Home and car safety tips

But during the pandemic, some localities have seen an increase in home burglaries, theft from autos, and theft of autos. So it’s important to remain vigilant. Here are a few tips to keep in mind.

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Need an insurance review?

If you’re curious about whether your home and auto are adequately covered, we can help! Call 1-800-279-4030 and talk with a Personal Insurance Consultant. Or sign up for a personal consultation.

Control your own health care choices with a long-term care plan

Prior to the COVID-19 outbreak, patients 65 years and older represented nearly 40 percent of hospitalized adults, accounting for nearly half of all health care dollars spent on hospitalization. However, they comprised less than 13 percent of the population in the United States (Centers for Disease Control and Prevention). And according to the most recent data from the Wisconsin Department of Health Services, 47% of all Wisconsinites are over the age of 60.

With age comes the increased probability of requiring assistance to stay at home. If you live to age 65, you have a 58% chance of needing long-term care at some point in your life. Regardless of your current health or your financial situation, these statistics are certainly a cause for concern as health care costs continue to rise.

The good news is that there are steps you can take today to protect yourself against the potential financial and personal costs of needing long-term care. Eileen Dunn, Geriatric Care Manager at Associates of Clifton Park (the firm providing life insurance and long-term care insurance support for WEA Member Benefits participants), has worked on the front lines of long-term elder care for over 30 years. “The single most important thing you can do is to include a long-term care strategy within your retirement plan,” she states. “Having a plan that looks at your assets, income, lifestyle, goals, estate plan, and tax situation is critical. But nothing is more important than protecting yourself, your family, and your life savings from the financial devastation of an extended chronic illness.”

Long-term care insurance policies are specifically designed to provide the protection you need by giving you the power to decide where you get your care and who gives it to you. Most people go to nursing homes because their spouse or family cannot provide the care, they simply can’t afford home care, or their care has become too complex to receive at home. Eileen shared a story of a 92-year-old client who was recently hospitalized and had surgery for a blood clot behind his knee. “Upon discharge from the hospital, they were going to send him to a rehab facility for six weeks,” she recounts. “But due to the current COVID situation, the family was adamant that he go home. He required 24-hour care, physical and occupational therapy, and nursing services for wound care. Fortunately, he had a long-term care insurance policy and was able to be discharged to his home with all the services he needed, including additional physical therapy and home health aides that enabled him to remain safely and comfortably at home.”

The state of Wisconsin gives residents another reason to consider long-term care insurance: the Wisconsin Long-Term Care Insurance Partnership Program. This is a joint effort between the federal Medicaid program, private long-term care insurance companies, and the state. Under the program, a long-term care insurance policy holder’s assets are protected up to the full amount the insurance policy paid out should they outlive the benefits. This guaranteed asset protection potentially allows you to retain thousands of dollars of your hard-earned money.

The reality is that everyone needs a long-term care plan. What’s important is to get started today by reviewing your options and creating a plan that works for you. After all, we’re not getting any younger.

To get help making informed decisions about your long-term care insurance options, call 1-800-893-1621 or fill out our long-term care insurance information request form.

Source: Paul A. Werlin, President, Human Capital Resources, Inc.

Don’t forget renters insurance

A renter’s insurance policy provides protection for your personal property as well as liability protection. If a fire or other disaster destroys your possessions, you could suffer a significant financial loss unless you have renters insurance. And unintentional bodily injury or property damage that you cause to others could be as financially damaging to you as a fire in your apartment. Liability protection against accidental occurrences (such as someone slipping on a wet floor and breaking an arm) comes standard with renters insurance policies.

Fortunately, renters insurance is affordable. Get a free insurance consultation and comparison quote, fill out our online quote form, or call us at 1-800-279-4030 to ask us about our renters discount programs and budget-friendly payment options.

Care for the long term

One of the greatest Americans who ever lived, Benjamin Franklin, “invented” the concept of insurance in 1752. Since then, a trillion-dollar business has grown with insurance companies around the globe offering products that provide all kinds of protection.

Today, people, businesses, and even governments buy insurance to protect cars, homes, businesses, and people from the dangers and unexpected mishaps that are a part of life—like fire, theft, floods, and many other losses. You have life insurance to provide protection to your loved ones in the event of your death or incapacitation, and health insurance to pay the doctor and hospital bills that can potentially wipe out all your savings. But what about you and your quality of life?

