Archive for October, 2010

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Got Zombies? File Insurance Claaaaaaims

October 29th, 2010 by Iris | Comments Off | Filed in friday filmstrips, insurance specialists

In honor of Halloween, and because we believe that sometimes you just have to have a sense of humor, we’ve culled YouTube, and found this commercial parody from the sketch comedy artists at TrueNuff.tv. Enjoy:

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Five Bizarre Insurance Claims (That We SWEAR We Didn’t Make Up)

October 28th, 2010 by Iris | Comments Off | Filed in insurance facts, insurance news, insurance specialists, workers compensation insurance

Okay, we know that people sometimes make insurance claims for some truly bizarre reasons, but these are more bizarre than most. Since this is Halloween week, we’ve decided to share them with you:

  1. Shooting a Monkey: There’s no doubt that law enforcement work is a high-stress job, but even police officers can take emotional duress claims beyond what most people would consider reasonable. Officer Frank Chiafari made such a claim after a case that involved a chimpanzee that had gone on a rampage, leaving at least one person with serious injuries. When the chimp attempted to get hinto his car, he shot it. He later filed a workers compensation insurance claim because of the stress caused by the situation, but was denied because he hadn’t shot an actual human being.
  2. Nose Broken While Gawking: Okay, we know that Greece is a popular destination for bikini clad tourists, especially in summer, but check this out: while on vacation in Athens, a man was so distracted by ogling a group of nubile young women in bathing suits that he walked into a bust stop shelter, hitting it so hard that he broke his nose. He went to the hospital, and yes, his insurance company did pay for it.
  3. Half-Baked Hair:A man vacationing with his daughter filed a claim with his travel insurance company for the cost of the girl’s haircut. She had, he claimed, singed her hair in the oven, making the new do a necessity, but the do was apparently a serious don’t. The insurance company didn’t agree with his notion that they should pay for the cut. Maybe he should have tried suing the oven manufacturer instead?
  4. Sinking Your Teeth Into It: A man on a cruise found out the hard way just how bad seasickness can be when his dentures went overboard while the ship was in rough waters in the Bay of Biscay. He had leaned over the side to void his upset stomach, and his false teeth went along for the ride. Fortunately, his travel insurance company agreed that that the diving dentures counted as “lost luggage.”
  5. Alien Abduction: While most of us believe that alien abduction is limited to television and movies, there’s actually a thriving market for alien abduction insurance. One company offering such coverage is Goodfellow Rebecca Ingrams Pearson (GRIP). This London-based insurer specializes in odd kinds of coverage, including both alien abduction insurance and immaculate conception insurance. GRIP even paid out a million-pound claim to a client who claimed he’d been abducted. (We won’t comment on the fact that he’s a business partner on GRIP’s managing director.)

To think we once thought it weird that online doctor visits were covered by insurance. By comparison, that’s perfectly normal.

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Mid-Term Elections and Health Care

October 27th, 2010 by Iris | Comments Off | Filed in health insurance, insurance news

Next Tuesday, November 2nd, is election day, and while many people may think it’s okay to blow off mid-term elections, we here at the Insurance Specialists Blog feel differently. In fact, we’re urging everyone to vote. Why? Because the senators and congresspeople who are voted into office next week could determine the future of health care reform. For that matter, there are also ballot initiatives about medical marijuana legalization in at least four different states.

We’re not alone in our belief that mid-term elections are crucial. The United Auto Workers has posted some insurance-related talking points on their website.

We don’t endorse politicians or political parties, but we do think everyone should go read those talking points before going to the polls. And when it’s your turn to pull that lever? Don’t vote for one party or another simply because you like or dislike that party; instead, vote your heart. Vote for what you believe, not what ANYONE tells you to believe.

As for those health care reform talking points from the UAW, they’re here.

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Life Insurance after a Heart Attack? You Bet!

October 26th, 2010 by Iris | Comments Off | Filed in advice and how-tos, life insurance

There’s no surprise that having “heart attack” listed in your medical history is a giant red flag when it comes to applying for life insurance, but even so, you are not automatically deemed “uninsurable” nor will your premiums always be astronomical. Depending on the treatment protocols you have used, the severity of your condition, and your age, you may still be able to get life insurance coverage at reasonable rates.

In the words of Christopher Graham, vice president and chief underwriter for Hartford Life, “We are able to offer an insurance policy to the vast majority of people with a history of heart disease.”

Dr. Robert Gleeson, a medical underwriter and vice president at Northwestern Mutual Life Insurance Company emphasizes the same thing. “We spend our lives underwriting diseases,” he says, “And, as an industry, we’ve had a lot of experience with coronary disease.”
While your heart attack will likely disqualify you from getting the very best life insurance rates, you may be able to qualify for the second-best tier (“standard” as opposed to “‘preferred”).

