Mark Kofalt, Author at Premier Insurance Services

What Companies are Doing for Holiday Parties During Pandemic

Post author:Mark Kofalt
Post published:December 14, 2020
Post category:Business

One of the hallmarks of the holiday season is the company Christmas party, but with the COVID-19 pandemic in hyperdrive, many companies are rethinking their plans. A number of businesses have cancelled their parties altogether, but other managers feel that in light of this very difficult year for many people, a company Christmas party might be just what employees need to lift their spirits for a while. On the other hand, with the Centers for Disease Control even recommending that people not get together for family celebrations like Thanksgiving and Christmas, an office party would completely go against those recommendations.…

Health Insurance Rates Mostly Holding Steady

Post author:Mark Kofalt
Post published:December 9, 2020
Post category:Personal/Family

Despite the ongoing COVID-19 pandemic, personal and family health insurance rates are staying stable going into 2021. In fact, it's the third year in a row of premiums barely moving in most areas, while the number of insurers writing policies in the personal market continues to grow. According to the ACAsignups.net website, which tracks enrollment, the average requested premium increase for 2021 is 2.1%, and in 18 states where regulators have approved rate hike requests, the average increase was just 0.4%. Under Affordable Care Act rules, insurers every summer must file proposed rates for the next year with the states they…

Pandemic Telecommuting and the Wage and Hour Dilemma

Post author:Mark Kofalt
Post published:December 7, 2020
Post category:Business

With the coronavirus pandemic forcing so many of our employees to work remotely, and with mobile technology allowing them to work from anywhere, your employees may be working when they are off the clock. They may feel pressured to do so or maybe they just want to get their work done, but if they are working past normal working hours, it could spell trouble for your organization. The proliferation of smartphones had already led to a rising number of lawsuits by employees claiming they were required to work uncompensated on evenings and weekends when not on the clock. Now, labor…

Pandemic-related Charity Fraud Booms: FBI

Post author:Mark Kofalt
Post published:December 2, 2020
Post category:Personal/Family

Many Americans want to help during the COVID-19 pandemic by contributing to charities, but the FBI is warning that scammers also are angling to get at your money by posing as charities to help coronavirus victims. Nationwide, the FBI and other law enforcement agencies have received reports of scammers fraudulently soliciting donations for individuals, groups and areas affected by COVID-19. They are leveraging the COVID-19 pandemic to steal your money, your personal information, or both. Don't let them. Charity scams often occur when a fraudster poses as a real charity or uses the name of a real charity to get…

Commercial Insurance Rates Continue Climbing

Post author:Mark Kofalt
Post published:November 30, 2020
Post category:Business

Despite the ongoing COVID-19 pandemic, commercial insurance rates are continuing to move higher, pretty much across the board with the exception of workers' compensation. A new report by online insurance exchange MarketScout found that in the third quarter of the year the highest rate increases were in liability lines, but hefty rises in property insurance were also noteworthy. Most of these rate hikes were occurring before the COVID-19 pandemic, but their magnitude increased recently. "The composite rate is up 6.25% for the third quarter of 2020, as compared to up 4.8 percent in the second quarter. Rates began adjusting upward…

Fewer Medicare Advantage Plans Receive High-Quality Ratings

Post author:Mark Kofalt
Post published:November 25, 2020
Post category:Personal/Family Senior Care

There are fewer Medicare Advantage plans receiving high-quality ratings for their 2021 offerings than for this year's. The Centers for Medicare and Medicaid Services has reported that 49% of 400 Advantage plans with prescription drug coverage received four stars or more (the maximum is five), compared to 52% in 2020. Also, there are fewer people enrolled in plans that will have four or five stars in 2021. The star ratings measure the quality of service enrollees receive and are based on actual experience of seniors with their plans. The CMS rates Medicare Part C plans according to hundreds of specific…

How the Pandemic May Affect Your Homeowner’s Insurance

Post author:Mark Kofalt
Post published:November 18, 2020
Post category:Personal/Family

While COVID-19 continues raging across the country, the pandemic has made many people worry about their homeowner's insurance coverage. We've all seen how the pandemic has damaged the U.S. economy and it is affecting the insurance industry as well, prompting some to worry about large policy rate hikes or their ability to pay their premiums on time, if at all. There is also the possibility of increased costs of medical care due to how hospitals are having to work with non-COVID-19 patients, which could mean that any liability claims involving medical care could increase in cost. While the overall effects…

Don’t Get Caught without a Business Succession Plan

Post author:Mark Kofalt
Post published:November 16, 2020
Post category:Business

Many business owners may be good at running their companies, but the majority of them are failing to address essential long-term planning that is critical to sustaining their businesses. The one area that the majority of business owners often neglect is planning for business continuity if they die or become disabled, according to the "MassMutual Business Owner Perspectives Study." While the question of your death or disablement is not one that's fun to ponder, it makes good sense for business owners to put plans in place in case the worst happens. This is especially important now amid the COVID-19 pandemic…