Health Insurance

Calculate How Much Life Insurance You Need

Posted on by Shield Insurance Agency

Calculate how much life insurance you need

Life insurance is an important part of planning for the future. In your absence, life insurance can help protect your family’s finances, allow your small business to live on, and give you something to leave behind for your loved ones or a favorite charity.

Many people understand the importance of life insurance.

According to LIMRA, 80% of consumers believe that most people need life insurance and as many as 132 million Americans rely on life insurance to protect their financial security. But when it comes to actually purchasing a policy, the confusion sinks in and one big question often comes to mind: how much life insurance coverage do I need?

A life insurance policy isn’t “one-size-fits-all.”

Everyone has a unique financial situation, so coverage needs are just as unique. To answer this question, you’ll need to get your own personal estimate. Although meeting with your life insurance agent will give you the most accurate results, there are a few different methods you can use to get started.

One way to determine the costs you’ll leave behind is through the “DIME” method. DIME stands for:

D – Outstanding Debts
I – Income Replacement
M – Mortality
E – Education

To get an estimate of how much coverage you will need, take some time to list out all of your expenses that fall under these four categories.

Debt

Outstanding debt can be anything from outstanding student loans, to money you owe on a credit card. You also want to be sure your family can keep their home and stay there for years to come, so be sure to factor in your mortgage into your life insurance estimate. Regardless of how the debt was accumulated, you don’t want these expenses falling on the shoulders of your loved ones.

Income

How will your absence affect your family’s finances? Income replacement calculates just that—the amount of coverage your loved ones would need to continue living a similar lifestyle. Consider day-to-day living costs, as well as other types of spending, like childcare. And keep in mind that inflation will likely cause costs to increase. Don’t forget to factor in income that comes from any investments, in addition to the income that comes from your job.

Mortality

The mortality portion of “DIME” covers all final expenses, including funeral costs and other expenditures associated with end-of-life. When estimating final expenses, you may want to leave a little wiggle room for costs that you may not anticipate or be able to determine an exact number for, such as unpaid medical bills. There are also many costs and taxes that come along with settling your estate, so keep that in mind as well.

Education

If you have children who are in or are planning on going to college or even a spouse who may want to go back to school, consider the costs of their education when estimating your life insurance policy.

Once you add up all of these expenses, you may end up with a pretty big amount. However, there are a few items that you can subtract from this number, such as the amount of coverage on a group life insurance policy, funds from your retirement plan, or any other savings you’ve accumulated.

In addition to the DIME exercise, there are many online tools you can use to help you estimate your needs. For instance, Life Happens provides a nifty online calculator for estimating these costs. Enter all of your information in the form, and click on the question marks next to each form field for additional tips and information. Once you’ve filled in all of the fields, Life Happens will instantly estimate how much life insurance you need.

While the DIME method and Life Happens’ calculator are helpful tools, they cannot replace the knowledgeable insight and helpful advice of an independent insurance agent. An agent will speak with you about all aspects of your life, and work with you to find the right amount of coverage for your specific needs, contact Andy Simmons, our Life Insurance specialist, and get the coverage you need to protect your loved ones’ financial future.

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Covid-19 Consumer Alert

Posted on by Shield Insurance Agency

Information on the Coronavirus (COVID-19) is changing rapidly.  The information below consumer alert may be updated frequently.

As Michigan residents and businesses implement the measures outlined in Governor Whitmer’s Executive Orders aimed at mitigating the spread of the COVID-19 virus, questions may arise as to how insurance and financial services may be impacted. The information below will aid consumers and industry professionals in addressing these concerns.

Consumer Health Insurance Consumer Alert

Health Insurance

If you’ve recently lost your employer group health insurance due to the COVID-19 pandemic, you may be eligible for a special enrollment period. For additional information, visit DIFS’ Health Insurance Consumer Assistance Program (HICAP) website at www.michigan.gov/HICAP or call 877-999-6442.

Consumers enrolled in a fully insured health plan may be eligible for expanded COVID-19 coverage such as:

  • No cost for medically necessary diagnostic testing or treatment of COVID-19
  • Increased access to prescriptions
  • Prior authorization waivers
  • Expanded access to telehealth services

For more information on the benefits offered under your health plan, contact your insurer directly.

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Priority Health Customers

Posted on by Shield Insurance Agency
Priority Health
Coronavirus (COVID-19) update

As Michigan continues to be impacted by this unpredictable illness, we want to remain a supportive partner by sharing important health care coverage updates.

Important COVID-19 coverage news
Your health plan will now fully cover your treatment of COVID-19 in addition to screening and testing.

Your plan already covers screening, whether in-person or virtual, at $0 if your doctor orders a COVID-19 test.If a doctor orders testing based upon your screening results, the test will also be administered at no cost to you.In the unfortunate event that you or a loved one on your health plan is diagnosed with this illness, your treatment of COVID-19 will be fully covered at 100%. We will waive all copays, deductibles, and coinsurance for inpatient and outpatient COVID-19 treatment from an in-network provider through June 30.*Remember, COVID-19 is extremely contagious, so please use virtual care as a first step if you are experiencing symptoms. Contact your primary care provider to ask about virtual care options or log in to your Priority Health member account for virtual care.

