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Smart Investments (ARA) - There is a common misperception that most disabilities are caused by accidents. In reality, the majority of disabilities are caused by illness. You might think it won’t happen to you. And perhaps it won’t. But in 2009, more than 15 million Americans experienced a disability that prevented them from working. Disability insurance protects your most valuable asset - your income. This insurance pays a monthly benefit in the event of a disability - money that can be used to replace lost wages, manage financial obligations and maintain a standard of living. So, if you become disabled, you can focus on regaining your health instead of worrying about how to pay the bills. Only 8 percent of Americans are protecting their financial security with a disability policy, according to a recent survey by Northwestern Mutual. It’s never too soon to consider what would happen if you lost your income to illness or injury. Ask yourself how you
would manage. Do you have a financial plan in place? You can maximize your income protection by supplementing a group disability policy you may have through your employer, with individual disability income insurance. Most group disability plans only insure a portion of your base salary and may not insure deferred compensation, commission income or regular incentive bonuses. And, the income received from a group disability plan is taxed as ordinary income - which means you’re losing a portion of your reduced income. Individual disability insurance (benefit not typically taxed) can help lessen the gap between the amount of income received from a group disability plan and your original income. It offers more comprehensive coverage and is portable, which means your policy stays with you as your employment changes. What more should you consider (Investments continued on page 2)
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The New Identity Theft (ARA) - Two million Americans fall victim to medical identity theft each year, according to a study by the Ponemon Institute, commissioned by Experian’s ProtectMyID. While medical identity theft costs victims an average of $22,346, the potential impact can be far greater - medical identity theft could cost some victims their health, or even their lives. Medical identity theft involves the theft of personal information - such as your name, Social Security number or Medicare number - to obtain medical care, purchase drugs or submit false claims to Medicare. The crime can damage a victim’s credit rating and even be life-threatening if it causes incorrect information to appear in a victim’s personal medical records, warns the U.S. Department of Health and Human Service’s Office of the Inspector General (OIG). According to the study, while more Americans now understand just what medical identity theft is, few are taking
the key steps that could help prevent it. Only 57 percent of survey respondents check their medical records for accuracy, and nearly one in five (18 percent) say they don’t care about the accuracy of their medical records. “There are specific things that people can and should do to protect themselves from medical identity theft,” says Ken Chaplin, senior vice president of ProtectMyID. “People have to be vigilant with their personal information and avoid letting their guard down, even with family and friends.” The Federal Trade Commission recommends you take these steps to help prevent medical identity theft: Before you share medical information with anyone, verify who you’re talking to. Never provide information over the phone or through the mail unless you initiated the contact and you’re confident you’re dealing with a legitimate organization. Be aware that medical identity thieves often try to scam consumers by posing as representatives of insurance companies, doctor’s offices, pharmacies and even government agencies. Protect your information. Keep paper copies of medical or insurance records and (Identity Theft continued on page 2)
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