Employers, there are more options than you think for providing employee benefits

Are you a Florida employer? Do you feel torn between your company’s bottom line and providing your employees benefits? The good news is there that there are more options than you might think. Are you feeling overwhelmed by all the options? The good news is Insurance Policy Centres, located in Kissimmee, Florida, is here to help you navigate and understand what’s available and makes the most sense for you and your business.

Getting Started

We spoke to Douglas (Doug) Myrick, owner at Insurance Policy Centres. He specializes in small business health and voluntary benefits. As an employer, when you meet with him or another insurance broker at Insurance Policy Centres, they will first get to know you and your business. “We seek the story,” Doug says. “First, we're finding out what you’re trying to accomplish.” Here are some questions he will ask you as an employer:

• Do you offer any benefits?
• What is the number one concern of your staff?
• Is this for employee retention?

Insurance Policy Centres will work with you and your business’ HR in order to find out what your needs are, and which options/combinations of options might be best for you.

Benefits don’t have to hurt your bottom line

When you think benefits, you’re probably thinking "expensive". Doug points out that, while health insurance is expensive, there are other benefits that are low cost. Doug gave some examples with average price per month per employee.

• Vision/dental: $30
• Accident coverage: $25
• Bundled coverage that includes pet insurance: $30
• Long-term disability insurance: $6

“Long-term disability insurance is really under-rated,” Doug says. It’s low-cost, something you hope never to need, but in the event that employees do have a disability that interferes with their ability to work, “It can be a real life-saver,” Doug says.

Another option is voluntary benefits, meaning the employer has the freedom to decide how much they’ll contribute to things like vision, dental, short-term disability, critical illness, gap protection, pet insurance.

Insurance Policy Centres can educate your employees

Health insurance and benefits can be pretty opaque sometimes. Doug observes that many times people he consults "don’t understand what they have". Insurance Policy Centres doesn’t expect you or HR to understand all the ins and outs. They “add a personal touch” by traveling to your office to explain the health benefits to your employees. And this will translate to your employees understanding and feeling at liberty to use what you as the employer have provided. In other words, it helps your employees understand what you’re giving them, a true win-win.

To book an in-person consultation, contact 407.244.0972 or hello@dougmyrick.com.

Insurance Policy Centres is part of the Osceola County Preferred Business Program.

3 Insurance Policies for New Dads Ages 27-32

It isn’t a topic that you really want to think about, but as a dad, it is one you have to go over.  What would happen to your family if something were to happen to you?  Would they have enough money to cover the cost of your funeral, let alone to sustain their way of life?  One of the first things I did after having my daughter, Molly, was to get a life insurance policy.  Yep, it sucks having another monthly bill come out, but heaven forbid you should need it, it is well worth the $30-$60 a month you’ll probably pay. Let’s dig a little deeper into life insurance for new dads and help you get a better understanding. 

Guide to Life Insurance Basics

Let’s face it: Men typically pay higher rates for life insurance. A 2014 Chicago Tribune article revealed that males pay up to 38 percent more than females for the exact same policy and benefits. Much of this is due to men’s statistically higher mortality rates, with their lifespans averaging anywhere between 4 and 7 years shorter than those of women from the same racial backgrounds. However, you can still benefit from some wise shopping strategies. Knowing what goes into your quote, as well as selecting the right product, can help you find the right policy.

Understanding What Impacts Your Quote

Several factors affect the price you’ll pay for coverage. Investopedia spelled these out in their guide to life insurance quotes. Some specifics, such as your gender or family medical history, are completely out of your control. The same generally applied to your age, although you can buy a policy when you’re younger to see lower premiums.

Even so, you do have some control over other inputs typically used in underwriting to determine your premiums. Risky leisure activities or professions such as mining, car racing or mountain climbing can drive your rates up. It’s also a good idea to manage certain health conditions, such as high blood pressure or diabetes, prior to shopping. You could opt for coverage that doesn’t require a medical exam, but you’ll likely pay more. Finally, smokers should consider kicking the habit before getting a quote, as they can pay twice as much as their non-smoking cousins.  If you are a new dad, get rid of the smokes anyways.  Come on, now.

