Tough Conversations: Advice for Preparing for the Death of a Parent
Author: Sarah Nash Property & Casualty Account Manager Insurance Trust | Equinox I know that this is a very tough subject to discuss, but I wanted to share the important things I learned from my personal experience of losing a parent. The following are many important questions to ask along with some informative discoveries I made regarding all of the medical, insurance, financial and personal matters that arise. One piece of advice I offer to you is to do your best to prepare for the death of a parent. It’s going to happen. We can’t avoid it. We all tend to think that we have plenty of time. Sometimes you don’t. Sometimes a sudden illness can cause death to happen quickly, and I’d be willing to bet that at least half of us are unprepared for this event. Talk to them now while you’re both able. Not one part of the conversation is fun or easy. No one likes to think about their own death and departure. I think the older you get the harder it is for some to discuss their ultimate wants and wishes at the end of life. Medical Decisions What do your parents want to happen if they were to fall ill and could not make their own medical decisions? Make sure your parents have a healthcare directive. Make sure your siblings all have a copy. Make sure any Aunts and Uncles have a copy. Make sure your parents’ doctors’ have copies. Make sure a close friend of yours has a copy in case something happens to you. It’s not a bad idea to have a Do Not Resuscitate (DNR) medical bracelet/necklace for them to wear if that choice happens to be theirs. Do they want to donate any viable organs? Will Preparation It’s helpful if your parents have a will drawn up. In the event of your parents’ death, if there are assets to be divided and they have nothing in writing, the state in which you reside will decide all of that for them. It’s a long, arduous process that most family members do not come out of with any warm, fuzzy feelings. There are many prepaid legal services that can assist with this task. A lot of parents have an attorney they’ve used for various reasons throughout their lives. That attorney may be able to help or at least refer them to an attorney who specializes in drawing up a will. If your parents aren’t keen on writing a will, at least get together with them and include all siblings, grandkids, and anyone else who may be left an item. A roll of masking tape and marker can be used on the backs/undersides/interior of items to state who gets what when the time comes. If you are listed as an executor of a will, you have specific duties to uphold. When your loved one passes, you must notify each person named in the will. You must prove to the court that you’ve done your due diligence in searching for and sending copies of the will to those people. It’s suggested to obtain an attorney to represent yourself to make sure you execute each step correctly from the very beginning. If you aren’t an attorney yourself, chances are very good that...
read moreUpdated HSA Contribution Limits for 2020
Each year the IRS releases updated health savings account (HSA) and high-deductible health plan (HDHP) limits for the coming year. 2020’s limits are listed below and further information can be found on the IRS website HERE or by contacting Heather Baird at hbaird@insurancetrust.us. 2020 HSA Contribution Limits Individual: $3,550 ($50 increase from 2019) Family: $7,100 ($100 increase from 2019) Over 55 catch-up $1000 (remains the same) 2020 HDHP minimum annual deductibles Individual: $1,400 ($50 increase from 2019) Family: $2,800 ($100 increase from 2019) 2020 HDHP maximum out-of-pocket amounts Individual: $6,900 ($150 increase from 2019) Family: $13,800 ($300 increase from 2019) Contact Form Name* First Last Email* PhoneWhat would you like to learn more...
read morePotential Anesthesia Side Effects Linked with Marijuana Use
Did you know that anesthesiologists routinely ask about marijuana use? Here’s why: Although the research thus far has been minimal, recent studies in Colorado indicate that marijuana use could result in a need for additional anesthesia which can have side effects such as low blood pressure and depressed heart function. Though everyone can have differing reactions to anesthesia, it’s important to be honest with all medical professionals about the use of marijuana for health & safety purposes. See this article for more details: Read...
read moreShould GAP Be Sold on RVs and Travel Trailers?
Article by our partners at Frost Financial Services | www.frostinsure.com Do you ever finance RVs or travel trailers? If so, make sure to stress the importance of GAP protection on these loans. While you may not see many accidents involving RVs or travel trailers, many of them experience total losses each year. Accidents are certainly not as frequent, but plenty are so severely damaged due to flood, vandalism, fallen trees, and fire that they are unrepairable and deemed total losses by primary insurers. Adding to the GAP risk on RVs and travel trailers is the challenge of accurately valuing the collateral at the time of financing. You can utilize a guide book or even refer to a dealer invoice, but validating model and options can oftentimes lead to many more challenges and errors in valuing RVs and travel trailers than we see in the much more standardized world of autos. These errors can create significant overvaluation of collateral and unexpected exposure to loss. And, if you think automobiles and trucks are depreciating rapidly these days, these are luxury items and can see even more wild swings in values from year to year as market conditions change. Lastly, the loans for these collateral types tend to be longer terms. This means that the loan balances will amortize down more slowly and only add to the potential of a large GAP loss even when the loan was financed well under 100% of the value at loan origination. A recent claim highlights how a number of the above factors can come together and result in a significant GAP claim. In May 2015 the lender financed $92,485 on a 42′ Jayco RV that had an assumed value of $83,710. Three years later a fire caused a total loss of the RV and the settlement provided by the primary insurer was $53,445. This left an outstanding loan balance of $30,595. Fortunately, this loan had GAP protection and the $30,595 loan balance was paid in...
