The new Michigan Auto Reform Law is now in effect. It was designed to save money for those purchasing auto insurance; but just like anything you purchase, "Buyer Beware". Seniors especially should review the law before they make a choice. There are many benefits covered by full PIP, that are not covered by Medicare (if at all). Please go to the presentation on our website and review the new law. https://lowcostinsur.com/wp-content/uploads/2020/07/Michigan-Auto-Reform-Law-Presentation-061920203.pdf
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Allchoice Incorporated Insurance updated their address.
CHINESE VIRUS HITS MEDICARE SUPPLEMENTS AND FINAL EXPENSE LIFE INSURANCE
We were notified this morning that Transamerica will no longer market Medicare Supplements.
This is likely due to the high cost associated with Covid 19 especially in relation to the more susceptible and medically compromised senior citizens.
We should expect to see higher rates for Medicare supplements and Medicare Advantage Plans who must deal with the high cost of Covid treatment for seniors.
We should also expect to see higher premiums for Final Expense Life Insurance. Final expense is designed for older people who have compromised medical conditions.
This group is more likely to die from the corona virus then other age groups. Expect more increases. We may even see Life Insurance companies drop out of the Final Expense business.
Because only 60% of people get a vaccine, the new vaccines may not be readily accepted by seniors and consequently the medical costs will remain high due to the Chinese virus.
If you have Health Insurance with groups, you can expect to see higher rates for older members of the group due to the virus.
Here's how a growing Social Security impostor scam works David P. Willis
https://www.msn.com/en-us/money/personalfinance/heres-how-a-growing-social-security-impostor-scam-works/ar-AABlpj1
To scammers, your Social Security number is gold-plated and diamond-encrusted asset, and now they have a new way to try to steal yours and get paid.
Consumer advocates are raising an alert about a twist to an old impostor phone scam. It's called the "Social Security impostor scam." A blog at the Federal Trade Commission recently wrote: "In the shady world of government, the SSA scam may be the new IRS scam."
Here's how it works:
You get a call with a warning that your Social Security number has been suspended because of suspicious activity or because it's been used in a crime. You are asked to confirm you number or told you need to withdraw money from the bank and buy gift cards.
The phone call may be a robocaller with a message to "press 1" to speak with a "support representative" from the government to reactivate your Social Security number. The scammers use technology to spoof your Caller ID to make it look like the Social Security Administration is really calling.
In the last 12 months, people filed more than 76,000 complaints about Social Security impostors, reporting $19 million in losses. The median reported loss last year was $1,500, the FTC said.
People are asked to give up the personal identification numbers (PINs) on the back of gift cards or use virtual currencies like Bitcoin to pay. (According to the FTC's consumer alert, people withdrew money and fed cash into Bitcoin automatic teller machines.)
After handing over the gift card numbers to the "Social Security office," one consumer interviewed by Fraud.org was told he would receive a refund equal to the amount he paid to unfreeze his account from the Federal Reserve. Of course, the refund never came and the man lost nearly $20,000.
"One scammer will try a new twist on an old scam or try one new wrinkle that gets them more money," said John Breyault, vice president of public policy, telecommunications and fraud with the National Consumers League. "Scammers like to keep up with the Joneses when it comes to using the latest techniques to defraud consumers."
The scammers can be clever. With numerous data breaches that have hit corporate America, fraudsters may already have accurate personal information about you, including your real Social Security number, Breyault said. The information is used to build trust and make the call seem more legitimate, he added.
According to Fraud.org and the FTC, here are some important things to remember:
• Don't trust your phone's caller ID. Scammers can make it look as if the Social Security Administration is calling and even use the agency's real number.
• Don't give your Social Security number, other personal information, to a caller on the phone.
• Social Security will never suspend your number, according to Fraud.org. If anyone tells you something different, you're being scammed.
• Social Security will never call you and demand money. No government agency will demand you pay something using gift cards or Bitcoin either.
• If you have a question, check with the real Social Security Administration. The administration will never contact you out of the blue. The agency's number is 1-800-772-1213.
• Talk about the scam with friends, family and neighbors. Report government impostor scams to the FTC at ftc.gov/complaint.
This article originally appeared on Asbury Park Press: Social Security impostor scam: It's growing, and this is how it works
MSN.COM
Here's how a growing Social Security impostor scam works
I am sure that everyone has heard the fee for Michigan No Fault insurance is increasing again. The per-vehicle assessment will increase to $192 on July 1, up from $170 currently, the Michigan Catastrophic Claims Association announced. That's a 13% increase, which follows a 6.3% increase in 2017.Michigan's system is unique in that it provides for unlimited, lifetime medical auto insurance benefits for catastrophic claims. The fee covers benefits that exceed $550,000 per claim, the MCCA said.
Looking at the new $192 fee, $161 will go to cover anticipated new claims and expenses, and $31 will be used to address an estimated $2.3-billion deficit, the association said.
The MCCA says it releases adequate information about the rate-setting process.
The association says it has assets of $20.7 billion, but liabilities of $23 billion.
The real problem lies in the fact that Hospitals and Doctors are not required to follow a fee schedule for services on injuries that result from an auto accident. The auto insurance carriers must pay significantly more than a health insurance company for the same services. Every auto accident is a windfall for the resulting medical services.
Auto Insurance will continue to rise in cost. Between text & crash drivers and the legalization of marajuana impaired drivers, accidents are rising dramatically. Most auto insurers are losing money and will have no choice but to raise premiums. Add the cost of lost vehicles due to hurricanes and flooding and the insurance companies will be pressured into reducing their losses through higher premiums. Citizens will complain and scream about the gouging of the insurance companies while ignoring the fact that they have done nothing to stop the madness of unattentive and impaired drivers. This makes the case for Self driving cars in the future.
