you planned to have it, that’s something I think that would be covered.”
Janet Ruiz, the media relations manager for Fireman’s Fund, said: “We take customer satisfaction seriously at Fireman’s Fund. We are reaching out to Mr. and Mrs. Wolber to resolve any questions they may have regarding their wedding insurance.”
So, is wedding insurance just one more thing that can go wrong with a wedding?
Jolene Rae Harrington, an editor of “Here Comes the Guide,” a bridal resource, remains cautiously in favor of coverage.
“The bigger your budget, the more sense it makes to get insurance,” she said. “We always suggest you review all fine print on the wedding contracts, and make sure you do the same with your insurance.”

Home insurance rates increased for Ohioans in 2013

Ohioans paid more to insure their homes last year, according to figures recently released from the state's Department of Insurance.
Homeowners' rates climbed by an average of 7.4 percent last year, while the biggest auto insurers raised rates by 2.6 percent.
The numbers were based on rates charged by the top 10 insurance groups that represent about 70 percent of Ohio's market.
The Columbus Dispatch reports (http://bit.ly/1jxVAxm) that five of the 10 ordered double-digit increases in homeowners' rates last year, led by Columbus-based Grange's rate increase of 14.2 percent.
In the past six years, the largest insurers have boosted rates by at least 6.5 percent a year.
The state's insurance department attributed the changes in homeowners' rates to weather-related claims, and building and material costs.
"Certainly, the industry didn't anticipate or expect (the weather) to be as severe as it has been," said Charlie Edington, Grange's national product leader.
Edington told the newspaper that many of the company's policyholders have addressed increases to homeowners' rates by picking higher deductibles and making other changes that would require them to pay more of the cost of a damaged roof.
Changes in auto insurance rates were also associated with weather-related claims, in addition to medical costs, repair expenses and the number of cars on Ohio roads.
The state said Ohioans still pay among the lowest insurance rates in the nation, despite the bump in rates.
The most recent figures from 2011 compiled by the National Association of Insurance Commissioners show Ohio's average homeowners' premium was $652, compared to the national average of $968. Drivers on average paid $620, compared to $797 nationally.
The state's insurance director said Ohio's market gives consumers choice and competitive rates.
"With nearly 700 companies selling auto and homeowners' policies in Ohio, rates remain well below the national average, saving consumers more of their hard-earned dollars," said Lt. Gov. Mary Taylor, who heads the state's insurance department.

Information from: The Columbus Dispatch, http://www.dispatch.com

Read more here: http://www.sacbee.com/2014/07/13/6552996/home-insurance-rates-increased.html#storylink=cpy

Do you need flood insurance?

