The Insurance Doctor

Category: New York

  • The “Nobody CARES Act”

    The “Nobody CARES Act”

                Reflecting back on my childhood, the week after Labor Day was usually a time when I was feeling a range of emotions from excitement (to see many of my school friends whom I missed over the summer) to some apprehension about the new school year.  This year, the vibe for both students and parents is different because of COVID-19.

                When “The CARES Act” was enacted in late March everybody knew the $600/week unemployment bonus was expiring on July 31, 2020.  If politics were like golf, originally (in July) the Senate was playing for the “COVID” 19th hole, whereas the House of Representatives was playing for the next round.  The Senate said they would be willing to address the unemployment issue by itself, while the House of Representatives was holding out for a “new comprehensive package.” 

    RESULTS: Both parties went on vacation for the first 2 weeks of August.  President Trump then signed an executive order to cut these benefits in half ($300/week) with the states (most of whom are broke) expected to kick in an additional $100.  For New York State, Governor Cuomo’s office calculated that bill would add an additional $4.2 Billion to the $30 Billion we are already in the hole.  It is unlikely that most people will receive the extra $100 any time soon.  As of this writing, it is not clear if anyone has received the said $300/week which should be retroactive to August 1st.

                When the President made comments about the United States Post Office, the House of Representatives reconvened (and flip-flopped) that weekend to address just that Post Office issue, leaving The NOBODY “CARES ACT” dormant through the month of August.  Does this mean that “their votes” are more important than the people and families they represent?  It is time the leaders who represent us put our needs before their own!

                In addition, the $1,200 stipend and The Triple P (Payroll Protection Program) money from the NOBODY “CARES ACT” has mostly dried up (it ended in August) as business owners have been paralyzed due to conflicting rules and uncertainty as to when and how they can reopen.  To complicate matters, the Federal Government is facing a shutdown on September 30th and the USA’s cumulative debt is on schedule to eclipse the size of our economy next year.  We would be joining Japan, Italy, and Greece with debts larger than their economy.  It’s expected that U.S. debt will be equal to 98% of the nation’s Gross Domestic Product (GDP) by year-end. 

                The restaurant industry in New York City has felt the brunt of these political decisions.  Queens restaurants, in particular, have been hamstrung by this as Rockaway residents can drive 20 minutes and be on Long Island to enjoy alcohol and indoor dining.  New York City and New York State have had the lowest COVID-19 positivity rates (by the percentage of tests) in the country for some time now.  Alcohol (which I call truth-serum) has been a big factor in COVID-19 spiking, especially in colleges.  Why not allow city restaurants to reopen first with no alcohol?  Malls and Casinos are now opening (at 50% and 25% capacity, respectively).  The current explanation for not allowing city restaurants to open for indoor dining is because the SLA (State Liquor Authority) and the New York State “Task Force” does not have enough employees to inspect the restaurants.  Inspections could be easier (and take less time) if this short-term compromise is proposed.  Instead, lawsuits will bring longer delays before the cold weather is upon us.

                All these economic decisions have ripple effects and are interrelated.  Take the “school dilemma” for example.  What is now happening is that child-care needs are affecting jobs.  Families either cannot find or afford home care for stay-at-home students.  This is causing secondary wage earners (the majority are women) to give up their jobs even though they are in their prime income-earning years (ages 25-54).  For some households, that $300+ per week check could make the difference and save those jobs. 

                It is not all “gloom and doom!”  Although conducting business will be difficult this fall in many professions, there are planning strategies available to us in order to overcome these roadblocks.  Stay tuned to this column for more creative ideas on how to do so and KEEP THE FAITH! Feel free to reach out to me at Rob@InsuranceDoctor.us to continue these discussions, for a personal review, or if there are topics you want to learn about, do not hesitate to contact me!

    Rob Intelisano
    The Insurance Doctor

  • 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

  • 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 Reasons to see the Shark exhibit in Coney Island

    The Shark Exhibit at the New York Aquarium is a big hit!

    Having grown up in Rockaway by the beach I was always interested in sharks.  The movie Jaws kept me up at night.  I just took my nephew to the Coney Island Aquarium shark exhibit and found out the following;

    1. It’s half price all summer: At $15 for adults and $12 for kids, this represents great value for a fantastic time had by all.  I’m told the prices will go up in the fall.
    2. There are 115 species: Including sea lions, otters and a variety of colorful and interesting fish, sea turtles, and rays. Many people don’t know there are 26 shark species living in the New York area.
    3. The $146 million upgrade: The shark exhibit is complete with a 40-foot tunnel and multiple tanks with stunning visuals.
    4. Interesting tunnels and interactive exhibits: I’m going to leave a little of this as a surprise.  The exhibits are very educational and kid-friendly.
    5. Fish from around the world: There are local fish and species from as far as the Great Barrier Reef and Fiji.

