Wednesday, March 07, 2007

The Hidden Cost of Insurance Fraud

In about one fifth of all known cases of health care fraud, consumers are the perpetrators, according to the insurance association. All but a fraction of the rest involve providers. "I don't take consumer fraud lightly," says Greg Anderson, director of corporate finance investigations for Blue Cross-Blue Shield of Michigan. "We have 4.5 million customers and if each one is doing $1 in fraud, that's $4.5 million. That's worth paying attention to." But provider fraud is where the bigger dollars are by far.

That's not surprising, says the Anti-Fraud Coalition's Mahon. "A consumer has a health plan, car insurance, a vision plan, maybe dental, but a provider has the whole patient population, the whole range of tests and treatments and the ability to bill a very wide array of third-party payers. Even in a managed care setting, if I'm a provider, I'm participating in a dozen or two plans, plus all the fee-for-service plans," he points out.

In the indemnity world, provider fraud falls into one of two categories, whether it's the work of a single doctor, an organized gang or a hospital or clinic: billing for services not rendered - tests not given, surgery not done, care not provided - and upcoding. A physician may spend just a moment with an office patient but bill for a full evaluation, for instance, or bill for foot surgery when he did little more than trim the toenails of a nursing home patient. "These account for 100 percent of the provider fraud in fee-for-service plans," says Anderson.

But 85 percent of patients with employer-based coverage now are enrolled in some kind of managed care plan. Under plans that are not fully capitated, most of the same variations of provider fraud still apply. New methods also are emerging. Kirk J. Nahra, general counsel for the National Health Care Anti-Fraud Association, noted in a 1997 article in Benefits Law Journal that fraud continues to flourish the old-fashioned way. That's because "fee-for-service transactions continue to figure significantly in virtually any managed care system," he wrote. With some HMOs diminishing the role of - or doing away with - gatekeepers, such transactions are not about to disappear.

When providers share the financial risk, however, they have an incentive to provide less care - and that can be a subtle problem to detect. This might range from simple inadequate treatment to the "automatic" referral of sicker - and thus more costly patients to specialists outside the capitated network, perhaps in exchange for kickbacks. It might also include such subtle acts as the establishment of inconvenient service locations or appointment hours for managed care patients, "designed to suppress patient traffic," Nahra wrote.

Initially, fraud squads will detect these kinds of abuses through statistical analysis, he predicts. But he cautions that legal proof won't be easy. In a case where a provider has systematically provided low levels of services to capitated patients, for instance, prosecutors will have to show that providing reduced care is a "scheme to defraud."

Insurers told the HIAA that they'd uncovered a wide range of managed care provider fraud. Ripoffs ranged from the embezzlement of capitation funds to falsifying new enrollee registrations, falsely elevating encounter rates in an effort to increase future capitated payments, illegally balance-billing patients and overcharging for copayments. Doctors also undercharge for copays in an attempt to lure more patients, either to collect more capitated payments or to use the insurance information to submit false claims.

In still another managed care scheme, the gatekeeper or PCP accepts kickbacks in exchange for referring almost exclusively - and more often than is genuinely necessary - to particular specialists, says Greg Anderson, director of investigations for Michigan Blue CrossBlue Shield. Although some plans reward doctors for keeping referrals to a minimum, physicians who accept kickbacks can more than make up for any incentives they might forfeit. And, says Anderson, "Kickbacks are really hard to prove."

Some investigators also suspect that private capitated plans are being charged for excessive lab services and testing by some hospital emergency departments, which can bill them separately. Another variation: routinely admitting patients at 11:55 p.m. instead of 12:05 a.m., to collect for an extra day's stay.

Higher Insurance Rates

The Canadian Coalition Against Insurance Fraud defines insurance fraud as any act or omission with a view to illegally obtaining an insurance benefit -- in other words, any action where a claimant walks away with money that he or she is not entitled to. Insurance fraud includes a full range of fraudulent acts. Examples include: completely fabricated claims, inflation or padding of genuine claims, false statements on insurance applications, and internal fraud.

