What is an HSA, and Is It Right for Me?
You have options when it comes to managing your health insurance. Many services are offered free of charge. An HSA or health savings account is not insurance but can be a viable option for covering health costs.
What is an HSA?
An HSA is a personal savings account for specified healthcare costs. The account allows you to set aside funds and withdraw from the account without paying taxes when the funds are used for medical expenses. An HSA complements your health insurance by covering the cost of copayments and deductibles.
What Does an HSA Cover?
You can use money from your HSA to cover:
- Prescriptions and over-the-counter medicines
- Eyeglasses and vision care
- Dental care
- Chiropractic care
- Acupuncture
- Lab tests
- X-rays
- Feminine hygiene products
- First-aid supplies
- Out-of-pocket costs to meet insurance deductibles
What Tax Benefits Does an HSA Offer?
There are three main ways an HSA can offer tax benefits:
- Contributions: Money you place in an HSA can be claimed as a deductible on your tax return.
- Growth: Money contributed to your HSA can earn interest.
- Withdrawals: You do not have to pay tax on funds you use to pay for qualifying expenses.
Is An HSA Available to Individuals with All Types of Insurance?
No. An HSA is only available to individuals with High-Deductible Health Plans (HDHPs). An HDHP is a type of health insurance that offers lower monthly premiums in exchange for a higher deductible.
HDHPs are typically a good option for those who expect few medical expenses, are generally healthy, and want to save on monthly premiums. If you have a lot of medical costs, an HDHP may not be the best choice.
Where Can I Sign Up For an HSA?
Health savings accounts are available through:
- Banks
- Credit Unions
- Investment firms
- Your employer
Before opening an HSA, you must enroll in an HDHP. If you have questions about whether your insurance qualifies as an HDHP, our health insurance agents can help. Call today.
When Might an HSA Not Be Right for Me?
While an HSA can offer tax advantages, it may not be for everyone. You may not want to open an HSA if:
- You expect to have a lot of medical expenses.
- You prefer a lower deductible health plan.
- You have other financial priorities.
- You plan to enroll in Medicare soon.
After enrolling in Medicare, you can no longer contribute to an HSA.
Your HSA Is Yours to Keep
Unlike health insurance plans, which do not provide coverage after you cease premium payments, a health savings account is always yours to keep. Like a personal bank account, the contributions to your HSA will remain with you even if you change your insurance, switch employers, or stop making contributions. They can always be used later to cover your medical needs, including after you retire or enroll in Medicare.
Protect Your Health and Future with the Right Plan
Whether you are considering opening an HSA or not, enrolling in a health plan that suits your needs is vital. Contact our firm today to schedule an appointment with one of our knowledgeable health insurance agents. Let us help set you on the path to a healthier future.
Do I Have Enough Life Insurance? 6 Signs to Know if You’re Underinsured
If you are uncertain if you have enough life insurance, it is time to review your existing policy or, for some people, put a new policy in place. Life insurance is dynamic and needs to change with time. As you hit significant milestones, your insurance must match the changes. Here are some signs that you are underinsured.
You Never Calculated How Much You Need
While you may not have realized it then, you may have purchased your existing policy off face value. Maybe the death benefit seemed adequate, but did you ever calculate how much coverage you need in real-world numbers? If not, here’s a guide on how to count it up. First, list the following expenses:
- Your debts
- Your mortgage
- Several years of living expenses for your surviving family
- College costs for children
- Other major expenses, like a wedding for a child
- Medical bills
- Cost of funeral and other death expenses
This calculation will allow your surviving family to continue living comfortably after your passing. During such an emotional transition, added financial stress can weigh heavily on your loved ones.
Your Annual Salary Has Increased
If you purchased insurance in your younger years when salaries were lower, you are likely now making many times what you did then. This is a clear sign you’ve outgrown your last policy. If your household expenses have expanded and reflect your higher income, your policy should be updated to match the current situation.
Your Family Has Grown
Adopting a child or welcoming a newborn to the family is one of life’s most rewarding events. It is also a sign your life insurance policy must be updated. You’ll want to ensure that this new family member is correctly named as a beneficiary to help secure their future well-being should a parent or parents pass away.
