What’s the Difference Between an HSA and an HRA?
 An HSA – a “healthcare savings account†- is medical and retirement planning savings account that can be used on a tax-advantaged basis. HSAs were created in Medicare Modernization legislation passed in December 2003. To be eligible for an HSA, a consumer must be covered by a high deductible health plan (HDHP).
By contrast, an HRA - a “healthcare reimbursement account†is an account maintained by an employer to be used to reimburse employees for qualified medical expenses. HSA accounts must be funded before they’re used, but HRAs don’t need to be. Using an HRA, an employer can simply pay the medical expenses as they’re incurred.
HSA accounts belong to the individual employees and are fully portable; in other words, employees can take the accounts with them if they leave an employer. HRA accounts belong to the employer. Each employee gets an annual allocation of dollars and unused funds roll over from year to year as long as the employee continues in good standing. Typically, an employee forfeits the money in an HRA account if they leave the employer.
An HSA can be funded by either the employer or the employee (or, often: both). An HRA may only be funded by the employer.
All qualified contributions into an HSA are tax-free. If the employer contributes, then such contributions aren’t treated as part of the employee’s income, and are therefore tax-advantaged. If the employees makes contributions, these can be deducted from the employee’s income when tax returns are filed.
Here’s the best part: not only are deposits into HSAs tax-free… so are withdrawals. Any distribution from an HSA for qualified medical expenses is tax-free. HSAs are typically managed much like an IRA: that is, there are a variety of investment vehicles that the consumer can put his or her money into, so that it might compound and grow while it’s waiting to be used for medical needs. The specific investments available to a consumer vary depending on the company offering the HSA. As we said before, like an IRA a HSA belongs to the individual and is portable.
Consumers can make withdrawals from HSAs for non-medical purposes after the age of 65 but the withdrawals (aka “distributionsâ€Â) are treated as income and taxed accordingly. Distributions for non-medical purposes made before the age of 65 are treated as an early distribution and subject to an early withdrawal penalty of 10% plus regular income tax.
Health Care Eligibility For Unauthorized Migrants - Moral & Practical Implications
 Various organizations and government officials have cited estimates for the number of illegal immigrants at between eight and twenty million. With rising health care costs as a major issue for most Americans, this article considers the moral and practical issues of providing medical care for uninsured immigrants.
According to a research report entitled “The Size and Characteristics of the Unauthorized Migrant Population in the U.S.†{© [2006] Pew Hispanic Center, a Pew Research Center Project}, there are an estimated 11.5 to 12 million unauthorized migrants currently residing within The United States. The report was based on Census 2000 data, as well as the Current Population Survey of March 2005, and the monthly Current Population Surveys through January of 2006. The Pew Hispanic Center uses the term: ‘Unauthorized Migrants’. This term refers to persons residing in The United States who are not U.S. citizens, have not been admitted for permanent residence, and do not have specific authorized temporary status that permits extended residence and work within the United States.
The Pew Hispanic Center report found that the unauthorized population consisted of 5.4 million adult males, 3.9 million adult females, and 1.8 million children. Adult males are in the majority, making up 58% of the unauthorized adult migrants, while females account for 42%.
When discussing the percentage of unauthorized migrants, it is important to consider their labor force participation. Thirty-one percent of unauthorized migrants are employed in service industry jobs, while only sixteen percent of natives work in service. Native workers make up the great majority of white-collar jobs, while unauthorized migrants are underrepresented. Certain occupations have proportionately high concentrations of unauthorized migrant workers: Farming (24%), Cleaning (17%), Construction (14%), Food Preparation (12%), Production (9%), and Transport (7%). This is relevant to the issue of health insurance because the cited industries do not typically provide health insurance coverage.
Construction Insurance
Construction sites are inherently dangerous places. This is why construction insurance is an important policy to have if you own, run or manage a construction site. Also known as Builders Risk Insurance, construction insurance provides safeguards for you as an employer against your construction workers being injured on site. Construction insurance does not exempt you from maintain a safe workplace. Usually, construction insurance policies only pay out if a strict set of health and safety guidelines are followed.
