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Business Insurance Company California | Ray Hammersley |
17th April 2008, 12:33 |
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It's a fact of life you need health insurance and the time to get it is before you have an accident, suffer a serious illness, or discover you're pregnant. Insurance doesn't cover health care for medical problems or conditions that start before the moment you have your policy. Finding adequate coverage might seem overwhelming, but knowing the basics can help make your search less stressful.
Your boss doesn't have to provide health insurance
The first reality of health insurance is you do not have a right to it. There are no state or federal laws requiring private employers to offer health benefits to their workers.
For a number of valid reasons employers are not mandated to offer or provide health insurance for their employees, explains Peter Bigelow, CLU, employee benefits specialist with The Foresight Group. It is common knowledge; however, that most employers though not mandated to do so offer insurance to their employees for a variety of reasons related to competition and smart business practice. If you have benefits through your employer, and you quit or lose your job, don't assume you will be able to pick up the identical coverage for the same price.
Similarly, don't expect your former employer to extend your benefits beyond your last day at work. There is no "grace period" during which you're still covered. If you do lose your employer-sponsored benefits, there is a federal plan called COBRA (Consolidated Omnibus Reconciliation Act) that could provide you with a short-term safety net. Another federal law that offers some protection to workers experiencing a short-term lapse in their coverage is HIPAA (Health Insurance Portability and Accountability Act).
Individual health insurance can be costly
If you need to purchase individual health insurance, it can be expensive. Unlike group plans, in which the costs and risks associated with health care are spread among many people; individual health policies are "medically underwritten" to take into account your personal health history. Any "pre-existing" condition such as heart disease, diabetes, and even pregnancy, can nix your chances of acceptance or boost your premiums. Some states require individual health insurers to offer everyone a plan, a mandate known as "guaranteed issue."
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Business Insurance Company California | Ray Hammersley |
17th April 2008, 12:32 |
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It's a fact of life you need health insurance and the time to get it is before you have an accident, suffer a serious illness, or discover you're pregnant. Insurance doesn't cover health care for medical problems or conditions that start before the moment you have your policy. Finding adequate coverage might seem overwhelming, but knowing the basics can help make your search less stressful.
Your boss doesn't have to provide health insurance
The first reality of health insurance is you do not have a right to it. There are no state or federal laws requiring private employers to offer health benefits to their workers.
For a number of valid reasons employers are not mandated to offer or provide health insurance for their employees, explains Peter Bigelow, CLU, employee benefits specialist with The Foresight Group. It is common knowledge; however, that most employers though not mandated to do so offer insurance to their employees for a variety of reasons related to competition and smart business practice. If you have benefits through your employer, and you quit or lose your job, don't assume you will be able to pick up the identical coverage for the same price.
Similarly, don't expect your former employer to extend your benefits beyond your last day at work. There is no "grace period" during which you're still covered. If you do lose your employer-sponsored benefits, there is a federal plan called COBRA (Consolidated Omnibus Reconciliation Act) that could provide you with a short-term safety net. Another federal law that offers some protection to workers experiencing a short-term lapse in their coverage is HIPAA (Health Insurance Portability and Accountability Act).
Individual health insurance can be costly
If you need to purchase individual health insurance, it can be expensive. Unlike group plans, in which the costs and risks associated with health care are spread among many people; individual health policies are "medically underwritten" to take into account your personal health history. Any "pre-existing" condition such as heart disease, diabetes, and even pregnancy, can nix your chances of acceptance or boost your premiums. Some states require individual health insurers to offer everyone a plan, a mandate known as "guaranteed issue."
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Insurance Services Agency California | Ray Hammersley |
7th April 2008, 05:58 |
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An auto insurance policy is a package of different coverage. Most states require you to purchase a minimum amount of certain kinds of coverage. But if you're interested in protecting yourself from a lawsuit or from hefty repair bills, then it makes sense to buy more than what's required.
Liability insurance
Liability coverage is the foundation of any auto insurance policy, and is required in most states. If you are at fault in an accident, your liability insurance will pay for the bodily injury and property damage expenses caused to others in the accident, including your legal bills. Bodily-injury coverage pays for medical bills and lost wages. Property-damage coverage pays for the repair or replacement of things you wrecked other than your own car. The other party may also decide to sue you to collect "pain and suffering" damages.
The foundation of your auto insurance puzzle is liability insurance. Forty-five states require the purchase auto liability insurance (South Carolina and Virginia require that you register as an uninsured motorist if you do not have liability insurance, Tennessee requires proof of financial responsibility, and New Hampshire and Wisconsin don't mandate liability coverage except in certain cases). Your insurance minimum will depend on where you live. For example, in Texas, drivers have to purchase at least $20,000 worth of bodily injury coverage per person, $40,000 worth of bodily injury coverage per accident, and $15,000 worth of property damage coverage (also known as 20/40/15).
Remember, if you cause a serious accident, minimum insurance may not cover you adequately. That's why it's a good idea to buy more than what your state requires. If you own a home and have nest egg and a savings account, you should consider more liability insurance because, in most states, drivers are allowed to sue other drivers who injure them in car accidents. If you're sued and your liability insurance doesn't pay for all of the damages, your personal finances are on the hook, and it's likely you'll become a target.
Collision and comprehensive coverages
If you cause an accident, collision coverage will pay to repair your vehicle. You usually can't collect any more than the actual cash value of your car, which is not the same as the car's replacement cost. Collision coverage is normally the most expensive component of auto insurance. By choosing a higher deductible, say $500 or $1,000, you can keep your premium costs down. However, keep in mind that you must pay the amount of your deductible before the insurance company kicks in any money after an accident.
Insurance companies often will "total" your car if the repair costs exceed a certain percentage of the car's worth. The critical damage point varies from company to company, from 55 percent to 90 percent.
Comprehensive coverage will pay for damages to your car that weren't caused by an auto accident: Damages from theft, fire, vandalism, natural disasters, or hitting a deer all qualify. Comprehensive coverage also comes with a deductible and your insurer will only pay as much as the car was worth when it got wrecked.
Because insurance companies normally will not pay you more than your car's book value, it's helpful if you have a rough idea of this amount. Check the Kelley Blue Book or the National Automobile Dealers Association. If your car is worth less than what you're paying for the coverage, you're better off not having it.
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Insurance Services Agency California | Ray Hammersley |
12th March 2008, 03:21 |
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At Ray Hammersley Insurance Agency you will find everything you need to know about insuring your valuable treasures. We provide our clients with the most complete coverage at the most competitive rate from well-established financially stable carriers. We operate in the state of California with license No. 0617466 and many more states in the USA.
Raymond "Ray" Harmmersley is based in Northern California and has been in the insurance business for more than a quarter of a century.
Ray is currently a member of the International Lions Clubs. He was also a past President of the Santa Clara County Blind Center; on the Board of Directors and board member of Kaisahan Dance Company which trains second generation filipino children there culture though dance; past board member of the San Jose Life Underwriters Association; member of the Milpitas and San Jose Chamber of Commerce; and a Member of the Filipino Professional Business Association. With his experience and expertise, he has had more than a handful of satisfied and repeating customers.
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