> Weather The impact of weather on businesses is more complex than you might think. Weather obviously affects outdoor operations that depend on fair weather — for example, events like fairs, festivals, concerts, sporting events or filming.
> Flood Coverage for damage caused by floods is not included in ordinary homeowners and commercial policies, but must be added as an endorsement. Flood insurance, which also covers damage caused by mudslides, is available through a program run by the Federal Insurance Administration; contact your agent or call (800) 427-4661 for more information.
> Workers' compensation Most employers are required by law to provide workers' compensation insurance through a state system operated by the Department of Labor & Industries. Worker comp pays an employee's medical expenses and provides some income replacement when a worker is injured on the job.
Dwindling Insurance Pushing People To Financial Brink
People who had medical expenses as part of their credit-card balances had much higher credit-card debt than those who did not. In fact, 29 percent of households reported that medical expenses contributed to their credit-card balances. Within that group, 69 percent reported a major medical expense in the past three years.
"Medical costs were key factors in higher credit-card balances among households," said Tamara Draut, director of the Economic Opportunity Program at Demos.
Among the report's other findings:
Households with medical debt had higher levels of credit-card debt than households without medical debt -- on average, 46 percent higher or $11,623, compared to $7,964.
The distribution of debt was higher among medically indebted households: 44 percent had credit-card debt in excess of $10,000, while only 26 percent of non-medically indebted households had credit-card debt above $10,000.
Among those with medical debts, young adults aged 18 to 34 had the highest level of average credit-card debt of any age group -- $13,303 compared to $7,450 for non-medically indebted young adults.
Households that were medically indebted were more likely to be called by bill collectors than non-medically indebted households, 62 percent vs. 38 percent.
Credit-card debt was high for both insured and uninsured medically indebted households -- $10,973 and $14,512, respectively. "This indicates that even those who do have health insurance aren't always protected," said Cindy Zeldin, a report co-author and federal affairs coordinator with Demos' Economic Opportunity Program.
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Did You Know?
Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer.
If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer's payments is reported as income. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you; the premiums are considered paid by your employer, and the disability benefits are fully taxable.
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Latest Insurance related news in
Florida and nationwide:
Mar 02, 2007 - Secure The Right Care In Your Later Years HIPAA offers protections for individuals who have preexisting conditions, helping them to keep coverage for those conditio Read more >
Mar 02, 2007 - Dwindling Insurance Pushing People To Financial Brink People who had medical expenses as part of their credit-card balances had much higher credit-card debt than those who did Read more >
Mar 02, 2007 - Growth In U.S. Health Care Spending Slows Despite the slowdown, the share of household personal income spent on health care rose from 5.4 percent in 2001 to 6 perce Read more >
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