Term Life or Permanent Life?

When you think of the words “life insurance,” you probably pictured something like permanent whole life or universal life. Even so, those aren’t the only choices available to you. As explained in a 2016 New York Times piece, term life proves to be the best option for many individuals. This straightforward type of policy pays a fixed amount to your beneficiary should you die within a specified amount of time, which is anywhere between 10 and 30 years. In contrast, permanent life accumulates a cash value and will pay out after you’re done footing the money for premium.

Which version should you buy? It’s important to consider your family’s financial needs when you make this vital decision. NerdWallet suggests that whole life is appropriate in a few key scenarios, especially if your goal is to leave behind extra money:

•          Covering estate taxes
•          Providing for lifelong dependents’ care
•          Spending retirement savings while funding final funeral costs
•          Providing inheritances equally to your heirs

Joint life insurance policies can save on premiums, but keep in mind they share one death benefit (as opposed to two for individual insurance policies.

Other situations dictate that term life may be a more appropriate solution. Replacing income lost suddenly to your death is just one example, but you might choose term life for its affordability. Depending on the policy amount, term length and the age at which you purchase it, you’ll probably pay out only several hundred dollars a year versus a few thousand for whole life. Keep in mind that some versions of term policies can be converted into permanent life at a later date. It’s prudent to ask your Florida life insurance agent plenty of questions before choosing your products.

Choose Your Policy Wisely

Buying life insurance might make you feel like you’re navigating a maze of choices, but you just need some key pieces of information to make the right decision. Remember that your quote will be impacted by both factors in your control as well as things you can’t change. If you’re a younger dad, obtaining a policy now will cut your costs a bit. Nevertheless, even older men have options for coverage. Finally, consider your family’s financial needs when selecting between term or permanent life. These tips, plus choosing an experienced agent, will help guide you in picking the best policy for you.

Life insurance for new dads isn’t as exciting as the latest hot toy review – I know this – but that doesn’t make it any less important.  One may even argue that your family’s well-being ranks a tad above which toy your kid might like best (sarcasm).  I hope you found this post helpful.

- Doug Myrick

Celebrating Our Nation's Birth.

 I wanted to share this message with you...

246 years ago, our Forefathers established a new nation, a union of states, united in the cause of freedom, and we continue to make great strides to become a “more perfect union” as “ONE nation under God, indivisible, with liberty and justice for all.”    This experiment in creating a Democratic Republic continues to move forward as a shining beacon of hope to the world.

At Insurance Policy Centres, we celebrate what UNITES us as a nation and honor the sacrifice of the incredible men and women who have given their lives for the freedoms we enjoy as a nation.  We remain the envy of the rest of the world for the freedoms we enjoy and the prosperity that can only come from a free and open capitalistic society. 

May God continue to bless America and may His favor shine on you and your family.

- Doug Myrick

Medical Bills: 5 Things You Might Not Know

What you don’t know about medical bills can cost you both in terms of money and frustration. There can be some unpleasant side effects from your medical care if you’re not aware of these billing pitfalls. Yes, of course, your medical providers deserve to be paid fairly. However, I don’t want you to overpay your medical bills because of confusion or lack of knowledge.

Here are 5 Things You Might Not Know About Medical Bills

#1 – You shouldn’t pay a dime beyond your co-pay at the time of service.

If you have insurance, you shouldn’t pay anything at the time of your medical service, other than your co-pay. You want to wait until you receive your “Explanation of Benefits” (EOB) from your insurance company.

Why? The EOB will show the detail of what the medical provider charged, what the insurance paid on your behalf, and most importantly, your financial responsibility. When you receive a bill from the medical provider, you want to ensure that the amount they are charging you matches the “your responsibility” on your EOB from the insurance company.

The one exception to this? If you have a high-deductible plan and have NOT met your deductible for the current year yet. If you're going in for any non-preventative care, ask your doctor's office for an estimate of what you'll be responsible to pay at the time of the visit.

 

#2 – Medical bills have an interest rate of 0%, so don’t put them on your credit card.

