When should I review my life coverage

Life insurance an important thing you can do for your family. It is a way to show them how much you love them. Unlike your home and auto insurance, you don’t get a yearly renewal on your life insurance so you may just pay the premium and not think about it.  At Family Insurance Associates in Ruidoso, NM, we know that the amount of life insurance you need to protect your loved one changes over your lifetime and should be reviewed particularly when there are major changes in your life.

Job change

One of the benefits most jobs offer is life insurance. When you change jobs you may be able to retain your life insurance by taking over the premium yourself. This may not be the best option. You should talk to your personal insurance agent to see what they have to offer before you decide on the best option. 

Purchase a home

A home is a huge financial responsibility and you need adequate coverage if something happens to you. Leaving your family or loved ones to figure out how to pay your mortgage is a bad thing. 

Getting married

When you get married you will change the beneficiary on your life insurance. While you are talking to your insurance professional take the time to evaluate the amount of coverage you have.  

Having children

Children change your life in many ways. Making sure that they will be able to continue the same life you provide if you are not there to provide for them is vital. This figure depends on the age and number of children as well as your income. 

At Family Insurance Associates in Ruidoso, NM, we would be happy to review your life insurance coverage with you. Call our office or stop by and let us help you make sure you have the right amount of life insurance. 

5 Common Risks Faced by Small Businesses

When you operate a small business you take on certain risks that are unique to the type of company it is. The team at Family Insurance Associates of the Ruidoso, NM area will help you get a commercial business package that is specific to your needs.

Strategic Risk

Often, you don’t have a solid plan for your decision-making process if issues come up when you first start your business. If you know the structure, target market, production strategy, and how you’ll handle sales and marketing, you’re definitely in good shape. It makes sense to have a group from different departments (or even if you hire a consultant for some aspects) to discuss how you’ll handle any crises that come up.

Reputation Risk

This is often overlooked but it’s an important one. Since much of business is done by people doing research and deciding that they like how your company operates, it can be disastrous if a customer(s) put up bad reviews or take to their social media and say negative things about your business.

Liability Risk

All organizations must deal with some level of liability risk. However, your business would be more vulnerable if it’s small since you wouldn’t have the means to pay for damages without it hurting the funds for operating your company. If a customer or employee is hurt or you fail to meet any contractual obligations, you may have a lawsuit against your company. It is worthwhile to have a lawyer on your side to seek advice.

Business Interruption Risk

If your business is interrupted by a natural disaster or something else, this can make it difficult or impossible to go to your office. There may be damage to your equipment or supplies. If you have few staff members and one or several have an illness this impacts your operations as well. For this reason, you should have a business continuity plan that you go over with your staff.

Financial Risk

Of course, as a small business, you already have fewer funds than a larger organization. If there’s a hit to the local economy or even a recession across the nation, this can hurt your business. Make sure that you know your options such as funds, state, or federal grants, or if there are paycheck protection programs that will help you pay your employees.

Family Insurance Associates will work with you to put together the commercial insurance policies that make the most sense. Serving the Ruidoso, NM region, we are proud to work with small businesses to give a measure of protection for these risks and more.

Is My Stereo System Covered Under My Auto Policy?

Residents living in Ruidoso, NM rely on the agents of Family Insurance Associates for many things. Customized auto insurance policies are just one way the agents go the extra mile when helping their clients protect their investments. While many people leave their vehicles the way they were driven off of the lot, others prefer to customize their ride with a variety of accessories.

Stereo Systems and Other Valuable Add-ons

Stereo systems, unique lighting systems, and custom paint jobs are expensive additions to any vehicle. Depending on the type of equipment used, some stereo systems can be valued at several thousand dollars. The same is true for paint jobs and lighting systems. The more expensive the add-on, the higher the value of your vehicle. The problem is that this additional value will not be reflected by the Kelly Blue Book price that is used to determine the vehicle’s replacement cost. 

