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Medical Insurance: Beyond the Immediate Cost

October 1, 2018 By Forrest Dailey

Medical insurance is on our minds a lot this time of year at Horihan Insurance, with the Annual Enrollment Period for Medicare beginning soon, and Marketplace Open Enrollment on the horizon.

Because we know that making decisions about health insurance coverage can be tricky for anyone, we want to provide you with a few reminders and hints to help you toward what you are looking for.

First of all, let’s just face the fact that most people just want to get down to the nitty gritty:

What’s it going to cover?
How much will it cost me?

…and there’s a lot of wisdom in that, to be sure.

But while low premiums, co-pays and deductibles are great when considering your monthly budget, it is necessary to take a much broader view to really be sure you are getting the coverage that is best for you. Even with a low premium etc., some of the following factors may cause the cost of the coverage you are considering to be more than you had expected in the long run.

Your personal health history and family health history – What medical problems are ongoing for you or are likely to arise due to genetics that could cause you to spend a lot of time and money at the doctor’s office or the hospital?
Prescriptions – Are all your current prescriptions covered by the plan you are considering?
Provider preferences – Often a health plan that seems otherwise perfect for you turns out to not have your local hospital in its network. How much of a problem will this be for you if you need to establish a relationship with a new doctor?
Travel – Does the plan cover travel insurance when you are out of the country?

Then it is important to consider benefits that are included in the health insurance package you are considering, such as:

Fitness programs – These programs can be a very effective way of holding medical problems at bay as we age. Having them covered by your insurance can be a huge incentive to use them to your fullest advantage.
Dental, vision, and hearing – Only some plans in the Health Insurance marketplace cover these things for adults.
Chiropractic services – This is covered in most health insurance plans but not all.
Acupuncture and natural medicine – Some forms of treatment are considered too experimental or alternative for the insurance company to cover.

And finally:

Often, the question of coverage revolves around whether the service or treatment is deemed “medically necessary.” So it is important to always keep account of what your needs are versus how the insurance company may see it. If you have needs that may conceivably cause you to go it on your own for a few things, then it is important to weigh that versus the cost of the plan you are considering and how much you are certain it will.
Always compare your employer-provided health insurance package with any individual/family and state/federal programs that you would qualify for first. Medicare.gov and the various health insurance carriers’ websites are also great resources when researching.

No matter where you are in your search, Horihan Insurance agents are happy to assist you as you review your options for 2019. We work with several carriers and will assist anyone of any age to find the plan that suits your unique situation best.

When It’s Time To Say Goodbye to the Summer…

August 31, 2018 By Forrest Dailey

It is getting to be that time of year again isn’t it? The temperature is working its way down, perceptibly. Twilight is coming a little earlier each evening. Soon enough you won’t be spending nearly the same amount of time out at the campground. Soon enough it will be time for preparation for the end of the season at that summer home, that little slice of heaven where you go to “get away.”

Not many people are coming from far away to “summer” (yup, that’s a verb) in Minnesota. So for the purposes of this article, what we are really talking about is a permanent cabin at the lake or along the river that is only used during the summer months.

If you are just thinking of purchasing such a place for yourself and your family or if this is your first year as a home-away-from-home owner, there are a few things you’ll need to consider.

When winter approaches, there is no denying it. But you can be prepared. And that means two things.

1) Cleaning, securing, weatherproofing and closing up your place for the winter, and

2) making sure you have it insured just the right amount for the upcoming portion of the year when it will not be occupied.

Let’s talk about that dreaded time when you resign yourself to the reality of the coming winter.

Get your carpet, floors and windows cleaned at the end of the season. Not only will all the dirt and sand and grass you dragged in throughout the summer be one final reminder of all of the good times you had over the summer, but you’ll thank yourself when next summer comes around and all there is to be done is enjoy.

For the same reason, if this summer home has heating and air, this is a good time to clean out the air ducts so they are ready for next year.

Weather sealing is just as important, if not more important, for that summer home which you’ll be absent from for half the year. It is also about keeping the elements out and keep the pipes from freezing while you’re away.

As for the outdoor area of the property, always be sure to clear away any large branches or other debris from the yard to prevent any damage during a storm that may come up while you are away.

After that, all there is left to do is turn out the lights, shut everything down and lock up.

What about insurance?

Since we already talked about that final end-of-summer clean-up, remember cleaning out the place also means packing up valuable possessions that you do not need to leave there. Just like your primary home, the insurance on your vacation home covers the items therein and the premium can be lowered, accordingly.

If it is in a remote location not easily accessible for fire prevention, that will make it more expensive. Same thing if it is in a location that leaves it susceptible to wind or water damage. If it is you’ll want to look into additional coverage that is not included in your basic homeowner’s policy.

Just the fact that it is unoccupied for long stretches of time leave it susceptible to damage that goes undetected and unfixed, and leaves it more open to break-ins. Some insurance companies will consider whether you have someone tending to the property or checking in on it while you are away, to determine what your premium will be. Many comes will give a break if you also do business with them on your primary home. Of course you always want to take advantage of an opportunity to bundle.

Other than these unique factors, the premium is determined the same way; cost of replacement, deductible, etc.

The cost of insuring your vacation home can be brought down by installing an alarm system, deadbolts, sprinkler systems etc., which, honestly tend to cost more than the savings in premium but they will prevent major claims which in the long run will save you from premiums going through the roof.

This article is directly related to the off-season. During the summer you may have a boat, other water craft or ATVs that you use at your summer home which leave you open to all sorts of liabilities, that you can cover with your existing liability insurance. That is something you will want to discuss in more depth with a Horihan Insurance agent. And if you happen to rent your second home out during what for you is the “off season” then you’ll need to discuss that in more depth as well. We are here to go over all of the ins and outs of the coverage on your vacation home. Meantime, enjoy what is left of the warm weather!

