The Insurance Doctor

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  • 8 Summer Travel Tips

    8 Summer Travel Tips

    Having touched foot on 6 of the 7 continents, I have learned a lot over the years.  Many families have held off on their summer travel due to the pandemic, and rightly so, as rules have been changing.  I just returned from 2 weeks in Northern California.  Travel has undergone significant changes since my trip to Australia this past January.  Some of my tips include:

    1. Call Your Credit Card Company in Advance: Give them your full itinerary, with dates in each city.  I have had credit cards frozen after they have seen a string of out of town expenditures.
    2. When Packing Start from Feet to Head: I do this in the morning getting ready for work.  I start from feet to head and pack in piles.
    3. Pack a Change of Clothes in your Carry-on Bag if Flying: 29 million bags are lost or delayed each year.  Be ready when and if it happens to you.
    4. Buy an Off-Color Suitcase: It decreases confusion and is more easily recognizable during ground-transportation madness with people jockeying for their luggage.
    5. Sign Up for the TSA: The TSA pre-check can make the difference between making and missing a flight.  It offers better distancing and eliminates the need to remove off your shoes, expediting the process.
    6. Research AAA and Airline Vacation Packages: It is no secret that airlines and hotels have been hurt by the pandemic.  There are some sweet short-notice vacation packages available right now.  Check out AAA.com, JetBlueVacations.com, and AAvacations.com to name a few, and save big money!  If you have points with your preferred airline, start with them.
    7. Read Both Positive and Negative Hotel Reviews: Try booking.com, tripadvisor.com, and Kayak.com for domestic travel.  For same-day rooms use hoteltonight.com.  It is a money-saving, excellent FREE APP to download onto your smart-phone to save big $$$.
    8. If Driving, Get a Tune-up and Map Your Journey in Advance: A good way to avoid getting into a spat with a spouse or loved one, lol.  There is nothing worse than a car breaking down or getting lost on a road trip.  My preference is WAZE over Google Maps.  WAZE (owned by Google) downloads faster and has an information-sharing agreement with over 50 US cities.  Waze also warns you about upcoming speed traps, red-light cameras, and debris on the road.  WAZE has saved me many times over the years, and it also works overseas.  We used it last summer during the London Series, Yankees vs Red Sox our father-son trip.

    Stay Safe and Keep the Faith!

  • COVID-19: 10 Unexpected Positives

    COVID-19: 10 Unexpected Positives

    I probably watch too much news these days.  It’s not easy to find positive articles.  People often say, “when the dust settles, I’m going to do this or that.” The dust has begun to settle.   What are YOU doing? 

    The other day, I texted one of my Rockaway clients to check-in and see how he and his wife were doing.  My team had been able to save him significant money on his home and auto policy premiums. I was also able to creatively upgrade his health insurance policy, by utilizing a side business he had set up.  He had a major issue with his roof caving in, so I wanted to follow-up on their safety, as well as how the claim was being handled by UPC. They were satisfied with the claim process and said “it was fair.” 

    An avid runner, I asked him what he’s noticed while running since the COVID-19 era began in mid -March.  This turned into an interesting conversation.  We both agreed there is too much negativity going on right now.  We came up with the following list of Covid-19 unforeseen positives:

    1. Simplifies the day: With less activities on the daily schedule, it allows people to be more present and pace themselves.
    2. Getting to know the family better: Families are having more focused and meaningful discussions.  Not always positive, lol.
    3. Less time spent on events: He prefers the drive-by celebrations showing respect, without taking up a large portion of the day.  It removes the uncertainty of deciding how long to stay at an event, without offending people by leaving early.
    4. Much less junk mail:  Have you noticed how little junk email and regular junk mail you are now receiving?  On one occasion last year I received  over 50 emails overnight.  Now I’m averaging less than 10, saving time.
    5. Saving money by eating home: Personally, I’m a foodie and really miss dine-in restaurants.  That being said, money has been saved.  Credit card bills going down. 
    6. Helps focus on a better diet: This is an opportunity to cook more healthy food at home, and to avoid fried food.
    7. Increases gratitude: These are introspective times when we realize that sometimes we take things for granted.
    8. Time for hobbies and self-improvement:  Whether it’s reading books, learning a language or trying something new, these are good times to explore your interests.
    9. Improves the environment: With less automobile traffic, he’s noticed cleaner air and in Riis Park more wildlife.  For the first time he’s seen snakes (non-poisonous) and rabbits on his running trail.
    10. Amplifies your passions: These are times that you miss things you Love.  For me it’s travel, writing, sports and my quest for the best pizza!

