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Bowers Insurance Blog
On November 3rd, Henry Smith, III, a partner of Smith & Downey, a law firm specializing in employee benefits, executive compensation, and labor and employment law presented valuable information on Healthcare Reform to our clients and prospective clients. Important tasks facing employers include identifying if their health plan is grandfathered or nongrandfathered, maintaining their grandfathered status, and providing the required grandfathered plan notices; provide required notice regarding coverage for children until age 26; and determining if they are eligible for the Small Business Health Care Tax Credit. If you need more information on these or other topics relating to Healthcare Reform, please contact me via email at corinne@bowersinsurance.com or at 301-791-7910 x106.
Read More "Healthcare Reform"
1. Auto Insurance - Your household might get a discount when your child goes off to school and leaves his or her car behind.
2. Homeowners Insurance - Usually the belongings of your child are covered by your homeowners, but it is still a good idea to make sure.
3. Renters Insurance - Very important to discuss if your child is moving from a dorm to an apartment.
4. Life Insurance- If student loans are involved, life insurance can help in the case of an unexpected tragedy. Hopefully this never happens and if it doesn't then a student can opt to carry the life insurance to the next stage in life.
5. Personal Catastrophe Liability - For those unexpected accidents, the extra liability coverage can help protect you should a lawsuit ensue from a big mistake.
Read More "Five Things To Discuss With Your ERIE Agent Before Sending Off Your College Student"
Some of the extra features included in an ERIE auto insurance policy when comprenhensive or collision coverage is purchased are:
- Collision deductible will be waived if you are involved in an accident with another auto insured by ERIE Insurance.
- Comprehensive deductible will be waived when a damaged windshield is repaired instead of replaced.
- Will pay up to $75 per person for travel costs, including meals & lodging, if your car is disabled because of a covered loss.
- Will pay up to $350 for loss to personal property, such as clothing & luggage, because of a covered loss while the personal property is in an auto ERIE insures. Theft losses are covered if the entire vehicle is stolen.
- Will pay up to $50 for locksmith charges if keys are accidentally locked in covered auto.
- Will pay your transportation expenses beginning immediately after a covered comprehensive loss up to $20 per day/$900 per loss.
Read More "Extra Erie Features When Purchasing Comp & Coll."
This Halloween, stay safe from scary surprises.
Oct. 16, 2009 - Whether it’s ghosts and goblins or Freddy and Jason, everyone’s afraid of something. And Halloween is a favorite time of year for hair-raising, bone-chilling and goose-bumping. But while most scares are harmless fun, others can have more frightening consequences.
Are you prepared to enjoy a spirited yet safe All Hallow’s Eve? Take this Halloween safety quiz to find out. And to steer clear of Halloween hazards, check out these not-so-haunted hints.
Halloween safety tips for parties
* If you’re using dry ice in a punch bowl, make sure to keep the chips out — if ingested, they can cause severe injury. Refer to these safety suggestions from the National Weather Service.
* Dried flowers, cornstalks and crepe paper are highly flammable. The National Fire Protection Association recommends that you keep these and other decorations well away from all open flames and heat sources, including light bulbs and heaters.
Halloween safety tips for drivers, parents and children
Review these trick-or-treating safety tips, based on suggestions from the the National Safety Council.
Drivers:
* Watch for children darting out from between parked cars.
* Enter and exit driveways and alleys carefully.
* At twilight and later in the evening, watch for children in dark clothing.
Parents:
* Have an adult or responsible older child supervise trick-or-treating outings for kids under 12.
* Instruct your children to travel only in familiar areas and along an established route.
* Use a flashlight to help you see and others see you.
* Only walk on the sidewalk, if available, or far edge of the road facing traffic to stay safe.
* Remind kids never to enter a stranger's home.
* Tell children to refrain from eating any treats until they get home.
Costume design:
* Get costumes made of fire-retardant materials.
* Make sure they’re loose so warm layers can be worn underneath.
* If kids will be out after dark, use light-colored materials or retro-reflective tape to increase visibility.
Treats:
* Feed kids an early meal before trick-or-treating begins.
* Inspect all treats before any are eaten.
* If fruit is received, wash it and slice into small pieces.
* When in doubt, throw it out.