Construction insurance also covers materials and machinery on the construction site in the event of an accident, fire or theft. Due to the high cost of building materials in the current economic climate, the theft of building materials is getting more commonplace and gives a good reason why you should opt for construction insurance.
Who needs construction insurance?
Construction insurance is an essential purchase for any builder, contractor, and construction company or construction manager. Considering the fickle nature of the construction industry, insurance can be comprehensive and cover a multitude of possible problems. The cost of solving these problems is normally many times the cost of the insurance premium. This is why construction insurance is an essential part of a construction budget.
What typically does a construction insurance policy cover?
Even on a very basic level, construction insurance covers all construction equipment and property in the case of accidental damage, theft and weather. For the workers on the construction site, full liability covering medical and legal costs and subsequent workers compensation is also covered. Regardless of the size of your project and the number of people on your team, you can have piece of mind by have a complete construction insurance package.
What typically does a construction insurance policy not cover?
The transportation of building materials from warehouse to building site is not normally covered but some of the better insurers are now covering this as standard. Construction insurance does not cover any extra costs incurred due to delayed completion of the project regardless of the reason for delay.
Additional insurance products that policy holders might need in this area
Construction insurance insures the property until it is built but does not cover subsequent problems the building may experience due to errors in workmanship. If you want total security surrounding any construction you are liable for, then you should take out professional indemnity insurance in the event you need to fix the property or the problems with the property have caused any injuries.
Additional coverage for a construction insurance policy
In construction, there are numerous contractors that will enter your construction site. How do you know how many are on your site at any time and are they the same contractors working from day to day? A standard policy may only cover your immediate workforce and specific contractors. Ensure your policy covers all the people who potential enter your construction site.
What will construction insurance typically cost?
Construction insurance is usually a percentage of your total construction budget. The size of the percentage is wholly dependant to the scope of the project at hand. You may find that a small house may be around 1% of your total cover whereas a high rise block may be over 5%. The exact percentages are then determined by the level of coverage required and the insurer you choose to go with.
Farmer Insurance
Owning, running and managing a farm is a risky business. There are so many issues that could arise in farming from loss of crops to loss of livestock, damage to buildings and equipment, liability insurance, loss of earnings through weather, that no standard insurance policy can cover a farm adequately. This is why farmers require farmer insurance.
Farmer insurance takes into account the difference in each farm and the needs of each farmer and provides a comprehensive policy that allows a farm to operate efficiently without having to divert much needed funds to repairs, medical costs or legal costs. Crop farms, river farming, ranches and any other style of farm can receive farmer insurance.
Who needs farmer insurance?
Unsurprisingly, farmers need farmer insurance. Any primary industry professional that owns land that relies on income from crops and livestock can be covered by farmer insurance. An entire year’s production can be devastated by one single event. This is why all farmers need farmer insurance.
What typically does a farmer insurance policy cover?
A standard farmer insurance policy is normally very comprehensive. Liability and medical expenses from any incident that arises from the farm is covered. This covers all your employees as well as any visitors or contractors to your farm. Theft of property and property damage caused by fire, adverse weather and vandalism is covered. Property generally includes any farm buildings, equipment and crops.
What typically does a farmer insurance policy not cover?
You will need extended coverage for certain events as a basic farmer insurance plan typically does not cover, damage to personal property of any employee working on the farm; loss of crops or livestock through accidents or damage caused by other animals; and damage to crops that have not been sprayed by insecticide are rarely covered. In farming there are so many eventualities that may occur you should check with your insurer if you are covered for events that are common to your particular farm.
Additional insurance products that policy holders might need in this area
As farms are very particular operations, other basic insurance policies are normally voided in the context of a farm. Standard home, contents, even health policies are inadequate for farmers as farmers fall into a much higher risk category than the average citizen. If you require further coverage, look for it within your farmer insurance policy and not through an additional policy.