    What are YOUR passions? To continue these discussions, feel free to reach out to me at Rob@InsuranceDoctor.us

    Stay Safe and remember to wear your mask! 

  • Thinking Clearly in the Middle of Chaos

    Thinking Clearly in the Middle of Chaos

    You don’t need me to tell you that this country is upside down right now.  There has never been a more important time to think clearly and adapt to the current situation.  With 40 million unemployed and another 10 million not seeking work, many are in a “financial” survival mode.  One in three Americans have yet to receive their unemployment checks!  Most advisors suggest keeping an “emergency fund” of 6 months income.  Even for those who have heeded the advice, the six-month fund is dwindling as New York City has been slow to reopen.

    The way unemployment is structured, with the Federal Government adding $600/week in addition to the state unemployment benefits, can be a deterrent to employees returning to work.  In New York State, the maximum is $504/week plus the $600= $1,104/week.  This could represent a raise for many, so why go back to work when you can stay home and possibly earn more money?  New Jersey caps out at $681/week, Connecticut at $649.  Florida has the lowest cap at $275; however, they have no city or state income tax.  The highest cap is Massachusetts, which has a range of $769-$1,220 depending upon the eligibility.  These numbers don’t mesh well with the Paycheck Protection Program (The Triple P), because business owners have to spend the money now over the next 8 weeks when their employees refuse to return to work.

    The public knows this “generosity” won’t last forever, so many are tightening up on their spending.  If you’re on a salary, you can’t increase revenues, only decrease expenses.  Here are a few tips to reduce expenses:

    1. Whole Life Insurance: If you have a traditional dividend-paying life insurance policy (the older the better), consider changing your dividend option to “reduce premiums.”  For example, you have an old $50,000 policy, the premium is $1,000/year and your dividend is currently $600.  You can change the $600 dividend to “reduce the premium” and now you would only have to pay the $400 difference, saving you 60%.
    2. Auto Insurance: Since many are self-quarantining, auto insurers are reducing prices.  Some are giving credits.  It’s a good time to shop the auto insurance market.
    3. Life Insurance Settlements: During the Covid-19 pandemic, “Life Insurance Settlements” can be a lifeline for seniors who could be struggling financially, and who own a life insurance policy in danger of lapsing.  These policies can hold significant re-sale value.  We have been able to sell policies with zero cash value for 20%-30% of the death benefit.  It’s important for seniors to realize they can sell their policy for a lump-sum of cash, instead of having to continue to pay premiums. We have 23 Funders who bid against each other in an auction, which ensures our clients will get the maximum lump-sum offer.

    Feel free to reach out to me to continue these conversations at Rob@InsuranceDoctor.us or www.InsuranceDoctor.us and complete our simple contact e-form.

    Be Safe and Wash those Hands!

  • Phase One Reopening

    Phase One Reopening

    As you probably already know, other than the 5 boroughs, New York State has reopened this week.  What does this mean for Rockaway and Queens?

    The way business owners decide to spend their CARES Act stimulus package Payroll Protection Program (AKA the Triple PPP) money, will have a direct effect on our economy and the unemployment rate through this summer and probably the rest of the calendar year. 

    In Rockaway, it will be interesting to see which restaurants can adapt first to efficient takeout and then when able to fully open (see the Phases below). 

    Earlier this week, I was listening to the Jim Kerr Q104.3 Morning Rock-n-Roll Show and Shelley Sunstein (Jim’s sidekick who can cook) mentioned that she’s accustomed to cooking at home now and will start ordering takeout from restaurants with food she’s not capable of cooking at home.  If this theory is correct, then restaurants like Uma’s and Kimo’s should do well right off their reopening.

