Sampson Insurance's Blog

What’s your Long Term Care plan?…

Craig A. Thompson — Fri, 17 Feb 2012 13:28:27 +0000

Would you be interested in a product that:

- Reimburses you for qualified long-term care expenses such as home healthcare, assisted living, nursing home care, adult day care, hospice, personal care, alternative care AND protect your assets…

- Offers premiums that will not increase…

- Provides income tax-free reimbursements, of significantly more value than the premium paid, for qualified long-term care expenses. Thus giving you more buying power for long-term care needs…

- Pays a death benefit to your beneficiaries income tax-free, if you never need long-term care or don’t use all of your long-term care benefit…

- Comes with a money back guarantee, no deductible or elimination period…

- Only requires an application process of a few simple prescreening questions and a 45-minute phone interview-no exams, labs or doctor’s statements…

- Based on previous claims experience, the majority of claims are approved and paid within five days or less…

If this sounds like just the solution to your long term care concerns then give us a call to discuss how universal life policies with optional long-term care riders have helped protect more people from the risks of long-term care expenses.

Please note: Unlike traditional Long Term Care (LTC) premiums, we can link life insurance with long term care so premiums are never wasted if coverage is not needed.

October is Breast Cancer Awareness Month

Craig A. Thompson — Tue, 27 Sep 2011 12:01:24 +0000

In support of this members of Sampson Insurance will be raising funds and walking in the 2011 Making Strides Against Breast Cancer Walk in Boston, MA

Sunday, Oct. 2, 2011,

8:00am at DCR Hatch Shell

1 David G. Mugar Way

“What is Making Strides Against Breast Cancer?…

The American Cancer Society Making Strides Against Breast Cancer walk is a powerful and inspiring event that unites communities to celebrate people who have battled breast cancer, raise awareness about ways to help prevent breast cancer, and raise money to find cures and support programs and services for those facing the disease.

Since 1993, nearly 7 million walkers have raised more than $400 million to help fight breast cancer through participating in the uncompetitive, 3- to 5-mile events. In 2010 alone, nearly 800,000 walkers across the country collected more than $60 million to save lives from breast cancer. Thanks in part to the dollars raised by Making Strides supporters, 2.5 million breast cancer survivors will celebrate another birthday this year. And every Making Strides event provides a chance to recognize and support breast cancer survivors and remind them that we’re in their corner through every step of their cancer experience.

You can join us in this journey for a world with less breast cancer and more birthdays by signing up today and kick start your fundraising with a personal donation. Your reason for Making Strides is as unique and special as the story that motivates you. Whether you’re walking in honor or memory of a loved one or whether you’re facing the disease yourself, each step you take is personal. And every dollar you raise will save lives by helping people stay well and get well, by finding cures, and by fighting back against breast cancer.”

To donate to our effort go online to: cancer.org/stridesonline and enter Team search: Sampson

Thanks!

Protect Your Heart in the Heat

Craig A. Thompson — Fri, 22 Jul 2011 16:11:41 +0000

From our friends at the American Heart Association.

Whatever brings you outside — a bike ride with friends, a jog in the park or just a stroll around the block — it’s important to stay safe when the temperature rises.

Tips for heart patients
If you’re a heart patient, older than 50 or overweight, you might need to take special precautions in the heat, according to Gerald Fletcher, M.D., professor of medicine at the Mayo Clinic, in Jacksonville, Fla.

Always check with your healthcare professional before starting an exercise routine. Certain heart medications like beta blockers, ace receptor blockers, ace inhibitors, calcium channel blockers and diuretics (which deplete the body of sodium) can exaggerate the body’s response to heat, Fletcher said.

But Fletcher points out that it’s important to keep taking your medications —and taking them when you’re supposed to.

Even if they’re not on medications, older people also need to take precautions in the heat.

“If you’re older than 50, you may not be aware that you’re thirsty,” Fletcher said. “If you’re going to be outside, it’s important to drink water even if you don’t think you need it.”

Tips for everyone
Think you’re ready to brave the heat? Watch the clock and buddy up, Fletcher said. It’s best to avoid the outdoors in the early afternoon (about noon to 3 p.m.) because the sun is usually at its strongest, putting you at higher risk for heat-related illnesses.

