Presented by Allen Insurance and Financial
Although there is a vast amount of technology available that is designed to safeguard your devices and personal information, that information is still vulnerable to cyber criminals and identity thieves. In fact, security breaches are not always due to a weakness in technology control. Sometimes, they are the result of the action or inaction of the user—you! Therefore, you are one of the best lines of defense against cyber crime.
October was National Cyber Security Awareness Month. It’s still the perfect time to implement the following information security best practices to do your part in keeping your personal information safe and secure.
1) Build strong passwords
It’s important to create strong passwords for all of your online accounts. But what exactly does this mean? A strong password:
• Contains both uppercase and lowercase characters, as well as digits and punctuation
• Is at least eight characters long
• Is not a word in any language, slang, dialect, or jargon
• Is not based on personal information, names of family members, and so on
A good rule of thumb is that passwords should be hard to guess but easy to remember.
2) Use multifactor authentication
A user ID and strong password alone are not sufficient protections for securing web accounts. Multifactor authentication—one of the simplest and most effective ways to secure your data—adds an extra layer of protection. With multifactor authentication, users must provide two forms of identification in order to log in to a site.
Here’s how it works: After a user enters a user ID and password, the website will send a passcode to the user’s mobile device. He or she must then enter this code on the site, ensuring that only that individual can sign into the account.
3) Be suspicious of unsolicited e-mail
Be wary of any e-mails that convey a sense of doom and gloom (e.g., threatening to close an account) or that claim immediate action is required. Grammar mistakes, spelling errors, and generic salutations are also red flags. Perhaps most important, scrutinize those e-mails that contain links and attachments from sources you don’t know (and, unfortunately, even from sources you do know). It’s quite easy for cyber criminals to craft a legitimate-looking e-mail in the hopes that you’ll be fooled into thinking it came from a company you do business with or from a friend. To protect yourself from this scenario, don’t hesitate to verify: Call the source directly to authenticate from whom it was sent it; if it came from a company you know, go to the company website directly to log in.
4) Protect your mobile devices
Outdated software can leave your mobile devices open to security vulnerabilities. By keeping your apps and mobile operating system software up to date, you can mitigate the risk of a cyber criminal exploiting a hole in your system. Most devices simplify this process for you by offering automatic update options for apps, as well as notification systems that let you know as soon as an operating system update is available. It’s your job to take care of these updates immediately!
Another mobile device necessity is to do your homework, making sure the apps you’re downloading are from a reputable company (e.g., by checking their ratings and comments). Be sure you know what the app does and what information it’s going to access on your mobile device.
5) Engage in safe web browsing
Keeping your browser up to date is critical in preventing malware. Just like apps and your operating system, an out-of-date browser can open up security gaps that cyber criminals will take advantage of. Be alert to pop-ups and advertisements: Both could be spyware used to plant tracking cookies on your machine, which can steal your information, direct you to bogus phishing sites, and pummel you with pop-ups.
When transmitting personally identifiable or payment information, you can ensure that you are on a secure site by checking for the “https://” before the “www.whateversite.com.” When on public Wi-Fi networks, consider connecting through a personal virtual private network (VPN) and disable auto-connect; this way, your device won’t automatically connect to found public networks.
6) Stay vigilant
Although advanced technology today is certainly a safeguard and buffer to keep cyber criminals at bay, it’s critical to remember that you are in the first line of defense to keeping your data safe and secure.
For more tips and tricks to stay safe online, visit the National Cyber Security Alliance at www.staysafeonline.org.
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Allen Insurance and Financial offers securities and advisory services as Investment Adviser Representatives of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.
A Glossary of Terms for Health Insurance Open Enrollment
Open enrollment is the time of year when consumers can make changes to their benefits selections. Unfamiliar terms can make this process confusing. We invite everyone to download this handy reference sheet to help in the navigation of benefits options.
For example:
Coinsurance:
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- The amount or percentage that you pay for certain covered health care services under your health plan. This is typically the amount paid after a deductible is met, and can vary based on the plan design.