Fraudulent claims represent approximately 10 to 15% of claims paid out. General insurance fraud amounts to approximately $1.3 billion per year in Canada. Honest policyholders through increased premiums pay this cost. When the toll on other societal resources is factored in, insurance fraud costs an additional $1 billion per year. Police must investigate crimes in which the details have been altered, making the investigation more costly and time-consuming, or which, in fact, never occurred; firefighters risk their lives and expend valuable resources to extinguish arson fires; fire marshals investigate the cause of the fire; health service providers treat patients injured in arson fires or staged accidents, or who fake injury to make claims.

In about one fifth of all known cases of health care fraud, consumers are the perpetrators, according to the insurance association. All but a fraction of the rest involve providers. "I don't take consumer fraud lightly," says Greg Anderson, director of corporate finance investigations for Blue Cross-Blue Shield of Michigan. "We have 4.5 million customers and if each one is doing $1 in fraud, that's $4.5 million. That's worth paying attention to." But provider fraud is where the bigger dollars are by far.

That's not surprising, says the Anti-Fraud Coalition's Mahon. "A consumer has a health plan, car insurance, a vision plan, maybe dental, but a provider has the whole patient population, the whole range of tests and treatments and the ability to bill a very wide array of third-party payers. Even in a managed care setting, if I'm a provider, I'm participating in a dozen or two plans, plus all the fee-for-service plans," he points out.

In the indemnity world, provider fraud falls into one of two categories, whether it's the work of a single doctor, an organized gang or a hospital or clinic: billing for services not rendered - tests not given, surgery not done, care not provided - and upcoding. A physician may spend just a moment with an office patient but bill for a full evaluation, for instance, or bill for foot surgery when he did little more than trim the toenails of a nursing home patient. "These account for 100 percent of the provider fraud in fee-for-service plans," says Anderson.

But 85 percent of patients with employer-based coverage now are enrolled in some kind of managed care plan. Under plans that are not fully capitated, most of the same variations of provider fraud still apply. New methods also are emerging. Kirk J. Nahra, general counsel for the National Health Care Anti-Fraud Association, noted in a 1997 article in Benefits Law Journal that fraud continues to flourish the old-fashioned way. That's because "fee-for-service transactions continue to figure significantly in virtually any managed care system," he wrote. With some HMOs diminishing the role of - or doing away with - gatekeepers, such transactions are not about to disappear.

When providers share the financial risk, however, they have an incentive to provide less care - and that can be a subtle problem to detect. This might range from simple inadequate treatment to the "automatic" referral of sicker - and thus more costly patients to specialists outside the capitated network, perhaps in exchange for kickbacks. It might also include such subtle acts as the establishment of inconvenient service locations or appointment hours for managed care patients, "designed to suppress patient traffic," Nahra wrote.

Initially, fraud squads will detect these kinds of abuses through statistical analysis, he predicts. But he cautions that legal proof won't be easy. In a case where a provider has systematically provided low levels of services to capitated patients, for instance, prosecutors will have to show that providing reduced care is a "scheme to defraud."

Insurers told the HIAA that they'd uncovered a wide range of managed care provider fraud. Ripoffs ranged from the embezzlement of capitation funds to falsifying new enrollee registrations, falsely elevating encounter rates in an effort to increase future capitated payments, illegally balance-billing patients and overcharging for copayments. Doctors also undercharge for copays in an attempt to lure more patients, either to collect more capitated payments or to use the insurance information to submit false claims.

In still another managed care scheme, the gatekeeper or PCP accepts kickbacks in exchange for referring almost exclusively - and more often than is genuinely necessary - to particular specialists, says Greg Anderson, director of investigations for Michigan Blue CrossBlue Shield. Although some plans reward doctors for keeping referrals to a minimum, physicians who accept kickbacks can more than make up for any incentives they might forfeit. And, says Anderson, "Kickbacks are really hard to prove."

Some investigators also suspect that private capitated plans are being charged for excessive lab services and testing by some hospital emergency departments, which can bill them separately. Another variation: routinely admitting patients at 11:55 p.m. instead of 12:05 a.m., to collect for an extra day's stay.

Higher Insurance Rates

The Canadian Coalition Against Insurance Fraud defines insurance fraud as any act or omission with a view to illegally obtaining an insurance benefit -- in other words, any action where a claimant walks away with money that he or she is not entitled to. Insurance fraud includes a full range of fraudulent acts. Examples include: completely fabricated claims, inflation or padding of genuine claims, false statements on insurance applications, and internal fraud.