When you’re older, you’re more likely to need medical care. Medicare and other health insurance can pay the hospital bills, but what happens after that? Would you rather be in a facility or at home getting the care you need to have the quality of life you want? That’s where long-term care (LTC) insurance comes in. Most people want to receive care at home whenever possible. And over 80 percent of long-term care claims are for home care and community-based services.

Your LTC insurance options

Fortunately, today there are three different types of insurance options that can protect us and our loved ones against the catastrophic cost of long-term care.

Traditional LTC insurance. Dollar for dollar, it tends to be the most cost-effective way to purchase LTC insurance. In many states, LTC policies qualify for the National Partnership Program, which can also provide you some Medicaid asset protection. Under Wisconsin’s Long-Term Care Insurance Partnership Program, an amount equal to the benefits a person receives under a qualifying Long-Term Care Insurance Partnership insurance policy is excluded when determining:

Asset-based LTC insurance. This type of protection is funded by a lump sum payment. Particularly in this low interest rate environment, if you have excess cash on the sidelines that is not needed for an emergency, some insurance companies are offering extremely attractive plans that include a lifetime long term care benefit. The lump sum is often in excess of $50K to as much as $100K and more. These asset-based options may also include an enhanced death benefit if care is not needed, and some of them even have a limited liquidity feature, where all or a portion of the premium can be returned.

New and innovative care products. While we tend to think of life insurance as something for our loved ones and beneficiaries to use, we are seeing more companies offer living benefits as a part of life insurance. One of these benefits can include a chronic illness benefit, or a long-term care acceleration “rider.” These new features enhance traditional life insurance protections for loved ones but add the flexibility to use all or a portion of those benefits for your own needs if care becomes necessary. While this sounds attractive, keep in mind that as you draw down the benefit for yourself it reduces the remaining death benefit that your loved ones may receive.

LTC insurance gives you leverage to protect you and your family

Education is the key to understanding the importance of long-term care protection. In the financial world, leverage simply means protecting a large asset using a smaller asset or lower expense. In the care management/home care world, leverage means having the ability to choose from a wide range of care options versus a smaller, more limited menu of options. Long-term care protection is your leverage.

In the fall of 2020, Eileen Dunn, Care Manager at Associates of Clifton Park, a national firm with 25 years experience in LTC products, received a call from the wife of a gentleman who fell, broke his hip, and required surgery. After surgery he was to go to a nursing home for physical therapy rehabilitation. “His wife was genuinely concerned about him being in a facility given the current pandemic situation, and was looking for other options,” Eileen explained. “When she said they did not have long-term care insurance, I knew their options were limited.” Eileen, who has more than 20 years of experience, continued, “She could take him home, but public health would only provide physical therapy and a home health aide three days a week. He needed physical therapy five days a week and a home health aide 24 hours a day because his wife was unable to assist him with showering, dressing, or getting him up from a chair to go to the bathroom. After a few weeks of physical therapy, when he would be able to safely move about, the aide service could be cut back to four hours a day. She was shocked that the cost of care would be $4,500 per week for those first few weeks, then would be between $1,000 and $1,500 per week once he could walk.

“Unfortunately, she didn’t have leverage. She was willing to pay the $12,000 for that first month or two, and the $3,000-$4,000 per month after that, but he wasn’t. If their retirement plan included one of the long-term care solutions available, they would have had options. He could have come home, and the cost of his care would have been covered in the comfort and safety of his home.”

Eighty two percent of long-term care insurance claims are for home and community-based services. The reason? Your need for care comes about incrementally. First you may need someone to help with laundry, grocery shopping, or yard work. But as time goes by, your needs increase and you may need more assistance with bathing, dressing, and just maintaining your quality of life.

Plan ahead for potential pandemic effects

So why is now the time to define your own long-term care plan?

Because the life and long-term care industry has been tightening their belts over the past several years, making it harder to qualify for coverage and making benefits more expensive. When the pandemic hit, they tightened even more. Some are now asking specific COVID-19 questions and are considering age-restrictions on issuing new policies.

