In the Port Charlotte area – and across most of Florida – homeowners associations (HOAs) are very common in most neighborhoods. These types of covenants are put in place to maintain property values and protect owners, but each association has unique rules, regulations and needs. Homeowners associations cover many of the risks of property management and ownership for their residents as a group, but the specific responsibilities vary from community to community. Homeowner’s association insurance can help to protect a community in many ways.

Homeowner and Condo Associations

All individual unit owners form the membership body of condo or homeowners association. Each individual resident owns a unit and has a shared financial responsibility for the community maintenance and upkeep of common areas.

A homeowner’s association is often responsible for community pools, fitness centers, medians on roadways, any parks and playgrounds, and any other feature jointly used by the residents. The association also typically sets out deed restrictions which outline the rules of living in the community, which can include number of pets allowed, the color you can paint your home, and parking rules. A condo association may also provide insurance coverage for the exterior of the building. In both types of association, the covenant outlines exactly which party – the association or the private owner – is responsible for what item. There is a monthly, quarterly or annual fee for living in the community, which is applied to the responsibilities of the association.

If you own a community with a homeowner’s association or are responsible for the association in your neighborhood, it is necessary to understand the role of the HOA and what type of homeowners association insurance coverage you will be required to obtain.

Homeowner’s Association Insurance

A homeowner’s association writes and enforces the rules that the property owners in the community must follow. Aside from enforcing rules, the HOA also is responsible for maintaining the community and handling community finances

The rules of the HOA also establishes the insurance requirements for the homeowner’s association, which includes requirements for coverage, types of coverage, coverage limits, and the acceptable deductibles. The HOA insurance covers the shared risks of all unit owners. All of the buildings and the common spaces in the neighborhood are covered under a master insurance policy.

Residents will typically be required to carry personal insurance for those areas of the their individual property which are not covered by the community’s master policy. For instance, a condo association may cover the roof of the condo building, but require each resident to carry contents insurance for their individual units.

The master policy typically covers:

• Shared property and areas such as sidewalks, parking lots, garages, elevators, roofs, swimming pools, fitness centers, and hallways/lobbies.
• Building coverage to include bare walls coverage (roofs, walls, floors, and elevators of condominium buildings); single entity coverage (standard elements of a building); or all-in coverage (fixtures, additions, installations, and improvements inside the units).
• General liability to cover incidents that may occur, such as personal injuries and property damage.
• Directors and officers liability to protect members of the association board against legal claims alleging negligence in carrying out their duties.

In South Florida, our community frameworks are varied and diverse. There are many types of communities, each with their own HOA rules and guidelines. If you are responsible for the management of your neighborhood, homeowner’s association insurance is a necessity, and making sure it is sufficient and appropriate for your specific community is paramount. Call Doug Myrick at Insurance Policy Centres to discuss the best coverage for your community today.

- Doug Myrick

Private coroners are in the spotlight

Many Americans are facing a terrible dilemma: Their loved one(s) died mysteriously, and they want to know if COVID-19 might be the cause.

But unless they have a positive test, a lot of hospitals aren’t willing to perform an autopsy.

So grieving families with money are turning to a tiny industry of private coroners for a final diagnosis.

The US barely does autopsies anymore

Back in the late 1960s, US hospitals autopsied ~60% of patients. Today, that figure has fallen to just 4.3%, largely due to budgeting.

The sliding autopsy rate means that death certificates are more unreliable than you’d think. As much as 85% have some error in the listed cause of death.

According to the science publication Elemental, phrases like “cardiac arrest” are often just empty placeholders.

If you want peace of mind, you have to go private

That’s especially true during the pandemic. The National Association of Medical Examiners told National Geographic that private autopsies are on the up and up this year.

Companies like the Los Angeles-based 1-800-AUTOPSY say that they are busier in 2020 than ever before.

But at $10k+, a private autopsy isn’t cheap. Good luck getting your insurance to pay for that.

- Doug Myrick

Income Protection Now

The current economic impacts of the global pandemic have highlighted that many individuals are living paycheck to paycheck. The pandemic has also shed light on how an unpredictable situation beyond a person’s control can affect income and financial security.

During this time, I'm taking the opportunity to speak with clients, not only about the impacts of the pandemic but about how an unexpected event can damage future financial stability.

Many people aren’t aware of the long-term income protection that individual disability insurance (IDI) can provide should they become unable to work due to a disability. Just as life insurance pays beneficiaries for a loss, IDI can pay a monthly benefit to replace income for an individual that is unable to work due to a serious illness or injury. By sharing a few key considerations, we emphasize how IDI can protect income and equip clients with a layer of financial security to help them face the unexpected with confidence.

Why IDI Is Important

Everyone has expenses. Most people haven’t or don’t want to consider how they would make ends meet in light of a disabling event, yet there are monthly costs almost everyone must cover, such as a mortgage, car payment, student loan debt and other recurring expenses. Should a client become unable to work, their expenses will likely continue and compound without a long-term solution for paying them.