Fraudulent claims represent approximately 10 to 15% of claims paid out. General insurance fraud amounts to approximately $1.3 billion per year in Canada. Honest policyholders through increased premiums pay this cost. When the toll on other societal resources is factored in, insurance fraud costs an additional $1 billion per year. Police must investigate crimes in which the details have been altered, making the investigation more costly and time-consuming, or which, in fact, never occurred; firefighters risk their lives and expend valuable resources to extinguish arson fires; fire marshals investigate the cause of the fire; health service providers treat patients injured in arson fires or staged accidents, or who fake injury to make claims.

posted by zzzzzzzzzzz at 2:14 AM 0 Comments

Technology Insurance - Liability Coverage in the Digital Age

Any young occupant of a corporate workplace who has had their PC crash knows the feeling of dread when the IT expert emerges from the basement, rambles into the cubicle and says "Alright. What did you do?" It seems, however, that has IT has absorbed the science of networking and has also grown increasingly complex, liability for software firms, IT firms and internet businesses has become an issue that transcends the cubicle occupant.

Technology insurance is in essence liability insurance. It is designed to protect software and IT companies whose programming errors result in business setbacks for corporations using their products and services. Further, technology insurance refers to policies that protect internet businesses from unauthorized release of private information held on their servers. There are some principal categories of technology insurance that mirror, to some degree, the general categories of business liability.

  • Technology errors and omissions insurance provides protection if your software or programming fails to perform as promised, or if errors in programming or product structure result in major client problems. "Cyber liability" in general addresses first- and third-party risks associated with e-business, the Internet, networks and informational assets
  • Directors and Officers liability insurance is now available to those functioning in the startup and IPO arena. This insurance covers the principal players not in established firms so much as in those that fail to deliver the commercial success that early investors anticipated.
More specific forms of technology insurance include specific policies relating to:
  • Network management
  • Computer consulting
  • Online transactional business
  • Disaster recovery
  • Data processing/programming services
  • Intellectual property insurance
With any liability insurance policy, the question of how much you need is directly related to how much you are protecting in the way of assets. One of the important components of liability insurance in any of these fields is coverage for legal expenses. Businesses attempting to quantify damage to their functionality and put a price to their losses as a result of digital malfunction are going to be faced with a complicated burden of proof. Obscure issues generally mean longer periods of deliberation and higher legal bills.

In the case of protection from online theft from hackers, the liability parameters for those sorts of incidents remain largely undefined. There have been no major cases where awards were made in class actions due to the release of thousands of individual's private records.

Websites that provide a platform for online business transactions usually have a policy agreement that users must read and check off before they can utilize the site. That probably cuts down on frivolous lawsuits over sour transactions, but it does not provide anything like complete protection for the site operator.

This is "first person and third person" coverage that is somewhat different from standard product liability insurance because the only product the site provides is the transaction platform itself. Nevertheless, insurance covers the inevitable legal activity that any business involved in any fashion with a high volume of transactions is going to encounter.

The answer to "how much should I have?" is "consult your broker." Liability insurance hasn't changed; only the tools for mismanagement and the types of errors have changed. A good insurance broker can assess what coverage is necessary and clauses are "window dressing" provided by the underwriter.

Any young occupant of a corporate workplace who has had their PC crash knows the feeling of dread when the IT expert emerges from the basement, rambles into the cubicle and says "Alright. What did you do?" It seems, however, that has IT has absorbed the science of networking and has also grown increasingly complex, liability for software firms, IT firms and internet businesses has become an issue that transcends the cubicle occupant.

Technology insurance is in essence liability insurance. It is designed to protect software and IT companies whose programming errors result in business setbacks for corporations using their products and services. Further, technology insurance refers to policies that protect internet businesses from unauthorized release of private information held on their servers. There are some principal categories of technology insurance that mirror, to some degree, the general categories of business liability.