Eileen spoke about a recent situation related to COVID. “I had another client whose husband had Parkinson’s disease, dementia, and some other health issues. The wife had some health issues of her own and they were using their long-term care insurance to get assistance four times a week. However, when COVID struck, they weren’t comfortable having aides come inside their home knowing they work with other clients and feared they could contract the virus. One of their adult children lost their job but was able to move in with the parents to help. Because they had an indemnity policy, they received a cash payment they used to pay that child to provide their care, limiting their risk of exposure to the virus, and compensating their child for the lost income they had experienced.”

Explore your options today

No one has a crystal ball to see the future, but the reality is almost 70% of us will need some form of long-term care in our lifetime. So now is the time to evaluate your options, maintain control over where you get your care and who gives it to you, and protect your retirement plan with the leverage long-term care protection provides.

Sound complicated? Feel free to schedule a personal phone consultation with Eileen, or contact one of the licensed insurance professionals at Associates of Clifton Park for more information at 1-800-893-1621 or weabenefits@longtcare.com.

Filling in home insurance gaps

Your home is probably your biggest investment, so having the proper insurance coverage is paramount. Unfortunately, it’s all too common for people to purchase a home insurance policy and unknowingly leave important gaps in their coverage, putting them at unnecessary risk. Many people also have low expectations about the service they should expect from their insurance provider. That’s why it’s important to become an informed insurance consumer so you can ensure you have the right protection for yourself and your family—and so you feel comfortable with the level of service delivered. Here are some tips for getting the most out of your home insurance policy.

Have adequate coverage

According to Marshal and Swift/Boeckh, 64% of homes are underinsured. That could make it very difficult to fully repair your home if it’s ever needed, so it’s important to consider your coverage limits. Most standard policies include coverage for:

1. The structure of your home. This pays to repair or rebuild your home if it is damaged or destroyed by disasters listed in your policy. It will not pay for damage caused by a flood, earthquake, or routine wear and tear.

Be clear about whether your insurance offers actual cash value (the cost of replacing damaged or destroyed property while factoring in depreciation) or replacement cost (the cost to replace damaged or destroyed property with an item of similar quality without considering depreciation). Replacement cost reflects how much it would cost to rebuild your house in the same spot, with materials of like-kind and quality. Purchase enough coverage to rebuild your home.

For homes built during or after 1950, Member Benefits’ home policy pays the full cost to repair or replace your home with materials of like-kind and quality without the limits imposed by most other insurers. For homes built prior to 1950, this coverage provides up to 125% of the dwelling limit on your policy.

2. Personal belongings. Your furniture, clothes, sports equipment, and other personal items are covered if they are stolen or destroyed by an insured disaster, generally 50% to 70% of the insurance you have on the structure of the house. At Member Benefits, if your personal property is destroyed or damaged, our policy provides coverage equal to 75% of your residence coverage limit. So for example, if your home is insured for $200,000 and there is a fire, you would have up to $150,000 coverage for your personal property.

Trees, plants, and shrubs are also covered under standard home insurance; however, they are not covered for disease or poor maintenance.

A scheduled property endorsement on your home policy can protect valuable items minus any deductible. Most of our coverage options have no deductible, and others offer small deductibles. This is one of the benefits of scheduling, as many members tend to carry larger deductibles on their home policy.

3. Liability protection. This coverage protects you from claims filed against you for injuries and damage you cause to other people—up to the limit stated in your policy documents. Liability limits on home policies aren’t usually high enough to realistically cover these types of claims, so you may want to consider umbrella insurance, which provides broader coverage and higher liability limits.

4. Additional living expenses. This pays the additional costs of living away from home if you cannot live there due to damage from a covered disaster. Keep in mind that this coverage has limits—and some policies include a time limitation. However, these limits are separate from the amount available to rebuild or repair your home.

Cost considerations

Unfortunately, a lot of people jump at price without looking deeper. It’s becoming more of an issue as insurance is marketed as a commodity. However, at Member Benefits we strongly believe it should not be bought that way. Your insurance needs are not the same throughout your life, nor are they the same as your neighbors’.

Buy insurance based on value, not price. And when comparing insurance options, be sure you’re getting quotes for the same (or better) coverage than you currently have. Cheaper doesn’t always mean better, just like expensive doesn’t mean more value.

For more guidance on this issue, contact one of our personal insurance consultants who can help you attain a better understanding of your insurance needs and give you confidence to make the right decisions for you and your family—whether you choose our insurance or not.