You Bought a New Home
Purchasing a new home is a thrilling milestone. With it comes all the joys, risks, and costs of owning a home. Ensure your existing policy covers paying off your mortgage; if not, it’s time for an update.
Your Spouse is Uninsured
If you are the only one employed in your household, you may need life insurance for your partner who stays home. If your partner provides essential contributions, like childcare, cleaning, cooking, gardening, maintenance, and other household functions, their absence could leave you needing thousands of dollars to cover the cost of these actions, with nowhere to turn. A life insurance policy will provide the means to care for dependents in a worst-case scenario.
Are You Underinsured? We Can Help.
If you’re in one of the above categories, don’t wait to ensure you have enough life insurance to support your family when they need it most. Our life insurance agents are available to help you make a decision that suits your budget and your family. Call today to schedule a consultation to ensure you get the right coverage for your needs.
What is a Loss Control Program, And Do I Need One?
A loss control program is a coordinated set of actions or practices that help locate and address potential risks for a business. The program could evaluate losses from employee theft, financial difficulties from claims or lawsuits, and other risks. A tailored loss control program reduces risk and mitigates the extent of economic losses when unexpected incidents occur.
How Do I Know If I Need a Loss Control Program?
Most businesses can benefit from a loss control program. The first step is to review your business’s risks. You have risks unique to your enterprise, along with a range of standard risks. Some common potential losses that many companies share include:
- Product theft
- Damaged inventory
- Workplace injuries
- Property damage
- Online security threats
- Client claims
Developing a Plan
Set clear targets to reduce the risk of potential loss in each area. Speaking to a business insurance agent at our firm can help. We can help walk you through your business insurance options and what policies offer. Your loss control program should list the actions to take, deadlines for completion, and the individual responsible. Vague or unclear targets rarely get completed—be specific.
Most businesses find that having a safety manual for employees is a practical part of a loss prevention program. Educating your staff makes them more likely to respond to emergencies correctly and confidently.
Getting Your Plan into Action
Take the targets from your planning papers to the physical universe. Have the assigned executives complete their tasks such as:
- Employee safety manual: Have the safety manual written, printed, distributed, and read by all employees.
- Security cameras: Get cameras installed if needed, and place clear signage about video surveillance as a deterrent.
- Anti-theft tags: If you work in retail, implement RFID tags.
- Inventory monitoring: Perform regular inventory reviews to ensure your products are safe from employee theft.
- First aid stations: Be prepared in case of an accident. Purchase a quality first aid kit, or several if you have larger premises. Place first aid kits in easily accessible locations. Ensure your employees are informed where first aid supplies are available should an unexpected injury accident occur.
Monitoring Your Results
Without feedback, ensuring your efforts are working is challenging. Close the loop by asking staff and customers to share their thoughts. Do they feel more secure? Do they understand what actions to take to help avoid unnecessary risks? Regular safety training ensures your employees know what to do in case of fire, an injury, or any incident requiring immediate intervention.
Improve Your Loss Control Program
A loss control program will be outdated over time. As your business expands and changes, so do its needs. Business insurance covers many aspects of your business and can act as a safety net, ensuring your business can flourish. Some insurance providers may reward company owners who have implemented a loss control program by offering lower premiums.
Business Insurance Gives Peace of Mind
Loss control programs can go a long way to keeping your products, clients, and personnel safe from harm, but they can also protect your enterprise from unexpected financial losses. Speak with one of our business insurance agents today to have your current policy reviewed and learn if new options on the market could better serve your operation. You have worked hard to build your business; your business insurance policy safeguards against losses you can’t afford.
5 Winter Driving Mistakes That May Increase Your Premium
Yesterday was Car Insurance Day. The first of February has been set aside as the annual day to be thankful for the peace of mind your auto insurance provides—and to focus on the importance of safe driving. As we face the last several weeks of winter, it is the perfect time for an insurance policy review to check that your policy still meets your needs. Safe driving is the best strategy to keep your premiums as low as possible.