  • Technology errors and omissions insurance provides protection if your software or programming fails to perform as promised, or if errors in programming or product structure result in major client problems. "Cyber liability" in general addresses first- and third-party risks associated with e-business, the Internet, networks and informational assets
  • Directors and Officers liability insurance is now available to those functioning in the startup and IPO arena. This insurance covers the principal players not in established firms so much as in those that fail to deliver the commercial success that early investors anticipated.
More specific forms of technology insurance include specific policies relating to:
  • Network management
  • Computer consulting
  • Online transactional business
  • Disaster recovery
  • Data processing/programming services
  • Intellectual property insurance
With any liability insurance policy, the question of how much you need is directly related to how much you are protecting in the way of assets. One of the important components of liability insurance in any of these fields is coverage for legal expenses. Businesses attempting to quantify damage to their functionality and put a price to their losses as a result of digital malfunction are going to be faced with a complicated burden of proof. Obscure issues generally mean longer periods of deliberation and higher legal bills.

In the case of protection from online theft from hackers, the liability parameters for those sorts of incidents remain largely undefined. There have been no major cases where awards were made in class actions due to the release of thousands of individual's private records.

Websites that provide a platform for online business transactions usually have a policy agreement that users must read and check off before they can utilize the site. That probably cuts down on frivolous lawsuits over sour transactions, but it does not provide anything like complete protection for the site operator.

This is "first person and third person" coverage that is somewhat different from standard product liability insurance because the only product the site provides is the transaction platform itself. Nevertheless, insurance covers the inevitable legal activity that any business involved in any fashion with a high volume of transactions is going to encounter.

The answer to "how much should I have?" is "consult your broker." Liability insurance hasn't changed; only the tools for mismanagement and the types of errors have changed. A good insurance broker can assess what coverage is necessary and clauses are "window dressing" provided by the underwriter.

posted by zzzzzzzzzzz at 2:13 AM 0 Comments

Secrets to Getting the Right Protection for Your Nursery, Pre School or Kindergarten

For many people and businesses insurance is something they would rather not have to purchase.

Most people don’t want Insurance. Most people don’t like insurance.

What you probably do want is protection for your family, your loved ones, your business and the things that are most important to you. The mere mention of Insurance may very well make a vast number of people think of words like:

Rip-off, too expensive, waste of money, doesn’t pay claims, annoying, boring and some much worse!

The truth is though for most people and businesses Insurance is required as it provides them with protection and peace of mind.

With literally thousands of insurance companies, brokers and providers you are faced with a massive choice. So faced with decisions at every turn finding the right cover for you, your Nursery, Pre-School or Kindergarten is sometimes difficult.

This article will therefore give you some free advice that insurance providers rarely share with their customers. These few steps should help you in your quest to find the cover that is best for you at the right premium and with the best service.

Secret Number 1

The first secret to making sure you get the right cover at the right premium is perhaps the one that most people will find hardest to believe but it really works.

Are you sitting comfortably??? Here it is:

When you find yourself ringing around for quotes (and for anyone looking for Nursery Insurance I would recommend buying face to face or on the phone rather than online) the chances are you will be asked “What’s your current premium?” or “What’s the best price you’ve had?”

The single biggest mistake people make when asked this question is to not tell the person asking the question. That’s right, when you are asked the best price you’ve had TELL THEM.

Most people assume that by telling an insurance provider your premium you are at a disadvantage. The truth is the opposite is true. Let me explain:

If you tell a good insurance provider your premium they should pretty much know straight away whether the premium is too high, too low or about right. Armed with this information they could give you an immediate indication if they can get a lower premium. If they know they can’t they can tell you and save you time.

Another reason you should tell the person if they ask your premium is because the vast majority of insurance companies won’t give you the best price unless they have something to beat. Let me say that again, if you don’t give your broker or company a price to beat, the chances are you won’t get the best premium. However, if you do tell them, they can use this information when dealing with the insurance company which ultimately can save you money.

One final tip on this matter is, don’t be tempted to make up a price. For example, Mrs Blogs is looking for Nursery Insurance and she has a best price of £2500.00. She thinks it’s too much money so when asked the magic question of “What’s the best price you’ve had so far?” she decides to go in low at £1800.00. By doing this most companies will know the price seems low and many won’t even provide a quote. Whereas had Mrs Blogs been up front and said £2500.00 there’s every chance she could have saved some money.

Therefore Secret Number 1 is be totally honest when looking for insurance as it’s the best way to make sure you get the best premium. Give it a go...it really works.

