For senior homeowners in Connecticut, getting cheap home insurance is difficult enough, but for those who have taken long-term policies in preparation for a comfortable life in nursing homes, the problem has just gotten bigger.
This is because the Insurance Department of the state has recently approved a 39% rise in long term insurance premiums offered by MetLife. Elderly residents who have policies for this type of insurance are facing a yearly payment that is almost double of what they used to pay. According to most of them, this could prove to be impossible to fulfill.
The premiums, which are meant to cover in-home assistance and nursing home care, have reportedly been rising in the past few years, but the recent jump is the highest so far for state holders. Read more…
The total cost of health insurance and related out-of-pocket expenses will require all 2010 retirees to save at least $124,000 to cover 90 percent, according a new report released by the Employee Benefit Research Institute (EBRI). The report also found that while costs will likely decrease some as a result of the health care law, the decrease will be nowhere near enough to make up for the amount retired workers–especially women–will have to pay to cover their health care expenses.
Retirees Must Increase Savings to Pay Health Insurance Costs
While the EBRI report revealed that all retirees will need to have a substantial stash put away to make sure that they can cover their health insurance out-of-pocket expenses, it seems women will need to save more than men in the long run.
According to the report, men and women will need to save the following:
- Men: Those men retiring in 2010 at the age of 65 will need anywhere from $65,000-$109,000 in savings to cover their health insurance premiums and out-of-pocket expenses in retirement if they want a 50/50 chance of having enough money. The
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In the unfortunate event that you have a substantial second home insurance claim, it is likely that your insurer will appoint loss adjusters. Alternatively, the claimant might employ a loss assessor.
These are two largely separate functions, performed by qualified professionals and you typically would only encounter them in the context of a large claim.
But what is the difference between the two?
What is a loss adjuster?
At Schofields we pride ourselves on providing a fast, efficient, courteous and fair claims handling service.
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COLUMBUS — The Ohio Department of Insurance has created a page on the social media web site Facebook, Director Mary Jo Hudson announced today. The page contains valuable information for those with questions about their insurance coverage as well as links to various publications on the Department’s web site, .
“Social media outlets such as Facebook are a great way to get information to Ohioans,” said Director Hudson. “The Department is committed to use as many resources as possible to educate our citizens on insurance issues.”
The Department’s Facebook page will be updated with consumer alerts, press releases, podcasts and information about consumer events in which the Department will be hosting or participating. Visitors to the site will not be able to post comments but there will be information on how to contact the Department with an insurance question or complaint.
If you’ve ever purchased your own auto insurance policy then you already know that there are tons of extras that companies try to sell you in addition to your standard liability coverage. Most of the extras are actually very beneficial to drivers but can be purchased from other places.
So then the question is, should you purchase supplemental auto coverage from your insurer or a third party? To help you decide, let’s take a look at whether getting the extras with auto insurance is actually worth it.
Typical Auto Insurance Coverage Options
There are typical auto insurance coverage options that you could expect to receive from any company. The
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When you are going to have a real estate transaction, you might hear the terms mortgage insurance. This is actually a financial guarantee that gives assurance to the lenders from the borrowers who fail to settle their payables. For further explanation, if you will buy a house that has lower than the 20% down payment, or you are refinancing it up to 80% higher, you will be asked to get a mortgage insurance policy.
This is an insurance that is beneficial to the buyers since they can in fact become the owner of the house and improves their capability to buy. As soon as the buyer does not have the mortgage insurance, lenders would usually ask them to shoulder the 20% of the current property value to serve as the down payment. Read more…