    Although I have had my issues with Governor Cuomo (like his ego-based forcing out Rockstar Andy Byford from the MTA); he has done an effective job on a daily basis communicating Covid-19 expectations to lower death rates currently under 100/day in New York State.  By tying performance-based Covid-19 goals to open regions, he helped people focus on Phase One “TEAM GOALS.”

    Phase One:

    • Construction
    • Agriculture, Forestry, Fishing and Hunting
    • Retail – (Limited to curbside or in-store pickup or drop off)
    • Manufacturing
    • Wholesale Trade

    Phase Two:

    • Professional Services
    • Retail
    • Administrative Support
    • Real Estate / Rental & Leasing

    Phase Three:

    • Restaurants / Food Services

    Phase Four:

    • Arts / Entertainment / Recreation
    • Education

    During these times there are opportunities everywhere for those seeking them.  I’ve been saying since this outbreak that EVERYTHING IS NEGOTIABLE during the Covid-19 era. 

    Earlier in the week I sat on a great Zoom webinar presentation given by a HIGH-LEVEL CONCIERGE TRAVEL AGENT.  I asked a question about getting a full refund on my flights to Buffalo (to see the Rolling Stones show now postponed) next week and she said the airlines are only giving credits for 12-24 months.  This motivated me to call Jet Blue immediately after the webinar ended.  After an hour wait, I calmly stated my position to the Jet Blue representative and he gave me a full refund with no arguments.  I couldn’t believe it!  Jet Blue had inundated me with emails and changed my flights about 5 times and asked for a reply to confirm, which I never did.  Turns out, their rule is if the flight is changed more than 2 hours from the original itinerary, then you are entitled to full refund!  Who knew?

    Try it yourself and KEEP THE FAITH!

    -Robert

  • 10 Smart Things to do at Home during CV-19

    10 Smart Things to do at Home during CV-19

         The question everyone is asking is; how can I maximize my time at home during this temporary COVID-19 “new normal” ? Try a few of these options:

    1. Take the Online New York State defensive driving course: You get a 10% discount for three years on your auto insurance premiums.  Groupon has it for $19.   Use their online coupon code “SALE3”.  It gets you 20% off, bringing the cost down to $15.20.  You can start it and stop it and have 30 days to finish the course.  AAA, AARP, and a variety of others offer the same course at different prices.
    2. Learn a new language: Babbel’s FREE registration gets you the first lesson on every course for free.  If you like it, you can register for $12.95 for one month or a 3-month plan for $26.85.  Further discounts available for 6 and 12-month memberships.
    3. Organize your finances:  Scan statements digitally, set up hard copy binders, and/or order financial “accordion files” at Staples.com online.  They have pre-labeled auto insurance, mutual funds, and retirement tabs for you to file your hard-copy statements.
    4. Take on-line Zoom classes: Take a class on how to “Zoom” if you don’t know-how.  I took one last week myself and have started running my own Zoom meetings.  Set a goal of how many Zoom classes you take (or run) every week or month and watch your productivity increase dramatically!
    5. Improve your diet: It’s easy to slip into bad eating habits while comfort food is on the rise.  Remember, your diet starts at the supermarket or on-line ordering.  I find that buying fresh veggies forces me to eat them quickly before they go bad.  It’s cheaper to eat healthy which could prevent you from getting sick.
    6. Learn to cook new dishes: Refer to #5.  Every meal you cook is one less meal of take-out food.  I’m still a work in progress myself, lol. This helps both your body and wallet or purse.
    7. Try to exercise at least every other day: This will help your energy, cardiovascular fitness, and concentration while boosting your metabolism.  It’s a healthy part of any routine during this “COVID-Era”.
    8. Go through photos and make an album: Something that people say they’re going to do; however, they never do it.
    9. Positive letter and writing ‘thank you’ notes: You will be amazed at the response you get when writing letters and “thank you” letters to those that have helped you.  When is the last time you received a thank you or personal letter in the mail?  Try it and let me know what happens.
    10. Read positive books: I suggest choosing positive books at this time; self-help, business start-up, or whatever else you are passionate about.  These are good times for introspection.

