Category Archives: Policy

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Health Insurance Open Enrollment – Changes for 2018

Open Enrollment Begins November 1st

Individual health open enrollment begins on November 1st. Are you ready?

As you are probably aware, there are some pretty big changes coming in 2018. We want to help you prepare and understand those changes and what they will mean for you. Whether you are seeking health insurance as an individual or a small business owner, there are answers here for you.

 

For Individuals


The Open Enrollment Period

The window is shorter this year. The 2018 Open Enrollment Period runs from November 1, 2017 to December 15, 2017. Plans sold during Open Enrollment start January 1, 2018.1


Anthem is Back - in Select Areas2

Yes and no. There has been some miscommunication about Anthem being back in the VA individual market. Although they are, access is limited to certain cities and counties throughout the state. For our clients who live in the city of Richmond, Chesterfield or Henrico, you will no longer be able to access Anthem either on or off the exchange for individual coverage.

Find out what cities and counties Anthem will continue to offer coverage.

 

For Small Business Owners


Get Group Insurance

If you are a small business owner with two or more employees, switching from individual health to group health could be more beneficial to you. At Knight Magee Insurance, we offer Anthem group health.

 

What's Next

Unfortunately, with Aetna no longer offering individual health insurance on or off the exchange in VA and Anthem being limited to specific areas of the state, we’ve been forced to partner with a third-party administrator to help assist our clients with securing individual health insurance coverage.

It is our understanding that the majority of the state will be limited to Cigna as the only option, however, Optima and Anthem will be available in some areas as well.3

Give us a call to review your options or get the conversation started.

 

 

1 https://www.healthcare.gov/quick-guide/dates-and-deadlines/

2 https://www.anthem.com/blog/member-news/anthem-to-discontinue-many-virginia-individual-aca-health-plans-in-2018/?cnslocale=en_US_ct

3 https://www.bloomberg.com/graphics/health-insurance-marketplaces-for-2018/


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 A Homeowner’s Policy Doesn’t Cover Flood Loss

 “Your homeowner’s policy does NOT cover loss due to flood from any source.”

Many people aren’t aware that their homeowners insurance excludes flood and earthquake coverage. Earthquake coverage can typically be added with a simple endorsement, but flood insurance requires a separate policy entirely.

The Definition of a Flood

Before purchasing a flood insurance policy, it’s important to understand what is considered a flood.

A flood is “a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area, or of two or more properties (at least one of which is the policyholder's property).”1

Flood insurance kicks in when the following conditions are met:

  • Overflow of inland or tidal waters
  • Unusual and rapid accumulation or runoff of surface waters from any source
  • Mudflow
  • Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above

When to Purchase Flood Insurance

We realize that not everyone feels the need to carry flood or earthquake insurance, but we do want you to be well informed.

We can’t predict when that 100-year storm will hit, but we can provide clients with the accurate information they need to make the best decision for their family.

Find out what flood zone you live in.

You’ve discovered your flood zone, now what?

Go online and search your zone in your favorite search engine. Let’s say your flood zone is Zone X. These are areas determined to fall between the 100-year and 500-year floodplain and are areas of moderate or minimal hazard from flood.

See how your home would have stood up to Hurricane Harvey.

The Cost of Flood Insurance

On average a low risk flood zone might cost $400-$500 a year to insure and is a small price to pay for peace of mind. Flooding can occur at any time and isn’t always from a tidal surge and more often than not low risk areas may be affected when catastrophic storm hits.

If you are interested in discussing if flood insurance is right for you or you need help in securing a quote, please give us a call at 804.320.0129.

 

1 http://www.insure.com/flood-insurance/who-needs-flood-insurance.html


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