For more information visit www.erieinsurance.com
Read More "Halloween Safety"
2011 HEALTH SAVINGS ACCOUNT (HSA) LIMITS
Following are the 2011 & 2010 HSA limits determined by the Internal Revenue Service (IRS):
Coverage Type Regulation 2011 Amount 2010 Amount
Individual Annual Contribution Maximum $3,050 $3,050
Minimum Deductible $1,200 $1,200
Maximum Out-of-Pocket $5,950 $5,950
Family Annual Contribution Maximum $6,150 $6,150
Minimum Deductible $2,400 $2,400
Maximum Out-of-Pocket $11,900 $11,900
NOTE: Catch up contributions for individuals who are age 55 or older remains at $1,000 for 2011.
REMINDERS
• Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contributions, if 55 or older by year end) regardless of the number of months the individual was an eligible individual in the year. However, the individual must be covered by a qualified high deductible health plan (HDHP) during the last month of the individual’s tax year through the next 11 months. For individuals who are no longer HSA eligible individuals, both the HSA contribution and catch up contribution apply pro rata based on the number of months of the year a taxpayer is an HSA eligible individual and penalties may apply.
• Individuals who make contributions (including employer contributions) to a Health Savings Account will receive Form 5498-SA from their HSA trustee (financial institution) and if they received any distribution, Form 1099-SA will also be issued.
• All individuals who have an HSA must file Form 8889 (Health Savings Accounts) as an attachment to their Form 1040 for any year in which they make or receive HSA contributions (including employer contributions) or for any year in which they take an HSA distribution.
ELIGIBLE/INELIGIBLE EXPENSES
Effective January 1, 2011, payments or reimbursements for medicines or drugs are restricted to prescribed drugs, insulin, and over-the-counter drugs that are prescribed. This means that a valid prescription is required for over-the-counter drugs to be an eligible HSA item.
For further information, please contact your tax advisor or visit the U.S. Treasury site at www.treas.gov.
Corinne A. Stone, Benefits Account Executive
Telephone: 301-791-7910 x106
Email: corinne@bowersinsurance.com
Read More "2011 Health Savings Account (HSA) Limits"
1.) Attorney/Judge
2.) Financial Professionals
3.) Government Worker
4.) Bartender or Waiter
5.) Other - Professional
6.) Dog Groomer
7.) Marketing/Advertising
8.) Barber/Stylist
9.) Coach
10.) Nurse
**Least dangerous drivers - Athletes and Homemakers
Compiled from 2010 insurance.com data.
Read More "10 Most Dangerous Drivers by Profession"
Call our office today to add Pet Injury Coverage to your auto policy, at no cost. Coverage is provided for up to two dogs/cats when injured in an auto accident when riding with you. Erie will pay $500 for each pet to receive veterinarian/medical care or $1,000 to cover their loss.
Read More "Pet Injury Coverage"
FOR IMMEDIATE RELEASE CONTACT: Jeff Bowers
Bowers Advisory Group, LLC
THINK YOU DON’T NEED LIFE INSURANCE? THINK AGAIN!
If Anyone Depends on You Financially, You Need It, Says Local Insurance Expert
Hagerstown, Maryland - If you died tomorrow, how would your loved ones fare financially? It’s not a pleasant scenario to think about, but not doing so can have serious consequences. September is Life Insurance Awareness Month, and Jeff Bowers, CFP, CFBS with Bowers Advisory Group, LLC in Hagerstown, Maryland is asking people to think about their life insurance needs and make sure their families would be protected if the worst were to happen.
”The fact is, most Americans need life insurance,” says Bowers. “If someone depends on you financially, you need life insurance. It’s that simple. Unfortunately, roughly 70 million adult Americans have no coverage at all, and most of those who do have far less coverage than financial experts recommend.”
Life insurance, Bowers points out, provides cash to your family after your death. Known as the death benefit, it can help your family pay for the funeral and other final expenses, eliminate credit-card balances and car loans, and provide loved ones with income to live on for a period of time.
Whether a person needs life insurance depends on his or her particular situation and financial objectives. For help determining if you need life insurance, Bowers describes why coverage needs to be an important consideration for each of the following six scenarios:
You’re Married. Married people share a life with one another, but also share financial obligations. If you died suddenly, would your surviving spouse have enough money to pay for your final expenses and buy time to adjust to a new way of life? Life insurance can help ensure that these financial goals will be met.
You’re Married With Kids. Having kids is the most obvious reason to own life insurance. If you and your income were suddenly gone, would your spouse and kids be okay financially? Life insurance replaces lost income to help make sure those who depend on you will be provided for, no matter what life throws your way.