Not Clearing All the Snow Off Your Vehicle
While you may be tempted to quickly sweep the snow off the windshield when you are in a hurry to get somewhere, failing to clear the snow from the top or front of your car can have disastrous consequences. Sudden stops, starts, or turns can result in snow from your roof sliding down and covering your front or back window or the snow on the hood of your car sliding upwards, dangerously obscuring your view.
Staying Bundled Up While Driving
Brr—it’s cold outside! You need to wear layers when you are outdoors and need to stay warm. While you need warm clothing outside, wearing mittens and a thick coat in the driver’s seat can be a liability, reducing your ability to grip the wheel and control the car. Bulky snow boots can make it hard to feel the pedal position and wide boots can make pressing one pedal at a time difficult. Leave your bulky winter clothes in the back seat and use the car’s heating system to stay warm when driving.
Driving Too Fast for Weather Conditions
The posted speed limit is the maximum speed under normal conditions. Remember that snow, ice, and other winter weather hazards can add minutes, if not hours, to your travel time. Always head out with time to spare. Fast driving in snowy, icy, or rainy conditions or exceeding the speed limit in winter conditions puts you and others at risk should the vehicle go out of control. If you cause a crash by driving unsafely in winter weather conditions, it signals to your policy provider that you are a higher-risk driver; your insurance premium will increase.
Following Too Closely on Slippery Roads
Tailgating and following another car too closely is always illegal. When the roads are icy, braking requires even more distance. Tailgating is more than unpleasant to your fellow drivers; it is dangerous driving behavior that can lead to a fender-bender or worse. In good weather, the rule is to leave three seconds of roadway space between you and the vehicle ahead. In winter road conditions, coming to a complete stop takes even longer. You will need five to eight seconds to stop on snowy roads and 10 to 14 seconds on ice. Adjust your driving, leaving a longer distance between your vehicle and the vehicle ahead. Stay safe and keep your insurance rates lower.
Lack of Vehicle Winter Maintenance Check
When the cold hits, it is time to get your car’s tires, brakes, and wipers checked for damage and replaced if needed. It’s much better to fix problems ahead of time than to discover them when navigating through a howling storm. Regular car maintenance can extend the life of your vehicle and improve its performance in rough weather.
Stay Safe This Winter with Car Insurance You Can Trust
No one can predict every hazard, but it pays to be prepared. Now is the time of year to review your insurance and ensure coverage. Talk with one of our agents today to see what new policies are available with better coverage at a lower cost. We are happy to review your current policy and help you have greater peace of mind, knowing you have the coverage you need.
Why is Sitting the New Smoking?
Smoking kills 500,000 people a year in our country, according to the American Lung Association. It is a tragedy, considering it is the number one preventable cause of death in the U.S. When people say, “sitting is the new smoking,” the words represent a feeling more than a statistical fact, but it is a valid problem.
How Much Do Americans Sit?
The Centers for Disease Control and Prevention (CDC) estimates that Americans spend between 6.5 and 8 hours sitting each day. Many will spend this time as desk workers, but common pastimes like television, reading, or playing computer games involve sitting for extended periods.
What’s So Bad About Sitting?
Prolonged sitting, and therefore general inactivity of the body, has a high potential for adverse health consequences. Some of the outcomes of an overly sedentary lifestyle can include:
- Poor heart health
- Weight gain
- Depression
- Dementia
- High blood pressure
- Low metabolism
- Blood clots
- Back and spine issues
- Weak muscles
Some studies have even linked sitting for too long with an increased cancer risk.
Get Active to Stay Healthy
Don’t get too depressed by the horrible health possibilities associated with being stuck in a chair most of the day. It can be easy to build more activity into your routine.
- Take the stairs: Use the stairs instead of the elevator or escalator when at work or out shopping.
- Take a walk: Get off the bus early and walk the last few blocks to your destination.
- Park down the block: If you’re driving, park further away and enjoy a few minutes outside before you arrive.
- Bring the bike: If feasible, or outside work times, consider biking instead of bringing the car.
- Adjust your desk: Standing desks are a somewhat new thing; consider adding one to your workspace and spending part of the day standing.
