Federal Legislation to Repeal Windfall Elimination Provision (WEP) Introduced

Federal Legislation to Repeal Windfall Elimination Provision (WEP) Introduced

Equal Treatments of Public Servants Act was introduced by Kevin Brady, representative of Texas and Richard Neal , representative of Massachussets last week.  If passes, this bill would help in abolishing the Social Secutiry Windfall Elimination Provision(WEP). This shall be then replaced by a fairer formula which will help those who have had a negative impact by the WEP.

Already, members of Texas Retired Teachers Associatiaon(TRTA) has been advocating for the abolishment of WEP by the Congress.

The abolishing of WEP will result in                     

• ·         Public servants shall be considered like rest of American workers.
• ·         Public servants are guaranteed to receive benefits that had been earned by them whilethe Social Security was paid by them.
• ·         WEp will be reduced  by one third for currently retired personnel and upto to half for future retirees.
• ·         This will not have any impact on Social Security trust fund.

This site was last updated on 20th November 2014.

To know more visit http://www.rseala.org/category/latest-news/

An Application(App) for creating Home Inventory

An App for creating Home Inventory

Your home and  its contents are truly valuable. Their value should never be underestimated. By taking a walk around your house will make you realize the plight you will be in if you are stripped of these belongings. Unfortunately, if such a thing happens, then the cost to replace is going to be large. Also trying to memorize everything content in the house hold is also going to be difficult.

When a catastrophe such as a fire,storm or burglary occurs, then we realize the necessity of an inventory list which in turn shall help us in accounting for all the lost and damaged property.This will also prove to be helpful to your homeowners insurance claims purpose.

While making claim for property loss or damage, the more the evidence and information you provide, the faster and easier your claims shall be processed.

Home Inventory List  Creation – Tips

1.       Putting  a system in place – Even though you may feel the task is a daunting one initially, dividing the rooms and the content in each shall make your job easier

2.       Be specific-For each item, include corresponding description. For eg, the make & model of your music system or the quantity of books shall definitely make a difference.

3.       Costly items to be recorded – Items lbelonging  to  jewellery, artwork or technology, should be recorded in the inventory list and within your insurance coverage. Do not fail to take help of local agents to know more about individual homeowners  policy covers.

4.       Save Receipts- Keeping  your receipts helps in identifying the date of purchase and cost of items thus making the process easier for yourself and your insurance company.

5.       Photographs- A picture of your room with important items can be used as a vital evidence. The same purpose is served by taking a video of the room too.

6.       Backup List – Be ready with a backup in the eventa of a misplaced or missing inventory. An extra copy of this can be saved in a deposit box or in friend/relatiave’s  house.

7.       Update the list – Always update the list when you ar purchasing a new item or removing and old one.

Health Insurance Costs for State workers lowered-Louisiana

Health Insurance Costs for State workers lowered-Louisiana

Governor Bobby Jindal administration has said that it will try ways to reduce the impact of newly added changes for the state worker health insurance program. This decision comes after lawmakers and retirees have put great deal of pressure on the administration

Out-of-pocket costs and deductibles for employees have been reduced by 10% whereas the increase of the same planned for the retired people from  March 1 have been stopped. The trade-off premiums are set to rise by 11% for both the retirees and employed by July1.

Retirees and employees have unanimously said that they prefer a hike in premium to massive increase in their our-of-pocket costs.

To know more about this piece of news visit http://www.insurancejournal.com/news/southcentral/2014/11/09/346332.htm  which has been last modified on Nov 9^th 2014

Olympic Insurance-The Motorcycle Insurance Specialist

Many people did not realise the importance of bike insurance until recently. The challenge here is to find the right company that understands your need in all circumstances. That is where we come in. We have hands on experience in this field. Besides that we are proud members of the prestigious Independent Insurance Agents & Brokers of America and Louisiana. We would be happy to offer you guidance regarding far-reaching coverage and specialised claims.

So start with a motorcycle insurance quote and get the motorcycle insurance you desire.

https://www.olympicinsurance.us/motorcycle_insurance

"I've got a deal for you" Insurance Trap

This is something we come across very often in our life be it for furniture or buying insurance. The fact is that 'you get what you pay for'. Initially going for cheap things later on turns out to be expensive. (Ref Insurance Journal) Read more..

Huge Loss From Deadly Tornadoes

Insurance companies were the worst hit due to the series of tornadoes which caused loss to human life and property. Allstate incurred a loss of $2 billion while Travlers lost $1 billion due to the heavy storms. As a result of this, property insurance rates have been rising steadily for the first time in years, as losses soaked up excess capacity. (Ref: Insurance Journal) Read more

City Council of Denham Springs approves flood regulations

The Federal Emergency Management Agency had given the city a deadline of April 3 to make the changes or lose the right for city residents to purchase federal flood insurance.The City Council approved changes to its flood ordinances Monday night. Changes to the regulations require all construction or substantial improvements within the city to be built with materials resistant to flood damage.

(Ref: theadvocate.com) click to read more..

Dozens Charged in Massive Insurance Fraud Scheme in New York.

Federal and local authorities in New York unveiled charges today against 36 defendants — including 10 doctors and three attorneys — allegedly involved in a systematic scheme to defraud auto insurance companies of more than $275 million under New York’s no-fault insurance law.

According to the indictment, the scheme involved creating fraudulent medical clinics to defraud insurance companies under the state’s no-fault law. The charges include conspiracies to commit racketeering, healthcare fraud and money laundering dating back to around 2007.

The majority of defendants were arrested on Wednesday morning, according to news reports.

http://www.insurancejournal.com/news/east/2012/02/29/237602.htm 

(Insurance Journal News February 29, 2012)

LTCi sidelined?

When it comes to long term care insurance (LTCi), many insurance agents claims that getting their customers to purchase it is a difficult sale. Getting a life insurance is easy because it financially supports a family incase of a sudden premature death. In case of long term insurance its the longevity risk that matters. According to National Center for Health Statistics, the life expectancy of a new born American male today is 75, but it was 46 in 1900. With increase in life expectancy, long term insurance might have gained more importance. 

                                 A 2011 study sponsored by Genworth found that most adults believe that LTCi should be purchased between the ages of 45–64, yet 82% of this age group has not purchased a policy. The study also found that since the 2008 financial crisis, only 20% of adults have taken any action on their financial strategy. This means there is a large group of people who realise that they should take action, but need to learn about their options. People also have misunderstanding about Medicare’s coverage for long-term care. Agents should clearly explain to their clients about the benefits of LTCi like its received income tax free.

 (Ref: IA Magazine, Cover story Feb 2012 issue) (What’s Keeping LTCi from Achieving its Full Potential?)

The right choice!

Olympic Insurance Underwriters Inc., is an agency providing Homeowner's, Flood, Automotive, Watercraft, Motorcycle, Health, Life, Long Term Care, Travel, Personal and Commercial Insurances. You can put your trust in our personal and courteous staff to provide you with insurance solutions for all your personal and commercial needs...Protect your assets with the right insurance coverage

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