The Possibly Surprising Truth About Summertime On the Open Road

June 26, 2018 By Forrest Dailey

It may seem to go against logic to an upper Midwesterner who has braved the ice and snow on the roads year after year when winter comes along, but there are more auto accidents nationwide in the summer.

The fact is that automobile accidents have consistently peaked in July and August, while January and February have historically been found to see the fewest roadway accidents, nationally.

Analysts will attribute the lower number of incidents in the winter to the fact that Americans travel by road the least number of miles during that time. It stands to reason that the less time you are on the road, the less chance of incident, even though it is true that most accidents occur within 10 miles of the person’s home. This should not discourage you from taking that summer road trip you’ve no doubt been planning since the first snowflake fell last winter. With a little vigilance and planning you can keep your trip safe and memorable for the right reasons.

Since the peak season is upon us, let’s run through some of the major factors that make driving in the summer so perilous, and what you can do to avoid the headaches and potential danger. Some of them are more obvious than others but really cannot be overstated. And never forget that in most of these cases the power is in your hands:

• Keep an eye on construction that is being done on the path you plan to take. Find an alternate route if the construction is heavy. It may mean a little extra time on the road, but even this can be quality time with the family.

• Another one that many people don’t consider when planning a trip is that you, as well as many of the people you’ll be sharing the road with, are on an unfamiliar road. All of this means your reaction to the unexpected will likely not be as smooth as you assume. It all goes back to, again, planning and knowing your route ahead of time.

• You’ve probably been warned that excessive cold and excessive heat can damage your tires as well as your engine. What is not so often talked about is how excessive heat and dehydration can affect your focus and cognition, and can bring overwhelming fatigue without warning. Please do not ever go on a road trip on which such conditions are likely, without a supply of cold drinks. If that is not convenient, fresh fruit is a good rehydrating alternative.

• If you have kids, you are likely well aware that they tend to find long car rides tedious and will announce their displeasure openly, either vocally or with outrageous displays of contortionism that even the seat belt cannot stifle fully. Nobody likes to stuff a screen in front of their kids to quiet them. Any activities that will keep them engaged that they can easily partake in while seat-belted in, will do a world of good for your sanity and safety. You know best what engages your children’s attention, so plan head for this and you’ll be glad.

And finally,

• During the summer, pedestrians, bicyclists, skaters, etc., really come out of the woodwork. All you can do is give them the space they require, since they are already there. At the same time, teen (relatively inexperienced) drivers will be out of school and on the road in larger numbers. There is no planning for this, so we all have to be more aware that they are there, and give people the space and time they need. It all goes back to the old adage that “you can never know what people around you are going through, so be kind always.” A good number of the accidents involving more than one vehicle on the road probably comes down to a matter of basic courtesy.

Please keep these tips in mind, and have a great summer, everybody!

In a World Where No Insurance Was Mandatory…

May 29, 2018 By Forrest Dailey

A common complaint about insurance arises when it is mandatory, as with auto insurance for individuals and worker’s compensation for business owners. But have you thought about what life would be like if either of these were not compulsory?

Let’s talk about auto insurance.

Auto liability insurance is required by law (except in New Hampshire) for a good reason. In 1925 the first state laws making it compulsory were written in Massachusetts and Connecticut when it became apparent what a legal mess was developing with the boom in auto ownership well on the way, and our roadways becoming packed with over-zealous auto enthusiasts.

So just to be sure we’re on the same page, let’s make a quick distinction:

Comprehensive and Collision Insurance (also known as Physical Damage coverage) is not mandatory, and it protects you, the holder of the policy.

Auto Liability Insurance is mandatory, and it protects others from you in the case of an accident which you cause. Importantly it also protects you from another person who causes an accident provided they carry the liability insurance.

But what if it were not made mandatory? Sure, if these matters had to be taken to court, proving fault in an accident could be easy depending on who witnessed the crash, and depending on the circumstances. But it isn’t always cut and dry. Even if it is, and in court you were found not to be the liable party, you still would have already taken the time off work, and paid your legal fees as well. For that reason, some will say it all comes out about even either way even if you are not liable.

Assuming that is true, then it goes to show why it is best for all parties involved to have a system in place that minimizes time spent and legal costs.

…and as for Worker’s Compensation…

The first worker’s compensation coverage was implemented in Germany in 1884. Not until 1911 did the state of Michigan succeed in passing a Worker’s Compensation law. In the next decade, 41 states followed suit.

Before worker’s comp law, the only way for a worker to be compensated for an injury on the job was, again, through the courts. Naturally suing one’s employer – as opposed to settling the dispute based on the previously agreed-upon parameters of a worker’s compensation benefit package – was a tough spot for a worker to be in.

And being out of work due to the injury, the person often did not have the funds available to do so. The employer always had the upper hand. Their negligence had to be proven in court.

As 20^th century industrialization reached a peak, this became a major issue. It wasn’t until 1917 that the Supreme Court ruled that at the state level, compulsory worker’s comp coverage was not a violation of due process.

In the 21^st century, there are enough regulatory protections that reduce the number of workplace injuries drastically in comparison to those days. But if you are a business owner, had worker’s comp laws never been enacted and misfortune struck, where would that leave your employees?

Medical Insurance: Beyond the Immediate Cost

When It’s Time To Say Goodbye to the Summer…

The Possibly Surprising Truth About Summertime On the Open Road

In a World Where No Insurance Was Mandatory…

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