> Preferred Provider Organization (PPO) PPOs are comparable to indemnity plans, although they require subscribers to choose their health-care providers and health-care facilities from a preferred-provider list. Because the preferred providers have agreed to the plan's requirements, including discounted fees, subscribers have a financial incentive to stay within the network.
> Automobile If you own and operate commercial vehicles, you should make sure that your fleet is appropriately insured. If business use of a vehicle is minimal and limited to your personal vehicle, the necessary coverage can probably be included in your personal policy. Best bet: Check with your agent to be sure.
> Dependent Property This refers to a kind of business-interruption endorsement on a commercial policy that protects you from financial losses caused by problems somewhere other than your business. “Dependent property” is defined as property not owned, operated or controlled by you but on which you are dependent for normal business operations.
Rhode Island Insurance Advisors & Nationwide News:
COBRA Health Benefit Provisions
The landmark COBRA health benefit provisions became law in 1986. The law amends the Employee Retirement Income Security Act, the Internal Revenue Code and the Public Health Service Act to provide continuation of employer-sponsored group health coverage that otherwise might be terminated. The Centers for Medicare & Medicaid Services (CMS) has advisory jurisdiction for the COBRA law as it applies to state and local government (public sector) employers and their group health plans.
The COBRA law generally applies to group health plans maintained by employers with 20 or more employees in the prior year. The law does not, however, apply to plans sponsored by the governments of the District of Columbia or any territory or possession of the United States, certain church-related organizations or the federal government.
Individuals who work for a state or local government employer, and their dependents, should be aware of their rights regarding COBRA. A good starting point is reading your summary plan description (SPD) booklet, if a state or local government employer distributes an SPD to its employees. Most of the specific rules on COBRA rights may be found there or with the person who manages your health benefits plan.
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Did You Know?
Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer.
If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer's payments is reported as income. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you; the premiums are considered paid by your employer, and the disability benefits are fully taxable.
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Legal Disclaimers The information provided on Rhode Island Insurance Advisors.com is not intended to be insurance advice, but merely conveys
general information related to insurance issues commonly encountered.
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