Deductible:
- A specific dollar amount you pay out of pocket before benefits are available through a health plan. Under some plans, the deductible is waived for certain services.
Click here for a PDF with many more definitions. (PDF to print and save, new window)
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Individual Health Insurance Open Enrollment Starts Nov. 1
Starting Nov. 1, consumers can fill out or update a Health Insurance Marketplace application to enroll, renew, or change plans.
The assistance of an independent insurance advisor, such as those at Allen Insurance and Financial, doesn’t cost the consumer anything additional. And working with Allen Insurance and Financial means that when it comes to claims issues or questions during the plan year, an Allen advisor will be available to answer those questions.
According to Dan Wyman, manager of the insured benefits division at Allen Insurance and Financial, an independent advisor can help explain basic health insurance terminology and can help a consumer calculate the impact of out-of-pocket costs, premiums and deductibles. Wyman notes that it is this kind of assistance that can make an important difference in helping to determine the level of health insurance plan a consumer can afford, with or without a subsidy from the government.
Said Wyman: “Our staff specializes in health insurance. We can explain the differences in plans, right down to the smallest of details. We work with businesses, families and individuals every day to help them pick the insurance plans that best serve their needs.”
Call 855-710-5700 or start with information and an online form at AllenIF.com/healthcare.
Krissy Campbell Earns CIC Designation
Krissy Campbell, CIC, ACSR
The designation of Certified Insurance Counselor has been conferred upon Krissy Campbell, director of the special business unit at Allen Insurance and Financial.
Campbell earned the designation through a series of rigorous written exams focusing on all major fields of insurance, agency operations and insurance management. The professional dedication and commitment represented by this achievement sets the standard within the insurance industry.
As director of the special business unit, Campbell works with a wide variety of small businesses which make up the heart of the Maine economy.
“Krissy’s emphasis on professional development continues to set a great example for her colleagues and shows her deep commitment to making sure they receive her best possible insurance counseling,” said Mike Pierce, agency president.
Campbell, of Warren, joined Allen Insurance and Financial in 2005. She is based in Allen Insurance and Financial’s Elm Street office in Camden. adsense ban
Maine Community Health Options Policy Holders to Receive Rebates
Community Health Options has announced that it will be issuing more than $3.3 million in Member premium rebates to individuals and families who were policyholders in 2014. This rebate is a result of solid financial performance by Community Health Options, the increased support of the federal transitional reinsurance program and the medical loss ratio (MLR) requirement, which is part of the Affordable Care Act (ACA).
Rebate amounts vary according to total premium paid by Members in the individual market in 2014. On the whole, the rebates for the 2014 plan year amount to 2.1% of total premiums paid for the year (less taxes and fees) and the average rebate across all Members is approximately $87. Rebates will be paid by Sept. 30, 2015.
“We are pleased to provide this return of premium back to Members,” said Kevin Lewis, CEO of Community Health Options. “The rebate is a measure of our success that allows us to pass through this substantial portion of the federal reinsurance program payments to directly benefit Community Health Options Members. We initially set our rates to allow Members to benefit from the reinsurance program support in the form of lower premiums. The increased aid of the reinsurance program has allowed us to provide the additional rebate.”
The federal reinsurance program is one of the mechanisms of the ACA designed to hold down premium pricing in the face of unknown risk due to the widespread entry into coverage of the previously uninsured. In simplest terms, the reinsurance program helps reduce exposure for qualified health plans against large and difficult-to-predict Member claims.
While the initial terms of the temporary reinsurance program were set in time for 2014 rate setting, the program has been modified twice since then, each time making it more generous.
The most recent change was introduced in June 2015 and increased the amount of coverage for qualified health plans from 80% to 100% for claims exposure between $45,000 and $250,000.
This boost in reinsurance funds to all qualified health plan issuers altered the medical loss ratios (MLR) by effectively removing the amount allocated to medical claims costs from the equation. This resulted in the unexpected but positive outcome of returning funds back to Members.
The ACA created premium stabilization programs intended to protect consumers during the initial years of the health care reform law’s implementation. The MLR is intended to ensure that 80% of premiums collected are used for medical claims and initiatives that improve the quality of care and no more than 20% of premiums collected are spent on administrative costs.
