Take the mystery out of Medicare

A Medicare Advantage (MA) plan is a type of health plan offered by a private company that contracts with Medicare to provide you with all your Medicare Parts A and B benefits. MA plans include health maintenance organizations, preferred provider organizations, private fee-for-service plans, and Special Needs Plans. Advantages of MA plans Most MA plans have low monthly premiums. Some may not charge any monthly premium. Some plans may provide more benefits than are covered under Original Medicare. You generally can enroll regardless of your health history, unless you have End-Stage Renal Disease (kidney failure). Disadvantages of MA plans MA plans are annual contracts. Plans may decide not to negotiate or renew their contracts. Plans may change benefits, increase premiums and increase copayments at the start of each year. You may have higher annual out-of-pocket expenses than under Original Medicare with supplemental insurance coverage. Your current doctors or hospitals may not be network providers or may not agree to accept the plan's payment terms. In most cases, you cannot keep your stand-alone Medicare Part D plan and the Medicare Advantage plan. What are the differences between MA plans and Medigap plans? Medicare Advantage plans Medigap plans More out-of-pocket costs Fewer out-of-pocket costs Works only in your state, by region or county Works in any state Must use a provider network No provider network required unless you buy a Medigap Select plan Most plans cover Medicare Part D Medicare Part D not included Find more detailed information on the differences between these two plans in our "Comparing Medicare Supplement (Medigap) and Medicare Advantage plans" chart (PDF, 107KB). Things to consider before you buy a plan Ask your medical providers If they'll take the MA plan. Ask the plan if It requires a referral for you to see a specialist. If you live in another state part of the year, find out if the plan will still cover you. Many plans require you to use regular services within the service area (except for emergency care), which is usually the county in the state where you live. Find out if the plan includes: Monthly premiums Any copayments for various services Any out-of-pocket limits Costs to use non-network providers If you have Medicaid or receive long-term care, or live in a nursing home, Special Needs Plans may be available in your area. If you choose other types of MA plans, find out if: The plan's in-network providers you use are certified to accept Medicaid. In-network providers bill the plan correctly and/or refer to Medicaid providers as needed. The providers' office knows what Medicaid covers and what the plan covers. You'll have monthly premiums to pay. Medicaid will not cover MA plan premiums.

The Value of Life Insurance

Life insurance is about providing for the people you care about most. It pays them a sum of money you choose and may help protect them from the financial impact of your death. These funds can help your loved ones pay monthly living expenses, stay in their home and pay off debts, including final expenses. It can also help send a child to college one day, continue a family business or leave a legacy for your favorite charity. Life insurance may be right for you if… You want to provide for your loved ones Your family means the world to you and you want to help make sure they’re taken care of after you’re gone. You want your family to stay in their home You want to help ensure your mortgage is paid after you die so your family doesn’t have to leave the home they love. You want to make sure your kids go to college If something happens to you, you want to help your kids get a quality education…just the way you planned. You don’t want to leave your family in debt You know there may be bills to pay after you’re gone. And you don’t want your loved ones to have to pay your final expenses. We offer two basic types of life insurance Term Life Insurance Provides affordable coverage for a specific period of time. Payment amounts don't change for the guaranteed premium period. Typically, proceeds from a term life insurance policy may be used to cover needs like: Pay off the mortgage on your home Provide an emergency fund Help provide for a child's education fund Pay off personal debts Permanent Life Insurance Provides protection that lasts a lifetime or for the life of the policy. It may build cash value that can be used even when you are living. Typically, permanent insurance is used to cover long-term needs like: Pay for final expenses Provide an ongoing income for your family Supplement retirement income Fund an estate or business continuation plan

ChildStart

Every parent wants their children to have the very best start in life. When it comes to how to make that goal a reality, parents should consider the ChildStart plan, offered through Olympic Insurance Underwriters Inc. This program gives your child a head start on saving for their college education, the down payment of their first home, and even their retirement, all while giving them the protection of life insurance. The ChildStart plan is a way to help you set aside funds to protect your child's future while protecting their insurability, regardless of what happens later in life. The ChildStart life insurance policy provides insurance coverage for your child, coupled with a cash value savings component, which is certainly a smart start. It can be tough to save money for your child's future; SmartStart aims to make that a little bit easier. ChildStart goes beyond education expenses: in addition to using funds to help pay for the cost of college, available cash value can be used at any point in your child's life. If they want to use funds for a down payment on a home, they can do so! When it's time for them to retire, if the policy is still in force, they can even create a retirement income stream from their ChildStart policy. By setting aside a small amount of money every month or quarter starting when your child is young, you can help them set aside cash for future needs while providing valuable insurance coverage. A portion of your premium payment goes to pay the cost of life insurance coverage. The balance becomes part of the policy's cash value, which accumulates and grows tax-free.

Boat Insurance

Most companies provide limited coverage for property damage for small boats such as canoes and small sail boats or small power boats with less than 25 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home's insured value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included–but it can be added as an endorsement to a homeowners policy. Check with your insurance representative to find out if your boat is covered and what the limits are.

Larger and faster boats such as yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.

For physical loss or damage, coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment as part of either an actual cash value policy or on an agreed amount value basis. These policies also provide broader liability protection than a homeowners policy. But there are distinct differences between the two types of policies.

Actual Cash Value policies pay for replacement costs less depreciation at the time of the loss. In the event of a total loss, used boat pricing guides and other resources are used to determine the vessel’s approximate market value. Partial losses are settled by taking the total cost of the repair less a percentage for depreciation.

