Tropical Storm Harvey: Recovery
Some Louisiana residents are cleaning up after Tropical Storm Harvey. Before removing debris or broken belongings, remember to keep an accurate account of damage for your insurance provider. Here are a few tips that can help you navigate the claims process.
- Contact your insurance agent as soon as possible. Have your policy available if you need to file a claim. Find out whether the damage is covered under the terms of your policy. If you need help or have questions, contact the Louisiana Department of Insurance.
- Minimize your losses and document the damage. Take photos of any damage and then make whatever reasonable temporary repairs are needed.
- Keep your receipts. If you are unable to stay in your home due to damage from a storm, keep your receipts for lodging, food and essentials. Your policy may cover a portion of the costs while you are temporarily relocated.
- For vehicle owners affected by storm damage. If you have comprehensive coverage through your vehicle policy, you should be covered for damage. Review your policy or contact your agent to determine the type of coverage you have.
If you need help filing a claim or you believe an insurance company is not properly handling your claim, contact the Louisiana Department of Insurance.
_________________________________________________________________________
Insurance 101: Life Insurance
September is life insurance awareness month. Life insurance can provide financial protection for loved ones should the policyholder unexpectedly die. It comes in two main forms: term insurance and whole life insurance.
Term life insurance. Pays out if you die during the policy term. This type of policy may be appropriate if you are the primary wage earner for your family or if your spouse relies on you to pay the mortgage.
Whole life insurance. Builds cash value and pays a death benefit, and are more expensive than term life insurance policies. The cash value is the accumulation of premiums collected minus expenses and charges.
Although the Louisiana Department of Insurance does not have a list of life insurance policies in Louisiana, we can help you attempt to locate life insurance information on a deceased relative via the Life Insurance Policy Search request form.
If you have a life insurance policy, review it with your agent every few years to make sure it meets your needs. Click here to watch a video and learn more about life insurance.
_________________________________________________________________________
Early Retirement Health Insurance Options:
Bridging a Coverage Gap Between Retirement and Medicare
The idea of early retirement can be exciting. For some in this age group, a lifetime of working means a good pension and benefits after they leave the day-to-day grind, but more and more companies are converting retirement benefits, leaving the boomer generation in the tough position of finding alternative health insurance coverage. Health insurance can become harder to obtain and more expensive prior to Medicare eligibility at age 65, if not provided through an employer.
If you are considering early retirement or need to consider retirement health insurance options, here are some tips for what to consider in your decision:
Spouse's Policy. If your spouse is still employed and has access to benefits, see if you can be added to the policy. While your spouse may have to pay more for the coverage, this is likely your most affordable option.
Individual Coverage. These plans can be expensive, especially if you are on medications or have a chronic health condition.
COBRA. The Consolidated Omnibus Budget Reconciliation Act (COBRA) lets former employees and their dependents continue their coverage for up to 18 months. While your employer cannot refuse coverage through COBRA, it is unlikely that they will continue to subsidize the premium. They may also charge an administrative fee.
What to Consider When Comparing Policy Options
Coverages - Make sure that you understand the terms and coverages of the policy. The lowest premium option may not provide the coverages you need for your health status.
- What are the deductibles or coinsurance payments?
- What are the limits on coverage?
- Can you see your current doctor or seek treatment in the same hospitals?
- Are prescription drugs covered?
Before purchasing an insurance policy, you can contact the Louisiana Department of Insurance to confirm a company and the insurance agent is licensed in the state.
___________________________________________________________________________________
Stay Connected with the LDI
Keep up with tips and news from the LDI, including newsletters, press releases and videos, by connecting with us through social media.
You can discontinue this communication by clicking {|MergeContextItems.UnsubscribeLink|}.