Additional coverage for a farmer insurance policy
Even though a standard farm insurance policy is quite comprehensive you need to see what exclusions exist. These exclusions can end up costing you a lot of money. You may find that farm equipment is covered but specific items such as guns, vehicles above a certain value and custom farming equipment are not covered. Ask for additional coverage in areas you know you are lacking if you want full piece of mind.
What will farmer insurance typically cost?
Farmer insurance is usually a percentage of your total insured cover. The size of the percentage is wholly dependant on the risk factors the insurance company believes to be true for your farmer. Typically, farmer insurance can demand a premium of up to 7% of the total cover. The exact percentages are determined by the exact level of coverage and the insurer you choose to go with. Some premiums can be vastly reduced if you have taken steps to minimize the insurance companies exposure or have a risk management plan in place.
Entertainment Insurance
There are different branches of entertainment insurance. As a producer of entertainment you may want to protect yourself and your budget against a multitude of events that could occur. You want your cast to be able to appear, you want all your equipment to work, you want the sets and wardrobe to be protected from damage; you basically want everything to run smoothly. Entertainment insurance protects you, as the producer, from all these things.
Entertainment insurance also protects you from the public. You may have a claim against you that states that you have infringed copyright or accidentally made libelous remarks in your entertainment. A member of the public may be injured at a special launch event you are running or live event you have organized. Entertainment insurance can cover you, and that’s good as some lawsuits in this industry run into the millions.
Who needs entertainment insurance?
Any producer, contractor or entertainment event organizer should cover themselves with entertainment insurance before they embark on any project. Considering the fickle nature of the entertainment industry, insurance can be comprehensive and cover a multitude of possible problems. The cost of solving these problems is normally many times the cost of the insurance premium. This is why entertainment insurance is an essential part of a media budget.
What typically does an entertainment insurance policy cover?
Entertainment insurance is much like other workplace insurance policies in that it covers basic liability, covers all workplace equipment (including film) from damage, loss, fire and theft. You are usually covered for any kind of worker’s compensation in the event of injury to an onsite employee or contractor.
You can also be insured against the illness and injury of cast members that are critical to the continuing production of your project. Insurance will normally cover the running cost of the production until the cast member can return to finish the production. Essentially, the insurance company acts as a guarantor for the smooth running of the production.
What typically does an entertainment insurance policy not cover?
Delayed production because of weather is not normally covered unless you have a weather clause built into your policy. A pre-existing issue with a venue or production member will also void the insurance policy.
Additional insurance products that policy holders might need in this area
Entertainment insurance is a niche insurance product that covers the majority of potential issues that can arise during an entertainment event. The only insurance products that you would need to give you extra cover would be extra public liability insurance in the event of numerous people being affecting by an issue or weather insurance if you are holding a one-off public event.
Additional coverage for an entertainment insurance policy
If your entertainment project last longer than one month, or is ongoing, you will need to specify this to your insurer. Many policies assume that the project is short-term with a predetermined end date. If you over-run on production you will have to check to see if you are covered for this period. You will need to apply for additional coverage in this area
What will entertainment insurance typically cost?
Entertainment insurance is usually a percentage of your total production budget. The size of the percentage is wholly dependant to the scope of the project at hand. You may find that a small audio project may be around 1% of your total cover whereas a film production event may be over 5%. The exact percentages are then determined by the level of coverage required and the insurer you choose to go with.
Contractor Insurance
An increasing number of people in the workforce are contractors. If as a business owner you use contractors you have to ensure that they have contractors insurance in the event of damage or injury caused by them on your property. As a contractor you would need contractor insurance to protect yourself from claims made against you directly and any legal costs incurred even if you are wrongfully sued.
Who needs contractor insurance?
Contractor insurance is absolutely essential to anyone who contracts their services to other companies. Those companies are far more likely to use you if you have a contractor insurance policy in place to protect them from any issues. Contractor insurance cover is mandatory if you want to contract to a governmental organization on a federal, state or even city level. With contractor insurance you have no chance of being asked to supply services to government.