Ask about discounts

Often there are a number of discount options available from your insurance provider. For example, simply bundling policies and staying with the same company for several years may provide some discounts. Not all providers will volunteer their discount options, so don’t be afraid to ask about all the discounts you qualify for.

Quality of service

If you’ve ever filed an insurance claim, think back…how was that experience? Was their response timely? Were they empathetic? Price and adequate coverage are important, but you also want to be satisfied with customer service when you need it. Ask family and friends about their experiences when checking out insurance companies.

It’s a relationship

Do you feel comfortable with your insurer? Do they offer you helpful information and resources? Are they easy to reach? While some companies have switched to bots, many people still appreciate the relationship and open communication they have with real people. And those people should help educate you on how to evaluate home insurance as well as keep you well informed when you have a claim.

Keep it on your radar

Your insurance needs can change over time. Too little insurance can leave you financially exposed, but too much may mean you’re paying more than you need to. Not only should you review your insurance annually, but also when you have a significant life change or major home improvement. Periodic insurance reviews will help ensure your coverage is still appropriate, which can mean eliminating coverages you no longer need or adding new ones you do.

If you have a home policy with us and haven’t reviewed it for a while, give us a call—what may have made sense a year ago may not make sense now.

Source: Insurance Information Institute.

Insurance advantages with Member Benefits

Guaranteed Replacement Cost. For homes built in 1950 or later, we pay the full cost to repair or replace your home with materials of like-kind and quality, even if the cost of the repairs exceeds your policy limits. Extended Replacement Cost provides up to 125% of the dwelling limit for homes built prior to 1950.

Educator Benefits. For those with owner occupied homes, we offer increased coverage for personal property losses on school premises—regardless of the cause of loss—to $2,000. No deductible.

Identity Theft Coverage. Covers up to $10,000 of costs associated with services you may need to help straighten out credit records and reclaim your identity.
We can help you compare policies and give you an unbiased insurance evaluation.

> Schedule a consultation

> Get an insurance quote

> Call us with questions: 1-800-279-4030

The conversation every family should have

You may find you are so busy taking care of others that you’ve put your own needs aside. Now is the time to do something for yourself and your family—create a long-term care (LTC) plan that helps you face the future with even more confidence. With LTC protection, you ensure your future is the one you choose and not the one others choose for you.

Learn more about LTC insurance from our LTC insurance partner, Associates of Clifton Park. Policies can be tailored to cover varying circumstances, and their staff will help you make informed decisions about your LTC options. Contact them at 1-800-893-1621 or weabenefits@longtcare.com.

Spring safety check

INSIDE

OUTSIDE

Get covered with umbrella insurance

Even careful people can find themselves liable for the injury of others. Catastrophic events don’t happen often, but they can happen to anyone at any time. For example:

In the event that the costs associated with an accident or injury exceed your auto or home policy’s standard liability coverage, an umbrella (additional liability) policy can help cover the additional funds you may owe—and that amount can be significant.

What do you have to lose?

Umbrella insurance is considered essential to building financial security for you and your family. It helps protect your assets from the unexpected. You’ve worked hard for your home, car, and other assets; however, a large lawsuit can wipe out your current savings as well as what you stand to earn in the future. Imagine the impact on your family. Think about it—how much can you afford to lose?

Most people are surprised at how much exposure to risk they have as they lead their everyday lives. Examples include:

What does umbrella insurance cover?

Umbrella insurance provides extra coverage for medical bills or lawsuits that exceed the limits of your home insurance, as well as the damage you do to the personal property of others.

Besides the extra liability protection, a personal umbrella policy will pay your legal expenses if a liability claim is brought against you, whether the claim is legitimate or not. These costs are paid in addition to your policy limit.

A personal umbrella liability policy will also provide you with protection if you face liability for certain acts not usually covered by your home policy, including:

What doesn’t umbrella insurance cover?

Umbrella insurance will not cover you for:

Protect your financial security

If you have auto and home/renters insurance with WEA Member Benefits, you may be eligible to participate in our umbrella insurance program. The great news is that you can buy $1 million of additional liability protection very economically—or choose from $500,000, $2 million, or $3 million coverage options.

