September Newsletter: Car Gap Insurance / Healthcare Limits
CAR GAP INSURANCE- YOU MIGHT NEED IT
The moment you drive a vehicle off the dealer lot, your vehicle depreciates.
If your vehicle is totaled in a covered loss, you may have to pay out the difference between what you owe and what your vehicle is worth at that time.
Gap insurance covers the difference between what you owe on your vehicle (financed) and what your auto insurance carrier is willing to pay for it (actual cash value).
Car gap insurance (or loan/lease insurance) is sometimes not purchased by our insureds because of the added premium cost or because they assume their Comprehensive or Collision coverage will fully insure their vehicle if it is stolen or totaled. However, you should consider purchasing this coverage as it can be a very costly expense after an auto accident is occurred.
Gap insurance coverage is available for both purchased or leased vehicles.
HEALTH CARE 102 – LIMITS ON ANNUAL OUT-OF-POCKET MAXIMUMS
All health plans that are not grandfathered, whether insured or self-funded are subject to limits on annual out-of-pocket maximums. All cost sharing, such as co-pays, deductibles, and co-insurance, for Essential Health Benefits (EHBs) must accumulate to the plan’s out-of-pocket maximums up to the following limits:
Plan Year Beginning in: Self-Only Coverage Coverage other than self-only
2014 $6,350 $12,700
2015 $6,600 $13,200
2016 $6,850 $6,850 per person
$13,700 per family
Each state, through its state insurance laws, may establish a detailed definition of EHBs for purposes of group health insurance policies issued in that state. Self-funded plans may define EHBs based on general federal guidelines or a state benchmark plan. Generally, an EHB definition includes health care services in the following 10 benefit categories:
Ambulatory patient services
Maternity and newborn care
Mental health and substance use disorder services, including behavioral health treatment
Rehabilitative services and devices
Preventive and wellness services and chronic disease management
Pediatric services, including oral and vision care (services for individuals under 19 years of age).
The Affordable Care Act (ACA) requires non-grandfathered group health insurance policies sold in the “small group” market to adopt several reforms. For example – coverage of all 10 categories of EHBs. “Large group” policies, currently sold only to employers with at least 50 employees, and self-funded health plans are exempt from the market reforms. Starting in 2016, the definition of “small group” will expand to include groups with 51 – 99 employees.
SEPTEMBER – Prevention Month
This month, stay up-to-date with your immunizations and other preventive care. You can also help keep your immune system strong by eating right, staying active and getting enough rest.
Get a flu shot. Protect yourself, your family and friends by getting a flu shot. Stay at home if you do get sick…don’t spread the germs.
Exercise. Regular exercise (150 minutes a week) can help lower your risk of developing Alzheimer’s disease, diabetes, and stroke. Now that it is getting cooler walk your neighborhood.
Garlic. Garlic contains more than 100 sulfuric compounds that work to fight bacteria and infection. For an extra immunity boost, add garlic to your juice; pasta and pasta sauce; sautéed meats and vegetables. If you do not like the taste or smell of garlic take a garlic supplement.
*Intended for informational purposes only and should not be construed as legal advice.