Insurance Insights: The Cleary Insurance Blog
The Cleary Insurance blog covers insurance, risk management, and financial planning for New England businesses and individuals. Our team of licensed advisors and specialists publishes regular articles on commercial and personal coverage, employee benefits, life and financial planning, and insurance compliance. Browse recent articles below, or use the category filters to find topics relevant to your business or personal situation.
ACA Repeal and Replace Efforts Unsuccessful in U.S. Senate
In the early hours of July 28, Republican efforts to repeal and replace the Affordable Care Act (ACA) ended when the Senate fell short of the 51 votes required to pass the Health Care Freedom Act (HCFA). Called the “skinny repeal bill,” it would have eliminated the individual mandate penalty and temporarily repealed the employer mandate penalty and medical device tax along with providing states flexibility on certain ACA requirements. Earlier in the week, separate votes on the Better Care Reconciliation Act (the Senate’s alternative to the American Health Care Act) and the Obamacare Repeal Reconciliation Act (the “repeal and delay” option) also failed. Both parties have indicated next steps may include bipartisan efforts to fix the ACA and stabilize the market. Specific plans and a timeline have not been discussed yet.
Republican leadership in Congress or the Administration may also pursue other ways to dismantle, replace or reform the ACA including regulatory action, regulatory non-enforcement or other options, as outlined in our March 30 Update.
ACA Remains the Law of the Land
The ACA remains the law of the land. Ongoing compliance with the law is required unless and until official guidance to the contrary is issued. We encourage employers and broker partners to use Your ACA Roadmap to receive a personalized snapshot of annual responsibilities. Visit www.YourACARoadmap.com for more information.
To stay up to date on the evolving state of health care reform, we encourage you to bookmark www.InformedonReform.com, including the Repeal and Replace Update webpage, where we continuously update information as it becomes available.
Brought to you by Cigna Health Care Reform Consulting and Communications
Massachusetts Construction Classification Premium Adjustment Program (MCCPAP)!
Presented by Michael Regan
The Massachusetts Construction Classification Premium Adjustment Program (MCCPAP) applies to employers who are eligible for workers compensation experience rating and have exposure in any of the enumerated construction classifications. The MCCPAP may reduce an employer’s workers compensation premium. The calculated credit is applied to all of the employer’s workers compensation classifications.
The basic premise for the credit is that contractors who pay “prevailing” or union wages are at a workers compensation premium disadvantage to those that don’t; even though the work is the same and the exposure the same.
For example, a carpenter in North Adams has the same work exposure as a carpenter in Boston. But, the wages are higher in Boston then in North Adams. The MCCPAP helps to level this variance for Workers Compensation premium purposes. In fact, I have seen credits of over 20% applied to some of our account which is a major cost savings.
A contractor may apply for the MCCPAP at the Massachusetts Workers Compensation Rating bureau website, www.wcribma.org. If a credit is calculated the Bureau will notify the insurance carrier on behalf of the employer and the credit would be automatically applied.
Insurance for Your College Student
Renters Insurance
So you’ve kicked off your kid’s college career with a new laptop and some other expensive high-tech gadgets. Now it’s time to follow up to ensure his or her property is safe in the event of theft, fire or other mishap.
In general, protecting a student’s personal property boils down to a simple rule: If your child is living on campus and going to school full time, your homeowners, renters or condo insurance policy (including liability protection) will cover his or her gear. But if he or she moves off campus, your policy most likely won’t protect his or her assets. Ditto if your students starts taking fewer classes.
Kids who change their permanent home addresses on such legal documents as driver’s licenses or tax returns (say, to qualify for in-state tuition at a public university) are no longer considered official parts of your household. They’ll need their own renters insurance. Students who rent a shared apartment will need insurance, too, but be aware that they might have a tough time getting it. That’s because insurers might not sell a policy to a student unless everyone in the household has his or her own policy, too.
Auto coverage
Congratulations if your college student left the car at home. You might have some savings coming to you. But to get it, your student’s school needs to be at least 100 miles away. If you meet this criterion, give your insurer a call. You’ll generally receive about 10 percent off your premium.
Did your child leave with the car? It is important to call your insurance broker and discuss your options. The insurance carrier could conceivably raise your rates if the vehicle’s moved to a different location.