The Insurance Doctor

Month: March 2022

  • 7 tips to battle Spring Allergies

    7 tips to battle Spring Allergies

    Spring arrived last Sunday, March 20th!  One of the best things about living in New York is the change of seasons.  With spring comes baseball, improving weather, and the fun outdoor season.  It is also the time for spring cleaning and unfortunately the onset of the high tree-pollen allergy season.

    Allergies, especially food, can be a serious issue.  Also, millions of dollars are lost from employees calling in sick because of allergies and allergic reactions.  The average worker with allergies misses about one hour per week over the course of a year.  That sick time is concentrated during the peak allergy periods.  If you have ever seen the dating movie “Hitch” starring Will Smith, you know what I mean.

    Allergies never bothered me as a youth; however, as an adult, it hit hard when I was living and working in midtown Manhattan.  I remember going to NYU Langone to take an in-depth and expensive allergy test where they taped about 30 small nodes to my upper back, and I couldn’t take a shower for two days until my follow-up checkup.  It turned out that I had adult-onset allergies and was allergic to 28 of the 30 types tested. 

    When my allergies hit, they hit hard and quick and I could barely breathe.  It felt like I was sick, sapped my energy, and overall, it was misery.  I knew I had to research this and make some drastic life changes.

    It turns out that I had serious allergic reactions to fragrances among many other things.  I started to read ingredients in every bottle in my house and fragrance was in almost everything.  I realized some of the allergy problems I was bringing on myself.  

    Years later, I have made the necessary changes, and my allergies though not fully eliminated, have subsided tremendously.  Here are my lucky seven tips to help ease your symptoms so you can better enjoy the spring season:

    1. Be Selective When Outdoors: If outdoor exercise is your thing, remember that the pollen count is highest between 5a-10 am and on windy days.  If it just rained, you are in luck because the pollen count drops significantly on humid and rainy days.
    2. Protect Yourself When Outside: Consider wearing large sunglasses to protect your eyes and a hat to keep pollen from sticking to your hair.  Avoid hair gels that pollen can stick to. 
    3. Wash Up When You Return Home: Keeping pollen from following you inside your home can alleviate your allergy symptoms.  On high pollen days, consider showering at night and taking your clothes off before entering your bedroom so “Evil Uncle Pollen” isn’t tucked in with you every night.
    4. Avoid Certain Flowers: Many of our favorite flowers contribute to allergy symptoms.  No matter their beauty, don’t bring these florals home!  Flowers such as asters, daisies, chrysanthemums, sunflowers, lilacs, and a baby’s breath are prone to triggering allergic reactions.  Instead, try to substitute them with orchids, iris, begonias, and periwinkles.
    5. Try to Allergy-Proof Your Home: Try and keep home and car windows closed and avoid using electric fans which kick up and recirculates pollen into the air.  If possible, delegate cleaning, especially the carpet to non-allergic family members.  Examine ALL your cleaning products including dishwasher fluid, bathroom, floors, and showering products like shampoo and conditioner.  If possible, fragrance-free is the way to go!
    6. Weekly Cleaning: Try and mop floors and clean carpets weekly, especially if there are pets at home.  Clean window blinds and shades where allergens stick.  Turn on an exhaust fan after cooking to reduce moisture.  Consider using disinfecting wipes on items like gym bags and purses that can bring allergens into the home.  As frequently as possible, wash your bedding as well as your pets and their bedding.
    7. Consider Avoiding Sugar and Adjusting your Diet: Your daily diet can exacerbate your seasonal allergies.  Sugar disables the immunity system!  Certain foods and drinks such as peanuts, alcohol, processed foods, wheat, chocolate, and even your morning cup of coffee are known culprits that act as hay fever catalysts!

    If these lucky seven tips fail, see an allergist.  There is no reason to feel like you are sick when you don’t have to.  Do you have any other tips to help with allergies?  If yes, email me at Rob@InsuranceDoctor.us

  • 7 Money-Saving Tips at the Gas Pump!

    7 Money-Saving Tips at the Gas Pump!

    Due to a combination of events including Covid-19, the Suez Canal 2021 container ship backlog, and the current Russian invasion of Ukraine, there are gas supply-side issues that are driving up prices.  At one point, the U.S. was producing enough gas domestically to not have to import any gas from overseas. These are some reasons why we are in economic turmoil today! 

    During the past three months, we hit 40-year highs for inflation over a 12-month period.  From February of 2021 through February of 2022 the inflation rate was 7.9%. 

    What does this all mean?  To examine the rise in the annual inflation rate, we must first go back and examine the recent past.  Look at the annual inflation chart since 2017 below:

    Calendar Year                      Annual Inflation rate

    2017                                       2.1%

    2018                                       1.9%

    2019                                       2.3%

    2020                                       1.4%

    2021                                       4.7%

    2022                                       9.0?

    From February 2020 through February 2021, the overall inflation rate has been 7.9%.  Inflation is felt across our economy, starting at the supermarket as food prices have gone up by 8.6%.

    These days, pulling up to the gas pump is somewhat of an adventure and a major topic of conversation.  The cost of gasoline has gone up 38% since last February 2021.  There are significant ripple effects of these gas prices, as over 70% of our goods and services are trucked across the country. 