Secret Number 2

Secret number 2 is common sense but so many Nurseries fail to make sure it happens because they are focusing on the price. The second way to ensure you get the right cover is therefore to use an insurance provider who has an understanding of your requirements.

You can establish this by listening to what questions they ask, how they ask them and how they react to what you are saying. If they enter into a conversation about your Nursery it’s likely to be because the more information they have about your circumstances, the better cover, the better premium and the better service they can provide you.

If the conversation is very scripted and they either don’t understand what you’re looking for or don’t ask the type of questions you would expect there is every chance it’s because they don’t have a real understanding of your business. If this is the case you risk not getting the right cover and ultimately not being correctly insured.

Secret Number 3

Secret number 3 is ask questions. So many people ring around looking for Nursery insurance, Pre-School Insurance or Kindergarten Insurance and spend the entire conversation answering questions. Secret 3 is therefore ask questions to find out if they provide not only the right cover and premiums but also the right level of customer service. Types of question you might want to ask are:

In the event of a claim what will they do to help you and to ensure your claim is settled as quickly and as favourably as possible? Do they just give you a telephone number and leave you to it or do they offer help when you most need it? Are they experienced? How long have they been trading? If it’s a Broker, which Insurance companies do they use? Again, if they are Brokers are they independent? That is, do they have access to numerous policies and insurance companies or are they tied into just one?

By getting answers to these questions you can then a make a decision on whether you would like to deal with them (and whether you trust them to act on your behalf.)

Secret Number 4

The fourth and final secret to making sure you get the best from your insurance provider is another which may not seem right as Insurance is one of the most price sensitive purchases a Nursery, Pre-School or Kindergarten will make.

With this in mind many Nurseries, Pre-Schools and Kindergartens make the decision on where to place their insurance on price alone. I would advise anyone looking for Nursery insurance, Pre-School Insurance, Kindergarten Insurance or indeed any kind of Business Insurance is NOT TO ASSUME THAT CHEAPEST IS BEST.

Whilst getting a low premium is one of the most important things to look for, a really cheap premium without a combination of other factors is probably cheap for a reason. Things you may want as well as a low premium are:

Are they local? Are they friendly and approachable? (we all prefer doing business with people we like) Who are the insurance company? Have you heard of them? What is the excess? Make sure the excess is one you agree on and not one given just to give you a low premium Do they have a good reputation? Do they listen to you and explain things in a way that you understand?

If you follow these 4 simple secrets there is every chance your experience when dealing with Insurance for your Nursery, Pre-School or Kindergarten will improve. And whilst I cannot guarantee that Insurance will become your number 1 hobby (in fact I’d be a little concerned if it did!) there is every chance the cover you get will be what you want, the premiums you pay will be less than you’ve paid before and the service you receive will be one you would be happy in giving and one you would be happy to recommend.

For many people and businesses insurance is something they would rather not have to purchase.

Most people don’t want Insurance. Most people don’t like insurance.

What you probably do want is protection for your family, your loved ones, your business and the things that are most important to you. The mere mention of Insurance may very well make a vast number of people think of words like:

Rip-off, too expensive, waste of money, doesn’t pay claims, annoying, boring and some much worse!

The truth is though for most people and businesses Insurance is required as it provides them with protection and peace of mind.

With literally thousands of insurance companies, brokers and providers you are faced with a massive choice. So faced with decisions at every turn finding the right cover for you, your Nursery, Pre-School or Kindergarten is sometimes difficult.

This article will therefore give you some free advice that insurance providers rarely share with their customers. These few steps should help you in your quest to find the cover that is best for you at the right premium and with the best service.

Secret Number 1

The first secret to making sure you get the right cover at the right premium is perhaps the one that most people will find hardest to believe but it really works.

Are you sitting comfortably??? Here it is:

When you find yourself ringing around for quotes (and for anyone looking for Nursery Insurance I would recommend buying face to face or on the phone rather than online) the chances are you will be asked “What’s your current premium?” or “What’s the best price you’ve had?”

The single biggest mistake people make when asked this question is to not tell the person asking the question. That’s right, when you are asked the best price you’ve had TELL THEM.