You basically have a responsibility over the work you provide to your client and contractors insurance protects you and them from and resulting issues.
What typically does a contractor insurance policy cover?
Contractor insurance generally has three parts to it, a schedule to cover you, a schedule to cover the company or person you are contracted to and a schedule to cover any member of the public affected directly by your work as a contractor. In each of the categories, you should full protection against accidental damage caused to equipment and property and full liability protection covering medical, legal and compensation costs.
What typically does a contractor insurance policy not cover?
Contractor insurance typically will not cover negligent acts or errors that are deliberate. Nor will they provide extended cover if you demonstrate a pattern of consistent, negligent behavior. Other than those two major exclusions, contractor insurance is typically very comprehensive as it gives you and the company that has offered you the contract, a safety net that otherwise would not be available.
Additional insurance products that policy holders might need in this area
Contractors insurance is largely made up of public liability and professional indemnity elements. It also covers equipment and property to a large degree. If you want extra coverage in these areas as you know the amount of business you will turnover in a year is high then you can apply for separate cover to protect you to a greater degree.
Additional coverage for a contractor insurance policy
As contractors work may be used many years after the contractor has completed the work, contractor insurance may only come into play many years after a contract is completed. Because of this ensure you are still covered for liability even after you retire as you want to be covered in the event of any subsequent legal action. This may take the form of a ‘run-off’ insurance policy or an extension of the liability clause to your contractors insurance.
What will contractor insurance typically cost?
Contractors insurance is essentially a hybrid of professional indemnity insurance and public liability insurance. The amount you have to pay for a policy is usually determined by a percentage of your company’s turnover and the amount of cover required. The size of the percentage is then dependant on your industry and the likelihood your company will be taken to court and the insurer you choose to go with. Contractors insurance rates range from 0.5% to 1% of your total cover.
Funeral Insurance
Funeral insurance is becoming an increasingly popular form of cover to take out. For the nominal amount every month you can have the cost of organizing your funeral taken care of. This is seen as good way of handling the event of bereavement since death is an emotional event and the organization of a funeral can be a strain to all involved. Funeral insurance can take care of all the fine detail of your funeral. The cask, the flowers, the service and every aspect in between is covered by funeral insurance. Funerals have been increasing in cost in the past decade with the average funeral going up by 90% in that time.
Who needs funeral insurance?
Funerals are an inevitable event and there are two schools of thought, you’ll be dead so you don’t have to worry about it or you want to make the event as easy as possible for your loved ones. A life insurance policy is a payout in the event of death and the money from that can be used on funeral expenses, however, many people choose get a separate policy specifically for the funeral as you will have preplanned and prepaid your funeral. In essence, anyone can have funeral insurance but if you need funeral insurance is completely up to you.
What typically does a funeral insurance policy cover?
Funeral insurance can be as detailed or as basic as you like. A basic burial policy will only cover the basic costs of a funeral such as a casket, however, may not include a service, flowers, car transportation or any of those smaller details that you wouldn’t have considered.
Any policy above a basic policy will cover all the above items and also include essentials like embalming, labor for all the people in the funeral process and the plot of used in the event of burial.
What typically does a funeral insurance policy not cover?
A funeral insurance policy is a tailored document that specifies to the exact funeral you want. There are no general exclusions with funeral insurance. There are many extras that you can request to be added. .
Additional insurance products that policy holders might need in this area
Funeral insurance only covers the costs associated with the funerals. If there are other financial matters you need covered then a life insurance policy should be taken out.
Additional coverage for a funeral insurance policy
The list of possible inclusions is vast and you can be as elaborate as you wish with your funeral insurance policy. You can get any extra you wish for your funeral as ultimately you will pay for it in its entirety.
What will funeral insurance typically cost?