Many Americans don't need to wonder if they need flood insurance — it's required as a condition of their home loan. But unlike car insurance, flood insurance isn't required simply because you own property. In these cases, flood insurance raises the same question as other insurance policies do: When does the premium outweigh the actual risk? Even a $650 annual premium, the amount the National Flood Insurance Program (NFIP) cites as average, seems like a lot if you never use the coverage.
Flood damage isn't covered under most homeowners' policies, and some can responsibly do without benefits. Here's what to do if you choose that route—and how to save if you want protection after all.
Can you do without it?
If flood insurance isn't required as a condition of your mortgage, you're not obligated to carry it. However, even a minimal amount of flooding can have disastrous financial consequences. According to the NFIP, one foot of water could cause $27,150 of damage to a 1,000-square-foot home, and the average claim is more than $38,000. You can use the program's tool to generate a personalized estimate. Moderate-to-low-risk areas still receive one-third of federal disaster assistance for floods.
That said, if you live in a low-risk zone, you might want to weigh the cost of coverage against the likelihood of having to file a claim. If your area has never sustained serious damage, and you're thinking of dropping your plan (or not getting one in the first place), you should still set aside money for repairs.
Consider having the amount you'd pay in premiums automatically deposited each month into a high-yield checking or money market account. This will get you better returns than simply saving your cash and with little risk. Some states, such as South Carolina, also allow customers to place their emergency funds in Catastrophe Savings Accounts that are exempt from state income tax. Federal taxes still apply, and disbursements would be taxed as normal if withdrawn for purposes other than flood repairs.
Unless you're certain you could financially weather a major flood, do not take the decision about coverage lightly. Get estimates for potential damage and consult with a financial planner or representative from your bank to see if the costs are feasible.
Where to buy it
If you've decided the risk is too great and you'd like to purchase flood insurance, you have several alternatives. National or state-run programs, such as the NFIP, are the best bet for many homeowners. (A list of communities participating in the NFIP is available here.) If none are available in your area, however, some private insurers do offer flood insurance. In fact, their premiums may undercut the NFIP's, so it's smart to gather quotes before committing to a policy.
How to save
Once you've decided on a flood insurance carrier, there are ways to shave a bit off your premium. Some home improvements, such as raising the elevation of your house or installing flood vents, can lower your risk of flooding and also lower your monthly insurance payment. If you go this route, make sure the costs don't eat into whatever you've set aside to meet your deductible. You can also choose to have a higher deductible or less coverage. Agreeing to pay more in the event of a claim will help you manage your premiums—just be sure you can afford to come through with the cash if needed.
The bottom line
Of course, no matter how well you plan for a flood, the costs may be more than you anticipate. If you aren't already on solid financial footing, with some money set aside for emergencies, it may be better to get covered. Flood policies in moderate-to-low-risk areas could cost less than your monthly cell phone bill, and could save you a bundle if your home sustains damage.
Alice Holbrook writes about investing and insurance for NerdWallet, a website that helps consumers make smarter financial decisions.

Saturday, July 12, 2014

The Register’s Editorial: Study shows that health insurance saves lives



