Home News Smart Talk Everything you wanted to know about insurance but were afraid to ask -- Radio Smart Talk, Monday, August 10

Everything you wanted to know about insurance but were afraid to ask -- Radio Smart Talk, Monday, August 10 PDF Print
Friday, 07 August 2009 12:50
How much life insurance should I have?  What's an appropriate deductable?  Do I need flood insurance for my landlocked home?  There's a lot of confusion over the future of the nation's healthcare insurance.  Many people have just as many questions when it comes to their automobile, home or life insurance.
 
Monday's Radio Smart Talk will open the phone lines and try to answer your insurance questions.
 
LISTEN TO THE SHOW
 

 

GUESTS
 
 
Carolyn_Morris_Ask_the_Insurance_Professionals_8-10-09Carolyn Morris
Director of the Bureau of Consumer Services
Pennsylvania Insurance Department
 
 
 
 
 
 
 
 
 
 
  
Jim_Pace_Ask_the_Insurance_Professionals_8-10-09Jim Pace
Vice President
The Christian-Baker Company in Lemoyne
 
 
 
 
 
 
 
   
 
Contact the Pennsylvania Insurance Department
1-877-881-6388
 

 

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written by Jim Burgess , August 10, 2009, 09:14:41 AM

Dillsburg has been experiencing small earthquakes over the last year. Is it prudent to consider earthquake insurance? Where does one go to get more information regarding this kind of insurance?
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written by Bill Madara (ma DARE a) , August 10, 2009, 09:18:23 AM

Is there a reference source of standard Ts&Cs / options and rate/fee schedules to use when comparison shopping for new or replacment insurance?
--grouped by insurance type?
--common considerations across all types?
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written by Adam , August 10, 2009, 09:18:31 AM

Could you discuss long term care insurance, and who should consider it. Thanks.

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written by Elaine Jones , August 10, 2009, 09:20:41 AM

My daughter is a grad student at a state university. She had planned to sign up for their health insurance policy, until she learned that the MAXIMUM benefit they will pay for any illness or injury is $2500. Since a broken arm recently was billed at $30,000, a benefit of $2500 would likely cover an in-grown toenail.
What alternatives are available for unemployed, single mothers?
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written by James , August 10, 2009, 09:27:37 AM

I have a universal life insurance policy I'm thinking about cancelling. I'm wondering if I will have to pay federal or state income tax on the cash value when I cancel it? Say the premuim are $300 per year and I've had the policy for 10 years and the current cash value is $3500?
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written by Terry , August 10, 2009, 10:07:36 AM

I'm being furloughed (laid off with the option of being recalled w/in 5 years) on Oct. 1st by my airline. I'm based in DC and fly out of all three DC-area airports. I've been living in PA now since 2003.

Where do I apply for unemployment insurance benefits? Is that determined by where I LIVE or where I'm BASED?

I've been told that my benefit is determined by some kind of average of my wages over the last five quarters. When I was furloughed in 2003 I'd lived in three states (NY, NJ & PA) within that five quarter period. I was told by PA & NJ that I'd not resided there long enough to get benefits and was eventually paid by NY state. So I'm not sure if it was the "length" of time that I'd lived in NY or that it was NY because that's where I was based at the time.

Thanks!
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written by Ehenry , August 10, 2009, 10:11:44 AM

The responses from the state consumer affairs director beg some ethical questions as to their role in being advocates for constituents.

I was going to call in and ask a question but refrained to listen intetnionally as to how these questions were responded by the state representative. In my view they were pro insurance company and not concerned with the citizens. When I here phrases of such remarks as I am concerned for myself in this venue I begin to question who the person is advocating.

I apologize for being nit picking on the agency but based on a previous issue on long term care insurance I carry and this group did squat zero because the insurance company withdrew from the state in the long term care insurance business and I faced a change in policy for higher premiums and lower coverage.

It appears this state is at the brink of collapse because they do not act in an ethical manner in anything from budgets to monitoring and regulating insurance.

Thanks for listening to a rant and by no means a rave for state insurance commission or consumer affairs.

EHenry
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written by Alison , August 10, 2009, 10:21:13 AM

Paul, one of the callers during the show who wasn't on the air, was in the same situation as another caller; he is disabled in his 50s and wondered about coverage. Because he called this toll-free number (1-800-523-5880), AARP helped him and now his insurance company pays 75% of his bills.
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written by Jim Pace , August 10, 2009, 12:47:21 PM

I will try to answer some of the questions posted here. If you need any additional help, you can give me a call at my office, 717-761-4712.

The first questions is about earthquake coverage. This is a coverage to can be added to almost any homeowners insurance policy. It should only cost about $50.00 in this area but that will depend on the value of your home. It will also carry a deductible of a % of the claim. Contact your agent to get further information. In a final note, I carry earthquake insurance on my home.

Jim Pace
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written by Jim Pace , August 10, 2009, 12:50:45 PM

Long Term care coverage is a coverage that should be considered by anyone that would like to help cover the cost of being in a nursing home or that would like to have help paying for care at home. You need to meet with an insurance professional that you know and trust and that understands your situation. They will be best able to help you decide if you need this coverage.

Jim Pace

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written by Jim Pace , August 10, 2009, 12:53:53 PM

There is a short term medical policy that works well for students and would cover them during the time they are in school. If your daughter has a child, there should be coverage for the child under the state program for children. The short term medical policy will have a max of $1,000,000 but will also have a deductible in the $1,000.00 range. This will help with the "big bills" but will not do much for small medical bills. Have your insurance professional look into short term medical coverage for your daughter.

Jim Pace
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written by Bob , August 10, 2009, 12:54:30 PM

My daughter just graduated college but hasn't found full time employment yet. We've been trying to obtain short term health insurance but she has a pre-existing condition. What options are there?
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written by Jim Pace , August 10, 2009, 12:57:27 PM

As far as tax on the cash value of your life insurance policy you should contact the IRS for that information. You should only be charged for the interest earned on your money as a maximum but they will be able to better tell you how that money will be taxed.

Jim Pace
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written by Jim Pace , August 10, 2009, 12:59:03 PM

Unemployment is not insurance. It is a state program and you will need to contact the HR department at your employer.

Jim Pace
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written by Jim Pace , August 10, 2009, 01:10:08 PM

Regarding the comment about the Insurance Department being pro-company as well as other comments about PA. All I can say is that the Insurance Department (ID) has often helped my clients that have had problems with their insurance company. Sometimes an insurance company needs to be motivated to correct a problem and some times an insured does not have coverage for the claim but they (ID) always do what they can to help any consumer that has a question/problem. When the insurance department calls an insurance company, the company listens and does all they can to help. Insurance Companies do not want to be in "trouble" with the insurance department.

Jim Pace

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written by Carolyn M. Morris , August 10, 2009, 02:16:13 PM

Adam:

Please visit the Insurance Department's website to obtain more information about long term care insurance. You will find a long term insurance guide, worksheets and a glossary.
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written by Jim Pace , August 10, 2009, 03:13:37 PM

Bob
Short term health coverage will exclude pre-existing conditions. You will, however, have coverage for everything else that may come up. This coverage is usually reasonably priced so you should consider getting the coverage till she finds full time work. When she is part of a "group" plan, she will have coverage for everything.

Jim Pace
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