Premiums are determined by circumstances. Provided you qualify, it is one of the most economical ways to protect your assets and future earnings.
As an additional option, we offer up to $1 million of uninsured and underinsured coverage. Some companies are no longer offering this coverage, but we feel it’s important as it helps protect our members, their family, and their passengers.

>Learn more: weabenefits.com/umbrella
>Request a quote: weabenefits.com/quickquote or 1-800-279-4030

Is it time to evaluate your auto insurance?

Too little insurance can leave you financially exposed, but too much may mean you’re paying more than you need to. Ensuring you have the most appropriate coverage to fit your needs is to your benefit—and your family’s.

If you haven’t checked your auto insurance policy coverage lately, we can help.

Get an insurance review

If you have an auto policy with us and haven’t reviewed it for a while, call us—what may have made sense a year ago may not make sense now. For example, if you drive an older vehicle, maybe it makes sense to drop collision coverage. Or it may be time to choose a higher deductible. We can take a look at your needs and your existing coverage and give you recommendations.

Contact us to get an insurance quote

If you have a policy with another company and have never contacted us for a quote (or it’s been a while), it’s worth checking with us again. But keep this in mind: Deciding on insurance coverage is about much more than price. When you simplify the purchasing process for insurance by basing it mainly on price, it diminishes your investment and could put you at financial risk. Cheaper doesn’t always mean better, just like expensive doesn’t mean more value.

Price means very little without considering the value of proper coverage, great service, and knowing that you and your family are protected. Our Personal Insurance Consultants can help you gain a better understanding of your insurance needs and give you confidence to make the right decision for you and your family. Talk with us and you’ll become a better insurance consumer, whether you choose us or not.

Here are a few questions to ask yourself when comparing insurers:

We’re here to help you make the best insurance decisions for your personal needs. Give us a call at 1-800-279-4030.

Protect yourself from identity theft

Identity theft happens when someone steals your personal information to commit fraud. Most people who experience it have to take several steps to recover their identity and clean up the mess that was made—by no fault of their own.

Criminals have many ways to obtain your personally identifiable information (PII). They may send e-mails or make calls posing as trusted associates or officials (known as “phishing”), utilize hardware/software or service systems, create fake social media accounts to impersonate you, or even steal your mail or garbage to get important account numbers—just to name a few.

Once they have your PII, they can use your name and address, credit card or bank account numbers, Social Security number, or medical insurance account numbers to commit fraud. This may include buying things with your credit card or opening new ones, opening utility accounts, stealing your tax refund, getting medical care, or pretending to be you if they’re arrested.

The frequency of identity theft has increased dramatically in recent years. According to a revised 2017 “Victims of Identity Theft” report from the U.S. Department of Justice:

The three d’s

Unfortunately, if identity theft happens to you, you’re responsible for what the thief does with your PII. You may even have to pay for anything they buy. So it’s important to do what you can to minimize your risk of becoming an identity theft victim.

FINRA (Financial Industry Regulatory Authority, Inc.), an organization that plays a critical role in ensuring the integrity of America’s financial system, has outlined a simple practice that anyone can do: The Three D’s: Deter, Detect, Defend. Here are some tips you can follow using their easy-to-remember outline.

Deter

While most people understand the need to protect their Social Security number and PIN, other identifiers could help a thief access your PII. Many people actively publish data online about themselves through social media, organizational Web sites, and e-mail signature blocks, and don’t think much about it. But the more information a thief has (such as your name, address, e-mail, birthdate, maiden name, gender), the easier it can be to assume your identity. Be thoughtful about what you share and where.

Detect

Defend

As soon as you suspect a problem, it’s time to take action. Warning signs can include unfamiliar accounts on your credit report, strange withdrawals from your bank account, or bills or calls about debts that aren’t yours. If you’re a victim of identity theft:

Your insurance

Wondering if you’re covered with your WEA Member Benefits’ home insurance policy? The answer is yes. Your policy reimburses up to $10,000 for expenses that occur from identity theft. Benefits include:

Remember, even the most careful among us can fall victim to identity theft. So it’s more important than ever to protect all of your personal identifiable information, because this information is often a key ingredient in a scam.

When should I share my Social Security number?

While not every request for your Social Security number is an effort to steal your identity, not every request is mandatory either. In general, you may need to provide your Social Security number to:

Sources: FINRA, FTC, usa.gov, nsa.gov