A death certificate might cite an accident or heart disease as the cause of someone’s death. You won’t see one that attributes a death to a “lack of health insurance.” Yet thousands of Americans die each year due to serious illnesses that could have been treated effectively if detected earlier.
Not having health insurance kills people. What saves lives? Getting them insured, according to a recent study in the medical journal, Annals of Internal Medicine.
Former Massachusetts Gov. Mitt Romney should be feeling good about the findings. He instituted statewide health insurance reform in 2006 that expanded coverage to thousands of residents. Researchers found this expansion reduced mortality by 2.9 percent. For every 830 adults who gained insurance, one death was prevented in his home state.
Counties with the lowest household income and highest proportion of uninsured residents experienced the greatest reductions in mortality. When researchers focused specifically on deaths caused by cancer, infections and heart disease — where medical intervention can have a significant impact — mortality was reduced nearly 5 percent.
This isn’t just good news for Romney and Massachusetts. It’s good news for the entire nation, because even though Republicans, including Romney, don’t like to acknowledge it, the state’s plan served as a model for the Affordable Care Act that President Obama signed into law a few years later. The goal of both plans was to expand government-provided and private health insurance to cover more people. It stands to reason that evaluating what has happened in Massachusetts so far might offer insight into what the rest of the country can expect going forward.
The bottom line: Access to health care saves lives.
Of course that is hardly groundbreaking news to an insulin-dependent diabetic, someone who recovered from a stroke or someone being treated for heart disease. Anyone who has watched a suicidal loved one improve after receiving adequate mental health treatment knows good care can mean the difference between life and death. Studies have shown expanding Medicaid to pregnant women decades ago reduced infant mortality rates.
When an American with health insurance experiences chest pain or finds a suspicious mole, he goes to the doctor. An uninsured American may focus only on the huge medical bill that will be generated. He may not go to the doctor. Living in a country with some of the best physicians, drugs and treatments in the world doesn’t matter to someone who can’t access it. Health insurance makes the medical system accessible by making care affordable for average people.
Americans should remember that when politicians talk about repealing Obamacare. They should remember it when governors refuse to expand Medicaid to cover more residents. Neither Romneycare or Obamacare is perfect. But both have helped people obtain health insurance, which opens the door to lifesaving medical care.
POLITICS CAN HARM THE nation’s POOR
LOW-INCOME PEOPLE. The goal of the Affordable Care Act was to provide health insurance to millions of Americans. One way it accomplishes this is by expanding government-funded Medicaid to cover more low-income people. Yet a majority of Republican governors and conservative state legislatures refuse to participate. These elected officials are not only leaving billions of federal dollars on the table, they’re sacrificing the lives of their constituents, according to Harvard University researchers.
MEDICAID EXPANSION. In a January study published in the journal Health Affairs, researchers assessed the effect on low-income people living in states failing to expand Medicaid. They will “forego gains in access to care, financial well-being, physical and mental health and longevity,” according to the report.
LACK OF ACCESS: Americans who would have had access to health services, including mammograms, depression screening and insulin, will not have it, researchers wrote. And perhaps the most troubling observation: “We estimate the number of deaths attributable to the lack of Medicaid expansion in opt-out states at between 7,115 and 17,104.”