If you can, exercise with a friend, because it’s safer — and more fun — to have someone at your side. Here are some other tips:

Get off on the right foot. You probably sweat the most in your shoes, so choose well-ventilated shoes and look for socks that repel perspiration. Foot powders and antiperspirants can also help with sweat.
Dress for the heat. Wear lightweight, light-colored clothing in breathable fabrics such as cotton, or a newer fabric that repels sweat. Add a hat and/or sunglasses.
Drink up. Before you get started, apply a water-resistant sunscreen with at least SPF 15, and reapply it every two hours. Stay hydrated by drinking a few cups of water before, during and after your exercise. Avoid caffeinated or alcoholic beverages.
Take regular breaks. Find some shade or a cool place, stop for a few minutes, hydrate and start again.

Whatever you do, don’t throw in the towel, Fletcher said. “Don’t NOT exercise — adapt!”

Symptoms of heat exhaustion?

headaches
heavy sweating
cold, moist skin, chills
dizziness or fainting (syncope)
a weak and rapid pulse
muscle cramps
fast, shallow breathing
nausea, vomiting or both

If you experience these symptoms, move to a cooler place, stop exercising and cool down immediately by dousing yourself with cold water and rehydrating. You may need to seek medical attention.

Symptoms of heat stroke?

warm, dry skin with no sweating
strong and rapid pulse
confusion and/or unconsciousness
high fever
throbbing headaches
nausea, vomiting or both

If you experience these symptoms, seek medical attention right away.

—————————-

http://www.heart.org/HEARTORG/Conditions/Protect-Your-Heart-in-the-Heat_UCM_423817_Article.jsp

Budgeting Insurance Cost

Craig A. Thompson — Mon, 11 Jul 2011 18:56:12 +0000

A new Cambridge software company lands a client and needs to meet the insurance requirements of the client’s contract. When the insurance solution comes back at approximately $12,000, the client wants to know how the insurance company came up with that cost. Well, no one threw a dart at a wall… there is a formula. Read on…A well structured Business Insurance plan that provides the correct protection should be a part of a budget just as such things as salary, rent and utilities are.To some extent, the cost can be anticipated. The Total Cost of Risk (TCOR) is a measure that encompasses Property & Casualty insurance premiums, deductibles and administrative expenses associated with insurance. On average, the TCOR is approximately 1.2% of a company’s total revenue.

Remember, that’s an average and each industry has its own nuances. For example, a medical products manufacturer will probably have a higher TCOR than a retail clothing store. Our best advice is to budget insurance costs – do not react to them.

For example, a company with $1,000,000 in gross sales can expect to budget approximately $12,000 as its Total Cost of Risk for its Property & Casualty Insurance program.

Give me a call at 781-927-7120 to discuss your unique business insurance cost situation.

-Bruce Thompson

Hurricane vs. Wind Deductibles

Craig A. Thompson — Mon, 20 Jun 2011 19:10:08 +0000

With hurricane season upon us, it may be good time to review Hurricane and Wind Deductibles

Many insurance companies impose a Wind or a Hurricane deductible on homeowners and other property insurance policies. These may apply to a personal or business insurance policy

A wind deductible is a separate deductible on your home, renters, condo or possibly business owners policy that is applied when you suffer a loss that is caused by wind.

This is usually shown as a percentage, typically 1-5% of the value of the structure (not the loss !!!) . A hurricane deductible is applied only when you suffer a loss caused by a named storm or hurricane. While in most cases these are imposed by the insurance company, not chosen by the consumer.

Should your insurance company use these, a hurricane deductible is most desirable. Your coverage selections, a/k/a declarations pages, will indicate if you have such a deductible

Rental Car Insurance

Craig A. Thompson — Fri, 03 Jun 2011 19:08:06 +0000

The Massachusetts personal auto policy follows you and household member when renting or borrowing private passenger autos on vacation or business. The policy stipulates that the rented or borrowed vehicle must be a “replacement” vehicle, which means that the vehicle from which coverage is being temporarily transferred must not be in use at the same time as the rented or borrowed vehicle. Your policy will only cover you while renting in United States, territories, possessions, Puerto Rico and Canada.

