The Insurance Doctor

Month: December 2021

  • 8 Financial Tips for Your New Year’s Resolution

    8 Financial Tips for Your New Year’s Resolution

    Six out of ten American’s will make some type of financial-based New Year’s resolution for 2022.  Usually, there is a triggering event like receiving your December 2021 credit card bill or spousal pressure to name two.  Follow these tips for improved financials in 2022:

    1. Consolidate Financial accounts: Consider closing 1 or 2 existing financial accounts that you are not tracking or have insignificant monies in.  This will save brain space, reduce statement clutter, and avoid paying unnecessary fees.
    2. Increase your 401k/employer retirement contributions:

    Raise your contributions a minimum of 1% per year.  You won’t feel the difference; however, over time it can make a major impact when entering retirement.

    • Develop a budget and or expense statement: Review credit cards, bank, and checkbook statements to get a handle on your inflow and outflow of money.  Start using a program like Quick Books or if old school, draft a budget by hand and hang it up where you can see it.
    • Set up a systematic money saving program:  Set up something informal like putting the $20 you are saving in gas on fill-ups in a jar.  Formal ideas are even better, such as buying a cash value life insurance policy, tax deferred annuity, mutual fund or setting up an Eft thru your bank account.
    • Protecting your HEALTH saves your WEALTH: We all know about the escalating cost of health insurance and health care in general.  Renew that gym membership, yoga studio membership, buy a Peloton, or dust off that treadmill in the garage.
    • Use All of Your Flexible Spending Account Money: If you have set aside pre-tax wages to go into a flexible spending account, (FSA) you have until December 31st to spend down the qualified expenses.  These expenses can include deductibles and expenditures that your health, vision or dental plans do not cover.  Double check if your employer allows you to “rollover” unused FSA money to 2022.
    • See If the Doctor Is In: If you have already reached your 2021 deductible on your health insurance policy, consider sneaking in that last doctor’s visit or procedure you have had on your to do list for 2022 before year end.
    • Bring balance to your life: Consider taking that vacation in January or February that you have been putting off.  The rest and rejuvenation will positively impact your health.  Statistics show that those who work 46-48 weeks per year will out produce the 52 week per year worker.

    My vacation experience gives me something to look forward to.  It is easier for me to work longer hours during year-end knowing I will be going away shortly.  Vacations force me to be super productive before leaving and again when catching up after returning home. 

    You will be amazed about how much better you will feel by following these 8 easy steps!  Wishing you and your family a Happy, Healthy and Prosperous 2022!

  • 2021 Year End Travel to Do List

    2021 Year End Travel to Do List

    Year-end is a time when many people, myself included, review what happened, how did I do versus my goals, investment returns, etc.  Just like you might want to review your bank accounts, now is a good time to review your hotel and airline travel points and miles balances. 

    My Top 5 Travel to do Tips Before January 1st, 2022:

    1. Check Your Progress to Airline Elite or Gold Status
    2. Check Your Progress to Hotel Elite or Platinum Status
    3. Review Your Credit Cards to See if You Still Need Them
    4. Redeem Free Travel Credits if You Qualify
    5. Research How to Get Back Miles That Expired This Year

    Most airlines will require you to earn or redeem airline miles within a certain timeframe to keep them from expiring.  Due to Covid-19, many people are not traveling right now nor keeping track of their miles and airline mileage programs.  Some airlines have suspended mileage expiration through the end of 2021 or thereafter.

    Several airlines have eliminated expiring miles completely, offering tremendous travel flexibility going forward.  Those airlines are Delta, JetBlue, Southwest, and United Airlines!  Keep in mind, these rules are subject to change, so be sure to read all emails and, if possible, upload their airline Apps onto your smartphone.

    For Hotels, aside from the Hilton Honors Program, most of the large hotel chains do NOT have a standard points reinstatement policy.  Instead, most of the large hotel chains have in place a suspended points expiration policy.  Hilton Honors, Choice Privileges, and Radisson Rewards are a few chains that have suspended point expiration until December 31st, 2021.

    Buying back expired miles and hotel reward points can be expensive and is not always worth it.  A better strategy is to prevent your miles from expiring in the first place. 

    For example. Hilton is the only hotel rewards program that allows you to reinstate expired points at the rate of 25 cents per point.  If you are looking to reinstate 120,000 hotel points for a night at the Waldorf Astoria in the Maldives, it would cost $300 to reinstate.  That fee could be worth it as the rooms at this resort regularly costs $2,000 per night.

    As per www.ThePointsGuy.com, the best strategies to prevent your airline or hotel points from expiring are:

    1. Go to the Airline or Hotel Website and Review Their Point System: Each company has different definitions of “activity!”
    2. The Easiest Ways to Keep Miles from Expiring is to Keep Earning or Redeeming Them: For those not traveling, consider the next strategies.
    3. Earning Miles Through Credit Cards: Some airlines and hotels count their own credit card expenditures or transferring balances as activity.
    4. Food and Shopping Programs: Some airlines allow you to earn points through certain shopping and dining portals.  For example, American Airlines has their “Rewards Program Portal” where you can earn points at certain restaurants and store websites, such as Staples.com.
    5. Non-Affiliated Credit Cards: Credit cards such as Chase “Ultimate Rewards,” Amex “Membership Rewards,” Citi “Thank You Points,” Marriott “Bonvoy Points,” and Capital One “Venture Miles,” allow you to transfer rewards to many of the frequent flyer programs.
    6. Donate Points to Charity: If you have a stash of limited points with an airline you rarely use, most of the major airlines will allow you to donate them to a charity.