Supplemental healthcare policies may relieve some worries

Nicholas Lazzarini has a pretty good health insurance policy. But as a self-employed dancer, he says he worries about becoming sick or injured and incurring extra costs. "Unless you're on a TV show, you don't have coverage," says the 29-year-old from Van Nuys.
For extra protection against unforeseen medical costs, Lazzarini decided to buy two additional policies to supplement his health insurance plan. He bought a critical illness plan, which will pay a lump sum if he becomes sick with a serious ailment like cancer or a severe burn, and an accident plan that will put cash in his pocket should he injure himself.
"If I'm working at a dance studio where I have to cover myself, it's smart to have that extra protection in case I can't work," he says.
When it comes to buying supplement policies for accidents and critical illnesses, experts urge consumers to shop around, make sure they're getting only what they need and know how the policy works. Every insurance plan is different.
By far, the largest and best-known seller of this kind of insurance is AFLAC — thanks to its huge marketing campaign fronted by a talking duck.
These supplemental policies are among a growing menu of voluntary benefits offered by employers and insurers to help consumers pay their bills in case of a catastrophic medical event. And they can be used to offset the cost of out-of-pocket medical expenses.
Unlike health insurance that pays medical bills, supplemental policies may be used for a variety of expenses such as baby-sitting, car payments, mortgages and transportation.
Critical illness plans offer a set cash benefit that is triggered by a diagnosis such as cancer or heart attack. The cost of an average individual plan is about $25 per month and cash benefits commonly range from $5,000 to $50,000.
If you have a heart attack, for example, you might receive a lump-sum payment of $20,000.
A mid-range accident plan costs $21 per month for an average individual. Policyholders could receive $350 for each day of hospitalization and $150 for an ambulance ride required by an accident. The loss of fingers could yield a lump-sum payout of $5,000.
Many accident plans also have a life insurance benefit: If a policyholder dies because of an accident, a payout of, say, $50,000 may be made to his or her family.
Sales are on the rise. "Accident and critical illness are two areas of growth," says Anita Potter, research director with LIMRA, an insurance and financial services research organization. Her firm estimated that sales of critical illness plans jumped 28% and accident plans rose 14% in 2013 over the year before.
The increased popularity of supplemental benefits is partly the result of employers and insurers cutting back on benefits to keep costs low, experts say, while medical costs are going up.
"People get worried about the high deductibles and look to supplement their health insurance policies with accident and critical illness plans," says Carrie McLean at eHealth.com, an online health insurance exchange.
At the same time that medical costs are rising, Americans seem less able to shoulder the burden. A recent report by AFLAC found that nearly 50% of workers surveyed said they could afford less than $1,000 if faced with an unexpected serious illness or accident.
Supplemental insurance products enable employers to offer people additional financial protection without much additional cost, says Michael Thompson, principal with PricewaterhouseCoopers' Health and Welfare Practice.
"Employers are interested in offering a suite of options to employees to embellish their benefit programs without adding significant cost to the company," he says.
Experts say these policies can be useful but aren't for everyone, and offer a few suggestions before buying these policies.
•Know what you're buying … and what you're not. Critical illness, cancer-specific, accident and hospitalization policies, which provide cash payouts if you're hospitalized, are not comprehensive health insurance. "They are intended to supplement, not take the place of major medical insurance," says Matthew Owenby, a vice president with AFLAC.
The cash payouts can be used to cover the cost of health plan co-payments and deductibles. Typically, though, they are used to cover daily living expenses, such as gas or groceries, mortgage or car payments. If you're hospitalized a distance from your home, the money can be used for child care or a daily fund for family lodging.
"It gives you an extra layer of coverage to help recover from the financial pressure of cancer or an accident," Owenby says. Finally, he adds, look into how quickly the insurer pays claims and how easy or difficult it is to collect.
•Consider alternatives. "If your health insurance plan is eligible for use with a health savings account, that's a great way to set aside money tax-free to use toward your deductible or other medical expenses," McLean says. For some people, it may make more sense to fund an HSA than buy an additional insurance policy.
However, HSA money can only be used for qualifying medical expenses. "If you receive a payout from one of these [supplemental] plans, you can use the money for whatever you need. That could mean paying off your deductible, but it could also mean paying other household and family expenses while you're in the hospital or unable to work," McLean says.
•Shop smart. Experts say to pay close attention to plan details before you buy.
For example, dollar-limit payouts vary from one plan to the next. "I wouldn't go under $750,000," McLean says. Any major illness or injury requiring hospitalization can easily lead to hundreds of thousands of dollars in expenses, she says.
Also, check the list of illnesses covered by critical illness policies. If you're at high risk for Parkinson's disease, for example, make sure that your policy covers it.
Lazzarini, the professional dancer, says injuries are a reality in his work, so he'd rather be safe than sorry.
The extra coverage provided by his accident and critical illness policies give him peace of mind, he says. "For me, insurance is a precautionary thing."
healthcare@latimes.com
Zamosky is the author of the book, "Healthcare, Insurance, and You: The Savvy Consumer's Guide."