During a disabling event, the stress of keeping up with paying bills is the last thing a person needs to deal with and think about. This stress can even further impact the effects of the disabling condition and impede recovery. Clients are working hard to bring in income that supports their families and lifestyle. Helping them put a plan in place to cover lost income if they experience a disability can provide a sound foundation of future stability for them and their families.

Many people rely on their whole income, not just base pay. They need both their base salary and incentive income to maintain their financial stability and lifestyle. Therefore, they should seek to protect all sources of income.

It’s important for clients to understand that while some employers provide base-level disability insurance, that coverage likely has caps limiting monthly benefits and excludes the incentive pay they have come to depend on. It’s also important to note that should a client leave their employer, that coverage may not go with them. IDI is portable income protection that stays with the individual no matter where they work.

Who Needs IDI?

All working Americans need a safety net in case of illness or injury. High income earners tend to have larger expenses and financial commitments to protect.

This is true for professionals who have invested in additional schooling for specialized expertise, such as doctors or lawyers. In addition, professionals whose jobs require precise physical movement, such as surgeons, are especially at risk if they lose their physical abilities. These individuals have put a significant amount of training and work into their professions to establish their high level of income. A disabling illness or injury could put this in jeopardy.

Many young people feel immune to the impact of a disabling illness or injury, but they are not. In fact, at least one-quarter of today’s twenty-year-olds can expect to be without work due to a disabling event before they reach retirement. It’s never too early for them to consider insurance to protect their income. Plus, individuals can lock in IDI rates when they are young and healthy and the coverage can grow with them as their incomes increase.

How IDI Works

IDI offers a true income replacement. IDI doesn’t just offer a single lump sum of money without regard to income or lifestyle. IDI benefit amounts are determined at time of policy issue and based on the actual amount the insured individual was earning before their disability, including incentive and bonus pay. While most income replacement doesn’t cover 100% of pre-disability earnings, IDI does consider the policyowner’s full income. Depending on the benefit period applied for, this stream of income can continue until the age of 65 or 67, making it a true long-term income replacement solution.

We are already sharing the importance of income protection with many of our clients or they are interested in how they can better meet their individual, unique needs. Having a conversation about your financial plan in light of a long-term illness or accident is crucial. We can help you build a solid foundation of financial security that helps prepare for the unexpected, even when you think it won’t happen to you.

- Doug Myrick

5 Things Your RPM Customer Support Team Needs

A successful Remote Patient Monitoring (RPM) program will help you to achieve a healthier patient population, improved clinical outcomes, and increased profitability. The best RPM partners will not just provide software, they'll have a team dedicated to supporting your practice. Here are 5 traits that make a great RPM customer support team:

Here is basic information and things to keep in mind as it relates to Customer Support and Client Success as you begin your search.

• CPT Code Expertise – This expertise should start from your first interaction. During your initial conversations, the potential partner should be able to clearly articulate CPT Code Requirements. They should be able to answer questions easily with citations of where their guidance comes from while also ensuring their technology platform helps reduce complexity when you seek reimbursements.
  On an ongoing basis your partner should have a support team for reimbursement related questions. Does the platform provide any audit protection? What is the process if CMS rejects a claim. Does your partner have external resources to assist you?
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• Clinical experience – When you or your staff has a question, talking to someone who knows what it’s like to work with patients in a clinical setting is important. Client success programs that are run by people with clinical backgrounds are more likely to understand the questions you may have and be able to appreciate the needs of your patients and practice. Successful RPM programs are grounded in superior clinical workflow support- they will be able to help you optimize your workflows so your staff can utilize RPM without adding extra work. 
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• Onsite support – When getting started, phone, chat and email support are great, but when it comes to training, nothing beats being able to talk to someone face-to-face. Consider a client success program that will provide onsite support as an option. This level of service may come with slightly more cost upfront, but they yield dividends when your staff is fully trained and on the same page from the start. *Due to COVID-19, onsite-training may not be possible in some areas.
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• Ongoing support - Responsive and knowledgeable ongoing support is key to the success of any RPM program. Without it, even with the best of intentions, there is a chance that your program might not take off. The right Client Success team can take most of the work of a program launch off your plate and function more like highly efficient program managers than like basic tech support. Make sure that your client success team will be there for you before, during, and post RPM implementation. 
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• RPM Program Management Consulting – A full service RPM will provide regular, structured reporting and meetings that include review of your performance data. This type of support can be like management consulting and lead to better results. Look for RPM partners who offer support to make sure you understand your key metrics.
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• A strong Customer Support and Client Success team ensures that leaders
• are invested and confident that they will succeed. They focus on making
• the process seamless for healthcare providers.
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• To learn more about our Client Success Team. Call 844.741.3684
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• - Doug Myrick

The Fight Isn’t Over

For some, a negative COVID–19 test is just the beginning of a long recovery journey

Despite our country’s best efforts to get America’s workforce back to some sense of normalcy, COVID–19 continues to present a real threat to our health and safety, with cases ebbing and flowing state by state, region by region throughout the U.S.

Workers whose jobs cannot be done from home face the constant risk of contracting the virus while on–the–job, despite even the best prevention efforts by all. The majority of workers who contract the virus will experience mild to moderate symptoms and conditions that don’t require hospitalization but could delay their return to work, such as brain fog, fatigue and breathlessness.