- Walk and talk: Try taking phone calls while standing or pacing to keep your body moving.
- Do some chores: Walk the dog, wash the car, mow the lawn. All these activities will get your body moving and contribute to better health.
- Get health insurance: When all else fails, make sure a trip to the doctor is not out of the question.
How To Get a Better Deal on Health Insurance
The younger and healthier you are, the lower your premiums will be. If you don’t have age on your side, you can still pay less if you are in good health. One way to start is to find ways to sit less during the day. From there, the CDC recommends 150 minutes of moderate activity each week (about 30 minutes on weekdays).
Protect Your Health with Health Insurance
Getting active is a great way to stay healthy. Health insurance will protect you if a health issue arises, no matter your health status. More than that, advanced healthcare plans can help cover preventative visits and care so you stop illnesses before they start. Contact one of our knowledgeable healthcare insurance agents today to get help choosing a plan that suits your needs.
When Should You Buy Life Insurance?
There is no one-size-fits-all answer to the question, “When should I buy life insurance?” Let’s look at a few valuable guidelines to help you decide. Generally, buying a life insurance policy when you are young and healthy is recommended. There are multiple factors to consider in any case.
If You Buy Insurance While Young:
Buying insurance when you are young and hopefully in good health allows you to lock in a lower premium that will stay with you for the rest of your life. It is almost as though the insurance company takes a snapshot of your current age, medical history, habits, hobbies, and level of risk when you first enroll and never changes it.
The possible downside of purchasing insurance in your 20s, 30s, and even early 40s is that when with whole life insurance, you will be paying premiums for longer—but are building an asset. Then there is the case of term life insurance, which only covers a specific period, for example, 30 years. If you purchase a 30-year policy at 30 years old, at 60, you will find yourself with no coverage and possibly a less-than-optimum physical condition, making it harder to acquire a new policy at a low cost.
If You Buy Life Insurance When You Are Older:
Shopping for life insurance in your 50s, 60s, 70s, and older can be much more difficult. On the upside, one could theorize that premiums will only be required for a shorter time, which could save you money. Few insurance companies won’t issue a new policy to adults in their late 60s or 70s. While most insurers are willing to do so, you can expect premiums to be much higher due to the insurance companies’ increased risk. Enrolling in an insurance plan during your prime income-earning years is a smart option.
How Do I Find the Lowest Premiums?
The simple answer? Start early. Insurance works by pooling the resources of a group of people to manage risk. If everyone waited to buy insurance until they became ill or developed physical problems, the company wouldn’t have the funds to pay claims. That’s why insurance companies generally reward people who are young and healthy for starting earlier by granting them lower premiums. Doing so expands the “risk pool,” making it easier to cover the small percentage of people who require assistance when needed.
Considering Purchasing a Life Insurance Policy? Now’s the Time.
Young or old, healthy or not, sooner is usually better when purchasing a life insurance policy. If you still have questions, don’t hesitate to call us. Our agents will happily answer them and help you understand your options for finding the right plan for you. Don’t let your policy wait; now’s the time.
What You Should Know About E-commerce Business Insurance
A brick-and-mortar establishment comes with known risks, but e-commerce has specific liabilities. Some are shared with traditional stores, but others are unique to online businesses. Business insurance tailored to meet the needs of your online operations can make all the difference when you face unexpected losses.
What is Covered in E-Commerce Business Insurance?
E-commerce business insurance policies include:
- General liability insurance
- Commercial property insurance
- Commercial auto insurance
- Worker’s compensation insurance
- Business income insurance
What Types of Businesses Need E-Commerce Insurance:
Any merchant activity, selling services, products, or digital wares, will benefit from enrolling in an e-commerce insurance plan.
- Online retail: Whether you are selling pajamas or personalized jewelry, interruptions in your supply chain, shipping delays, and employee injuries can cause financial setbacks that endanger your company’s survival.
- Traditional retail with an online component: If you allow store or curb-side pick-up for online orders or operate a whole range of online-only merchandise in addition to the offerings at your physical location, you face the combined liabilities of commercial property and digital ransomware or data breaches.