  • 7 Places to take your kids this summer outside Manhattan

    Parents are always looking for fun places to take kids this summer.  Whether it’s education or to tire them out, these places will leave lasting impressions on your loved ones:

    1. New York Hall of Science: Located at 47-01 111th in Corona queens and open 7 days. Many interactive science exhibits and attractions to keep your child’s interest.
    2. Indoor Extreme Sports: Play paintball and Black Ops laser tag this place gets the adrenaline pumping. Located in Long Island city and Staten Island.  We have thrown birthday parties here and I will tell you big kids like it too, LOL!insurance, New York City, financial services
    3. Bounce U: Another great birthday place, Bounce U can be found in Brooklyn and College Point, Queens. Open 7 days and not just for parties as they have open bounce hours to wipe out the most feisty children.
    4. The Queens Zoo: Located in Corona, Queens and close to #1 the Hall of Science. The Zoo is open daily and easier to navigate and less crowded than other Borough Zoo’s although they’re all good.
    5. Kids Fun House: Located on fresh pond road in Ridgewood, Queens it’s for children up to 12 years old. There’s a socks only play area for small children while the bigger kids go thru the maze or play arcade games.  There’s also an on-site café.
    6. Museum of the Moving Image: Open wed-sun this place is really fun and was recently renovated. Took the boys last year to the “Behind the Screen” exhibit with Star Wars props etc.  Also, somewhat hidden is an old-school arcade with Ms Pacman, galaga and other games baby boomers will be familiar with.
    7. Artistic Stitch Sports Complex: Located on Cooper Ave. in Glendale, Queens and open from mon-sat. If you have older children, this place has something for everyone.  Soccer, dodgeball, wiffleball and rock climbing to name a few.

  • 5 Top Slices & Best White Pie in NYC

    Pizza is a passion of mine!  After six months, a few extra pounds and visiting 50+ places the results are in.

    1. Di Fara: Located in Midwood Brooklyn, this place is 2nd to none! All slices and pies are made by 90+ yo Dominick Demarco.  Flavors explode in your mouth.  Waits are painful but worth

      Dom De Marco, pizza maker and owner of Di Fara Pizza
      Dom De Marco, pizza maker and owner of Di Fara Pizza

      it.  You have to go at least once.  Cash only.

    2. Lucali: Located in Carroll Gardens Brooklyn, this converted candy store serves only mouth watering pizza and the best calzones I’ve ever had to boot! Cash only.
    3. Nicks: Located in Forest Hills Queens, Nicks has the feel of a 50’s diner. Pies only, they come out perfect every time and Nick’s has the best sausage topping ever! Cash only.
    4. Roberta’s: Hipster-chic Bushwick Brooklyn location, this place serves wood-fired pizza and has a great vibe. With a live Deejay and Christmas lights this place is a must visit.  Cool seating also available in their garden where vegetables are grown.
    5. New Park: In Howard Beach Queens, this no-frills spot has been serving amazing slices for over 70 years. I prefer to order their slices and pies well done.

    Best White Pizza?  Lombardi’s hands down!  The first pizza place in the USA, Lombardi’s has been cranking out pies since 1905.  This Nolita (north of little Italy) landmark restaurant uses a coal-fired oven and is cash only.

    I’m open to feedback, enjoy!

  • 10 Interesting Facts about the U.S. Tennis Open

    I have attended every U.S. Tennis Open since the early 80’s when my brother and I both were ball boys.  The 2 week tournament has gone through a lot of changes over the years.US Open New York 2016

    1. Arthur Ashe won the first US Open as an amateur and the main stadium at the Billie Jean King USTA Tennis center is named after him.  Virginia Wade won the women’s title.

    2. Men and women receive an equal amount of prize money, a tradition started in 1973.  This designated tennis as the first sport to award equal prize money to men and women.

    3. The total payout for this year’s tournament is up 10% to $46.3 million.  First place pays $3.5 million.  A first round singles loss pays $43,000.  The $46.3 million is the highest payout of any tennis tournament.

    4. In 1975 the US Open became the first grand slam tourney to have night games.

    5. Since 1978 matches have been played on a hard-court surface covered with Deco turf II.

    6. In the other grand slam tournaments (Wimbledon, the Australian and French Open’s) there’s no tiebreakers.  They just keep playing until one player wins by 2 games.

    7. Venus and Serena Williams became the first sisters to meet in a grand slam final at the US Open in 2001.

    8. Arthur Ashe stadium is the largest “tennis specific” stadium in the world.  It seats 23,771 people.

    9. The new roof at this year’s open is made up of two 1 million pound plates that were installed at a cost of $100 million.  It takes 5.5 minutes to close.

    10. The trophy is designed by Tiffany & Co

  • URGENT: Health Republic Ins. of NY Shutting Down

    Effective Friday 9/25/15 the NYDFS (NY dept of financial services) has directed Health Republic to cease writing new health insurance policies and to commence anHealth Republic New York orderly wind-down after existing policies expire. They are only in their 2nd year of existence and are the first casualty of the new Obama care era. What does this mean for concerned policyholders?

    1. For individuals: All policies will run through 12/31/15. That means all individuals will need to initiate changing companies by the middle of December at the latest.
    2. For small groups: NYDFS and Health Republic will be releasing guidance shortly concerning small group products.

    To read the notice www.dfs.ny.gov/about/press/pr1509251.htm

    The Insurance Doctor says: The state claims Health Republic is insolvent and didn’t keep enough in reserves. Health Republic says the Obama care state guidelines are too strict to make money. We feel a combination of both are true and that their rates were too low to earn profits.

    Avoid this situation entirely and switch out of Health Republic as soon as possible! Trying to squeeze claim monies from a company going under is a tough task should you be unfortunate to get sick between now and year end.

    Feel free to contact us for plan options as we are booking appointments for Health Republic policy owners starting the week of 10/12/15.

  • On NYC Radio

    On NYC Radio

    FREE Radio Broadcast Replay!

    Click here and listen to Robert Intelisano “The Insurance Doctor”. Listen as Rob shares insights on purchasing health insurance, why bigger is better and much more in his recent interview with KC Armstrong (former producer and cast member of Howard Stern Show) on WRNW1- All Women’s Empowerment Radio AM1100 in New York City.

    WRNW1