A funeral insurance policy is not an assessment based on risk. It is a certain event that you want covered. You don’t pay a premium to cover the chance of the funeral. You know and the insurance company knows that the funeral is going to happen so you basically prepay it. The amount you prepay reflects the cost of the funeral you choose to have. This will cost thousands of dollars. However, many thousand is up to you.
Golf Cart Insurance
Golf cart insurance is necessary if you own a gold cart but getting your hands on it can be difficult. Golf carts are an accepted form of transport on private land and in some gated communities. There are some island resorts around the world where golf cart is the only form of transportation. Of course, you’ll find them on the golf course too. So, golf carts seem to exist well enough but the insurance doesn’t. Golf carts are excluded by traditional vehicle insurance policies. They are not eligible to form a part of a contents policy either. Golf carts cost money and need to be insured so how do you go about doing that?
Golf cart insurance exists but is still uncommon with your easiest avenue of finding a suitable provider being a specialist sports insurer.
Who needs this insurance?
Any person who owns a golf cart must get this insurance. You wouldn’t drive a car without insurance because it would leave you vulnerable to legal and medical costs in the result of an accident. The same is true of golf carts. It is absolutely necessary for you to have the correct insurance to make sure you are protected. The cost of insurance is slight compared to the cost of not having it.
If you want to use your golf cart at any golf course you are required to bring your insurance paperwork before you will be allowed to.
What typically does this insurance policy cover?
Golf cart insurance covers the vehicle for accidental damage caused by collision, adverse weather, fire and theft. The cart will be insured at a number of places that the insurer would approve the unrestricted use of a golf cart (eg golf courses, country clubs and gated communities)
Golf cart insurance also protects you from any medical costs or legal costs derived from a claim made by a third party.
What typically does this insurance policy not cover?
You are typically not covered for theft of personal belongings that don’t constitute golfing equipment with standard golf cart insurance. You are also not covered for any damage to the golf cart and are not protected from liability if you drive your golf cart on an open road not designated purely for golf cart use.
Additional insurance products that policy holders might need in this area
It is possible to get a golf insurance policy instead of a golf cart insurance policy if you want more comprehensive coverage. Golf insurance covers liability in the case of injury to another person caused by a golf ball, golf club, golf swing or golf cart. Golfers are liable for any shots that could cause injury. Golf insurance even covers you for a round of drinks at the bar in the event of a hole-in-one.
In addition, golf insurance will cover your golf cart and all golfing equipment (including trophies) against theft, fire, damage and loss. In most cases it is wiser to opt for full golf insurance over a specialist golf cart policy.
Additional coverage for a golf cart insurance policy
Golf cart insurance is fairly standard with very few additions available. As stated just before the best addition you can get to your policy is to also apply for general golf insurance as that will also cover you while you are playing golf and not just when you are driving your cart.
What will this typically cost?
Golf cart insurance is cheap, we have found instances below $60, but others are around the $250 mark. The cover you receive is comprehensive and given the cost of the game including green fees, club membership and equipment, golf cart insurance is a small price to pay.
Bicycle Insurance
Bicycles are covered in a broad sense by home contents insurance as it is a low cost personal item. However, there are limitations to relying on this coverage. As an example, if your bicycle is stolen away from your property you may not be able to claim the full amount. If your bicycle is involved in a road accident it is also not covered and you also have no liability insurance either. Bicycle insurance is critical to ensure you are fully protected.
Who needs bicycle insurance?
Anyone who owns a bicycle should obtain bicycle insurance of some description. The main reason for this is that there is a good chance your bicycle may be stolen or damaged in the time that you own it. With an average of 200,000 bicycles stolen per year the odds are not in your favor. Even with advanced cycle locks, wheels are often stolen, as are saddles, brakes or any other part you can imagine. Home contents insurance will only cover you so far; bicycle insurance will give you piece of mind.
What typically does a bicycle insurance policy cover?
Bicycle insurance generally covers theft, accidental damage and vandalism. For newer bicycles you will usually get a new bicycle as a replacement. With older bicycles you are likely to get and an equivalent used bicycle of the same value. In the event of theft you should also be able to claim back costs of locks, accessories, and a limited number of modifications.