Business Health Insurance Expert Frank Saltzburg Exposes Secrets of Obtaining Best Health Coverage at Most Affordable Price

are creating struggles for millions of business owners, families, and individuals today. Within many companies, from small to large, the cost of supplying employees health insurance coverage has become so expensive between 80% - 90% of businesses are expected to eliminate their group health plans over the next eight years.
Business owners always ask Frank Saltzburg, an expert in group health insurance, "How can I lower my health insurance costs yet still help my employees obtain first-rate health coverage?"
"There are several strategies that will allow millions of business owners and families to acquire excellent, affordable health coverage. Unfortunately, unless the business owner does their homework with a state-licensed insurance professional holding a Certified Health Care Reform Specialist designation, they will be unaware of these simple solutions for their businesses and families," said Saltzburg, a partner with Healthcare Solutions Team, LLC (www.ushcre.com) which helps businesses lower their health care premiums and provide the most comprehensive health plans.
He offers four secrets of obtaining the best affordable health coverage:
  1. Always use a professional, state-licensed broker or agent who is certified as a health care reform specialist. They are trained and educated to be aware of the best plans in the ever-changing current market, both in the private and public exchanges. It does not cost you any more to use a broker as major medical rates are already approved by your State Insurance Commissioner.
  2. Don't use a public online quote engine as your final answer. It is only a starting point and is susceptible to data breaches leading to identity theft.
  3. Be aware of "public exchange" call center navigators who do not hold a state-issued health insurance license.
  4. Utilize the "bundle" concept to give you better coverage at a more affordable price with less out-of-pocket financial exposure.
"To further add to the confusion and frustration for businesses and families looking for affordable health care, there has been a new influx of online insurance quote engines through the public insurance exchanges. The problem here is these public exchange quote engines will list  'bargain health plans' that typically have the smallest network of doctors and hospitals. Many people are shocked to learn their plan's network is limited to one county within their state and their doctors are not part of these networks. A recent Associated Press survey found that most cancer hospitals do not accept Obamacare," he stated.
Introducing Term 25 for the
"One other major challenge to getting the best medical insurance coverage is the increase in 'public exchange call center navigators' that, in most cases, are not state-licensed to represent Major Medical coverage. In addition, the majority of these call center exchange navigators are not even government-certified as health care reform specialists in the Affordable Care Act," Saltzburg said.
One big, ongoing concern is the average deductible today is estimated at $5,000. "However, what everyone should really be looking at is the out-of-pocket maximum per calendar year. This is the true financial exposure we all experience," Saltzburg indicated.
"We design our plans strategically so that the deductible and the maximum out-of-pocket exposure are no longer a major issue. According to industry analysts, about 80% of hospitalizations occur due to accidents. Up to 18% of hospitalizations happen due to critical illnesses such as heart attacks, cancer, stroke, kidney failure, severe burns, loss of limbs, blindness, deafness, and coma," he stated.
"We 'bundle' our plans to include accidental coverage to pay up to the deductible amount and cover out-of-pocket expenses. Plus, we offer critical illness coverage to also offset the deductible and any out-of-pocket expenses. The critical illness coverage offers the ability to have a lump sum payout allowing the insured to have an extra $5,000 - $200,000 of living expense money. While people are recuperating from their critical illness, they won't worry about paying daily living bills. Bundling allows the insured to have a more comprehensive plan with true peace of mind," he said.
About Frank Saltzburg
With more than 20 years of health benefits, health care reform, and financial services experience, Frank helps clients obtain the health care coverage that best solves their needs. His expertise includes designing affordable health care plans for business owners, families, and individuals. He is a partner with Healthcare Solutions Team, LLC and is licensed in Arizona, Florida, Pennsylvania, Oregon, Washington, Georgia, Texas, California, Alabama and Nevada. He is also a Certified Health Care Reform Specialist (CHCRS) and speaker on the current Health Care Reform Act as it relates to businesses, families and individuals.
For information, go tohttp://www.ushcre.com.

Find The Best Homeowners' Insurance

How well does your homeowners' insurance really protect you? You’d think most people would know the answer, but a recent national survey found that more than 60% of respondents were either not familiar or only somewhat familiar with the details of their insurance policies. Almost 40% weren’t fully confident that their coverage was adequate and appropriate for their needs. That’s a lot of ignorance – and anxiety – about what, for most people, is their largest asset.

“Many people buy homeowners' insurance because they’re required to by the bank when they get a mortgage,” explains Steven Spiro, a principal with The Excelsior Group, an insurance agency in Valley Stream, N.Y. “They just follow orders and do what the bank tells them to.” Then they tend to forget about it – until they file a claim and discover that something they thought would be covered is, in fact, not.

Here’s a quick way to test your knowledge of common holes in your homeowners' coverage:

The bank didn’t tell me I had to have flood insurance, so I don’t need it. Right? Wrong. As thousands of people discovered in the wake of Hurricane Sandy, Tropical Storm Irene or even a particularly torrential downpour targeting their area, flooding can happen anytime and anywhere. “Ninety percent of all natural disasters have some form of flooding,” says Jeanne Salvatore, spokesperson for the Insurance Information Institute (III), an industry-supported nonprofit organization. Yet only 13% of Americans surveyed by the III had flood protection. Even if you do not live in a high-risk area, according to the III, more than 20% of all flood-insurance claims are filed in low-to-moderate flood-risk areas. “Flood insurance is the one coverage everyone should have,” stipulates Salvatore.