- Virtual marketplace sellers: If you sell your art, crafts, or services on platforms like Etsy, eBay, Airbnb, or Fiverr as a source of income, it’s worth covering your losses. If there are any claims about your products or quality, you can resolve the issue and move on rather than facing costs that can be a killing blow.
- Online rideshare work: You are considered an independent contractor when you drive for Uber or Lyft. This type of work does not fall under traditional e-commerce and may need a specialized plan focused on commercial auto insurance. Your auto insurance should be customized to cover any damages not covered by the rideshare company.
What Happens If I Don’t Get E-Commerce Business Insurance?
When you experience what can happen without insurance, it becomes evident that proper coverage is a necessity, not a “nice to have.” Some examples of potential liabilities that will have you paying out of pocket include:
- Employee injuries: If your employee climbs a ladder to access items from a top shelf but falls and breaks their ankle, you could have to pay their medical bills out of pocket if you are not covered.
- Customer lawsuit: This is particularly relevant for companies selling food, cosmetics, or medical items. If a customer claims your product made them sick, no coverage can put you in danger of a long and expensive court process.
- Damaged inventory: If your stock is ruined by flood or fire, you may face delays, refunds, and a wave of customer complaints. E-commerce insurance can cover your losses.
- Stolen information: Hackers could access your customer database and sell it to bad actors. This is embarrassing and can also result in significant issues with customer service.
- Car accidents: Your delivery vehicle, which may also be your personal property or that of an employee, could experience unexpected damage on the road. Personal auto insurance will likely not cover the losses the vehicle is used for regular transport and delivery runs.
Protect Your E-Commerce Business with the Correct Coverage
Give yourself peace of mind for the year ahead. E-commerce is an evolving field; ensure your safety net expands with your enterprise. Please meet with one of our e-commerce business insurance agents about acquiring or updating your current coverage today.
How to Prepare Your Home for Winter Storms
During the winter months, the weather can get pretty grim. Freezing icy conditions, blizzards, torrential rain, and wind events can test any structure, including your home. The best policy is to be prepared for the worst and hope for the best. Here are some ways you can protect your home from the damage of winter storms this year.
Indoor Checks and Safety Measures
Heating System
No one wants to be stranded at home with no heat during a storm. Before the heavy cold sets in, check that all the parts of your system, including filters, wood heating systems, boilers, furnaces, and pipes, are in good condition. Keep your heating at 65 degrees, even when out of the house, to help protect against frozen pipes.
Pipe Insulation
Not all pipes are within the walls. Check the attic or basement for any exposed pipes and get them insulated. If you want to do it yourself, you can find pre-slit foam pipe insulators online or at your local home improvement store. Just read up on how to apply them so you don’t leave gaps.
Water Main
When was the last time you located your water main? If you can’t remember, it’s been too long. Ensure you know its location and how to turn it on and off. If you have any trouble with frozen or burst pipes during the winter, you can stop the main flow of H2O to prevent your emergency from becoming a disaster.
Faucet Control
Moving water is less likely to freeze than standing water. When the temperature plunges, turn your hot and cold faucets to have a slow, steady drip, particularly those furthest from the water supply, to reduce the risk of frozen pipes in cold weather.
Emergency Supplies
If you are snowed in and can’t go out. Make sure your safety reserves and emergency kit are well stocked. Essential things you need include:
- Water
- Non-perishable food
- First-aid kit
- Warm blankets and clothes
- Flashlights
- Cell phone charger backups
Outdoor Concerns
Cracks and Gaps
Walk around your property and note any places you may lose heating. Small cracks and gaps around windows or your garage door may not expose you to grave danger during a storm, but they could add up to considerable savings on energy costs when addressed.
Gutters
Clean leaves and debris from your gutters. When the storms hit, you don’t want a build-up of water freezing, leading to ice and damage to your roof and home. If you spot icicles, it is a sign that there could be a problem. It is vital to repair any issues to avoid risking severe damage to your home’s structure.
Sidewalks
Keep your sidewalks shoveled and clear of snow and ice. You don’t want visitors to your home to slip and be forced to file a claim against your personal liability policy.
