UltraPing Blog

It is easy to forget about medical insurance policies while budgeting for a college career. More Often Than Not, health insurance is the last thing on a student’s mind. Younger people are wont to think that they will be around forever and naturally they can not become ill.

Regrettably, irrespective of how fit a person might seem there is no guarantee of their future health. Suitable student medical insurance isn’t a luxury, it is an essential.

Individuals who are covered by a parent’s health insurance are by and large included up to their 23rd birthday. For the individual who doesn’t currently have cover under a family plan, an important part in preparing for going to school should be finding inexpensive medical insurance.

What must you look for in medical insurance designed specifically for students? Deductibles: It is a minimal annual sum you have to pay before any medical benefits are available, comparable to an auto deductible. To illustrate, if the deductible is 500 dollars, $500 must be paid prior to getting financial benefits linked with the insurance plan. What’s a co-pay? Once you have paid your deductible, almost all medical insurance plans ask you to pay a portion of the cost for each doctor’s visit, medicine or operation. That, put simply is a co-pay.

What’s your scope of coverage? Nearly all policies do include Health Maintenance Organization (HMO) and PPA. This means particular doctors may possibly not be in your “network” or not be included on your health insurance policy. A directory of approved health providers should be included with most insurance plans, so be sure to consider that when you are choosing an insurance policy.

What exactly is catastrophic coverage? Limits are frequent in student medical insurance policies particularly as far as catastrophic illnesses, the amount of cover included in virtually all student medical insurance policies is by and large less than any regular plan. Restrictions: Limits are commonplace in college student medical insurance plans. Read over your insurance policy and see the scope of your policy. Keep all the health insurance details close to hand everywhere you travel. It is not just impossible to predict accidents or an illness, but they are in all probability likely to hit when least expected. Acquaint yourself with the details of your low-cost student health insurance plan even if you are included in your family policy.

There is no denying the fact that the success or failure of an organisation in the end is due to the work of the workers, but one disaster can easily wipe out all your hard work & bring down the revenue to dust. In order to keep away from such an occasion, you are suggested to insure your organisation, whether it’s a small firm or a giant corporation. Though, please take into account that smaller organisations are much more likely to require business insurance cover in today’s harsh world. This is essentially because SME owners will have put their entire lives & earnings straight into the firm.

One or two of the things generally covered by the majority of business insurance covers include: natural tragedies, volcanoes, machine or equipment stoppage that closes the business, loss of revenue on account of workforce failure & court cases brought against the company.

There are numerous insurance businesses, which offer covers that include protection for all chief property & legal risks in one complete package. You can also get a separate coverage. Such cover is often nicknamed as a business owners’ policy (BOP). Large firms may pay for a business policy.

BOPs comprise of property insurance for property & kit belonging to the firm. If there is any loss of revenue due to disruption of systems & business because of tragedies such as earthquakes, it can be insured under the Business Interruption Insurance policy.

There are several liabilities, which insure the company’s legal accountability for the damage it may well inflict to others. It is the result your organisation’s failure to do the business operations. It can also be the actual injury or property damage caused owing to malfunctioning products, faulty installations & mistakes in services provided. Buy business insurance from an authorised and regulated company online today.

Though, BOPs don’t protect against professional liability, car cover, employees’ costs or health and disability cover. In this instance separate insurance policies are critical for professional services, vehicles and staff. In general, floods, earthquakes and terrorist attacks are not covered in the business policy. Please make sure before you purchase a policy!

Whiplash is very common occurrence during accidents that can result in pain and a large amount of discomfort and on occasion serious health problems with an injury that can have long-term physical effects. A very common term heard in relation to car accident claims is “whiplash”.

Often considered to be a little bit of a joke, or a minor injury or even something that people say they have to get a few days of work. Many people car accident claims for whiplash injuries because of its often painful effects that can go on for a couple of days or a couple of months and even many years

Compensation for whiplash should be considered in your original insurance claim as you could think you are getting over its effects but it is possible for them to return with a vengeance at a later date. Therefore, it is important that you do not just hope the injury will go away, from either a health or legal point of view.

Any neck or back injury from a car smash should be considered a potential problem. You should certainly not just “put up’ with the pain. The cost of not treating whiplash can be serious and painful injuries that could last a lifetime.

It may be in your best interests to seek the advice of a legal expert who deals specifically with these kinds of injury accident claims. Whiplash is not just a simple neck strain; it is a complex medical condition that can have a multitude of physical effects.

If you have questions about the laws that govern diminished value in California, it is best to consult an insurance professional. Calling your insurance carrier might reveal their unwillingness to offer you details that will benefit you. Everyone knows that the insurance industry is a strictly money making industry. The insurance companies who truly value their customers and offer fair products are far and few between. Of course, the premiums for these services can be quite expensive. However, they are worth it if you are in an accident and need to benefit from the service, such as a diminished value claim.

