Insurance Department Helps Locate Missing Life Insurance Policies

If you suspect a deceased loved one has a life insurance policy that you cannot locate, there is a service through the Ohio Department of Insurance that can assist in identifying and locating the policy.  The Ohio Department of Insurance’s missing life policy search service is a comprehensive search service that assists Ohio residents, and the families of deceased Ohio residents, in locating lost insurance policies purchased in the state. The search identifies the existence of any life insurance policies or annuity contracts purchased in Ohio and issued on the life of, or owned by, a deceased person.

Since its implementation in September of 2009, the missing life policy search service has had 682 valid search requests, and have matched 442 polices with their rightful owners.  “This is a great program that works for the consumers of Ohio to help them locate life insurance dollars to which they are entitled,” Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor said in a release. “It’s great that Ohio’s life insurance companies are able to work together, along with the Ohio Department of Insurance, to perform this service. These numbers are amazing and we encourage Ohioans to continue to submit their search requests to the Department.”  

Executors, legal representatives, or members of the deceased person’s immediate family may file a search request with the Department.  To submit a request, visit www.insurance.ohio.gov   to print out the request form.  Have the form notarized, attach a copy of the certified death certificate, and mail it to the Department.

The Department forwards the search requests and supporting documentation to all Ohio-licensed life insurance companies within 25 business days of submission. If an insurance company has information about an in-force individual insurance policy on the life of the deceased person or an individual annuity contract where the deceased person is an annuitant, the insurer is required to take action to administer the policy and/or contract according to its terms.  If any money is to be paid to a beneficiary, the insurance company will contact the beneficiary directly. In this case, the company has 21 days to notify the consumer after contacting the Department.

Ohioans with questions about life insurance can call the Department's toll-free consumer hotline at 1-800-686-1526. A life insurance informational toolkit is also available on the Department's website at www.insurance.ohio.gov. The toolkit provides tip sheets, publications, and links to other helpful web sites.

ABC News Rountable Discusses Family Eldercare

This week, "ABC World News with Diane Sawyer" launches a special series, focusing on the sensitive issues surrounding eldercare. As part of the series, Sawyer hosted a roundtable on the subject with Virginia Morris, author of "How to Care for Aging Parents"; businesswoman Martha Stewart, who partnered with Mount Sinai to open an eldercare center in 2007; and noted geriatricians Neil Resnick and Marie A. Bernard.

The group discussed everything from driving to medication to the stress that's placed on caregivers.

You can watch each of the episodes, as well as read the accompanying articles here.

Share Your Pain Experience with the Institute of Medicine

The Committee on Advancing Pain Research, Care, and Education is calling on individuals that suffer from pain, and those professionals and individuals that provide services to or care for those who suffer from pain, to help committee members better understand what it is like to live with pain. This is a critical time to share your story, whether you are an individual with pain, family member, caregiver or health care provider. With the passage of the Pain Care Policy Act in 2010, Congress has commissioned the Institute of Medicine (IOM) to convene a committee to review pain research, care and education and explore ways to improve pain treatment in the United States.

Now is the time to tell your story and make your voice heard! Share your individual experiences with pain and how it affects your life, including:

• Barriers that have prevented you from receiving effective pain care,
• Stigmas you have endured as someone struggling with pain, and
• Experiences (positive and negative) you have had when seeking treatment.

Providers are also asked to submit information on:

• Groups that may be inadequately treated for pain, and
• Clinical experiences in providing pain care, particularly in the primary care setting.

Please submit your comments by February 8, 2011 to the committee here.

Next, share this article with your family members, friends, colleagues and health care providers and ask them to respond. Don’t forget to post this on your Facebook wall or send a tweet to your followers on Twitter.

The American Pain Foundation finally, invites those submitting comments to send copies of their letters to APF at media@painfoundation.org.

Low Cost Medicare Supplement Available in Ohio

A new low-cost Medicare Supplement insurance policy is now approved for sale to seniors in Ohio. The Ohio Department of Insurance has approved a very low-cost Medicare Supplement insurance plan for seniors and Ohio is among the first states in the nation to allow this supplemental insurance plan to be offered to its citizens. The State of Arizona, too, recently approved a policy for sale there.  The availability of this low-cost supplemental plan for Ohio seniors was announced by State Mutual Insurance Company of Rome, GA, and reported by Business Wire Inc.

State Mutual President and CEO, Dee Yancey III, characterize the policy as one of the lowest cost Medicare supplement insurance plans available anywhere in the nation.  State Mutual Insurance Company allows Medicare-age consumers to apply for the supplemental Medicare insurance policy online without having to talk with an insurance agent.

According to Business Wire, Inc., a quick random comparison of Medicare supplement policies available in a number of states shows that the State Mutual policy is generally the lowest-cost in most categories, and in some cases, costing less than half the price of the most expensive policies for the same coverage. 

The online program allows an interested customer to review and select a policy, see a price quote, submit an application, receive confirmation of coverage and receive his or her policy in a few minutes of online time. 

According to the company's website, the the low cost of the State Mutual Insurance Company policy is achieved by empowering the customer to go online for most, if not all, of the information and application phase of obtaining Medicare supplement insurance:

Our products are low-priced because we have eliminated much of the marketing costs by not having an agent come to your home.  We have reduced our operating expenses by making policy issuance and administration more efficient.  

The website promises the consumer:

• Low Premiums on All Plans.

• Anonymous Rate Quotes.

• No Waiting Periods.

• No Agent Calls.

• Online Approval and Immediate Policy Access.

It is welcome news that Ohio seniors are getting a lower cost alternative.  Of course, reliance on an online solution may not be in your best interest.  Medicare Supplement policies, are, however, fairly standardized, and comparison of policies is, as a result, easier than comparison of other types of insurance policies.    Nonetheless, if you have a trusted adviser, it merits discussion before blindly accepting online comparisons and representations.  

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