What typically does a bicycle insurance policy not cover?
Professional racing bicycles are often of high value and often get damaged because of the amount of use they get. These bicycles are typically not covered as standard. To get that level of cover you would need to pay a much higher premium.
Bicycle insurance does not always include personal liability insurance in the event of an accident so you should double check this part of your policy.
Additional insurance products that policy holders might need in this area
As stated earlier, your bicycles are covered to a degree by your home contents insurance so if you do not have one of those policies, consider getting one to cover your bicycle, and for that matter, all of your personal possessions.
If you are riding your bicycle only while you are on holiday then travel insurance will also give you a good degree of cover. This will also cover you for any medical, legal and compensation costs in the event of an accident.
Additional coverage for a bicycle insurance policy
In the event of an accident with an automobile, you are normally covered the car’s liability insurance. If you run into a pedestrian, however, you are liable and not all bicycle insurance includes personal liability insurance.
What will bicycle insurance typically cost?
Bicycle insurance is quite expensive relative to the cost of the item you are insuring but does differ massively between insurers. Some insurers have been known to discount bicycle insurance to a huge degree if you also opt for an additional home insurance policy. Typically, bicycle insurance amounts to around 10% of the value of the bicycle you are insuring. This amount can go down depending on your zip code and the age of your bicycle.
Caravan Insurance
To many, owning a caravan offers them freedom never before experienced. A chance to travel on the open road and visit new places with all the creature comforts from home. A caravan is a significant monetary and emotional investment that people make and it needs to be protected. Caravan insurance can offer that protection.
Who needs caravan insurance?
Anyone who owns a caravan and plans to use it. You could use your caravan every week or once a year, it doesn’t matter. Damage could occur to your caravan at any time. Comprehensive caravan insurance protects your caravan even when it is parked at home so you have complete piece of mind. The cost of caravan insurance is miniscule compared to the cost of repairing or replacing it.
What typically does a caravan insurance policy cover?
Most caravan insurance policies cover accidental damage to the caravan, and its contents, caused by a collision, adverse weather or burglary. If damage is significant to the caravan an equitable caravan is normally provided. You also should have limited medical coverage if you are injured whilst in your caravan.
Caravan insurance also includes liability insurance should a third party’s property be damaged by your caravan. You should also be covered for medical and legal costs in the event of injury or death to a third party.
You will also be covered if your caravan is to be kept permanently on a site, like a caravan park, though you should tell your insurer this so they are made aware.
What typically does a caravan insurance policy not cover?
If the damage to your caravan prohibits you from using your caravan you will not be compensating for accommodation costs unless you choose it as an extra.
Damage to awnings and external fittings to a caravan are not normally covered unless the caravan was damaged at the same time.
Caravans are usually only covered if they are in their original condition and used for caravanning. If you have converted your caravan for business purposes, or the caravan has been largely modified or is used as a permanent dwelling then you will not be covered by a standard caravan insurance plan.
Additional insurance products that policy holders might need in this area
The cover you receive for the contents of your caravan will be limited. Usually, the amount of cover the caravan insurer offers for the contents in adequate. You can usually extend your cover by checking to see if your home contents insurance covers the contents of your caravan.
Caravan usage is normally linked to travel and holidays. It is wise to take out travel insurance even for short caravan journeys are the list of inclusions is far more comprehensive than with caravan insurance alone.
Additional coverage for a caravan insurance policy
Caravans are often used far away from home but normally you will not get your caravan towed home if you are more than 100 miles away. In the event of a breakdown, you will want some kind of piece of mind and this extra coverage is necessary.
What will caravan insurance typically cost?
Caravan insurance is determined by the value of the caravan you would like insured, the amount of cover you need and the location the caravan will be permanently garaged. You could pay around 2% of the value of your caravan per year as insurance but can vary massively between states and insurers and policies.