    Regardless of which strategy you may use, it is worthwhile to spend some time on this to research ways to keep your hotel and airline points from expiring.  Wishing you Happy Travels and Happy Holidays to you and your Family!

  • Holiday Scams to Avoid

    Holiday Scams to Avoid

    Stay a step ahead of cybercriminals this season by being aware of these scams.

    It’s no wonder so many of us look forward to the holidays. It’s a time to gather with family and friends, share memories and gifts, and make plans for the coming year.

    Manage your Wealth

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    Cybercriminals look forward to the holidays, too—but for starkly different reasons.

    This time of year represents an opportunity to unleash their schemes on a busy, distracted audience that’s focused on merriment, not mayhem. But being aware of some common scams can help keep you safe throughout the holidays.

    1. Package Delivery Scams

    An estimated three billion packages were shipped during the last holiday season.1 So, it’s not surprising that cybercriminals have concocted several schemes related to package deliveries.

    A popular scam involves receiving a text or email that asks you to click on a link for a number of phony reasons, such as to get an update about the delivery date, track the package location, give your payment preferences, provide delivery instructions or pay a shipping fee. You may also be given a phone number to call for more information about your delivery. Since fraudsters want you to act without thinking, they may convey a sense of urgency in their message.

    While some of these communications are obviously fraudulent—perhaps containing multiple misspellings or other errors—many are carefully crafted, even replicating a shipping company’s logo or email format in some cases.

    So, it’s easy to get duped, especially during the hectic holidays.

    Unfortunately, clicking on the link may infect your phone or computer with malware that enables a cybercriminal to capture your passwords or take control of your device. Or it may direct you to a form that requests personally identifying information, which can be a gateway to identity theft.

    Calling the number typically leads you to a friendly-sounding individual who asks you to verify your personal information or provide the credit card number used for your purchase. You might also be requested to pay an additional delivery fee, customs fee, or tax for the package.

    If you receive any of these communications, it’s best to simply go to the shipper’s website for more information about your alleged delivery using the tracking number provided. (Type the website address directly into your browser because search results may lead you to a fake or phishing site that mimics the authentic one.) Or call the shipper using a verified phone number.

    Sometimes scammers take a more aggressive approach and call you pretending to be a representative from a package delivery service. If this happens, don’t provide any personal information—just hang up. If you receive a voicemail with a call-back number, don’t return the call. 

    2. Missed Package Scams

    Who doesn’t hate missing a package delivery?

    Cybercriminals know this. So, they’ve created a ruse that involves leaving a note on your door claiming to have a package for you that couldn’t be delivered. The note contains a phone number to call to reschedule the delivery. If you call the number, you’ll be greeted with questions related to your personal identity that can later be used to commit fraud.

    If you receive a missed delivery note, look at it closely for any mistakes or other signs that it could be fraudulent. (It’s also a good idea to check your recent orders to see if a delivery was scheduled for that date.) Even if the notice looks legitimate, don’t call the number listed on the note. Instead, visit the company’s website to find the official customer service number.

    3. Gift Card Scams

    ‘Tis the season for gift cards. So, naturally, scammers have devised some ploys to take advantage of this.

    A common gift card scam involves receiving a phony or “phishing” email or text that appears to be from someone you know—such as an executive at your company—and asks you to purchase multiple gift cards for a work-related function. Or perhaps it’s a personal request allegedly from a relative or friend who claims to need some help with ordering gift cards.

    If you receive any unusual requests for gift cards during the holidays, reach out directly to the individual by phone to confirm the authenticity of the request. 

    4. Social Media Scams

    During the holidays, you might see promotions or contests on social media sites offering gift cards or vouchers in exchange for simply completing an online survey. Unfortunately, the survey usually isn’t legitimate. It’s only a means of capturing your personal information to commit identity fraud or other types of cybercrime.

    Or you might be offered a prize for just liking or sharing a social media post. But doing either could infect your device with malware.

    The bottom line? Be extra cautious during the holidays on social media, especially with enticing offers that seem unusually generous.

    5. “Brushing” Scams

    While the name of this scam is odd, the scam itself is even odder.

    You’ll receive a package you didn’t order bought from an online marketplace that allows customers to post reviews of their purchase. The item is typically cheap and lightweight.

    Since it’s the holiday season, you might think it’s just a gift from a stranger looking to pay it forward. In reality, it’s likely from someone who sells products on online marketplaces who wants to create fake, positive reviews. But, in order to post a review, the marketplace requires that a transaction be verified with a legitimate tracking number that shows a successful delivery.

    And that’s where your mystery package comes into play. That purchase creates a tracking number. So, after the package is delivered, your fake gift giver can write the review.

    The good news? You won’t be charged for the item, and don’t have to return it. Often the sender just randomly found your name and address online.

    However, it’s possible the fraudster created an online account for you at the marketplace or hijacked your existing account. So, you should report the activity to the marketplace. If you have an account at the site, change your password immediately. The United States Postal Inspection Service offers additional information about this scam.

    Taking Action

    We hope you’ll enjoy the holidays without the stress of dealing with fraud.  But, if you’re a victim, here’s what to do:

    • Report the crime to local law enforcement
    • Alert your banks and credit institutions
    • File a complaint with the FBI
    • Report the scam to the FTC

    Even if you simply encounter a scam, the FTC encourages you to report it to help others avoid becoming a victim