But, here’s where cases can get complicated quickly:

A significant minority of America’s workers who contract the virus develop a severe case that requires hospitalization. Some of these individuals suffer crippling complications, such as acute respiratory distress syndrome (ARDS), central and peripheral nerve impairment, acute kidney injury (requiring dialysis), blood clots and vascular conditions, and cardiac complications. These individuals often experience lingering symptoms long after a COVID–19 test reads negative and they are sent home. The result is a long, arduous road to recovery for these injured workers and mounting claim costs for clients.

- Doug Myrick

I always think I'm right. Don't you?

 

I always think I'm right. That's not ego, that's just the truth. So do you.  There are times when I think I'm right and you think you're right, but we disagree. Now what?  We can't both be right, can we? If we disagree then we are both saying, "I'm right. You're wrong."  So what do we do about it?  We could silently disagree with each other thinking why doesn't he just see it the way I do?  We could talk to our friends who agree with us so that they can call us both stupid for not seeing it the way we do.  We could call one another names because we know that nothing we say will change the other's mind so why not just make it personal.  We could talk it out.  Only one of those options results in the possibility of learning and growing. That's also the possibility that allows us to get to know each other and maybe make a friend.  - Doug Myrick

What Happens to Your 401(k) When You Leave Your Job?

 You’re seeking a new job or making a career transition. You’re updating your resume, preparing for interviews, taking a few online education courses, and applying for available positions online. As you’re submitting applications, you start wondering, “What should I do with my old 401(k) plan?”

There are several options you can take with your old 401(k) to make the most of what you’ve saved for retirement so far. Here’s five tips to help you go further with your 401(k) savings while embarking on a new chapter in your life:

Keep your old 401(k) where it is and don’t do anything.

This is the easiest option, especially if you prefer the investment options of your old 401(k) plan. Make sure you keep an eye on the account and see if there are any penalties by not actively contributing to the 401(k) account.

Roll it over into your new employer’s 401(k) plan.

Consider rolling over your old 401(k) if your new employer offers a 401(k) program. Rolling your previous 401(k) also helps you save more time by consolidating your retirement plans. You’ll manage fewer 401(k) accounts and continue building your retirement savings without incurring a tax penalty.

Roll over your old 401(k) into an IRA.

Instead of keeping your 401(k) savings in a 401(k), consider rolling over your funds to an Individual Retirement Account (IRA). Two benefits of this transition include a continuation of tax-deferred growth and more investment choices. You can pick an IRA trustee that has various investment options, and you’ll have the ability to easily move your money between trustees if they don’t have an option you’re looking for. Rather than withdrawing the funds and completing the rollover yourself, ask your financial advisor to help you initiate and manage the rollover to avoid early withdrawal fees.

Don’t cash in your old 401(k) plan.

You might want to liquidate your previous 401(k) savings and use the funds for your current situation, like paying off debt or covering essentials. However, this option could set you back from getting closer to your retirement goals. An early withdrawal of your 401(k) will include federal income taxes, a ten percent IRS early withdrawal penalty if you haven’t reached age 55, and any additional penalties charged by your 401(k) provider.

Speak with an advisor to weigh your options.

A financial advisor can help you weigh all the factors so you can make a confident decision to continue investing in your future.

Although there is more than one approach, remember that you’re in control of what you want to do with your 401(k) and the wealth you’ve built so far.

Pet Beneficiary Life Insurance

Insurers define health insurance for cats, dogs and other non-human animals as a form of property and casualty insurance.

Life insurers do not pay death benefits directly to non-human animals.

Many consumers, on the other hand, are eager to insure their love for their furry (and scaled, and feathered) companions.

(Trusts for pets are not just for the Super Wealthy) A recent online survey sample included 650 U.S. residents ages 65 and older. The survey team asked the participants who had life insurance why they have life insurance.

One of the five most popular reasons had to do with self care: 37% of the participants with life insurance said they got covered so loved ones would have money to pay for the participant’s funeral experiences.

The four other top reasons had to do with helping loved ones. Here’s the percentage of life insurance insureds who named those reasons as important motivations for getting covered:

• To have money to leave as an inheritance for loved ones: 37%
• To help a spouse, children, or both the spouse and children maintain their standard of living: 32%
• To help loved ones pay the participant’s debts: 17%
• To help the spouse, children, or both the spouse and the children stay in the current home: 10%

A life insurance policyholder who wants to “leave the life insurance to the pet” must create a pet care trust, then name the trust to serve as a life insurance policy beneficiary. Once the trust gets the policy death benefits, the trustees are supposed to use the cash to help pay for the care of the pet.

But 10% of the survey participants stated they had named a dog as a beneficiary, and 4% said they had named a cat as a beneficiary.

About 59% of the participants said a spouse was a life insurance policy beneficiary, and 38% said they had named one or more children as beneficiaries.

In other words: The idea of naming a pet, or a pet care trust, as a beneficiary was about 24% as popular as naming a spouse as a beneficiary, and 37% as popular as leaving life insurance benefits to one or more children.

- Doug Myrick