If you need to file a claim for diminished value in California, you have up to three years before your claim is invalid. This is one small detail of information that your insurance company might not willing reveal. That is why it is vitally important that you familiarize yourself with the insurance regulations in California. Otherwise, you can find yourself on the outside looking in after an accident. Even though you have three years to file a claim, it is best to file the claim as soon as possible after the accident. This will improve your chances of receiving the maximum amount that is available to you.

Spiraling medical bills are a grim reminder of the fact that the key to good health lies in buying health insurance. With health hazards multiplying due to the stress and strains of daily life, buying health insurance is the best possible option to keep the wolf at bay.

Once you have decided upon buying health insurance coverage, it is better to do a thorough survey to get the maximum benefits from a policy. This means you should find a policy that offers the maximum cover for the minimum premium.

The best place to start is the Internet. Search the net and you will come across many companies offering online health insurance. Narrow down on a few and then do a comparative study in terms of the policies, their price, and the diseases they cover. Most companies offer free online brochures that you can download on your computer. You can contact their representatives on the phone, and they would be ready to provide you with the necessary information. Also, you can go through the FAQ (frequently asked questions) section, where answers to commonly asked questions are listed.

Most Websites also provide you with information on why you should get insurance coverage right away. You will also become familiar with insurance terms like ‘expected value’ or ‘administrative costs’, and these can help you make an informed decision. You may find a health insurance company in your county, but the insurance agents may not want to inform you on all these issues. This is not only because they don’t have the time or the patience or even the knowledge, but also because they wouldn’t like you to make any decision independently of their advice. So, online health insurance guidance can prove to be extremely useful.

Risk Management

Alternate Risk Transfer is a fancy way of saying alternate methods of insurance and risk management, of which there are many. From the most basic alternative of going without insurance (self-insuring) to so-called “program business captives”, there are a wide variety of strategies from which to choose.

To understand why ART strategies are so popular it is important to understand a few facts about insurance pricing.

►Insurance Premiums are related primarily to economic cycles NOT primarily to claims.

“The claims that recent increases in medical malpractice liability insurance premiums in Connecticut are attributable to overly generous jury verdicts are unfounded. The more likely explanation for the sudden rise in rates is the decrease in investment earnings of the medical malpractice insurers…” Professor Tom Baker, Director, Insurance Law Center, University of Connecticut School of Law

Every time insurance industry profits decline sharply, the industry declares an “insurance crisis” - rates go up sharply, deductibles rise and underwriting guidelines tighten.

►Insurance Premiums have risen much faster than claims.

Median medical malpractice payments rose 35 Percent from 1997 to 2001 (an average of 8.5% a year).
Average premiums for single health insurance coverage increased 39 percent over that time period (9.5% per year). (Source: National Practitioner Database)

►A small number of insured may be responsible for a large percentage of losses.

National Practitioners Database:

For example, in Florida, 6% of the doctors were found to be responsible for 51% of the malpractice claims. 2,674 out of 44,747 doctors have paid two or more malpractice payments. These doctors are responsible for 51% of total malpractice payments.

24 Florida physicians have paid 10 or more malpractice settlements since 1990.

Needless to say, the 94% pay for the poor claims experience of the 6%.
ART Strategies

Conventional insurance markets are one-year indemnity contracts designed to transfer specific hazard risks. Typical features of an ART strategy are:

►Multi-year, multi-line coverage

►Coverage tailored to special need of insured

►Provides coverage not generally available in the marketplace

►Risk retention by insured

There is a multifarious trade-off between risk retention, complexity and cost among the various different ART strategies. Not surprisingly, the plans with the least risk, complexity and expense generally provide the least benefit. As more risk is retained, the greater and greater benefits can be obtained. Of course, complexity and administrative expenses grow as well. Windward Harbor can help you find, execute and manage the right strategy for you. We have listed the basic ART strategies below.

►Guaranteed Cost Insurance Plans

Traditional insurance coverage.

►Loss Sensitive Insurance Plans

Insurance coverage for a specific insured where the final premium is based on the insured’s losses.

►Risk Purchasing Groups (RP’s)

Risk Purchasing Groups were created by the Liability Risk Retention Act of 1986. The purpose of the act was to break through the myriad of state insurance regulation in the hopes of making it easier for groups to purchase liability insurance. The act allows groups of individuals combine to purchase liability insurance while prohibiting states (regulators) or insurance companies from discriminating against them.

►Self-Insured Retention Plans (SIRS)

The primary difference between a deductible and a self-insured retention is that a deductible amount counts against the total limits of the policy, reducing total coverage, whereas a self-insured retention plan provides limits of coverage in excess of the self-insured retention so that the amount payable under the policy is not reduced by the amount of the retention.

►Protected Cell Captives (Segregated Portfolio Companies)

PCCs (SPC’s in certain domiciles) are essentially rent-a-captive companies that ensure complete separation among program participants. According to the laws of specific domiciles, PCCs or SPC’s generally guarantee complete separation of each cell’s assets, capital, and surplus from each other. Because they can achieve economies of scale, rent-a-captives make captive insurance affordable for companies that would not otherwise be large enough to profitably own and operate their own captive.
Windward Harbor LLC owns a BVI licensed Segregated Portfolio Company - Windward Harbor SPC Ltd, which provides rent-a-captive services for selected clients on an annual fee basis. Each segregated portfolio has its own economic ownership, tax Id number and files a separate tax return.

