I hope things are going well for you in springtime, looking forward to summer. I wanted to touch base and share a couple of things that perhaps you were not aware of in my line of work.
1. I often have auto or homeowners clients call me about filing a claim which is great. Often it's a claim when the estimated damage is around what their deductible is at or slightly more. A claim is a claim regardless how small it is. If you have one claim on record in past 3 years, that's OK. However, two hurts and three really hurts. You might get dropped or will pay a higher price and the number of carriers we can shop it to is greatly reduced. Therefore, avoid filing a claim unless it's worth it. If it's NOT your fault in an accident, then you're OK. I have fixed about 20 leaks with my house over the years by calling the plumber or leak detection services who have always fixed it with minimal cost. With YouTube and Home Depot, I've even gotten good at drywall repair. Also, if your going out of town for a weekend or more, turn off the main water which is a simple valve usually in the garage.
2. Medicare does not pay for a routine yearly physical. Medicare pays for two wellness visits: a one-time Welcome to Medicare Visit and an annual Wellness Visit.
An annual physical is a much more extensive examination than the Welcome to Medicare Visit or Annual Wellness Visit. In addition to collecting a medical history, it may also include a vital signs check, lung exam, head and neck exam, abdominal exam, neurological exam, dermatological exam, and extremities exam.
I had a client who got a surprise bill for a physical and the doctor's office never explained Medicare doesn't cover it. They should have done a Wellness visit, not a physical. He didn't pay it and fought it for not being told prior that it wasn't covered and the office withdrew the bill. Furthermore, he was a terminal patient of the doctor and I can't understand why a "physical " was done in the first place!! It never hurts to ask if the service or test is covered before having it done.
3. A lot of my clients and friends tell me they like my partner's market insights newsletter. It's great information on the market and what is going on. Go to my website at capistranoinsurance.com/investments to read it. Scroll to the bottom of the web page and click on the "Market Update Newsletter" update. The market is impossible to predict so why not have a professional do it for you? Even if your just starting out, no problem. And your account is held at Fidelity Investments.
Let me know if you would like to setup a call with my partner Alan and myself.
Call me at 949-248-3112 if you have any questions.
The biggest mistake I see from people is they really don't understand what their coverages mean and what exactly is at stake by not being informed. So here's some info just in case. Keep in mind that if you cause an accident, and suffer a significant judgment against you, damages over and above your policy limits will be your responsibility. That means your personal assets and even your future earnings could be at risk. There are generally six different types of auto insurance coverage. Bodily injury and property damage liability pays for your legal defense costs and judgments against you in cases that involve injuries or damage to other people or property. Often I see someone having 15-25,000 property damage. There are a lot of cars on the road in CA that are over 25,000!!! Medical payments coverage pays for the medical expenses of the insured driver and passengers, regardless of fault. Uninsured/underinsured motorist covers losses caused by a driver who is uninsured or has inadequate insurance. Collision pays for accident damage to your own car, while comprehensive insures your vehicle against all other physical damage — including those that result from theft, vandalism or natural disaster. Drivers may also purchase endorsements that extend their coverage even further. Rental reimbursement will pay for a rental car while your damaged vehicle is in the shop. Optional towing and labor insurance kicks in whenever your auto breaks down — not just for accidents covered under the basic insurance. The other mistakes I see are in policy limits. They are the maximum dollar amounts that will be paid by your insurance company in the event of a claim. There are separate limits set for each type of coverage, and higher limits will require higher premiums. Consider the value of your vehicle and personal assets, your tolerance for risk, and the amount you can afford to pay out of pocket when you choose your coverage limits. Last, I want you to know I don't just handle auto/homeowners plans. I handle ALL financial and insurance services. I do a lot of retirement planning such as investments with mutual funds, ETF's, etc. Most Americans are not prepared at all for college funds/retirement and please don't rely on social security to be there. It is not nearly enough to survive on. Put something away every month so you can get dollar cost averaging working in your favor in up and down markets. If you make a retirement account just like you do for all your other bills, you will be shocked at how it grows over time. Call me and we can discuss setting something up and getting you started
I just got out of a 10 day lovely hospital stay and I wanted you to know about this because it's a "you never know" situation. Out of nowhere, I got struck with a rare condition called Trigeminal Neuralgia. If you google it, you will see it's nasty. It's the nerves effecting the face, such as eyes, mouth, and ears. In my case it was my right eye. It's a stabbing pain or electrical shock of the most excruciating pain. The scary part is there is no known cure other than drugs and surgery which are not always successful. I'll take any prayers that the drugs work. The reason I am telling you this is because I will never be able to apply for life or long-term care coverage because it's an automatic decline. Fortunately, being in the business, I have those coverages in place and all set. So, stop and think, if you have a life policy, let me review it. In order for me to replace it, I have to prove to the new carrier how the new one is better. Perhaps we can add more years if you have a term policy. If you have a universal/whole life policy, many I review will blow up in much higher premiums down the road. Maybe you have no coverage, would your dependents be ok if you passed away? You can even get a burial guaranteed issue policy of $5-20,000, very inexpensive, so your loved ones don't have to deal with it when that day comes. If you have a long-term care policy, I salute you! Smart move. Leave that alone. Maybe you got that policy a long time ago and could use a little more coverage for care. We could add another small one. You need at least $5-6,000 per month for care. If you don't have any coverage, if you need care today, what is your plan? Clients and customers who call me for this are ones who have seen it with their family and the toll it takes.