Don’t let the medical facility pressure you into paying your bill with a credit card. If you can’t pay the bill in full within 30 days, send them a partial payment. Most hospitals and doctors’ offices are agreeable to setting up a payment plan for you. Just make sure you pay them something each and every month.

If you go several months without paying anything towards your outstanding bill, there’s a chance your provider will send the bill to a collection agency. If you want to earn your rewards points AND you plan on paying your credit card bill in full at the end of the month, swipe away.

 

#3 – You might be eligible for an income-based reduction of your bill.

 Depending on your income, you might be eligible for a reduction of your medical bill. When my mother-in-law received treatment for her bladder cancer, her income consisted of social security and a very small teacher’s pension. Because of this, the hospital reduced many of her treatment bills by 90% or more. Almost every major medical facility has a financial aid department. The staff will help you determine if you qualify for this assistance. It never hurts to ask!

 

#4 – Your medical bills are NOT a part of your credit report or credit score. Unless…

You fail to make timely payments and they’re turned over to a collection agency. (This is why it’s SO important to pay something on each of your medical bills monthly.) Experian and the other credit reporting agencies don’t even show these medical bills on your credit report until they are 180 days or more past due.

 

#5 – The vast majority of hospital bills contain one or more errors.

The stats vary from 30% to 80% of hospital bills containing at least one error. These errors can range from a hospital employee typing in the wrong billing code to including services, medications, or medical devices you never received. It’s important that you ask for a detailed statement for your hospital stay and ensure its correct. You want to make sure that you and your insurance company are not billed for something you didn’t get. And incorrect billing codes could cause your insurance company to deny payment on something they should be covering. Address issues as soon as you find them, so these medical bills are fixed promptly.

How financially healthy are you?

Better TV Over the Airwaves

Get improved picture and sound with new broadcast signals.

Thirteen years ago, people who relied on antennas over cable or satellite receivers marveled at the clarity of high-definition television broadcasts. Since then, there haven't been a lot of improvements. That's about to change, with the introduction of ATSC 3.0, better known as Nextgen TV, a new broadcast standard that could once again revolutionize out TV sets.

What's NextGen TV? It will bring higher quality 4K video and clearer Dolby audio. The technology can also deliver television to your phone, tablet or car assuming the manufacturer of that device allows it.

What else can NextGen TV do? It is also designed for interactivity. Imagine being able to push a button on your remote for a map of where a news event is happening or to access more interviews on a topic.

Does it require special equipment? No new antenna needed, but you may need a newer TV. Look for Nextgen TV logo on the box at the store. Or connect a NextGen TV turner (under $300) to an older TV.

What programs will benefit? Movies in particular should look better. Many feature films are shot in the highest resolution and 4K video should allow them to maintain that picture quality on televisions.TV

Will I still be able to watch TV using my older TV set? Yes. Stations are required to continue broadcasting HDTV even if they adopt NextGen TV, meaning no one's over-the-air set will be useless.

Will I be able to watch on my phone? This technology is designed with phones and tablets in mind, but device manufacturers need to include tuners and antennas in the devices. So far, none have.

Best TV Antenna for 2022 - Installing an over-the-air antenna is one of the easiest ways to get free TV.

- Doug Myrick

Preparing for a Hurricane

We are in the midst of hurricane season, and whether you live

in a vulnerable area or are just planning to vacation or travel to one, it is important to be informed for your family's welfare.  Be alert to hurricane notices and get prepared to weather the storm.

The Atlantic hurricane season lasts from June to November, with the peak season from mid-August to late October. The Eastern Pacific hurricane season begins May 15 and ends November 30.

Protecting you, your family and your property is important to us, and we want you to be prepared if a hurricane comes your way.  The following information and much more can be reviewed in detail on FEMA's site.  But we've included their fifteen-point protection plan below. 