  • 8 Health Benefits of Having a Dog During the COVID19 Crisis

    We love our dogs in the United States with almost 90 million nationwide. That means nearly one-half of households have a dog in their home.  Other than companionship, there are other advantages to having a dog in this Covid-19 new world.  For example:

    1. Safety & Security:  Dogs are another layer of security as barking dogs can keep burglars at bay.  Dogs can spot intruders well before we can.
    2. More Exercise: When owning a dog, you should be walking it 2-3 times/day.  Guess what?  You are exercising when walking your dog, and 30-45 minutes/day can do wonders for your health.
    3. Less Chance of Depression: Dog’s companionship has been known to help people diagnosed with clinical depression.  Caring for an animal can help relieve the symptoms of depression and make people feel more positive.
    4. Less Stress: Numerous studies have shown that dog owners have lower stress levels.  Engaging with your dog can reduce stress.
    5. Illness detection:  Dogs see the world through their keen sense of smell.  Some dogs can sense the onset of epileptic seizures or the presence of some types of cancer. 
    6. Increased Allergy Tolerance:  Children raised in homes with pets like a dog have a reduced chance of having allergies.  Growing up with a dog can boost immunity to pet allergies later in life.
    7. Boosted Brain Development:  Dogs boost brain development in children, along with emotional growth and connection to others.
    8. Stronger Heart: Studies have shown that petting a dog can lower your heart rate and male pet owners tend to have reduced rates of heart disease.  No wonder why dog adoptions are way up!  Enjoy!
  • 8 Tips to Extract Paycheck Protection Program Money & Save Money NOW

    8 Tips to Extract Paycheck Protection Program Money & Save Money NOW

    1. Auto Insurance: Most auto insurers are on board for discounts ranging from 10-25% for Mar & Apr.  Contact your agent/broker.  Some carriers will give you a credit, some will send checks.  Said discounts are being filed with each state so it will take weeks, so Inquire Now!
    2. Unemployment: Has been extended from 26-39 weeks and it’s retroactive.  New York State, will be paying an additional $600/week.  NYS has been taking 2.5-3 weeks, NJ 1 week.  For Freelancers, it’s a 2-step process.  First the application, then a 2nd supplemental process.  For more information go to www.Labor.NY.Gov. Apply now and get into the queue!
    3. The EIDL capped, try for the Paycheck Protection Program: For small business owners with few employees; due to high demand, the EIDL (Economic Injury Disaster Loan) has been capped at $1,000/employee with a $10,000 max.  Apply for the PPP Now!
    4. Kids over age 17 file a tax return: NY-1 news reports that the $2T stimulus checks will start going out on 4/15 at the latest.  If you have children over 17, have them file a bare-bones tax return.  File Now at www.IRS.gov   Get back $1,200 per kid per return filed; don’t wait, get into the Queue!
    5. Life Insurance premiums: In NYS, Governor Cuomo signed a bill allowing New Yorkers to add 60 days to their life insurance premium grace periods.  This means you now have a 91-day grace period instead of the customary 30-day grace period.  Call your Agent/Broker to inquire Now!  Remember, an agent represents a company and a broker represents you, the insured.
    6. Business interruption policies: No policies that we’ve seen have paid off on COVID-19 as a named disease/pandemic.  That being said, as of today there is a shelter-at-home state mandate in all 50 states which can trigger a claim.  Call your Property & Casualty agent/broker, inquire Now!
    7. File today for the Triple P: Small businesses (including the self-employed) make up roughly 2/3 of all the businesses across the USA.  If you haven’t filed for the Paycheck Protection Program, do so today.  If you have and didn’t receive an email acceptance with a loan reference number, file with a 2nd bank Now!
    8. Alternative PPP besides banks: If you’re frustrated with banks, try payroll processing companies ADP & Heartland specifically.  These firms have better technology to help process applications.  If you don’t have contacts, use mine Now!  Jacob.Stoer@adp.com or Edward.Fleiss@e-hps.com
  • 5 Reasons Why the PPP Frightens Banks

    5 Reasons Why the PPP Frightens Banks

    I have invested over 120 hours of research, participated & spoken in Zoom panels, and engaged with client strategy conversations on the PPP since Friday, March 27th- that is the same day the Payment Protection Program (PPP) was signed by President Trump.  The Triple P is a sweet deal for many struggling business owners; however, not so good for banks, here’s why:

