September 2022
Is Your Insurance Keeping Pace with Increased Housing-Related Costs?
by Judith L. French, Director
We all know the recent stories around housing and the economy. Most home valuations have increased and building materials and labor costs are high. One of the byproducts of this means that homeowners could be underinsured leaving them responsible to pay potentially significant repair and rebuild expenses out of pocket.
As a matter of fact, a national APCIA/Harris Poll survey indicates that a majority of homeowners across the country have not taken steps to ensure their insurance coverage is keeping pace with marketplace changes.
Indeed, marketplace changes can be a reason to make insurance adjustments. Consumers should review their coverage amounts and features with an insurance agent while weighing the premium cost and out-of-pocket financial risk.
Different standard homeowners insurance products are available, including replacement cost policies that provide coverage to rebuild a home with comparable materials. Add-on features can provide more financial protection when it comes to inflation and increased materials and construction costs. Extended replacement cost coverage protects a certain amount above a policy’s dollar limit and there is not a cap with guaranteed replacement cost coverage to get a home back to its pre-damaged state.
Additional features that can be evaluated include inflation protection, building code/ordinance, and additional living expenses coverages.
Homeowners insurance experts from the Ohio Department of Insurance are available at 800-686-1526 and consumer.services@insurance.ohio.gov to answer any questions. Educational insurance information can be found on our website, www.insurance.ohio.gov.
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2023 Medicare Changes. Are You Ready?
Medicare's annual open enrollment period starts Oct. 15. This means if you're one of the more than two million Ohioans on the federal health insurance program, it's time to become familiar with changes for 2023 and review your healthcare needs, including preferred prescription drugs and doctors. So, when the plan options are announced, you're ready to pick one that's best for you and your budget.
Of course, all of this is easier said than done. That's why the Ohio Senior Health Insurance Information Program, the state's official Medicare educational, plan comparison, and enrollment assistance program is conducting free virtual and on-site Medicare Checkup events in communities across the state now and through open enrollment, which ends Dec. 7.
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ODI In the News: Beware of Medicare Scams During Open Enrollment
Medicare’s open enrollment period is just around the corner, and scammers are ready. Each year they are after the same thing: Personal data like Medicare numbers and bank account information.
The tactics the fraudsters use, however, can change from year to year, said Chris Reeg, director of the Ohio Senior Health Insurance Information Program, which is part of the Ohio Department of Insurance.
Mental Illness and Accessing Mental Health Insurance Benefits for Treatment
Mental Illness Awareness Week is Oct. 2-8 and Ohioans are reminded that the Ohio Department of Insurance's new Ohio Mental Health Insurance Assistance Office is the state's official resource to help consumers, mental health advocates, behavioral health providers, employers, first responders, and other stakeholders understand and navigate mental health and substance use disorder insurance so Ohioans get access to the treatment they need.
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OSHIIP Hosting Virtual Medicare Open Enrollment Town Hall on Oct. 4
Ohio Department of Insurance director Judith L. French and Medicare experts from the department’s Ohio Senior Health Insurance Information Program are hosting a free, virtual town hall on Oct. 4 at 11:30 a.m. to help Ohioans on Medicare prepare for the upcoming Medicare open enrollment period, which runs from Oct. 15 to Dec. 7.
Participants will learn about Medicare changes for 2023, how to compare options and select coverage, ways to save money, and tips to avoid Medicare fraud. There's still time to register for the town hall!
 Life Insurance Policy Locator Helps Consumers Find Lost Life Insurance Benefits
Dealing with the financial aftermath of the death of a loved one is difficult and oftentimes there is an insurance element involved.
The Life Insurance Policy Locator tool from the National Association of Insurance Commissioners helps to connect consumers with their deceased loved ones' lost life insurance policies and annuity contracts if there are any.
The free online tool is available to anyone and is one of the ways insurance regulators help consumers get their entitled insurance benefits.
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