Most people assume that by telling an insurance provider your premium you are at a disadvantage. The truth is the opposite is true. Let me explain:

If you tell a good insurance provider your premium they should pretty much know straight away whether the premium is too high, too low or about right. Armed with this information they could give you an immediate indication if they can get a lower premium. If they know they can’t they can tell you and save you time.

Another reason you should tell the person if they ask your premium is because the vast majority of insurance companies won’t give you the best price unless they have something to beat. Let me say that again, if you don’t give your broker or company a price to beat, the chances are you won’t get the best premium. However, if you do tell them, they can use this information when dealing with the insurance company which ultimately can save you money.

One final tip on this matter is, don’t be tempted to make up a price. For example, Mrs Blogs is looking for Nursery Insurance and she has a best price of £2500.00. She thinks it’s too much money so when asked the magic question of “What’s the best price you’ve had so far?” she decides to go in low at £1800.00. By doing this most companies will know the price seems low and many won’t even provide a quote. Whereas had Mrs Blogs been up front and said £2500.00 there’s every chance she could have saved some money.

Therefore Secret Number 1 is be totally honest when looking for insurance as it’s the best way to make sure you get the best premium. Give it a go...it really works.

Secret Number 2

Secret number 2 is common sense but so many Nurseries fail to make sure it happens because they are focusing on the price. The second way to ensure you get the right cover is therefore to use an insurance provider who has an understanding of your requirements.

You can establish this by listening to what questions they ask, how they ask them and how they react to what you are saying. If they enter into a conversation about your Nursery it’s likely to be because the more information they have about your circumstances, the better cover, the better premium and the better service they can provide you.

If the conversation is very scripted and they either don’t understand what you’re looking for or don’t ask the type of questions you would expect there is every chance it’s because they don’t have a real understanding of your business. If this is the case you risk not getting the right cover and ultimately not being correctly insured.

Secret Number 3

Secret number 3 is ask questions. So many people ring around looking for Nursery insurance, Pre-School Insurance or Kindergarten Insurance and spend the entire conversation answering questions. Secret 3 is therefore ask questions to find out if they provide not only the right cover and premiums but also the right level of customer service. Types of question you might want to ask are:

In the event of a claim what will they do to help you and to ensure your claim is settled as quickly and as favourably as possible? Do they just give you a telephone number and leave you to it or do they offer help when you most need it? Are they experienced? How long have they been trading? If it’s a Broker, which Insurance companies do they use? Again, if they are Brokers are they independent? That is, do they have access to numerous policies and insurance companies or are they tied into just one?

By getting answers to these questions you can then a make a decision on whether you would like to deal with them (and whether you trust them to act on your behalf.)

Secret Number 4

The fourth and final secret to making sure you get the best from your insurance provider is another which may not seem right as Insurance is one of the most price sensitive purchases a Nursery, Pre-School or Kindergarten will make.

With this in mind many Nurseries, Pre-Schools and Kindergartens make the decision on where to place their insurance on price alone. I would advise anyone looking for Nursery insurance, Pre-School Insurance, Kindergarten Insurance or indeed any kind of Business Insurance is NOT TO ASSUME THAT CHEAPEST IS BEST.

Whilst getting a low premium is one of the most important things to look for, a really cheap premium without a combination of other factors is probably cheap for a reason. Things you may want as well as a low premium are:

Are they local? Are they friendly and approachable? (we all prefer doing business with people we like) Who are the insurance company? Have you heard of them? What is the excess? Make sure the excess is one you agree on and not one given just to give you a low premium Do they have a good reputation? Do they listen to you and explain things in a way that you understand?

If you follow these 4 simple secrets there is every chance your experience when dealing with Insurance for your Nursery, Pre-School or Kindergarten will improve. And whilst I cannot guarantee that Insurance will become your number 1 hobby (in fact I’d be a little concerned if it did!) there is every chance the cover you get will be what you want, the premiums you pay will be less than you’ve paid before and the service you receive will be one you would be happy in giving and one you would be happy to recommend.

posted by zzzzzzzzzzz at 2:11 AM 0 Comments

Monday, March 05, 2007

Advice for Filing an Auto Insurance Claim

We know we need it; it is required, after all. We just hope we never have to use it. Purchasing auto insurance may seem like the difficult part of the process, with all the legalese and fine print; however, if you actually ever need your auto insurance, you’re going to have to file an auto insurance claim. This can be the trickier part, if you aren’t prepared.