You’re a Single Parent. As a single parent, you're the caregiver, breadwinner, cook, chauffeur, and so much more. You need to make doubly sure that you have safeguarded your children’s future in case you are no longer there to care for them. Make sure you have enough life insurance and designate who will take care of your children in case the unthinkable were to happen.
You’re a Stay-at-Home Parent. Just because you don't bring home a paycheck doesn't mean you don't make contributions to your family that would be expensive to replace. If you were no longer there, could your spouse afford to pay someone to provide the childcare, transportation, cleaning, cooking and other household responsibilities that you handle every day?
You’re Approaching Retirement. The kids may be gone and the mortgage paid off, but that doesn't mean Social Security or your savings will necessarily take care of everything that lies ahead. If you died tomorrow, would your financial strategy, without insurance, enable your spouse to maintain the lifestyle that the two of you worked so hard to achieve?
You’re a Small Business Owner. Life insurance can help protect your business in a number of ways in the event you, your partner, or a key employee dies prematurely. A buy-sell agreement funded with life insurance allows surviving business owners to buy the company interests of a deceased business owner at a previously agreed-on price. Key-person insurance can provide business owners with the flexibility to hire a replacement when the key employee dies.
“Life Insurance Awareness Month is the ideal time for a life insurance review,” says Bowers. “I urge everyone in Washington County to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection.”
According to Bowers, consumers can get a general sense of their life insurance needs by going to www.lifehappens.org/lifecalculator and using the online calculator offered by the LIFE Foundation, a nonprofit insurance education group. The next step, suggests Bowers, should be to contact a local insurance professional, who can conduct a more comprehensive needs analysis and help you find the right products to fit your specific needs and budget.
About Life Insurance Awareness Month
Held each September, Life Insurance Awareness Month is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. The campaign was created in response to growing concern about the large number of Americans who lack adequate life insurance protection. Roughly 70 million adult Americans have no life insurance, and most of those who do have far less coverage than most financial experts recommend. For more information on life insurance, visit LIFE’s website at www.lifehappens.org.
About Jeff Bowers, CFP, CFBS
Bowers Advisory Group, LLC
Read More "Think You Don't Need Life Insurance? Think Again!"
Effective October 1, 2010, in the state of Maryland, Senate Bill 321 prohibits the driver of a school vehicle that is carrying passengers and is in motion from using a handheld telephone. The prohibition also applies to the holder of a learner's permit or provisional driver's license. Any other driver of a motor vehicle that is in motion may not use a handheld telephone; instead, the driver may only use his or her hands to initiate or terminate a wireless phone call or turn the handheld telephone on or off. The prohibitions do not apply to the emergency use of a handheld phone, including calls to a 911, hospital, ambulance service provider, fire department, law enforcement agency, or first aid squad. The prohibition is also inapplicable to law enforcement or emergency personnel when acting within the scope of official duty and to the use of a handheld phone as a text messaging device.
The offense is enforceable as a secondary action only. For a first offense, the violator is subject to a maximum fine of $40 and points may not be assessed against their driver's license unless the offense contributes to an accident. The court is authorized to waive the fine for a first time conviction if the person proves that they have acquired a hands free accessory attachment, add on or built in feature for the handheld phone that will allow them to operate a motor vehicle in compliance with the bill's provisions. For a second or subsequent offense, the fine is $100.
Read More "Use of Handheld Phones While Driving"
1. Put your mail and newspaper on hold or have a neighbor gather each day.
2. Timers on you lights to go on and off at various times. If possible, have your television or radio come on to give the effect someone is home.
3. If possible, park a car in your driveway.
4. Let a responsible neighbor know that you are going away and a contact number to reach you in an emergency.
5. If you have an answering machine, make sure the message indicates you can’t get to the phone not that you are away.
6. Make sure window and doors are secure and locked. Sometimes when rushing to leave on vacation, the locking of the door is overlooked.
7. Arm the security system and advise Alarm Company you are out of town.
8. Hire a house sitter that you trust.
9. Check that all electrical appliances are turned off.
10. Remove perishable foods from the refrigerator.
11. Adjust thermostats to save on electricity.
12. Arrange for lawn care if going for a long period of time.
Read More "HOME SAFETY BEFORE YOU LEAVE ON VACATION"
1.) Smoke and carbon monoxide alarms tested and new batteries installed annually.
2.) Fire extinguishers located on each floor of home and every household member knows where they are located and how to operate.
3.) Electrical cords are not frayed and are not under rugs. Electrical outlets are not overloaded. Consider adding outlets to avoid using extension cords.