read moreIntroducing our New Employee Benefits Specialist
Insurance Trust is pleased to introduce Pam Huntington as our new Employee Benefits Specialist. Pam comes to our team with more than fifteen years of experience in the health insurance and voluntary benefits field. She has previously worked as an Account Manager at both the health insurance carrier and broker levels. Pam also worked in multiple roles at a local Maine credit union for five years. Pam was born and raised in Portland where she attended Deering High School. She then attended Southern Maine Community College where she earned an Associate Degree in Automated Office Management. Pam enjoys spending time with her husband, children and black lab, Bo, as well as motorcycle rides and time at the lake. “I am excited to be part of the credit union movement and look forward to the opportunity to assist our credit union and small business partners with all of their employee benefits needs. I like that I can use the skills I have learned from my previous experiences to help educate employees on how to best understand what they have for benefits at a level that is comfortable for them. I am excited for this journey.” As Employee Benefits Specialist, Pam’s focus will be to communicate with our insurance carriers, credit unions and small business clients to provide education and service for all group employee benefits programs. Pam will conduct renewal meetings for our clients and continually work to present new and alternative options for our current and potential clients. Pam can be reached at 207-773-0925 ext. 314...
read more17th Annual Golf Tournament for Special Olympics Maine
Dear valued clients and partners of Insurance Trust, We invite you to join Insurance Trust for the 17th Annual Golf Tournament to support Special Olympics Maine on Thursday, July 18, 2019, at Falmouth Country Club in Falmouth, ME. Registration is now open! Be sure to mark your calendars, register your golf teams early (as space is limited) and sign up to become a Platinum, Gold, Silver or Bronze tournament sponsor. Please come out, enjoy a fun day of golf and help support Special Olympics Maine Athletes and their families! Location: Falmouth Country Club Golf Course 1 Congressional Drive Falmouth, ME 04105 Time: Registration from 7:45 AM to 8:45 AM Continental Breakfast included Sponsored by: Equinox Insurance Shot Gun Start at 9:00 AM (Scramble format) Fees: $140.00 per Golfer (This fee includes: greens fees, golf cart, continental breakfast, bag lunch, post-golf reception and four mulligans per team, maximum of 144 golfers.) To register, contact Barbara Christy at...
read moreThe Maine Bureau of Insurance Approves Health Insurance Association for Maine’s Credit Unions
INSURANCE TRUST 2 Ledgeview Drive Westbrook, ME 04092 MEDIA RELEASE For Immediate Release April 19, 2019 The Maine Bureau of Insurance Approves Health Insurance Association for Maine’s Credit Unions (Westbrook) – On March 29, 2019 the Maine Bureau of Insurance approved a new Multple Employer Welfare Arrangement (MEWA), an association formed to provide a collective non-profit health insurance program, for Maine’s 54 Credit Unions. The MEWA has been named “Maine Credit Union League Insurance Trust” and will be governed by a board of 7 trustees to represent its more than 500 employees. The non-profit health insurance plan will be administered by Insurance Trust in Westbrook, ME, an insurance agency founded in 1963 by Maine Credit Unions. The association is sponsored by the Maine Credit Union League, Maine’s credit union trade organization. “This employee benefits association for Maine’s Credit Unions is something that’s been needed for a long time. For many years, I’ve known this was a possibility, and Insurance Trust is truly honored to have led the charge in the creation of the Maine Credit Union League Insurance Trust. This would not have been possible without the amazing cooperative spirit of the Maine credit union movement; we are truly better together when it comes to health insurance. I believe it’s vitally important that we take care of our credit union employees and their families, so that the credit unions’ employees can best take care of their members and their communities. We are proud knowing this program will continue to help credit unions and their employees for years to come.” – Kim Daigle President & CEO, Insurance Trust About Insurance Trust Insurance Trust was founded in 1963 by Maine Credit Unions to provide insurance solutions for their members. For over 50 years, Insurance Trust has been the premier provider of insurance and loan protection products throughout the Northern New England credit union community. Visit www.insurancetrust.us for more information. About Maine Credit Union League The Maine Credit Union League is a nonprofit, professional trade association that exists to serve Maine’s credit unions. Founded in 1938, the League is committed to helping credit unions succeed, and improve the financial lives of their members. For more information please contact: Seth McClellan Marketing Director 2 Ledgeview Drive, Westbrook, ME 04092 Office: 207-887-8255...