Roofing
It is time to invest in repairs if you have structural issues with your roof or any leaks. Repairs can be managed on cold days without too much snow. A collapsed roof from heavy, wet snow can be a disaster and impossible to resolve in a howling storm.
Air Quality Control
Carbon Monoxide Detectors
Your household smoke and carbon monoxide detectors should be tested at least once per year. As carbon monoxide poisoning occurs most often during winter, now is the time to check your alarm and replace the batteries. Also, verify the “replace by” date on the back of your device and get it changed out if it is overdue, which should occur about every five to seven years.
Engine Check
While your car isn’t a part of your home, it is wise to think ahead and ensure the engine, oil, and belts are in good condition and can handle the challenges of the winter months. Remember, gas engines running in an enclosed space release carbon monoxide, a deadly odorless gas. Thousands of deaths are caused by unintentional carbon monoxide (CO) poisoning in the U.S. annually. Always run your car engine and any gas-powered generators outside the house or garage and away from ventilation systems leading indoors. When engines are on inside the garage, even if the doors are open, enough CO can build up and cause serious or deadly consequences.
Stay Safe and Secure with Compatible Coverage
By taking precautions, you can prevent the worst of any storm damage. Not everything can be predicted and prevented, so make sure your homeowner’s insurance is in good shape. Our agents can help answer any questions on whether your current policy includes structural, personal property, and specific peril coverage and how to fill the gaps as needed. Contact us for an interview today.
7 Tips for Staying Safe During Extreme Cold Weather
Polar Vortex and Extreme Cold Safety Tips Only travel if you have to. In extreme cold, you shouldn’t travel unless it’s absolutely necessary. Staying inside will reduce your chance of getting frostbite or risking uncertain road conditions. If you do need to leave the house, be sure to brush up on best practices for winter driving safety. […]
New Year, New Healthcare Coverage Updates
However you celebrate it, a New Year is here, with a fresh outlook for 2025. Life changes rapidly. Healthcare coverage is meant to change with you so that as your needs, family, and income expand or contract, you always have the help you need. Here’s a quick rundown on ensuring your coverage is up to date so you get the right amount of savings this year.
How Do I Update My Health Insurance Policy?
The government operates the Health Insurance Marketplace, where enrollees can search for the perfect plan. Open Enrollment runs from November 1 to January 15 each year.
- Log in: To get started, log in to your account on HealthCare.gov. If this is your first time purchasing health insurance, you can create a new account on the same page.
- Update your plan: Your account home page will help you review the details of your existing policy. You’ll want to ensure that changes to your household size, income, or other factors are updated. If you report your estimated income too high, you may miss out on some benefits; if you under-report your income, you may receive more savings, but these will have to be paid back when you do your taxes.
- Compare policies: With updated account information, check what plans are available. Consider each policy’s benefits, deductibles, and premiums before choosing. Pro tip: The healthcare insurance agents at our firm are licensed to help guide and advise you on the best plans for your needs and are required to put your best interests first; if you have questions, we can help.
- Enroll in a new plan: If you find a better plan, it’s time to sign up. Our insurance agent can help you complete the paperwork online or in person.
Can’t I Enroll in Health Insurance at Any Time?
No, you cannot enroll in health insurance at any time. To organize the process of managing hundreds of thousands of people applying for coverage, Open Enrollment is only during the November 1 to January 15 period each year. You might qualify for an exception called a “Special Enrollment Period (SEP).” You become eligible when significant life events require changes to your coverage, like a new baby or changing jobs. Your agent will be able to help you understand if you qualify for an SEP.
How Do I Update “Off-Market” Health Insurance?
Some health insurance policies are purchased from individual companies that do not provide their services on the government-run Marketplace. If you have an “off-market” policy, you must make any changes with your insurance company directly.
Protect Your Health in the New Year with An Updated Policy
Make your New Year’s resolutions for a healthier you and include a comprehensive health plan. Our healthcare insurance agents can help guide you through the process, answer your questions, and make it easy to get through the necessary paperwork. There is no extra cost to you to receive our help; give us a call to schedule a free consultation today.