Today’s post will cover a little bit about a whole lot. Let’s begin with Medicare… As licensed agents, we receive information from the Department of Insurance. The latest was urging Seniors to “be vigilant against Medicare Scams during open enrollment (AEP) which ends on December 7th.” We can’t stress this enough. The newsletter also warned against “high pressure” sales tactics. Although "Summer" isn't officially over until September 23rd (first day of Fall) here in SWLA and around the country many consider summer's end when school starts. That said, let's look at some things to stay aware of as we move into the end of 3rd and last quarter of 2023. School is back in session in many states and communities so slow down and pay attention to your surroundings! Too many parents live the ultimate nightmare when their child is injured or killed while on his/her way to school or sports practice. Lots of teens get a license and/or new car which means more drivers on the road, many of them inexperienced. That their child is growing up fills parents with a mixture of pride and trepidation. True, having an extra driver in the home helps when it comes to extracurricular activities and quick trips to the grocery store, but the worry and fear of them on the road are real. So, what are some things parents can do to prepare for their teen getting a driver's license? Every year our licensed, Medicare agent goes through extensive training, part of which is on Medicare Fraud, Waste & Abuse and it shocks and infuriates us to find that nearly $65 BILLION dollars annually is reported as such. Read that again….. $SIXTY-FIVE-BILLION-DOLLARS! As a newly licensed agent years ago, I learned the definition of Insurance is “shared risk.” This was never more demonstrated than when Hurricane Rita hit in 2005. I remember that time like it happened yesterday. The stress of evacuating with a husband only weeks out of the hospital from having a defibrillator installed to keep his impaired heart working. Coming home to damages to my house, loss of food and electricity, no one to fully assess our loss (remember my husband couldn’t climb a ladder or anything). Thankfully when I called our insurance company at the time, and explained our situation, they sent someone out right away and we were treated very well. Then there was the delight of returning to work and having to hop from one desk to another because the office was inundated with claims agents. They worked long hours in the office and in the field, checkbook in hand, anxious to help our valued clients get through one of the biggest and meanest hurricanes to hit the Lake Area in nearly fifty years. Many States have enacted a moratorium preventing insurance companies from cancelling and non-renewing policies for non- payment to the insurance carriers during the Covid-19 crisis. DON'T LOOK AT THIS AS FREE INSURANCE! The insurance carriers are only delaying your payment due date. This does not apply to automatic payments via bank draft/EFT. Know also, delaying your payment due date does not mean you won’t have to pay at all. What it may do is cause a “balloon” payment to be due when you least expect it. Any unpaid amounts could eventually be turned over to collections if not paid when expected. Don't let your credit history take a hit. What can you do to keep your insurance affordable and still pay on-time? Look at a reducing your insurance coverage. With auto insurance, you must (at least) have minimum liability as required by most state laws. If your vehicle is financed, you must secure the lien holder’s interest by having comprehensive & collision coverage. However, you can increase your deductible on these coverages. The higher the deductible, the lower the premium. Talk with your insurance carrier or insurance agent about possible options. If you can't afford the EXTRA coverage and are not required to have it, do without during this time. You can modify your coverage when you are back on your feet and financially able. What about the young drivers on your policy who are home-bound during this quarantine period? You can contact your insurance carrier to see about excluding drivers who are NOT driving during this period of time. Be careful with this option though. If your young driver is behind the wheel at any time, they need to be listed and removing them then letting them take the vehicle somewhere is not a good idea! Also, remember to change them back from an excluded to rated driver once the stay-home order is lifted and life returns to normal. These are strange and scary times but whatever you decide, protecting what’s important should be top on your list of priorities. Don’t fall into the trap of thinking you can get by without proper insurance on your auto(s), home or even life! Until next time, take care, be safe and stay informed! Tommy Curtis & Staff DIsclaimer: NOT everyone will fall under this moratorium. You can still be cancelled for nonpayment if your new policy effective date is during the moratorium. In doubt, always talk with your insurance carrier to see if you qualify for this moratorium. You will also be cancelled or non-renewed for fraud and/or misrepresentation. We’re told in Proverbs (13:22) that a good man leaves an inheritance for his children’s children, but with today’s tax laws, is it possible to leave a legacy to your children or grandchildren that will not be shared with the government? Yes, there is! On the heels of Memorial Day in May and Flag Day in June, July is the month of patriotism since the 4th is the day we celebrate the birth of our country as a nation, independent from English rule. Even though our break from the British Empire came in 1776, Insurance was sold in the Colonies as early as 1735 in South Carolina. In 1772 Benjamin Franklin along with more than 70 business owners formed a mutual company called “The Philadelphia Contributorship for the Insuring of Houses from Loss by Fire.” |
Tommy Curtis
Is an insurance agent with integrity and your best interest in mind. Call to speak directly to him. Contact us Phone: 337-433-1683 Address: 509 7th Street Lake Charles, LA 70601 Office Hours: M-F 9a - 5p (CST) Follow Us
|