Agreed Amount Value basis policies mean that you and your insurer have agreed on the value of your vessel and in the event of a total loss you will be paid that amount. Agreed Amount Value policies also replace old items for new in the event of a partial loss, without any deduction for depreciation.

Physical damage exclusions might include normal wear and tear, damage from insects, mold, animals (such as sharks), zebra mussels, defective machinery or machinery damage.

Boat insurance also covers:

• Bodily injury—for injuries caused to another person
• Property damage—for damage caused to someone else’s property
• Guest passenger liability—for any legal expenses incurred by someone using the boat with the owner’s permission
• Medical payments—for injuries to the boat owner and other passengers
• Theft

Most companies offer liability limits that start at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1000 for medical payments. Higher limits may be available. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy which will provide additional protection for their boat, home and car.

Boaters should also inquire about special equipment kept on the boat, such as fishing gear, to make sure it is covered and verify that towing coverage is included in the policy.

 Boat owners should also inquire about discounts for the following:

• Diesel powered craft, which are less hazardous than gasoline powered boats as they are less likely to explode
• Coast Guard approved fire extinguishers
• Ship-to-shore radios
• Two years of claims-free experience
• Multi-policies with the same insurer, such as a car, home or umbrella policy
• Safety education courses, such as those offered by the Coast Guard Auxiliary, U.S. Power Squadrons, or the American Red Cross.

Boat Safety
There are thousands of recreational boating accidents per year. Contributing factors to these accidents include traveling too fast for water or weather conditions, driving under the influence of drugs or alcohol, failing to follow boating rules and regulations, carelessness and inexperience.

To prevent boating accidents, we offer these safety suggestions:

Care and protection of vessel

• Check weather forecasts before heading out.
• Let someone know where you’re going and when you expect to return.
• Check engine, fuel, electrical and steering systems, especially for exhaust-system leaks.
• Carry one or more fire extinguishers, matched to the size and type of boat. Keep them readily accessible and in condition for immediate use.
• Equip the vessel with required navigation lights and with a whistle, horn or bell.
• Consider additional safety devices, such as a paddle or oars, a first-aid kit, a supply of fresh water, a tool kit and spare parts, a flashlight, flares and a radio.

Care and protection of crew and guests

• Make sure that every person on board the boat wears a life-jacket.
• Know and obey marine traffic laws, the "Rules-of-the-Road." Learn various distress signals.
• Keep an alert lookout for other watercraft, swimmers, floating debris and shallow waters.
• Pay attention to loading. Don’t overload; distribute the load evenly; don’t stand up or shift weight suddenly in a small boat; and don’t permit riding on the bow, seatbacks or gunwales.
• Don't operate a boat while under the influence of alcohol or drugs.

Skippers can obtain free advice and boating-safety courses from the U.S. Coast Guard Auxiliary. Upon request, the auxiliary will conduct a Courtesy Marine Examination (CME) on your boat, checking electrical and safety equipment and fuel hoses. Boats meeting safety standards are awarded the CME decal “Seal of Safety.”


Article From : http://www.iii.org/article/boat-insurance


Safeguard your boat or your personal watercraft and get specialized boat insurance coverage with our services. Visit Olympic Insurance

What Is Covered by a Basic Auto Insurance Policy?

Your auto policy may include six coverages. Each coverage is priced separately.

1. Bodily Injury Liability

This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission.

It’s very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued for a large sum of money. Definitely consider buying more than the state-required minimum to protect assets such as your home and savings.

2. Medical Payments or Personal Injury Protection (PIP)

This coverage pays for the treatment of injuries to the driver and passengers of the policyholder's car. At its broadest, PIP can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident. It may also cover funeral costs.

3. Property Damage Liability

This coverage pays for damage you (or someone driving the car with your permission) may cause to someone else's property. Usually, this means damage to someone else’s car, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car hit.

4. Collision

This coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes. Collision coverage is generally sold with a deductible of $250 to $1,000—the higher your deductible, the lower your premium. Even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, minus the deductible. If you're not at fault, your insurance company may try to recover the amount they paid you from the other driver’s insurance company. If they are successful, you'll also be reimbursed for the deductible.

5. Comprehensive

This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, such as fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds or deer.

Comprehensive insurance is usually sold with a $100 to $300 deductible, though you may want to opt for a higher deductible as a way of lowering your premium.

Comprehensive insurance will also reimburse you if your windshield is cracked or shattered. Some companies offer glass coverage with or without a deductible.

6. Uninsured and Underinsured Motorist Coverage

This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver.

Underinsured motorist coverage comes into play when an at-fault driver has insufficient insurance to pay for your total loss. This coverage will also protect you if you are hit as a pedestrian.

Reference:  Insurance Information Institute

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Why should I buy life insurance?

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

Replace income for dependents
If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.

Pay final expenses
Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

Create an inheritance for your heirs
Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.

Pay federal “death” taxes and state “death” taxes
Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.

Make significant charitable contributions
By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.

Create a source of savings
Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

Reference:  Insurance Information Institute

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What Is Covered by a Standard Homeowners Policy?

A standard homeowners insurance policy includes four essential types of coverage. They include:

• Coverage for the structure of your home.
• Coverage for your personal belongings.
• Liability protection.
• Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster

The structure of your house

This part of your policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disaster listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, it is important to buy enough to rebuild your home.

Your personal belongings

Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disaster. Most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home.

Liability protection

Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter or dog accidentally ruins your neighbor’s expensive rug, you are covered. However, if they destroy your rug, you are not covered.

Additional living expenses

This pays the additional costs of living away from home if you cannot live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other expenses, over and above your customary living expenses, incurred while your home is being rebuilt.


Reference :  Insurance Information Institute

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