    Have you recently taken a cab ride from one of the airports?  Drivers from yellow cabs, Uber, and Lyft for the most part, use their own money to gas up their vehicles.  There are not enough vehicle charging stations (yet) available for cabs currently, so they must rely on gas-powered vehicles.  In order to earn a living, they must pass on the majority of their gas price increases to their ridership!

    As of this writing, California has the most expensive gas in the country.  Their average cost is $5.57 per gallon, the only state with an average cost of over $5.  More than one friend of mine texted me a photo of a Shell station in Los Angeles charging $6.99 per gallon of regular gas!  The states with the least expensive gas are Kansas and Oklahoma, both averaging $3.79 a gallon. 

    Unless the “Keystone Pipeline” project gets reawakened, I don’t see this issue subsiding anytime soon.  Windmill power is being developed and many years away, so me must reply on gas.  Gas prices can vary as much as 10-15 cents a gallon even a few blocks or miles away.  The savings add up over time!

    Heed My 7 Tips to Save Money at the Gas Pump:

    1. Wholesale Clubs: Members of wholesale clubs such as Costco, Sam’s Club and Krogers receive member discounts on gas!
    2. Pay with Cash:  There is a saying, “Cash is King!”  You can usually save between 5-10 cents a gallon when you pay in cash.  If you have a big truck or SUV, this adds up quickly.
    3. Loyalty Programs and Gas Cards: Nearly all gas stations have some type of loyalty program.  Most of us are creatures of habit and fill up at the same station or two.  Sign up at the stations you most often frequent or consider changing stations.
    4. Investigate Your Credit Card Rewards: Check to see if your credit card company has any deals on gas purchases, even if only in the short term.
    5. Time it Just Right: According to GasBuddy, the best day to save at the pump is Monday, the day that has the lowest gas prices in most of the country.  Do NOT fill up if you see the gas delivery truck leaving the station!  There are air bubbles that can temporarily negatively affect the gas quality until they have time to settle.
    6. Smart Phone Apps:  Downloading apps, such as GasBuddy, Gas Guru and the AAA mobile app, can be helpful, especially when traveling.  Also consider downloading CityMapper (a fluorescent green icon) which gives you the time it takes to get to your desired location by train, bus, citi bike or walking and it shows the estimated calories you will burn by doing so.
    7. Check the Internet:  Before embarking on a road trip, you can check in advance online where the cheapest gas is.  For example, www.NY1.com/gas is one site you can check in advance of road travel.

    Spring is officially here this Sunday and there will be more cars on the road.  The bottom line is, a little bit of reconnaissance can save lots of $$$$!  Let me know how it goes at Rob@InsuranceDoctor.us.

  • Russia NOT Swiftly Removed from SWIFT!

    Russia NOT Swiftly Removed from SWIFT!

    Last week, the White House announced that the United States and Allies agreed to block select Russian banks from SWIFT, the Global Financial Messaging System. 

    Some of the initial reactions are:

    1. Why didn’t they just remove ALL Russian banks the first day of the war?
    2. How is this going to be a deterrent from Russia continuing their attack on Ukraine?

    To answer those questions, we must first define how SWIFT works, and then go back in history to see the ramifications of this strategy.  SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.  It is a global messaging system connecting thousands of financial institutions around the world.

    SWIFT was formed in 1973, and it is headquartered in Belgium, in addition to the U.S. Federal Reserve System, the European Central Bank and others.  It started with 239 banks in 15 countries.  By 1977, it expanded to 518 institutions in 22 countries.  Currently, SWIFT connects more than 11,000 financial institutions in more than 200 countries around the world!

    Back in 2012, Iran lost access to SWIFT as part of economic sanctions over its nuclear program, though many of the banks were reconnected to the system in 2016.  When Iran was booted, it lost half of its oil export revenues and 30% of its foreign trade. 

    Using an example is the best way to understand how SWIFT works.  SWIFT assigns each financial organization a unique code that has either eight or eleven characters.  The code is interchangeably called the bank identifier code (BIC). 

    To understand how the code is assigned, let’s look at the Italian bank UniCredit Banca, headquartered in Milan.  Their code is UNCRITMM, which breaks down as follows:

    1. The first four characters: the institution code UNCR (for UniCredit Banca)
    2. The next two characters: the county code IT (for Italy)
    3. The next two characters: the location/city code MM (for Milan)
    4. The last three characters: are optional; however, some banks use them to identify their individual branches

    This is why you can easily go to your bank and wire money to another country using a different bank than yours! 

    Barring Russian banks from SWIFT will damage the country’s economy immediately and cut them off from international financial transactions.  This includes Russia’s profits from exporting oil and gas, which makes up 40% of Russia’s current revenue.

    Some of my takeaways from SWIFT:

    1. SWIFT is not a bank and does not hold money or securities
    2. SWIFT is a “messaging system” that institutions use to securely transmit information and instructions through a standardized system of codes
    3. SWIFT protects banks and financial institutions from money laundering
    4. SWIFT is a cooperative organization owned by its members
    5. Members pay a one-time fee, annual support charges and are charged for each message based on the message type and length
    6. SWIFT reports it recorded 42 million message per day on average in 2021
    7. Over $5 trillion passes through the SWIFT system daily

    The internet has connected the world unlike any other time in history.  This has positives and negatives.  If the U.S. and the European Union (EU) made a knee-jerk reaction and removed ALL Russian bank access to SWIFT, it would also hurt European and American companies that do business with Russia.  This is why they needed a few days to analyze which Russian banks to remove from the system.