Standard homeowners' and renters' insurance policies do not cover damage from flooding, which, for insurance purposes, is strictly defined as the rising and overflowing of a body of water onto normally dry land. However, flood coverage is available as a separate policy from the National Flood Insurance Program (www.floodsmart.gov). Note that there is a 30-day waiting period before the coverage takes effect, so don’t wait for an ominous weather forecast to buy protection.

If the storm sewer backs up into my basement, am I covered? You may think that water overflowing from your toilet, sink or shower drains is a flood – after all, it looks like a flood – and that flood insurance would cover it. It won't. Neither, in most cases, will your regular home insurance, although more than two-thirds of people surveyed by the III believe that damage from a sewer backup/sump pump failure is covered by their homeowners' policy. You may want to request – and pay extra for – this additional protection (called an endorsement). Otherwise the cost of the repairs will come from your own pocket.

If new building codes require upgrading undamaged parts of my house, will my insurance cover the costs? Although nearly two-thirds of Americans surveyed by MetLife said “yes,” the answer is “no.” In most cases, policies don’t pay for upgrades in undamaged parts of homes, even when those improvements are mandated by stricter building codes. However, most insurance companies offer additional “ordinance or law” coverage – for an additional price.

If my home is destroyed in a fire, will my policy cover the cost of rebuilding? Maybe – although probably not the full cost, much to the surprise of nearly three-quarters of MetLife’s survey respondents. Nearly all insurance companies cap how much they will pay if you have a total loss, unless you buy optional coverage. And because depreciation is taken into account when calculating the value of personal possessions, homeowners could find that their insurance check is far smaller than they’d like. Furthermore, most policies subject property losses to a deductible as well.

On a positive note: Many homeowners' policies cover “additional living expenses,” or “loss of use” costs, when you can’t inhabit your home due to a disaster covered by insurance. If ALE coverage is included in your policy, then your insurer will pay for the “actual, reasonable and necessary increase” in your living expenses while your home is being repaired or rebuilt.

Another bit – or “byte” – of good news: Most policies cover the cost of replacing electronically downloaded and stored data and entertainment, such as music and ring tones, which could be expensive to replace without easy access to free re-downloads. At least, you can listen to music to cheer you up.

Are there any other areas in which my homeowners' coverage might come up short? “The single thing that jumps off the page is additional liability protection,” says Spiro. For that reason, he suggests purchasing an umbrella policy, which, as the name suggests, extends further protection from lawsuits resulting from an injury in your home or on your property (that includes your vacation home, car and boat). “It’s cheap enough that it shouldn’t be ignored,” he notes, pointing out that an additional $1 million of coverage costs between $150 and $200 per year, whereas “if someone sues you and you lose, you have to empty your bank account to pay the damage.” 

If I’m not happy with my existing coverage, can I buy added protection? Usually, yes. Most insurance companies offer “buy-back” endorsements, which let you pay more money for specific coverage.

How often do I need to update my policy? At the very least, you should re-examine your homeowners' policy every year, urge both Spiro and Salvatore. Any structural change to your home – installing new windows, adding a bathroom, fixing up the basement – should trigger a call to your insurance agent. Ditto for any major life changes that increase the number of possessions in the house, such as getting married or having an elderly parent move in. Even buying new furniture or re-carpeting is worth mentioning when you renew your policy. If it’s valuable to you, it’s worth protecting.

The Bottom Line

To prevent unpleasant surprises when you are least prepared for them, carefully read through your policy at least once a year. If you need additional coverage, call your insurance representative to inquire about buy-back protection. Since some types of coverage, such as flood insurance, require a waiting period to take effect, don’t dawdle about beefing up your policy.

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Justin Ross Harris Told Family How to Collect Life Insurance, Say Search Warrants

Hot Car Toddler Death: Justin Ross Harris Had Life Insurance Policies on SonJustin Ross Harris
Cobb County Sheriff's Depart/AP
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Justin Ross Harris sat in jail, accused of killing his 22-month-old son Cooper by leaving him in a hot car. But, according to search warrants, he was concerned about collecting $27,000 in life insurance on the boy.