Below is some advice for filing an auto insurance claim. Although it’s best to brush up on this advice before you actually need to file an auto insurance claim, you may want to jot this advice down for future reference.

Get Answers

You really should know how much auto insurance you have before you’re involved in an accident; however, if you don’t, find out how much liability coverage you have. Liability coverage is the amount of money you have available to pay for the damages caused by an accident in which you are at fault. The liability insurance can cover vehicle repairs and hospital expenses for the other party, for example.

You also need to know the amount of your deductible for your collision auto insurance coverage, and your comprehensive auto insurance coverage if you have it. Simply put, this is the amount you have to pay before your auto insurance kicks in.

Contact Your Insurance Company

Contact your insurance company, and provide them with your name and address, as well as those of the involved parties, everything pertinent to the accident (date, time, location, damages, etc.), and the names and addresses of any witnesses. Your insurance company will advise you on what further steps to take, and then they will take it from there.

Keep Records

In the meantime, keep records of all paperwork, including repair receipts and hospital visits. Your insurance company may request this documentation later.

Being prepared before an accident will make the process after the accident much smoother.

We know we need it; it is required, after all. We just hope we never have to use it. Purchasing auto insurance may seem like the difficult part of the process, with all the legalese and fine print; however, if you actually ever need your auto insurance, you’re going to have to file an auto insurance claim. This can be the trickier part, if you aren’t prepared.

Below is some advice for filing an auto insurance claim. Although it’s best to brush up on this advice before you actually need to file an auto insurance claim, you may want to jot this advice down for future reference.

Get Answers

You really should know how much auto insurance you have before you’re involved in an accident; however, if you don’t, find out how much liability coverage you have. Liability coverage is the amount of money you have available to pay for the damages caused by an accident in which you are at fault. The liability insurance can cover vehicle repairs and hospital expenses for the other party, for example.

You also need to know the amount of your deductible for your collision auto insurance coverage, and your comprehensive auto insurance coverage if you have it. Simply put, this is the amount you have to pay before your auto insurance kicks in.

Contact Your Insurance Company

Contact your insurance company, and provide them with your name and address, as well as those of the involved parties, everything pertinent to the accident (date, time, location, damages, etc.), and the names and addresses of any witnesses. Your insurance company will advise you on what further steps to take, and then they will take it from there.

Keep Records

In the meantime, keep records of all paperwork, including repair receipts and hospital visits. Your insurance company may request this documentation later.

Being prepared before an accident will make the process after the accident much smoother.

posted by zzzzzzzzzzz at 4:38 AM 0 Comments

Aging Drivers and Automotive Insurance

If you’re a driver who is aging, it doesn’t mean you are a driver who is facing a lack of automotive insurance. Quite the contrary, if you are a driver who is aging, you could very well be facing discounts in automotive insurance.

Depending on the automotive insurance company through which you are insured, you may be eligible for various discounts. For example, many insurance companies that specialize in more than one kind of insurance will offer discounts to policyholders who purchase more than one insurance policy from them. Many people choose to purchase both their automotive insurance policies and their homeowner’s insurance policies through the same insurance company, which results in a discount in premiums.

Some insurance companies also offer discounts to aging drivers who have good driving records, and for various reasons. Drivers certain ages, usually 50 years of age and older, who have been driving for many years, are viewed as being less of a risk than new drivers – especially if they have good driving records. Aging drivers are seen as more responsible. Plus, aging drivers are less likely to go “joy riding” like younger drivers are, which puts them at less risk for traffic accidents and violations.

Aging drivers who are looking for discounts should follow the same tips as any other driver. Drive a safe car, park it in a safe location, and make sure it has anti-theft safety components. Keep traffic violations and accidents to a minimum, if not nonexistent, and try not to drive a significant number of miles more than necessary a year.

Some automotive insurance companies even offer discounts for aging drivers who participate in driving programs that the insurance companies provide, or participate in with another company. These driving programs are designed to refresh and sharpen driving skills, as well as restore defensive driving tactics.

