Insurance

Worst drivers in America by state

Jonathan Berr May 27th 2010 @ 12:00AM EST Filed Under: Insurance, Transportation, Insurance - Car Insurance

Whenever I ride in a taxi in New York City, I marvel at the intestinal fortitude of the drivers who navigate pedestrians, potholes and other drivers who seem to have learned how to drive via a video game. And, according to a recent survey of driver knowledge by GMAC Insurance, it turns out that the awe these drivers inspire is justified.

GMAC's sixth annual survey quizzed more than 5,200 licensed Americans from across the country on their driving knowledge and New York drivers fared the worst for the second year in a row, with an average score of 70 percent. That's more than six percentage points below the national average score of 76.2 percent. New Jersey residents shouldn't laugh too loudly at their neighbor's expense. Garden State drivers finished second to last. Kansas, on the other hand, proved to be the best place to drive with a score of 82.3 percent. Oregon, South Dakota, Minnesota, Iowa and Nebraska drivers were also among the best performers on the survey.

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MyMoney website: A one-stop bonanza of financial information

Lita Epstein May 21st 2010 @ 3:00PM EST Filed Under: Borrowing, Budgets, Credit, Insurance, Retire

One-stop site for government personal finance information

Ever wish you could find one place to go for basic financial information about anything? If that's your wish, you'll find all that you need at the government's newly launched MyMoney.gov website, which was developed with financial information from 12 Federal agencies, departments and bureaus that make up the Financial Literacy and Education Commission.

"As America recovers from the most severe financial crisis since the Great Depression, it's critical that we strengthen every aspect of our financial system," Treasury Deputy Secretary Neal Wolin said in a press release announcing the launch of the site. "Financial education and access is a priority for this Administration, and we're pleased to provide this critical resource to help Americans find free, reliable and unbiased information that can help inform their daily financial decisions and plan for the future."

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Coverage for autism crucial for families

Andy Miller May 19th 2010 @ 12:00PM EST Filed Under: Insurance, Health, Insurance - Health Insurance

Every weekday, Betsy Langston makes a 90-minute drive with her son to Myrtle Beach, S.C. Then, after about three hours there, she drives the same 90 minutes back home to Florence.

That's $20 a day in gas, not to mention the wear on her station wagon and herself. "It gets really tiring,'' Langston says. But the trip is well worth it, she adds. Pierce, 3, goes to a clinic in Myrtle Beach where he receives intensive therapy for his autism.

Pierce has made big strides for the past year through applied behavior analysis (ABA) treatment. "He went from having only two words to now having spontaneous phrases,'' Langston says. "When we go out to eat, we can ask him what he wants.''

His meltdowns have decreased in severity. Before ABA, she says, "I was a prisoner of the house. I would have to wait till my husband came home to go shopping.''

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How to determine if you're smartly insured

Jonathan Berr May 6th 2010 @ 1:30PM EST Filed Under: Insurance, Insurance - Car Insurance, Insurance - Life Insurance, Insurance - Home Insurance

When consumers buy insurance, they are guided by a "well, you never know philosophy." That, according to experts, is a huge mistake.

Saving money can be as easy as making a phone call. "The number one way people waste money is simply not asking for all the credits that they could," says Bill Wilson, associate vice president of education and research for the Independent Insurance Agents & Brokers of America.

For instance, most insurance companies offer discounts for customers who buy more than one type of coverage. There are also deals for good drivers and for teen drivers with good grades. People should periodically review their coverage to make sure they are getting the most value for their money. Here are a few of the most common mistakes.

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Has your driving routine changed because of a job loss? Notify your insurance agent immediately if you are putting less mileage on your car and your rates will be lowered. Also, watch deductibles, particularly if your vehicle is older, otherwise someone may pay as much to insure their vehicle as it is worth.

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Another long-term care insurance option for Boomers

Jennie L. Phipps May 5th 2010 @ 4:30PM EST Filed Under: Insurance, Health, Insurance - Health Insurance

My grandmother died at home in her own bed, surrounded by her 13 children and dozens of grandchildren. Her daughters and daughters-in-law cared for her the last six months when she was bedridden and in pain.

For today's aging Baby Boomers, however, that scenario is unlikely to be repeated because families are a fraction of the size they were two generations ago. As gerontologist and Boomer expert Ken Dychtwald says, "There's going to be a caregiving crunch because there's no family for Boomers to rely on. They'll have to turn to professional caregivers."