"Through the investigation, Harris has made comments to family members regarding a life insurance policy that he has on Cooper and what they need to do in order to file for it," says a June 24 search warrant obtained by PEOPLE.

During Thursday's court hearing, Cobb County Detective Phil Stoddard testified that the Harris family had two life insurance policies for their son – one for $25,000 and another for $2,000. The toddler's funeral was sponsored through a grant from Home Depot, where Harris worked.

Harris told detectives that he had about $4,000 in credit card debt, as well as outstanding student loans and car loans on two vehicles.

There have been at least 16 search warrants issued in the case. In warrants for the family's phones, iPad and computers, investigators are focusing on the family's finances and debt, as well as life insurance policies. In one warrant for the family computer, investigators are searching for "emails regarding child, wife and family issues, photos/videos of the child to show development, information about car seat searches, and searches regarding car deaths." Police are investigating whether there were marital problems between Harris and his wife, Leanna. They allege that Harris sent explicit texts to six recipients – including a teenage girl – on the day his son died.

Detectives are also searching Cooper's medical records to find out about any pre-existing medical conditions, as well as details of his growth and development.

In the search warrants, police say that both Ross and Leanna Harris claimed that their biggest fear was leaving Cooper in a hot car. "According to Harris," says one of the warrants, "he recently viewed a television show concerning child deaths in cars. During the interview with Leanna, she also made a similar statement that this was her worst fear."

"Investigators questioned her further about this," says the search warrant. "Leanna stated specifically that her fear was that her child would be left in a hot vehicle, not the fear of losing a child."

Justin Ross Harris is being held without bond on charges of murder and child cruelty. He has pleaded not guilty, and his attorney, Maddox Kilgore, has called the death a "tragic accident." Leanna Harris has not been charged.

Driving a new car? Ask for a break on your car insurance

Getting a discount on your auto insurance for insuring more than one car or being a safe driver is pretty common.
But some insurers are starting to add some new discounts that could mean a big savings on rates, according to a report from Bankrate.com.
Among them are discounts for daytime running lamps that have become standard equipment on many new cars, for driving a car that is less than three years old or for belonging to certain groups, like a professional society or a college alumni group.
But don't wait on your insurer to figure out whether you're entitled to a break on your car insurance bill because you don't drive much or your car has an anti-theft system. Bankrate says consumers will need to ask their insurer about whether these discounts are available to them.