If you’re a driver who is aging, it doesn’t mean you are a driver who is facing a lack of automotive insurance. Quite the contrary, if you are a driver who is aging, you could very well be facing discounts in automotive insurance.

Depending on the automotive insurance company through which you are insured, you may be eligible for various discounts. For example, many insurance companies that specialize in more than one kind of insurance will offer discounts to policyholders who purchase more than one insurance policy from them. Many people choose to purchase both their automotive insurance policies and their homeowner’s insurance policies through the same insurance company, which results in a discount in premiums.

Some insurance companies also offer discounts to aging drivers who have good driving records, and for various reasons. Drivers certain ages, usually 50 years of age and older, who have been driving for many years, are viewed as being less of a risk than new drivers – especially if they have good driving records. Aging drivers are seen as more responsible. Plus, aging drivers are less likely to go “joy riding” like younger drivers are, which puts them at less risk for traffic accidents and violations.

Aging drivers who are looking for discounts should follow the same tips as any other driver. Drive a safe car, park it in a safe location, and make sure it has anti-theft safety components. Keep traffic violations and accidents to a minimum, if not nonexistent, and try not to drive a significant number of miles more than necessary a year.

Some automotive insurance companies even offer discounts for aging drivers who participate in driving programs that the insurance companies provide, or participate in with another company. These driving programs are designed to refresh and sharpen driving skills, as well as restore defensive driving tactics.

posted by zzzzzzzzzzz at 4:37 AM 0 Comments

Aging Parents and Long-Term Care Insurance

Talking with an aging parent about purchasing long-term care insurance isn’t usually a cheerful conversation. Fortunately, not everyone has to talk with an aging parent about purchasing long-term care insurance. Some aging people have enough money saved to cover the cost of long-term care. Many times aging widows can rely on the money from their deceased husband’s pension. For example, an aging woman who was married to a coal miner who developed black lung disease or another respiratory problem will usually receive a check until the day she, too, passes on. Sometimes these pensions are enough to cover the cost, or at least a chunk of the cost, of long-term care.

But not everyone has enough money to cover the cost of long-term care, and not everyone receives a pension to help cover the cost of long-term care. If you have an aging parent, or aging parents, it’s best to talk with them about purchasing long-term care insurance sooner than later.

Since most people don’t want to be told they’re aging, it’s best to approach the topic of purchasing long-term care insurance very delicately; otherwise, your aging parent may think you just want to make sure he or she is off your hands should he or she get sick and need long-term care.

Explain to your aging parent that while she is still full of energy and life, she is getting on in years. Express the fact that you love her, and want to make sure she has the best available care if there should ever come a time when she needs long-term care beyond your expertise or ability. Explain to your aging parent that you simply don’t want her to be without the best of care should there come a time when she needs long-term care, and that by purchasing long-term care insurance, you can all rest assured that the best possible care will be available if ever needed.

Talking with an aging parent about purchasing long-term care insurance isn’t usually a cheerful conversation. Fortunately, not everyone has to talk with an aging parent about purchasing long-term care insurance. Some aging people have enough money saved to cover the cost of long-term care. Many times aging widows can rely on the money from their deceased husband’s pension. For example, an aging woman who was married to a coal miner who developed black lung disease or another respiratory problem will usually receive a check until the day she, too, passes on. Sometimes these pensions are enough to cover the cost, or at least a chunk of the cost, of long-term care.

But not everyone has enough money to cover the cost of long-term care, and not everyone receives a pension to help cover the cost of long-term care. If you have an aging parent, or aging parents, it’s best to talk with them about purchasing long-term care insurance sooner than later.

Since most people don’t want to be told they’re aging, it’s best to approach the topic of purchasing long-term care insurance very delicately; otherwise, your aging parent may think you just want to make sure he or she is off your hands should he or she get sick and need long-term care.

Explain to your aging parent that while she is still full of energy and life, she is getting on in years. Express the fact that you love her, and want to make sure she has the best available care if there should ever come a time when she needs long-term care beyond your expertise or ability. Explain to your aging parent that you simply don’t want her to be without the best of care should there come a time when she needs long-term care, and that by purchasing long-term care insurance, you can all rest assured that the best possible care will be available if ever needed.

posted by zzzzzzzzzzz at 4:36 AM 0 Comments