Here are three tips to help you get lowest possible life insurance premiums after a heart attack:

  • Document Everything. When you do apply for insurance, be sure to provide documentation for everything you’ve been doing. It’s not enough for YOU to know. The insurer must know. Be specific: it will reassure the underwriters buy into your case. Dr. Gleeson explains why: “If someone tells me that they have high blood pressure but doesn’t give me any more information, I don’t feel very good about issuing a policy without getting more information.”
  • Stay in Treatment: While you’re waiting, you need to be proactive about improving your health. Work with your doctors to change your diet, increase your exercise and take the proper medications to keep your blood pressure stable.
  • Wait a While. You may be able to save money if you wait a year or two after having a heart attack before you buy life insurance, because the longer you can demonstrate that you are taking care of yourself – good cardiogram readings, for example, and low cholesterol, the less of a risk you will seem to be.

Remember that underwriting guidelines vary between insurers and that these guidelines are updated and revised as medical knowledge is expanded and different treatments move from “experimental” to “standard.”
Remember also that just because one life insurance company rejects you doesn’t mean another won’t say “yes.” As with all sorts of insurance, it’s best to shop around.

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Alabama Wind Pool Changes Policy on Buildings In/On Water

October 25th, 2010 by Iris | Comments Off | Filed in insurance news, wind insurance

The Alabama Insurance Underwriting Association, that states last-resort insurer for such policies, announced on Friday that it would no longer be issuing policies for buildings built over or in water.

According to association manager Bob Groves, while they provide coverage for wind damage, they are concerned about water undermining the structure of buildings.

Current policy holders will be able to retain their coverage – even on buildings in or over the water – as long as they maintain ownership and keep their premiums current, but if the buildings are sold, the association will not cover the new owners, and if water encroaches upon a building that is currently on land, coverage will be dropped.

It is estimated that less than 400 of the 18,500 polices the association has issued will be affected by this change.

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Friday Filmstrips: Prescription Drug Plan “Donut Holes”

October 22nd, 2010 by Iris | Comments Off | Filed in friday filmstrips, insurance facts, medicare

If you have a prescription drug plan, there’s a coverage gap or “donut hole” you may encounter. This video talks provides some insight and information.

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Discount Health Cards: What You Should Know

October 21st, 2010 by Iris | Comments Off | Filed in advice and how-tos, health care reform, health insurance

If you watch enough afternoon or late-night television, you’ll eventually see ads for discount health cards. While these may seem tempting, especially if you’re waiting for state insurance exchanges to take effect, or you lost your insurance benefits because you lost a job and COBRA benefits have either not yet begun, or already ended, please educate yourself about them.

Here are five key facts about discount health cards:

  1. The Discounts May Be Exaggerated: Not only do these cards often include hidden fees, but the language is often vague. For example: “save up to 60%” means that your discount could be as little as 1, 2, or 3%. And if you see them touting “guaranteed benefits” ask exactly what is being guaranteed, and how the guarantee is being enforced.
  2. Discount Cards Are NOT Actual Health Coverage: These cards are not designed to take the place of actual health insurance. Instead, they’re meant to save you money if you don’t already have coverage. Most of these cards are meant for clinic visits, not emergency room runs, so check to see what services are discounted, and if you have existing health care insurance, don’t cancel it in favor of a card. Ever.
  3. Not Universally Accepted: The clinic where you purchase your discount health card will most likely honor it indefinitely, as will the doctors who belong to their network, but cards purchased anywhere else may come with restrictions on where you may seek care, or may not be honored at all. Read the fine print before you commit to anything.
  4. There Will Still Be Bills: Discount health cards generally give you a flat fee for “sick” visits – like if you need to be treated for a sinus infection – and a 20% discount on all other services for a low monthly fee ($18-$25 in many cases). However, you’ll still be responsible for lab tests, x-rays, scans, and (unless you also belong to a discount prescription plan) any medications you’re being prescribed.
  5. Ripe for Identity Theft: The Coalition Against Insurance Fraud has caught at least one discount health card company using the credit card numbers and checking account information provided by consumers to bill unauthorized charges even when the prospective customers had NOT purchased the actual cards. Only buy from a company you trust, and check them out with the Better Business Bureau before you spend a cent. Also, be certain that they have a privacy policy in place, and a way to make sure it gets enforced.

Not all discount health cards are bad or dangerous, but as with any purchase, your mileage may vary. Be a savvy shopper – your health depends on it.

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