The Right Way To Subsidize Health Insurance

Although most of us think our health care system is predominantly a private system, government is heavily involved. Close to one in every two health care dollars is spent by government. And even spending that counts as private is heavily subsidized.
My back-of-the-envelope estimate puts federal subsidies for private health insurance at roughly $4,000 a year for every household in America, on the average.
Having the federal government subsidize private insurance is not a bad thing. If government is going to be involved, private insurance is almost always better than public insurance. The trouble is: the way we subsidize insurance is wasteful, inefficient and harmful to the economy as a whole.
Take the insurance you get at work. Employers are able to do something that you and I can’t do on our own. They can pay insurance premiums with pre-tax dollars. When we buy our own insurance, we have to pay federal income taxes, state and local income taxes, and payroll (FICA) on the wages we earn and then buy the insurance with what’s left over.  If our employer pays premiums instead of paying us taxable wages, all those taxes are avoided.
Here’s the problem: the way in which we get this subsidy encourages all of us to over-insure, obtaining wasteful coverage that we would have avoided if we were spending our own, unsubsidized dollars.
Consider an employee getting $20,000 of family coverage from an employer. Since the benefit is tax free, if this employee is in the 30% tax bracket (payroll and income tax combined) the tax subsidy is $6,000. That is, had the $20,000 been paid as wages, government at all levels would have taken $6,000. But since the money was spent on health insurance instead, government took nothing.
healthcare tax credit
To get the entire subsidy, the employer must spend $20,000, however. Suppose the employee and the employer chose a more economical plan, costing, say, $15,000. They would save $5,000 that would then be available to pay additional wages. But since the tax bite will be $1,500, take home pay will rise by only $3,500.
So here is the bottom line: under the current system we can always lower our taxes by buying more health insurance. If we buy less health insurance, our taxes go up. Further, for someone in the 30% tax bracket, the incentive is to buy insurance until it’s worth only 70 cents on the dollar. For someone in the 50% bracket (which is where most of the decision makers are) the incentive is to buy insurance until its worth only 50 cents on the dollar.
No wonder health insurance is so wasteful.
How could things be different?  Suppose we let people at work have the tax subsidy in a different way. They can have a dollar-for-dollar subsidy for the first $6,000 of insurance, but all remaining insurance must be purchased with after-tax dollars.  Under this approach, employers and employees can have the same tax relief they had before without having to buy expensive health insurance. When the last $14,000 of insurance is completely unsubsidized (all paid with after-tax dollars) the alternative is more take home pay. Any newly discovered efficiencies or economies or even a less generous package of benefits can be turned into more income for the employee without any adverse tax consequences. With this new and better way to subsidize health insurance, people at work can get 100% of the benefit of eliminating waste and eliminating insurance benefits that have marginal value.
When Mark Pauly and I described this approach in Health Affairs  almost 20 years ago we called the subsidy a “fixed dollar tax credit.” And ironically, the Obama administration used this idea in developing the second major way the government subsidizes private insurance: through the ObamaCare exchanges.
In the health insurance exchange, the subsidy available to an individual is determined by his income and the premium for the second cheapest silver plan. The individual is free to choose any plan. But the tax credit remains fixed, regardless of the choice.
So far so good. But then Obamacare takes this very good idea and couples it with a slew of bad provisions that discourage employers from hiring and workers from working. As I wrote previously:
ObamaCare … imposes a health minimum wage (in addition to the money minimum wage) that can reach almost $6.00 an hour for family coverage. It encourages companies to stay small, because below 50 employees, the employer mandate doesn’t apply. It encourages employers to reduce the amount of hours employees can work because below 30 hours a week, the employer mandate doesn’t apply.
But even more insidious than all that is the fact that the ObamaCare subsides are phased out very quickly as income rises. When you earn an extra dollar, you not only pay income and payroll taxes on that dollar, your take home pay also goes down because the health insurance subsidy you get goes down. Economists call this extra loss of take-home pay for each dollar earned an implicit marginal tax rate. (The explicit rates are the income and payroll tax rates.)

HPlus Magazine
Under ObamaCare, the effect is quite large. According to University of Chicago economist Casey Mulligan, ObamaCare imposes the third largest increase in marginal tax rates in the past 70 years. As Harvard economics professor Greg Mankiw explains, that implies a long term loss to the economy on the order of 5% of GDP .
The indirect cost to the economy equals more than $8,000 per household per year!
How could ObamaCare subsidies be changed to avoid this heavy burden on the economy as a whole? By giving everyone the same tax credit regardless of their income and getting rid of the employer mandate at the same time. That would eliminate all of the anti-work incentives in Obamacare, while retaining the fixed dollar credit with its very good incentive effects.
I would set the credit at $2,500 for an individual and $8,000 for a family of four – the Congressional Budget Office estimate of the cost of enrolling people in Medicaid. I would then give everyone the opportunity to use their credit to buy into Medicaid (and give everyone in Medicaid the opportunity to get out).
Let’s recap. By replacing the current subsidies with a simple, fixed dollar subsidy universally available to everyone one we would (1) eliminate all the perverse incentive to over-insure, (2) eliminate all of the perverse incentives not to hire and not to work, and (3) come about as close to universal coverage as we are ever going to get.
John C. Goodman