For a limited time get your prescriptions safely with free in-home delivery from Meijer, Walgreens and CVS
Our online member FAQs have the latest on prescription delivery, coverage details and more – all in one place.

Coverage options and other helpful resources
During these uncertain times, it’s more important than ever that you have coverage for health care. Whether you’ve lost your job, your employment status has changed, or you want to see if you qualify for financial assistance, you have options.See our updated COVID-19 resources and information page on these topics and much more.

We’ll stay in touch
Information and updates about COVID-19 are changing rapidly and it’s important to stay on top of things. So, we’ll share new information online as soon as it’s available.

Stay safe and well,
Your Priority Health team*This applies to employees of self-funded groups as well unless the employer chooses to opt out. Members on self-funded plans will see a SF on the backside/bottom left corner of their member ID card.
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Just How Bad is Soda for Your Teeth?

Posted on by Shield Insurance Agency

Soda, pop or soda pop. Whatever you call it may likely depend on where you live or what region of the country you grew up in. But, the bottom line is they can be bad for your oral health and deliver a blow to your teeth.

Sugar itself doesn’t do the damage, but the bacteria in your mouth feeds on the sugar to create acid, and that can erode the enamel that protects your teeth.  Soda itself is very acidic. Between the bacteria feeding on the sugar and creating acid, every time you sip, soda starts an acid attack that lasts about 20 minutes. These ongoing acid attacks weaken the tooth enamel. This leads to an increased chance of, you guessed it, tooth decay.

If you’re a soda drinker, we’re not going to ask you to stop, but we do have some quick tips to help reduce any potential harm they may cause:

  • Cut back. Drink soda in moderation. Try not to have more than one a day.
  • Don’t let it linger. The longer it takes to drink a soda, the more time the sugars and acids have to damage your teeth.
  • Rinse. If brushing isn’t an immediate option, rinse your mouth with water after drinking a soda. Flushing your mouth with some water will help wash away any remaining sugars and acids.
  • Drink plenty of water, possibly in place of that extra soda you may have. Fluoridated tap water is best for your teeth.
  • Brush with a fluoride toothpaste and floss.
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Dental Basics presented by Delta Dental

Posted on by Shield Insurance Agency

What are dental basics of cavities?

A tooth cavity is a hole in your tooth caused by tooth decay. Tooth decay occurs when your enamel breaks down, usually from plaque and bacteria in your mouth that eat away at your tooth. Tooth decay may take years to develop into an actual cavity. Caught very early, tooth decay may even be reversed through the use of fluoride or other preventive care you can discuss with your dentist.

What are some causes of cavities?

  • Bacteria in your mouth.
  • It’s not just about candy and soda. Cavities can also be caused by frequent consumption of starchy, refined carbohydrate foods such as chips, crackers and cookies and high sugar drinks such as fruit juices and energy or sports drinks.
  • Not keeping up with your daily oral health routine, including brushing and flossing.

How can I prevent tooth decay?

  • Brush with fluoride toothpaste twice a day, and floss regularly.
  • Eat nutritious meals and limit snacking and sugary treats.
  • Check with your dentist about the need for topical fluoride and sealants to protect you or your child’s teeth from tooth decay.
  • Visit your dentist regularly for preventive care.

Contact Shield Agency for details on a dental policy with Delta Dental

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Insurance Terms Important to Know - Shield Insurance Agency Blog

Common Insurance Terms Made Easy

Posted on by Shield Insurance Agency

Insurance can be confusing…we get it! But we’re here to help provide you with a better insurance experience. Learn more about what these common insurance terms mean so you can be prepared when looking for a policy.

For customer information or to get a quote, please visit our website at www.ShieldAgency.com .

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2019 Tax Season Is Here!

Posted on by Shield Insurance Agency

Here’s how to prepare

Attention: 2019 tax filing season has started. Here’s what you can do now to get ready.

3 steps to get ready for 2019 tax season filing:

  1. Look for Form 1095-A.
    • If you or anyone in your household had a 2019 Marketplace plan, you’ll get Form 1095-A, Health Insurance Marketplace Statement in the mail by early February. It comes from the Marketplace, not the IRS.
    • It may also be available online in your HealthCare.gov account.
  2. Check Form 1095-A for accuracy.
    • You’ll use Form 1095-A to “reconcile” your premium tax credit if you used advanced payments of the premium tax credit to lower your monthly premium payment, so it’s important the information on it is correct. If you file with an incorrect version, you may need to file an amended return later.
    • Confirm things like your coverage and household information, monthly enrollment premium, and “second lowest cost Silver Plan” (SLCSP).
    • If you find errors, contact the Marketplace Call Center. We’ll send you an updated copy. Wait to file until you have it.
  3. Use your correct 1095-A to “reconcile.”
    • Now that you have an accurate 1095-A and second lowest cost Silver plan premium, you’re ready to fill out Form 8962, Premium Tax Credit.
    • See this step-by-step guide to reconciling for next steps.
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Free Preventive Medical Services in 2020

Posted on by Shield Insurance Agency

Shield Insurance Blog | Preventive Medical Services | Health Insurance |

With Marketplace coverage, you have access to free preventive services, like flu shots, check-ups, and screening tests. Getting these recommended services is an important step toward good health and well-being.