A word of caution: only the coverage that you have on your Massachusetts personal auto policy would transfer, so be sure to be familiar with your policy before renting a vehicle.

The Massachusetts personal auto policy is also very clear about the fact that it will only provide coverage to other private passenger autos while being used by you or a household member with the consent of the owner, which in the case of a rental car would be the company from whom you rent the vehicle. Rental contracts list specific violations that void the contract and could cause you to “lose consent of the owner”.

A few other items in the Massachusetts personal auto policy to consider when renting a car:

Collision and comprehensive coverage pay on an Actual Cash Value (ACV) basis. Some rental contracts require replacement value, fair rental value, or “manufacturer’s buyback program value”. In some cases, there can be a gap between what you are responsible for and what your policy will pay.
Although the contract language will vary, Rental car company contracts include restrictive language concerning loss of use, administrative charges, diminution in value or “before and after”, towing, and storage charges should the vehicle be damaged. These terms are defined below.

Loss of use - This term refers to the potential income lost by the rental car company in the event of an accident that removes the vehicle from the fleet for any amount of time (downtime). Even if, as is most common, damage to the rental car is covered under your auto policy’s physical damage (“collision”) section, you will certainly have to pay your deductible and at least a portion of the loss of use charge. When it arises, it’s a claim that must be addressed on a case-by-case basis, since the Massachusetts auto policy does not specifically include or exclude loss of use coverage. The Loss Damage Waiver offered by the rental car company will close this gap. This is a good reason to purchase the Loss Damage Waiver from your rental company.

Diminution in value - This potential charge represents the reduction in a vehicle’s market value due to its having been in an accident. Again, while most auto insurance policies will cover the physical damage to a vehicle, less your deductible, few cover diminution in value. The current options for covering this gap are to either a) self insure, or b) purchase the rental car company’s LDW.

Before and after - Diminution in value is a concern when the rental company repairs a damaged vehicle – but what if it isn’t repaired? In some cases, the damaged car may simply be sold for salvage. The rental car company then charges the renter the difference between the market value on the day of rental (“before”) and the amount the car brought at the salvage auction (“after”). This sample language was found in the contract of a major rental car company, “If the car is damaged, you will pay our estimated repair cost, or if, in our sole discretion, we determine to sell the car in its damaged condition, you will pay the difference between the car’s retail fair market value before it was damaged and the sale proceeds.”

Finally, there are some other issues that should be considered when renting a car. There are situations that void the rental contract. For example, many rental car companies do not permit drivers under age 25 to drive a rented vehicle. And even if you buy the optional Loss Damage Waiver, all rental car waivers have a clause voiding coverage if the renter improperly operates the vehicle at the time of an accident. Although wording varies, most waivers prohibit reckless or intoxicated use or of use off paved roads. There is no coverage if an unauthorized driver uses the vehicle voids the waiver. Theft of the vehicle is not covered if the keys are left in the car or if the vehicle is unlocked.

In most cases, buying the Loss Damage Waiver is the only way to close the significant rental car gap that now exists. With this coverage, you would not be charged for repairs to the vehicle, diminution in value, before and after assessments or for loss of use…as long as you have not engaged in any prohibited use or otherwise voided the waiver.

Our advice for these and many other specific questions is to read the contract and weight the cost / benefit of buying the damage waiver versus living with the policy coverage / limitations of your Massachusetts auto policy. Drive safely….. Think Spring….

Consult the policy for coverage terms, definitions and limitations.