►Self-Insured Groups & Pools (SIG’s)

While the concept differs slightly from state to state, SIGs work similarly in the nearly 40 states in which they are legal. A group of employers form a nonprofit corporation or trust and hire a professional to manage it. This new entity then purchases the insurance, meaning the SIG members essentially “own” their own workers’ comp company.

The group pools the money it otherwise would pay an insurer, earning investment income on funds held in reserve. If a SIG program cuts down on workplace injuries and claim costs, the surplus, or “dividend,” from premiums is returned to members.

Of course, if a company or the group as a whole has catastrophic losses, members pay the difference, up to a limit. Above that point, the group buys excess insurance to offset a single large loss or a combination of losses.

►Captives (See Captive Services)

A captive insurance company is an insurance company that is owned and controlled by its insureds. According to Captive Insurance Companies Association (CICA), the first captive ever formed was in the late 1800s, and was designed to write more cost effective fire insurance policies for New England textile manufacturers that were hit hard by increasing market rates.

Captives gained popularity in the 1980s as a result of the US liability crisis, particularly in the medical arena.

As captives have continued to grow over time, employers are considering employee benefits as a new or expanded coverage. The more recent hard market and changing economy is expected to spur even more and rapid industry growth yet this year.

Single Parent (Pure) Captive: A single parent captive is owned and controlled by one owner, typically the parent organization, and is formed as a subsidiary company. The captive subsidiary underwrites policies for the parent, and solely bears the risks of the parent.

►Group Captive: A group captive is owned and controlled by multiple insureds. They may or may not be related entities or a part of a homogeneous group like industry or trade groups. Typically, companies of similar size pool their risks in an industry captive with customized insurance plans. Similarly, companies of similar size in different industries can also form group captives to enjoy the benefits of a captive model. More recently, associations have been forming association captive insurance companies to offer captive services as part of their membership benefits.

►Agency Captive: Agency captives are companies typically owned by groups of brokers or other insurance intermediaries and are typically structured like rent-a-captives.

►Risk Retention Groups

Risk Retention Groups were also created by the Liability Risk Retention Act of 1986, which provides for streamlined regulation. A RRG is an insurance company in every regard but has one very important regulatory distinction. Every RRG chooses a single state in which to be domiciled and regulated. The act provides that the RRG is then eligible to do business in all states.

►Program Business Captives

Associations, regional producers and corporations who desire to assume some selected third-party exposure.

Wayne Walker, Windward Harbor Insurance Management LLC
©Windward Harbor LLC 2004

Windward Harbor Insurance Management LLC is a licensed insurance manager in the British Virgin Islands with office in Pinehurst, NC, Atlanta, GA, and St Petersburg, FL.

If you receive Social Security Benefits there are many advantages to having your payments deposited directly into your bank account. Here is what you need to know about receiving your Social Security Benefits by direct deposit. Social Security pays benefits on certain payment days. When you are approved for Social Security benefits you will be assigned a “payment cycle” and your checks will always be paid on that day. Social Security will mail you a check if you do not elect direct deposit; however, there are many problems with receiving your checks through the mail.

What is Direct Deposit?

When you have your Social Security Benefits paid by direct deposit your payment will be in your bank account on the morning of your payment day. You will not have to rely on the post office to deliver your check or risk having your check lost or stolen. Once your direct deposit is set up correctly and working your checks will be in your bank account like clockwork.

What Could Go Wrong?

Direct Deposit is not without problems. If the Social Security representative types the wrong account number or routing number your next payment will bounce back to the Treasury Department and they will have to reissue the payment to you. If this happens to you it could delay receiving your check for up to three weeks! Make sure the representative you talk to enters the correct account type (checking or savings), account number, and routing number. The other potential problem is your bank could take your check if you are overdrawn. If you have a negative balance due to overdraft fees the bank will apply your Social Security check to the negative balance; if you are overdrawn more than the amount Social Security deposits, the bank will take your entire check.

How Do You Sign Up?

To sign up for Direct Deposit of your Social Security benefits you will need to have a checking account, savings account, or Electronic Transfer Account (ETA). ETA accounts are special deposit accounts for individuals that might not be able to open a checking or savings account because of their credit.

To start direct deposit call Social Security’s toll-free number with your account number and bank routing number. The routing number is often called the ABA number and is located at the bottom of your checks. Looking at the bottom of a check from left to right, the routing number is the first nine digits. For Social Security’s contact information and to learn more about your benefits visit the website “Social Security Laid Bare” using the links below.

Jack Burton specializes in helping people understand Social Security programs for Retirement, Medicare, Supplemental Security Income (SSI), and Disability Benefits. The website Social Security Laid Bare presents information on all of Social Security’s programs in an easy to read format, without technical jargon. For more information visit Social Security Laid Bare: http://www.socialsecuritylaidbare.com