Customized Policies and Bundles

When vehicles have been customized, it’s important that you purchase an auto insurance policy that reflects their true value. You don’t want to invest a lot of money in a vehicle only to lose your investment if you don’t have sufficient coverage. By working with your agent, you will be able to determine the actual value of your upgrades and create a customized policy that will ensure you have the coverage you need.

The agents of Family Insurance Associates offer residents of Ruidoso, NM the auto insurance coverage they need to protect their vehicles as well as the accessories they have added. By creating customized auto insurance policies that account for these additional features, agents can provide the peace of mind the customer needs. Call the office now and find out how a customized auto insurance policy works.

Who Needs Medicare Insurance?

When you near 65, you need to begin considering Medicare. You need to sign up about three months before your 65th birthday, but you can plan ahead for which options you will choose. Medicare is a set of insurance plans designed specifically for older Americans, but many people with disabilities and some people who have experienced kidney failure qualify. 

The options bit refers to the parts of Medicare. The original plan includes Part A and Part B, but the updated Medicare also has Part C and Part D and Medigap (supplemental insurance). The latter comes from private insurance companies like Family Insurance Associates of Ruidoso, NM.

Through Social Security, you enroll in the original Medicare to obtain hospital and medical coverage. Part A covers hospital stays or short stays at a nursing home after a hospital stay. It also provides limited coverage for hospice or home health care. This comes free if you worked and paid Medicare taxes during your time as an employee. Part B covers doctor visits, outpatient and home health care, selected preventative services and some durable medical equipment. This you pay a premium to obtain.

Part C, also called Medicare Advantage, includes Part A and Part B coverages as well as dental, hearing, and vision insurance. It also provides prescription drug coverage. Everything comes in one bundle.
Part D provides prescription drug coverage. You might want to add D to A and B, but if you choose C, you do not also need A, B, and D because they are all in C.

The supplemental plans sold by private insurance companies still have to follow Medicare rules. The supplemental plans aka Medigap pay coinsurance, copays, and deductibles.
You only get a six-month window to apply. It begins three months before your 65th birthday and expires three months after it. If you do not jump on your registration for the coverage then, you must wait for a special enrollment period.

You can just accept the free Part A or apply for Parts A and B, but B comes with a premium. You can turn down B, then change your mind later, but you will pay more in premiums. For every 12-month period that you do not enroll in Part B, your premiums increase 10 percent. Each year, there is a general enrollment period from January 1 through March 31. Coverage does not start immediately but on July 1 of the same year. You can use Medicare with your employer’s insurance and your Health Savings Account (HSA).

So, Medicare is for those who have reached the age of 65 or have a disability. Part A comes free. All other parts cost money. Those who can afford Part C coverage obtain full medical coverage plus prescription medication coverage. You also add just Part B to get help with doctor visits or Part D to cover just prescription drugs. Your choices depend on your income.

Let Family Insurance Associates of Ruidoso, NM help you choose the Medicare plan that best suits your needs. While Medicare is eventually for everyone, the parts you need differ from those your neighbors might. Contact us today to make the right choice for your financial and medical future.

Common Mistakes Homeowners Make When Shopping For Home Insurance

Buying your home is probably the most significant investment in your life. Therefore, you want to make sure that this investment is well protected. The best way to protect your property is to purchase home insurance. However, choosing the right policy might be difficult, and many homeowners make inevitable mistakes. It is crucial to know these mistakes, so you can avoid them and make the right decision: 

Purchasing The First Policy That Comes

One of the biggest and most common mistakes homeowners do is getting the first policy that they found. It is important not to rush and compare different policies from several insurance companies. Even if you believe you have found a perfect plan, it is always worth checking other insurance companies and see what they offer. 

Not Getting Enough Dwelling Coverage

Dwelling coverage is a specified amount of money that you will receive to cover the structure of your home. Ideally, dwelling coverage should be enough to rebuild the house thoroughly. It is recommended to discuss it with an insurance agent who will be able to help you to choose the right dwelling coverage.