To prepare for a hurricane, you should take the following measures:

• Build an emergency kit that will meet your family & pet needs for at least 72 hours
• Make a family communications plan that includes where you are going to meet if you can't go home

Know your surroundings:

• Learn the elevation level of your property and whether the land is flood-prone. This will help you know how your property will be affected when storm surge or tidal flooding are forecast.
• Identify levees and dams in your area and determine whether they pose a hazard to you.
• Learn community hurricane evacuation routes and how to find higher ground.
• Determine where you would go and how you would get there if you needed to evacuate.

Make plans to secure your property:

•  Cover all of your home’s windows. Permanent storm shutters offer the best protection for windows. A second option is to board up windows with 5/8” marine plywood, cut to fit and ready to install. Tape does not prevent windows from breaking.
• Install straps or additional clips to securely fasten your roof to the frame structure. This will reduce roof damage.
• Be sure trees and shrubs around your home are well trimmed so they are more wind resistant.
• Clear loose and clogged rain gutters and downspouts.
• Reinforce your garage doors; if wind enters a garage it can cause dangerous and expensive structural damage.
• Plan to bring in all outdoor furniture, decorations, garbage cans and anything else that is not tied down.
• If you own a boat, determine how and where to secure it.
• If feasible, install a generator for emergencies.
• If you are in a high-rise building, be prepared to take shelter on or below the 10th floor.

Hurricanes cause heavy rains that can create extensive flood damage in coastal and inland areas.  Everyone is at risk and should consider flood insurance protection. 

Flood insurance is the only way to financially protect your property or business from flood damage. If you haven't already done so, you can learn more about your flooding risk and how to protect yourself and your business, by calling our office at 844.741.DOUG.

Your friendly agent at Insurance Policy Centres,

Homeowners Underinsured Due to Rising Inflation: APCIA

A survey by American Property Casualty Insurance Association (APCIA) found that most homeowners have not taken the necessary steps to insure their insurance coverage keeps pace with rising inflation and increased building costs. This survey that included 1000 homeowners with home insurance highlights the risks of being underinsured if catastrophe strikes!   

APCIA’s survey also revealed that 64% of homeowners are unsure or believe that their coverage limits are based on the real estate market value rather than rebuild costs. Another survey by the Harris Poll found that only 30% of homeowners with insurance have purchased more insurance or increased their coverage to account for rising building costs. Less than 40% of the insured homeowners who completed renovations or remodels during the pandemic had updated their insurance to include those changes.  

U.S insurers paid out a record-breaking $176 billion for natural catastrophe claims in 2020 and 2021, making it the highest total during those two years periods of time as well!  

Inflation, recent supply chain issues, and increased demand for skilled labor and construction materials following unprecedented natural disasters in the last two years have recently contributed to a significant increase in the costs of rebuilding homes and businesses. The cost of construction materials also has increased by 44% from 2019 to December 2021. This has resulted in longer rebuilding time and staggering high prices.  

Add A Few Features To Stay Prepared 

APCIA suggests adding a few coverage features to avoid surprises during the recovery process following a natural disaster:  

• Additional Living Expenses coverage can help cover hotel costs, food, and other necessary items like medical equipment if it takes longer than expected for your home reconstruction project’s timeline!  
• Extended replacement cost coverage means that your policy will increase to cover rebuilding costs when labor and material expenses skyrocket due to natural disasters.  
• Replacement cost coverage pays for your home and property when an emergency forces you out, like a natural disaster or fire. The company will pay up so that they can build it again from scratch – all without taking away any of its value in depreciation!  
• Automatic Inflation Guard protects you from rising healthcare costs by automatically adjusting your coverage amount at each renewal. However, during periods of extreme market stress, it remains essential to review these limits as they may change drastically!  
• The best protection against costly fines and penalties is ensuring your home meets all local codes. Building Code coverage helps ensure that you comply with any new regulations, which could save both time and money on unnecessary repairs or replacements!  

APCIA also suggests you make an inventory of all your home’s contents. If any disaster or unexpected event arises, you can swiftly account for all your property and report the losses to your losses. You can always use your smartphone to take photos or videos for the inventory. Many insurers also know free tools that can help you in this process. Whatever route you take for inventory creation, save everything to a safe, accessible place like the cloud. 

- Doug Myrick