  • Preventive services are routine health care procedures, like screenings, check-ups, and counseling to prevent illnesses, diseases, and other health problems.
  • Taking advantage of these free services can help detect illness early, when treatment is likely to work best, so talk to your provider about what’s right for you.
  • Note: Preventive services are free only when provided by a doctor or other provider in your plan’s network. (A network is the facilities, providers, and suppliers your health insurer has contracted with to provide health care services. Contact your insurance company to see which providers are “in-network.”)

Where can I learn more about preventive medical services?

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5 Tips for Millennials Buying Insurance

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Millennials Buying Insurance |

Adulting (verb) – acting like an adult or engaging in activities usually associated with adulthood, often responsible or boring tasks.1

5 Tips for Millennials Buying Insurance

If you’re a millennial, you know this definition all too well. You’ve reached the age where you may be taking out student loans, buying or renting a place to live, having kids, and, ultimately, purchasing insurance. These major life events for millennials make it extremely important to have a financial security net. And that’s exactly what insurance is: a financial security net. So it’s troubling that a survey from Princeton Survey Research Associates International named millennials the most under-insured generation.

There are many reasons why people of all generations avoid purchasing insurance. It‘s often seen as a big investment, but that doesn’t necessarily mean that it’s an expensive one. In fact, insurance probably costs less than you think. For instance, according to the National Association of Insurance Commissioners (NAIC), millennials overestimated the cost of renters insurance by more than five times its actual cost per year.

Also, the complicated terms can make finding a policy a puzzling experience and the subject matter can be tough to digest. No one wants to think about being in a car accident, experiencing a break-in, losing everything in an apartment fire, or any other sort of bad, unexpected event. But these things can happen, so you’ll want to be prepared.

And don’t let any initial confusion or preconceived notions drive you away. You’re a millennial, after all! Your generation is always tackling new challenges and expanding the way the world works, oftentimes in brilliant ways.

Insurance provides essential financial protection for your future, so now’s the time to start “adulting” and take that first step.

Here are five tips:

  1. Shop smart. When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
  2. Look for discounts. Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
  3. Fill in the gaps. An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.
  4. Purchase life insurance—you aren’t too young. Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
  5. Talk to an independent agent. An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple carriers, different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.

Find a local independent agent and start protecting your finances today.

1 – Grammar Girl

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Car Seat Safety for Snow

Posted on by Shield Insurance Agency

Car Seat Safety For Snow

Apparently, I fell off the face of the planet when it comes to car seat safety. Despite reading all the NHTSA tips for car seats, doing the safety checks, and experiencing Michigan winters my whole life, I have never, ever heard of winter car seat safety. If have a bundled-up little one, this is a must-read and must-share on your Facebook page to educate other parents.

The rule to remember: No bulky coats on children in car seats.

First, let me divulge a few of the (brutally honest) thoughts that came to mind when I heard this:

  1. This article must be written by a person from a mild weather state. There’s no way in zero degree weather I’d let my kids go without a coat!
  2. But I wear a coat with my seatbelt and I’m fine…
  3. So I’m supposed to get my kids out of the car and bundle them up in the…parking lot?? This sounds like such a hassle to me.

A child may be buckled in tightly with their winter coat on, but in an accident, the impact of pressure would compact the bulk of the coat making the harness too loose to keep the child safe.

While I quickly thought of every reason why this was a bad idea, I landed on the one reason why this was a good idea: safety always comes first. The fact is, a child may be buckled in tightly with their winter coat on, but in an accident, the impact of pressure would compact the bulk of the coat making the harness too loose to keep the child safe. So, I called my local fire department and got these important tips that are pretty simple and much more do-able than I imagined.

Here’s a simple way to test the bulk of your child’s coat:

  1. Put the coat on your child and buckle them up, tightening the straps until you can’t pinch the harness with your fingers.
  2. Undo the straps without loosening them and remove your child from the seat.
  3. Take your child’s coat off, put them back in the seat and fasten the harness.
  4. If you can pinch the straps, then the coat is too bulky to wear in the car seat.

The winter coat rule applies to children in car seats and for children in boosters if the seat belt system in the car does not automatically lock when the brakes are applied.

Keep them warm, and safe.

If you find your child’s coat is too bulky to buckle them in safely, here are some alternate options to keep your child warm:

  • Put their coat on backward, like a blanket.
  • Use an actual blanket.
  • Use a thinner coat for car rides. Or if your child has layers in their coat, use the thinner layer for car rides and add the other layer when you go outdoors.
  • Heat your car up ahead of time and let them ride comfortably without a coat.

For all the other snow-state mommies and daddies like me who didn’t know this…now you do! So, test the bulk of your child’s coat and keep them safe in their car seat this winter. Foremost encourages all parents to be safe while driving, especially with a child passenger.

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