read moreInsurance and Financial Checklist for Soon-to-be and New Parents
By Elizabeth Ingram (who just added child #2) Vice President – Operations Insurance Trust Finding out you are having a kid, even if planned, is overwhelming. What do you need to have on hand or want? When do you start to prep & who do you turn to for advice? Your family & friends will probably be able to give you tons of advice on where to register & their favorite diaper brands or tricks (& there’s something to learn every time as I’ve recently discovered thanks to my coworker & mom of 3, Heather Baird, who is also our benefits Account Manager). However, there are also a bunch of long-term items that you need to be on top of to take care of your growing family. Before Baby Arrives Start looking for childcare ASAP if one parent isn’t planning to stay home. A lot of childcare centers have long waiting lists for babies or don’t accept them until 6-12 months. Also, this is going to have a major impact on your budget & the sooner you know how much you’ll be shelling out each week, the sooner you can plan. Ask friends, family, & coworkers with young kids for advice or check out https://www.maine.gov/dhhs/ocfs/ec/occhs/child-care.html in Maine. Find a pediatrician around the middle of your pregnancy. Your primary care doctor may also care for kids, but if they don’t, ask for a recommendation. If you don’t have a primary care doctor, or don’t feel comfortable with their advice, crowdsource & then meet the pediatrician to make sure you feel comfortable with them (think of it as an interview). You’ll also want to make sure the doctor is in-network for the medical coverage that will be covering the baby as it will save you some major money on those first-year vaccines. Check in with HR (human resources) if you are working (both parents need to do this) to find out what your Family Medical Leave (HR) eligibility is. On the federal level, FML applies to groups with 50+ employees (https://www.dol.gov/whd/fmla/), and in Maine, a more limited FML applies to groups with 15+ employees (http://www.mainelegislature.org/legis/statutes/26/title26sec844.html). Your eligibility depends on how long you have been with the company and how many hours you work. You will also want to ask whether leave needs to be taken as a block or can be taken intermittently. Also, ask HR if you are eligible for any paid leave and confirm what you have for sick and vacation time. Pregnant moms will also want to confirm with HR if they have short term disability (STD) coverage. STD can be an employer paid benefit or a voluntary benefit that you pay premiums for; you might have neither or both. If you have coverage, check what the waiting period after birth (or being taken off work by your doctor) is as well as how long it lasts (generally 6 weeks) and how much of your income it replaces. You won’t be receiving your full paycheck while STD is being paid, so you’ll want to budget for this ahead of time. Before baby comes is also when you should start looking into life insurance if you don’t already have it & deciding who you want to have guardianship of your children in the case of your death. More...
read moreInsurance Trust 56th Annual Meeting & Silent Auction for Special Olympics Maine
Insurance Trust is pleased to announce its 56th annual meeting that will take place at 2:00 pm on Friday, April 26, 2019, at the Italian Heritage Center in Portland, ME. Join us as we celebrate more than half a century of service to the Maine credit union community. During our meeting, each Trust committee chair will report on their committee’s accomplishments during the previous year. You will also be brought up-to-date on the financial condition of Insurance Trust. There will be 1 Trustee-at-large position open and will be voted on at the annual meeting. There are also 3 Credit Union Chapter Trustee’s up for election. Trustee terms are for three years and we are currently accepting nominations for Trustee-at-large. As part of our meeting each year, the Insurance Trust Social Responsibility Committee will be recognizing our credit union partners for their generous efforts and contributions to Special Olympics Maine. We will also present the annual Sandra A. Doucette award to an individual for outstanding service, volunteerism and support of Special Olympics Maine. Join us for a reception directly following our meeting with complimentary fare and refreshments. Silent Auction for Special Olympics Maine This year, Insurance Trust will be holding our Third Annual Silent Auction with all proceeds to support Special Olympics Maine. If your credit union would like to donate an item for the auction, please let us know! Contact Us for More Info To register as a delegate/alternate or guest at the Insurance Trust 56th Annual Meeting, please contact Barbara Christy at bchristy@insurancetrust.us or complete the contact form below. Contact Form Name* First Last Email* PhoneWhat would you like to learn more...
read more2019 Management and Lending Roundtable – Register Now
Set the Course for Success at your Credit Union 2019 Management and Lending Roundtable with Chris Maynard and Mike Higgins May 6-8, 2019 Hollywood Hotel & Casino | Bangor, ME VIEW REGISTRATION INFORMATION Join us for a dynamic Management and Lending Roundtable presented by credit union industry speakers, Chris Maynard and Mike Higgins. Insurance Trust University is pleased to host this all-new event for 2019. Days 1 and 2 (Designed for CEOs and Management) Chris Maynard will explore the following management focused topics, and more: How to build and retain high-performance teams How to drive results throughout the organization How to turn your Call Center into a Loan Center How to grow ancillary product sales and non-interest income Day 2 Afternoon Session (Designed for CEOs and Management) Mike Higgins will provide real-world examples of how credit unions successfully manage and compensate for performance. We will review the process for developing a reward pool that benefits the credit union, its members and its employees. The session will explore how organization-wide objectives can be broken down into department and individual scorecards.Day 3 Lending Roundtable (Designed for Officers, MSRs) Chris Maynard will explore the following lending focused topics and more: Referrals and Sales through Advocacy. Key strategies to improve your member’s credit score and close more loans The 4 C’s of Lending. It’s so much more than Credit Score and DTI How to take a conversational loan application using PPC’s 4 Step Loan Detector Click the button below to view registration information REGISTER NOW...
read more