4.) Hire a chimney sweep and have flues and chimneys inspected and cleaned annually.
Inspect water heaters annually and keep combustible materials away from heater.
5.) Clean clothes dryer vents.
6.) Inspect washing machine hoses for signs of leaking.
7.) Install a sturdy deadbolt on every door to the outside – including door to garage.
8.) Trim shrubs and trees near windows and doors that provide hiding places for burglars.
9.) Install motion-sensing floodlights.
10.)Put your street number on your mailbox not your name.
Read More "Home Safety Check List"
The Continuing Extension Act of 2010 was passed by the House and Senate on April 15th, 2010 and signed by the President which extends the COBRA subsidy through May 31, 2010. Unemployment benefits were extended through June 2, 2010.
Read More "Continuing Extension Act of 2010"
Someone knocks on your door and tells you that you have 15 minutes to evacuate – what would you take?
Besides your wallet/pocketbook, jewelry, pets, etc., your important papers should be organized and ready to take with you in an emergency.
What important papers? Insurance policies, passports, wills, medications, health insurance cards, banking information, birth certificates, property records, legal records, credit card information, vehicle titles. If documents are kept in your bank deposit box, keep a list of policy numbers, medications, and photo copies of all pertinent documents.
Documents should be kept in a home fireproof safe or box. Information can be stored on a computer disc/flash drive.
Grab and Go Bags can be kept in a closet by the door to include flash drive with important documentation, flash light/batteries and plastic bags to protect what belongings you are able to gather. Emergency kits are available for purchase at the Red Cross or create your own.
A recent photograph of each family is very important for identification purposes.
Gathering and organizing your information may be time consuming but will make it easier to cope with an emergency situation. Organizing now will protect you, your family and your future.
Before an emergency happens, take the time to review your auto, home and life insurance policies with your agent.
Read More "Evacuation"
Driving Distractions
50% of all vehicle accidents are caused by driving distractions such as:
• Eating
• Drinking
• Reading maps or other printed material
• Fumbling w/ CD’s
• Changing radio
• Fumbling w/ on-board computers
• Lighting/smoking tobacco products
• Taking medication while driving
• GPS devices
• Conversations w/ passengers
• Reaching for fallen objects
• Combing hair
• Shaving
• Applying Make-up
• Cell phones
Identity theft is on the rise, in 2008 the cases of identity theft increased by 22%. Victims will spend anywhere from 3 to 6,000 hours trying to get their identity repaired. There are many forms of Identity Theft. Credit Card Fraud is using someone using your credit card to make purchases. Utility Fraud is starting a utility under someone else’s name, even their own child’s name. Bank Fraud includes stolen checks, changing amount on checks and ATM Passcode theft. Employment Fraud happens when someone uses your social security number when filling out paperwork for an employer. Loan Fraud is when someone takes out a loan in your name.
How do you prevent it? Don’t carry more than you need to in your purse or wallet. Review your credit score on a regular basis. Always look over your credit card statements. Shred credit card offers and anything that has sensitive information. Keep an account of all of your credit card numbers and bank account numbers in a safe protected place. Don’t give out more information than you need to give out. Purchase Identity Theft Protection from your insurance company, bank or credit card. The money you spend can be well worth it to help you restore your good name and have experts help you in a time of need.
Read More "Identity Theft"
PRESS RELEASE
March 10, 2010
For Immediate Release
Contact: Meghan Cahill
League of American Bicyclists
202.822.1333
Google Announces Google Biking Directions at the
League of American Bicyclists'
2010 National Bike Summit
Washington, D.C. - March 10, 2010 - The League of American Bicyclists is proud to be the forum for Google to announce what all bike riders have been waiting for - Grab Your Bike and Go with Google Maps. Google is announcing at the Opening Plenary Session at the National Bike Summit that they are adding biking directions in the U.S. to Google Maps."This new tool will open people's eyes to the possibility and practicality of hopping on a bike and riding," said Andy Clarke, President of the League of American Bicyclists. "We know people want to ride more, and we know it's good for people and communities when they do ride more - this makes it possible. It is a game-changer, especially for those short trips that are the most polluting,"
Users can now choose biking when deciding how to get to their destination, starting today, March 10, 2010. If you're one of the 57 million Americans who ride a bike, mapping your daily commute, and planning recreational or trail rides just became easier. According to Google this has been the most requested addition to Google Maps, and the League is delighted that they have chosen the National Bike Summit to unveil this new feature. Google's announcement further proves the importance of the Summit and the bicycle movement in helping our nation become a more Bicycle Friendly America. The Google biking directions will make it that much easier for bicyclists to get to work, school or play.