Not Insuring High-Value Belongings 

A standard home insurance policy covers personal belongings only up to 50-70% of their total value. Therefore, if you have some expensive stuff, such as antiques, artwork, and jewelry, you will need to buy an additional endorsement to make sure that these valuable items are protected. 

If you would like to get a perfect home insurance policy that will address your needs and budget, you need some professional help. The insurance company Family Insurance Associates serving Ruidoso, NM, and other surrounding areas is ready to help you to avoid the mistakes mentioned above and find a great home insurance plan. Give us a call today to talk to one of our insurance agents and learn more about the options available. 

Regular health insurance does not usually include vision and dental

It is far better for you to have a health insurance plan than not. Health insurance can cover everything from regular doctor visits to treatments for catastrophic ailments like cancer.

However, as Family Insurance Associates serving Ruidoso, NM explains, health insurance often does not cover vision and dental. You may want to consider carrying an additional policy that covers these two crucial parts of the human body. Such a policy would likely save you a great deal of money over the long term.

Some people who have 20 20 vision believe that they don’t need vision insurance and can pay for regular visits to the eye doctor out of pocket. However, most people need to wear glasses or contacts for one condition or another and therefore, would benefit from carrying such insurance. Dozens of eye conditions come with age, such as cataracts and macular degeneration. Your eyes are important to your livelihood, and protecting your vision should be a top priority.

Dental insurance is a must for everyone. If you count up all the teeth cleanings, X-rays, fillings, and so on, then dental insurance becomes cost-effective. Add to those expenses treatments for chipped teeth and cavities. Then you can see why this type of policy is likely something that you need to carry. Having teeth in good condition gives you the ability to chew and enjoy food to the fullest.

For more information on vision and dental insurance and the benefits of carrying it, contact Family Insurance Associates serving Ruidoso, NM for more information.

Do I Need To Document My Relationship With My Beneficiaries?

The only rule most life insurance providers in Ruidoso, NM have regarding who you can and cannot name as a beneficiary is that you can’t name a minor. If you want the policy to pay out to a niece, nephew, son, or daughter who’s under eighteen, you’ll need to go through a trusted adult.

Beyond that, you can name anyone you like as a beneficiary, from your wife to your best friend to a favorite football player.

So now the question is: Do you need to provide any sort of documentation as evidence of your relationship to the beneficiary? The answer is no. You might not even need to prove that you’re married to your spouse.

But, they do need the beneficiary’s legal name, and depending on the nature of the relationship and the nature of the policy, they might need some information like social security number, mailing address, and phone number. This varies from situation to situation, and you’ll have to wait and see what information your insurer asks for.

If you have a marriage license for your spouse, birth certificates for your kids, that can be of help, but no document proves someone is your best friend. Some human relationships are easy to document; others are not. Life insurers know this, and they know that not every life insurance beneficiary is going to have the paperwork to prove that they fill that role in your life that you say they fill.

If you’re looking for life insurance in Ruidoso, NM, get in touch with Family Insurance Associates. Family Insurance Associates can help to connect you to the policy that you need to set your mind at ease.

Does Your Business Need a Commercial Insurance Review?

If you’ve been in business for a while, the chances are high that you’ve had the same commercial insurance policy for a while, too. That can mean it’s time for a review of that policy, to help ensure it’s still protecting you appropriately. As your business grows and expands, or goes through changes, your insurance needs can also change. What worked for you when you opened your doors might not fit your current business model the right way. At Family Insurance Associates, we want to make sure all our Alamagordo and Ruidoso, NM business clients have the appropriate level and type of insurance coverage, so their companies can be protected. We’re here to help you succeed.