    1. The loan rate is too low:  PPP loans will stay on the bank’s books at 1%, which is much less than their conventional loans.
    2. Astronomical default risk: So many people are already tapped out or about to be on empty so banks know many of these loans will default.
    3. Unfit system technology: Most banks are not set up system-wise for this technology, so there’s a mad scramble to set up systems/websites, whereas other institutions have the same platform already in daily use.  It’s expensive to build out an internet platform in 4 days.
    4. Margins are too low: Currently, the Federal Funds rate is 0.25% This is the rate banks lend to each other overnight.  The PPP is only 75 basis points higher, which leads to poor profit margins.
    5. Beholden to the Government: Banks are complaining about mixed messages from the Government and are dragging their feet until they receive more information and direction.

         If you are in desperate need of money now, I suggest going to the smallest local community bank, where you have an account (or open up a new account) in your area, as they have been the most aggressive.  Be Safe!

  • 5 Tips to get “Free Money” from the $2-Trillion Stimulus Package

    5 Tips to get “Free Money” from the $2-Trillion Stimulus Package

    On March 27th, President Trump signed the $2Trillion stimulus package for small business owners (sole proprietors or firms with fewer than 500 employees) to get two and a half months’ expenses in a lump-sum payout. The loan could possibly be forgiven depending on how you spend it.  I’ve never seen a loan program option as good as the PPP!

    1. The PPP package is better: PPP stands for the Paycheck Protection Program.  The PPP is better than the SBA (Small Business Administration) loans because there’s no creditworthiness, no 3-years of tax returns are required and interest is forgiven if you spend it on “qualified expenses”.
    2. Call your bank: All banks must participate however some will do a better job than others.  Once approved you should have the money in 1-5 business days.  The 4-page PPP application was just released by the IRS.  Online applications are expected to kick off on Friday, April 3rd!
    3. The formula: is based on your business’ average expenses over the last 12 months including payroll (salaries up to $100k), health insurance premiums paid and 401(k) match.  The monthly average is then multiplied by 2.5 = your lump-sum loan.
    4. Qualified additional expenses: You can spend it on utilities, internet, payroll, interest, rent, cash tips, tax on employee compensation, sick leave and sole prop salary up to a $100,000 cap per person.
    5. Numbers and exclusions: The maximum loan amount is $10 million.  Interest rates may range between 0.5% to 4% on any non-qualified expenditures made with loan monies. The beauty of this program is if you spend the loan proceeds on qualified expenses the loan may be forgiven, hence ‘free’ money if no more than 25% of the forgiven amount is spent for non-payroll costs.  You will also owe money if you do not maintain your staff and payroll. Keep in mind, you must spend all of the funds received in 8-weeks!                                    

         Folks this is an opportunity to keep businesses afloat and people employed; take advantage of it and be Safe! 

    Feel free to reach out to me for the PPP loan application!

  • 5 Fun CV Time Iced Coffee Money Savers

    5 Fun CV Time Iced Coffee Money Savers

    My mother Sharon and I have been enjoying and experimenting with iced coffee for many years now.  During the CV pandemic, one must keep expenses under control while still enjoying life.  Be Safe!

    1. Buy in bulk: 10 years ago iced coffee was half price vs hot coffee.  Now it’s usually more expensive.  Now that folks are hunkered down, it’s time to transition to at-home daily iced coffee drinking.
    2. Set weekly goals: Every Sunday I make 12 cups for the week.  It’s important to have and monitor consumption routines when working from home.
    3. Cut it with Costco Kirkland: Most flavored iced coffee is too strong & expensive.  Try mixing their medium roast 50/50 with Sarabeth’s hazelnut or your favorite flavor and enjoy the subtle aftertaste while saving lots of $$.
    4. Shop on-line or at Home Goods and Marshall’s: Great deals to be had at $5/Lb. for flavored coffee instead of the $8-$12 that many supermarkets charge.
    5. Have Fun with it and share: You would be surprised how many people love iced coffee.  I’m working on a 50% medium roast, 25% TJ vanilla and 25% Sarabeth’s hazelnut blend right now.  Enjoy and talk it up!