This new feature includes: step-by-step bicycling directions; bike trails outlined directly on the map; and a new "Bicycling" layer that indicates bike trails, bike lanes, and bike-friendly roads. The directions feature provides step-by-step, bike-specific routing suggestions - similar to the directions provided by our driving, walking, or public transit modes. Simply enter a start point and destination and select "Bicycling" from the drop-down menu. You will receive a route that is optimized for cycling, taking advantage of bike trails, bike lanes, and bike-friendly streets and avoiding hilly terrain whenever possible.
Visit http://maps.google.com/biking to try out this new feature. Biking directions for Google Maps is currently in Beta. Follow the League's news feed on the new Google feature on the League's Blog, Facebook and Twitter. If you have any further questions, contact Meghan Cahill at 202.822.1333 or meghan@bikeleague.org.
The League of American Bicyclists promotes bicycling for fun, fitness and transportation, and works through advocacy and education for a bicycle-friendly America. The League represents the interests of America's 57 million bicyclists, including its 300,000 members and affiliates. For more information or to support the League, visit www.bikeleague.org.
Read More "Google Announces Google Biking Directions at the League of American Bicyclists' 2010 National Bike Summit"
Check your deck for weaknesses- If you have a deck, look for water stains, mold, moss, warped boards, loose nails, or any other signs of weakness. Left alone, small problems like these can significantly impact the structural integrity of your deck, even leading to potential collapse. Pressure washing and staining your deck are excellent preventative measures.
Clean your air conditioner – If you have a window air conditioner, disconnect the power and carefully clean the exterior of leaves and other debris. You can use a blower, garden hose, brush, or vacuum.
Examine your foundation – Look for any cracks or fissures that are new or have enlarged from an earlier check. If they are stable, you can fill the cracks with epoxy; otherwise contact a structural engineer.
Clean the gutters - Beyond cleaning out the leaves and debris, check all fasteners and joints for corrosion or separation. Flush out your downspouts and unclog any leader pipers, which should extend at least five feet away from your foundation.
Spot any weakened trees or branches – If there are any trees near or over your home, take a good look for any rotten or broken trunks or branches that could damage your home. Call an arborist if necessary.
Get rid of the clutter – Clean up, organize, or get rid of clutter in your basement, attic, and garage.
Clean your chimney(s) – Call a professional chimney sweep to examine and clean your chimney(s) of soot and creosote buildup.
Read More "Spring Home Maintenance Tips"
The American Recovery and Reinvestment Act of 2009 (ARRA), as amended on December 19, 2009 by the Department of Defense Appropriations Act, 2010 (2010 DOD Act) provides for premium reductions for health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, commonly called COBRA. Eligible individuals pay only 35 percent of their COBRA premiums and the remaining 65 percent is reimbursed to the coverage provider through a tax credit. To qualify, individuals must experience a COBRA qualifying event that is the involuntary termination of a covered employee's employment. The involuntary termination must occur during the period that began September 1, 2008 and ends on February 28, 2010. The premium reduction applies to periods of health coverage that began on or after February 17, 2009 and lasts for up to 15 months. Further information is available at http://www.dol.gov/ebsa/COBRA.html.
As temperatures are dropping and the days are getting shorter, winter quickly approaches. The coming months offer hazardous driving conditions. During winter storms, the leading cause of death is transportation accidents. Being proactive with your vehicle and emergency protocol can make the difference! Install good tires. Remember, all tires need the recommended amount of tread in order to function properly. Make sure air levels are at the pressure level recommended by the vehicle manufacturer (You can usually find this information printed in the manual). Some jurisdictions even require vehicles to be equipped with chains and/or snow tires. Windshield scrapers and brushes should be on-hand to aid in snow and ice removal. Holiday travel should be planned carefully. Keep an eye on the weather report in the week leading up to your trip. Try to aim for daylight driving. Dress warm – from head to toe. Wear layers and always have a coat. Tune in to your local radio stations frequently. Typically, these stations will have the most accurate weather conditions for your geographic area. Have food and water on hand. Keep “munchies” and a few bottles of water in your trunk or glove box along with a blanket and up-to-date phonebook. Maintain a half tank of gas and a safe antifreeze level. Slow down and keep a safe distance between you and other drivers. Watch for bad weather - If the weather is getting progressively worse but you still need to leave home, use public transportation if possible.
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