The MLR is influenced by three inter-related premium stabilization programs commonly referred to as the “3 R’s” or Reinsurance, Risk Corridors, and Risk Adjustment.
For more information on the 3Rs, visit: https://www.cms.gov/CCIIO/Resources/Fact-Sheets-and-FAQs/index.html#Premium Stabilization Programs.
About Community Health Options – Community Health Options (Health Options) is a non-profit, Member-led health plan providing comprehensive, Member-focused health insurance benefits for individuals, families, and businesses. Health Options is a Consumer Operated and Oriented Plan (CO-OP) licensed in Maine and New Hampshire that is dedicated to providing affordable, high-quality health benefits through productive partnerships with Members, businesses, and a broad network of providers. For more information about Health Options, visit the website: www.HealthOptions.org
September is National Preparedness Month
Floods are the most common and widespread of all natural disasters. Most communities in the United States can experience some degree of flooding after spring rains, heavy thunderstorms or winter snow thaws. Most floods develop slowly over a period of days. Flash floods, however, are like walls of water that develop in a matter of minutes. Flash floods can be caused by intense storms or a dam failure.
Your organization should have a written plan for responding to floods and flash floods. Use this PDF from our partners at The Hanover Insurance Group for guidance.
As Market Fears Grow, Stay Focused on the Long Term
One bad day doesn’t make a bear market. Two bad days, however, and the prospect of more to come, may well signal one.
Bear market is a scary term, and the past several days have certainly given investors cause for concern. Rather than spend time worrying, though, let’s try to understand what has happened and what it means for our long-term financial goals.
Markets decline worldwide, but U.S. fundamentals remain strong
At times like this, it’s worth reviewing where stock prices come from. The two components are earnings (how much companies are making per share) and valuations (how much investors are willing to pay for those earnings). Earnings evolve with the economy as a whole, whereas valuations are much more variable.
Asian markets, particularly China’s, are suffering from a double hit. Earnings growth has slowed substantially for many companies, making them worth less even if valuations remain constant. Valuations, however, have been dropping sharply as investors lose confidence in the economy and in future growth. This double whammy has slammed markets in China and around the world, and it may well continue.
In Europe, the turbulence in China has sapped confidence, but the damage has been mitigated by relatively strong fundamental economic and corporate performance. This shows that investors are still making rational distinctions between markets—a positive sign—and also allows for confidence to recover as fundamentals continue to improve.
Right now, with the exception of energy, the U.S. economy continues to grow at a reasonably healthy rate—better than European economies. Corporate earnings, which are based on the economy as a whole, are relatively strong outside of the energy sector. Even there, lackluster earnings are due to low oil prices, which actually help the rest of the economy. In any event, earnings are expected to increase over the next year.
Just as in Europe, any declines in U.S. markets will be based on what investors are willing to pay for a given stream of earnings, and valuations may well recover as confidence improves again.
A closer look at U.S. market valuations
The following chart from Yardeni Research shows how U.S. stocks have been valued with respect to expected earnings over the next 12 months, from before the financial crisis to now.
We can see that stocks were priced at around 15x earnings before the financial crisis, dropped to about 10x at the bottom of the crisis, subsequently recovered to around 12x–14x, and then moved to a higher range, over 14x, in 2014.
With forward earnings now at $127.72, the close on Friday, August 21, left us at a valuation of 15.4x earnings, in line with where stocks were in 2007, suggesting the market may have further to go on the downside. In the short term, this is upsetting, but we need to remember that, while valuations cycle between good and bad, earnings continue to grow. Note that valuations have cycled between 10x and almost 18x, and that they have recovered from extremely low levels.
Putting it all in perspective
When we consider where we are now, compared with where we have been, it’s important to make the following distinctions:
- In the financial crisis, the banking system was in jeopardy. Now it is far more solid, with much higher levels of capital and much lower exposure to risky areas.
- In the financial crisis, U.S. consumers and businesses had large stocks of debt and the housing sector was collapsing. Now, the housing market has normalized and household debt has come down substantially to a healthy level.