Winter Driving Tips

Craig A. Thompson — Thu, 27 Jan 2011 16:40:48 +0000

Give yourself enough time to arrive at your destination. Trips can take longer during the winter than at other times of the year, especially if you encounter storm conditions or icy roads.
Bring a cell phone so that those awaiting your arrival can get in touch with you if you are very late. But avoid the temptation to use the phone while driving, as it can be a dangerous distraction.
Drive slowly—accelerating, stopping and turning all take longer on snow-covered roads.
Leave more distance than usual between your vehicle and the one just ahead of you, giving yourself at least 10 seconds to come to a complete stop. Cars and motorcycles usually need at least three seconds to halt completely when traveling on dry pavement, but slick conditions make it harder to stop.
Be careful when driving over bridges, as well as roadways rarely exposed to sunlight—they can be icy when other areas are not.
Avoid sudden stops and quick direction changes.
Be sure to keep your gas tank full. Stormy weather or traffic delays may force you to change routes or turn back. A fuller gas tank also ensures that your car’s gas-line will not freeze.
Keep the windshield and windows clear. Drivers in cold-weather states should have a snow brush or scraper in their vehicle at all times. Your car’s defroster can be supplemented by wiping the windows with a clean cloth to improve visibility.
Do not activate your cruise control when driving on a slippery surface.
Do not warm up your vehicle in an enclosed area, such as a garage.
Keep your tires properly inflated and remember that good tread on your tires is essential to safe winter driving.
Check your exhaust pipe to make sure it is clear. A blocked pipe can cause a leakage of carbon monoxide gas into your car when the engine is running.
Monitor the weather conditions at your destination before beginning your trip. If conditions look as though they are going to be too hazardous, just stay home.

Snow Safety and Preventing Ice Dams

Craig A. Thompson — Tue, 28 Dec 2010 14:48:21 +0000

Remove snow/ice build up on your roof

Use a roof rake or even a stable broom to remove snow from your roof.
Shoveling snow off the roof will also obviously eliminate the potential for run off water, but it’s dangerous to walk on a snow covered roof and roofing materials are easily damaged. This is a job best left to professionals.

Insulation in your attic

Warm air from your home migrating into the attic can raise the temperature of the underside of your roof enough to start melting snow – particularly when combined with a warm sunny day. The minimum insulation value for new homes in cold areas of the country is R 38, but many older homes don’t have that amount of insulation. Ensuring your attic insulation is at last R38 will help prevent ice damming.
Insulate and block off any openings into your attic. Just some of these areas include, attic access hatches, spotlights and ceiling fixtures, plumbing stacks, HVAC ducts (exhaust fans for example). However, putting insulation too close to a pot light or ceiling fixture can be a fire hazard, so adding insulation close to these types of fixtures may be a job for a professional.

Attic needs to breathe

Proper ventilation helps keep your attic temperature similar to that of the outside air and cools the underside of your roof preventing snow from melting. Common guidelines suggest a minimum 1 square foot of free ventilation area for each 300 square feet of attic ceiling area when there is a vapor barrier at the ceiling
Ensure the area over your soffits isn’t blocked by insulation and the soffits are open to the outside air to provide adequate openings for proper ventilation. A roof overhang of 12 inches or more should provide ample space for inlet (soffit) vents.
Adequate upper ventilation to ensure proper and continuous air flow in also required. Either continuous ridge vents or a number of individual roof vents normally will provide this upper ventilation.

Up On the roof

Installation of drip edges or ice shields at your eaves will direct water right off your roof and into the gutters.
Installing a water proofing membrane along the lower edge of your roof (extending back from the edge at least 24″) helps keep water out of the roof. Water proof membranes or ‘ice shields” are often a building code requirement and they do prevent roof damage.

National Healthcare Reform

Craig A. Thompson — Mon, 13 Dec 2010 19:35:41 +0000

Within the national healthcare reform process, the deliberations evolved around insurance access and coverage. These concepts extend into our personal and business protection. For the financial professionals within the healthcare industry, have you reviewed the insurance coverage you have beyond the traditional autos and bricks and included a review of your coverage of your professional staff, outreach services such as VNA and hospice? Let us review options with you to ensure your services and providers are covered.

Halloween and Safety

Craig A. Thompson — Thu, 28 Oct 2010 14:58:06 +0000

Keep your kids safe this Halloween. The following tips are provided to remind you how important being safe and taking precautions can be.

Smaller children should always be with an adult. It is best to take smaller children out early.
Be sure you know the neighborhoods your children will be going to.
Have your children stay in a group
Give your older children a cell phone for the night
Always use sidewalks
Cross only at corners and do not dart out between parked cars.
Cover one side of the street at a time. Do not criss-cross.
Never go inside someone’s house unless it is a friend
Only approach houses where their front light is on
Never accept a ride in a car
Bring their candy bags home and check all candy to make sure none have been previously opened.
Be sure all parts of the costume are labeled flame retardant.

These tips and more can be found at www.massgov.org