And that takes money. Big money.

Here are some details on the new federal long-term care program, Class Act. The Congressional Budget Office assumed a $123 average monthly premium - that's $1,476 per year with a $50 to $60 per day payout should you qualify by being unable to perform two of the six activities of daily living (eating, bathing, dressing, toileting, transferring and maintaining continence, or cognitive impairment).

In the world of long-term care, $50 to $60 per day is a pittance. Insurer Genworth annually surveys the cost of long-term care nationwide. Its latest survey, released last month, concludes that the median cost of nursing home care in a private room is $206 a day. Even at the lowest care level, the median cost of hiring a licensed homemaker is $18 per hour or $144 for an eight-hour shift.

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More consumers seeking insurance deals and data online

Lita Epstein May 4th 2010 @ 1:30PM EST Filed Under: Insurance, Insurance - Car Insurance, Insurance - Life Insurance, Insurance - Home Insurance, Insurance - Health Insurance

Consumers more often research an insurance company online and make a purchase at the website rather than make a call to talk with someone at the company.

Not surprising, since insurance salespeople have such a bad reputation for withholding full information or selling the product that will give them the best commission. And even if you feel more comfortable making your final purchase talking directly with a salesperson, you should do in-depth online research, including a full comparison of benefits, to form your final questions before purchase. Fortunately, there are more online resources to help you do so.

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Anthem Blue Cross withdraws 39% rate request, saving Californians

Lita Epstein Apr 30th 2010 @ 2:30PM EST Filed Under: Insurance, Health, Insurance - Health Insurance

With the threat of having to rebate customers if they make too much profit, Anthem Blue Cross withdrew its request for premium increases as high as 39%. That's great news for an estimated 800,000 Californians who buy individual health insurance policies from Anthem Blue Cross, a subsidiary of WellPoint.

The decision was not because Anthem cared about consumers. Instead, it was because under the new health care law, companies will have to rebate customers beginning in 2011 if they don't spend at least 80% of their premiums on health care. This new rule requires commercial insurers to maintain what's called an 80% "medical loss ratio." That loss is what is actually spent on medical care. The other 20% can be spent on salaries, overhead and profits.

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Most insurers to limit policy cancellations by May

Lita Epstein Apr 30th 2010 @ 11:00AM EST Filed Under: Insurance, Health, Insurance - Health Insurance

No more cancelling policies of cancer victims

We probably won't be seeing many more stories of people losing their health insurance when diagnosed with cancer or for any other reason except fraud. That practice will end by May for many insurers who practice it. The new health care law mandates that rescission (cancellation of an insurance policy after diagnosis of an illness) of insurance will only be allowed if a person commits fraud, and it officially takes effect September 23.

Now major health insurers are quickly picking up that tune and saying they will only drop or rescind coverage where a patient commits fraud or intentional misrepresentation. "As soon as the law was enacted, we began looking at all the provisions so we could implement reforms with the minimum amount of obstruction and offer greater peace of mind to the 200 million people we serve," Robert Zirkelbach, director of strategic communications for the American Health Insurance Plans (AHIP), told me by telephone interview. AHIP represents 1,300 members that provide health insurance coverage.

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Hole-in-one and other odd insurance policies

Aaron Crowe Apr 29th 2010 @ 5:30PM EST Filed Under: Extracurriculars, Insurance

As someone who doesn't golf much and has never hit a hole-in-one, no matter how good the odds, I don't expect I'll ever need hole-in-one insurance. But some people must, because there's a market for it, among other types of odd insurance.

Golfers traditionally buy a round of drinks at the golf course bar after hitting a hole-in-one, and some bars have a hole-in-one jar for golfers to make occasional donations to and cover any future holes-in-one they might sink.

TheNew York Times reports that at the Lake Merced Golf Club outside San Francisco, every member automatically pays a small amount of dues into a fund that covers about $250 worth of celebratory drinks. At the Kitsap Golf and Country Club in Bremerton, Wash., members pay $10 annually and then get a $100 pro shop credit and $100 food and beverage credit if they hit a hole-in-one.

The Reserve Club at Woodside Plantation in Aiken, S.C., allows golf club members to pay $10 to sign up for the "Hole-in-One Insurance program," and will cover the costs of buying drinks for whoever is at the bar. When the fund drops below $200, all program members are billed $5 to replenish it.

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