- Supportive economic factors are in place—namely, Federal Reserve policy and low oil prices, both of which continue to stimulate the economy.
- Combined, these facts suggest we’re unlikely to see the low market valuations that we saw in the financial crisis of 2008. Although we may experience further declines, they will be constrained by the much healthier economic and financial position the U.S. now finds itself in.A better comparison is probably to the Asian financial crisis. As that situation deepened in 1998, U.S. markets dropped substantially, only to recover shortly thereafter. The damage was real but short lived, as strong U.S. economic fundamentals supported markets and investors from other parts of the world moved capital into what they perceived as a safe haven.Given that the problem here in the U.S. is largely related to confidence, it’s logical to think that the market will recover as fundamentals continue to improve. We’ve gone several years without a significant decline, and the first was bound to be unsettling. In reality, though, the market’s foundations remain solid.
Taking the long-range view
Over the longer term, this type of adjustment is normal and healthy. Periodic downturns clear out market excesses and set the stage for further advances. To put the recent decline in context, the market is still up substantially over the past five years. And, although down over the past 12 months, it remains above the levels of October 2014, when it dropped and then fairly quickly recovered.
As always, the key is to remain focused on your long-term objectives rather than short-term fluctuations. As unsettling as recent market movements have been, the real economy continues to improve. That, not short-term price fluctuations, is what will determine the ultimate success of your investment process.
Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. All indices are unmanaged, and investors cannot invest directly in an index. Unlike investments, indices do not incur management fees, charges, or expenses. Past performance is no guarantee of future results.
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Authored by Brad McMillan, CFA®, CAIA, MAI, chief investment officer at Commonwealth Financial Network.
© 2015 Commonwealth Financial Network®
ACA Requires Most Employers to Send Annual Reports to Employees and the IRS
Beginning in 2016, the Affordable Care Act requires most employers and plan sponsors to send annual reports to employees and the Internal Revenue Service about their health coverage (or lack of it) under Sections 6055 and 6056 of the Internal Revenue Code.
Reports submitted in 2016 will reflect what took place in 2015 (from January to December). The reports will identify all individuals, including dependents, receiving health coverage and all full-time employees of applicable large employers (as defined by the ACA). The reports need to include social security numbers for individuals (employees and dependents) receiving health coverage.
For more information, visit the IRS website.
Important News for Customers of the Health Insurance Marketplace
Consumers receiving a tax credit or cost-sharing reduction for their health insurance purchased through the federal Marketplace need to be aware of important information tax reporting requirements under the Affordable Care Act.
In order to keep a Advanced Premium Tax Credit (APTC) or income-based cost sharing reduction (CSR), consumers must file Form 8962 as part of their federal tax returns.
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- If you have filed a 2014 income tax return with Form 8962, no action is needed.
- If you have not filed with Form 8962, you need to file your 2014 federal tax return and Form 8962 or you will lose your APTC or CSR beginning Jan. 1 (for the 2016 plan year)
- You will also need the Form 1095-A, which the Marketplace should have mailed to you earlier this year.
If you have questions, please refer to the Internal Revenue Service website — irs.gov/aca — or call the IRS at 800-829-0922 or speak with your tax advisor.
Golf Carts – Is Your Insurance Policy in Sync With Your Activities?
Golf carts are being used for transportation beyond the golf course. In addition, Segways, bicycles, scooters, 4-wheelers, Gators and other vehicles are growing in popularity. How well are you protected?
A traditional homeowner’s insurance policy may provide automatic liability protection for your watercraft, depending on its size and horsepower. Liability protection for ATVs, golf carts and other small, motorized vehicles may be limited to when the vehicle is being used on your property. At Allen Insurance and Financial, our licensed insurance professionals will consider all of the elements and advise you how to best protect your family and your assets.
You take care of the fun and safety – and we’ll help manage the risk.
Make sure your policy is in sync with your activities. Call today about separate small vehicle liability insurance – it’s quick and easy to get and you’ll be surprised how easily it can fit into your budget.
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