When you get a business insurance review, we’ll look at all the ways your policy is protecting you and where any gaps in coverage might be. By asking plenty of questions about your current business and how it’s changed since the last time your policy was reviewed, we can get a clearer picture of how your commercial policy is meeting your needs. You have enough to think about as a business owner, and you don’t want to have to worry about your insurance policy, too. We can give you back peace of mind, knowing that you have the proper coverage level you need to keep your business thoroughly protected in the long run.

Reach out to us today at Family Insurance Associates and let us help you with a commercial insurance review. All our Alamagordo and Ruidoso, NM business clients deserve to feel protected by the insurance policies they have. If you’ve never had a policy review, or it’s been a while since your last one, we’re ready to help you make any needed changes or adjustments to keep your business secure and protected. Contact our office to get started with a quote and have your questions answered.

Does Driving History Affect Premiums?

Many factors are considered when calculating premiums. One of the prime considerations is driving history. Those who have had moving violations or other citations will notice their premiums are different than those who do not tickets or accidents. To find out how driving history affects an insurance policy, consult with a reputable insurance agent. 

Driving History

Driving history, specifically driving history from the last few years, will affect insurance coverage and premiums. If there have been citations, accidents, or even DUIs, assistance with finding a policy that works for the client’s needs may require the help of an experienced insurance agent. They can provide policy options that meet current needs and offer comprehensive protection, so drivers have peace of mind, whether on the road or parked at home. 

Working With an Agent to Discover Options

Anytime people with a negative driving history are searching for insurance policies that work for their needs, they should reach out to an insurance agent who can walk them through the process and answer any questions they have along the way. Those who are currently living near the Ruidoso, NM area should consult with Family Insurance Associates to find out how they can get the coverage necessary to avoid gaps and other issues and even help with filing claims. Finding reasonable insurance doesn’t have to be a challenge when drivers work with a professional agent. 

Work with an agent to find the right insurance products by calling or stopping by Family Insurance Associates, serving Alamogordo and Ruidoso, NM. Our agents can sit down with you to learn more about your current situation and offer common-sense solutions that provide complete protection. 

What is Medicare Supplemental Insurance?

As the baby boomers get older now, many people are reaching the age of 65, which is when they qualify for Medicare. There are four categories of Medicare coverage that are called “Parts,” and with a letter, as in Part A, B, C, and D. The decisions about Medicare are complicated. It is best to work with your agent at Family Insurance Associates, serving Ruidoso, NM, and the surrounding area to understand your choices better.

Here are the usage areas of the categories:

  • Part A — Hospital Costs
  • Part B — Medical Costs
  • Part C — Medicare Advantage
  • Part D — Medicare Prescription Drug Coverage

Americans, who paid enough payroll taxes (for more than 30 quarters) during their lifetime, qualify for the free Medicare — Part A. This is also called “premium-free Part A.” All you need do is apply for Medicare when you turn 65 to get these benefits.

If you are admitted to a hospital, you will pay a $1,408 deductible (as of February 2020) for each insured period of a year. There are no co-insurance payments (co-pays) for the first 60 days of your hospital stay.

From day 61, you will pay a co-pay of $352 per day up to 90 days. From day 91, you will pay a co-pay of $704 per day for up to the maximum lifetime reserve days of a total of 60 days. Lifetime reserve days are those days that exceed the period limits reserved for your entire lifetime. After you use up your 60 lifetime reserve days, you have to pay for all hospital costs.

Medicare Supplemental Insurance

The other Medicare coverage offered under Medicare Part B, C, and D requires that you pay a monthly premium to get the benefits. The premium for Part B, which allows you to see a doctor, who will accept the Medicare-approved amount for certain services, starts at $144.60 (as of February 2020) and goes up according to your income. The deductible is $198. The co-pays are usually 20% of the cost of medical services.

The monthly premiums and coverage for Part C and D vary by the plan. There are many programs to choose from for Part C and Part D. These are all called Medicare supplemental insurance. Contact your agent at Family Insurance Associates in Ruidoso, NM to discuss Medicare and Medicare supplemental insurance and to get a quote.