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    Dr. Marcinko is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; as well as Oglethorpe University and Emory University in Georgia, the Atlanta Hospital & Medical Center; Kellogg-Keller Graduate School of Business and Management in Chicago, and the Aachen City University Hospital, Koln-Germany. He became one of the most innovative global thought leaders in medical business entrepreneurship today by leveraging and adding value with strategies to grow revenues and EBITDA while reducing non-essential expenditures and improving dated operational in-efficiencies.

    Professor David Marcinko was a board certified surgical fellow, hospital medical staff President, public and population health advocate, and Chief Executive & Education Officer with more than 425 published papers; 5,150 op-ed pieces and over 135+ domestic / international presentations to his credit; including the top ten [10] biggest drug, DME and pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published academic text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

    Dr. David E. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner® who was named “Health Economist of the Year” in 2010. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, economics trade journals and publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News] etc.

    Later, Dr. Marcinko was a vital and recruited BOD  member of several innovative companies like Physicians Nexus, First Global Financial Advisors and the Physician Services Group Inc; as well as mentor and coach for Deloitte-Touche and other start-up firms in Silicon Valley, CA.

    As a state licensed life, P&C and health insurance agent; and dual SEC registered investment advisor and representative, Marcinko was Founding Dean of the fiduciary and niche focused CERTIFIED MEDICAL PLANNER® chartered professional designation education program; as well as Chief Editor of the three print format HEALTH DICTIONARY SERIES® and online Wiki Project.

    Dr. David E. Marcinko’s professional memberships included: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA, FPA and HIMSS. He was a MSFT Beta tester, Google Scholar, “H” Index favorite and one of LinkedIn’s “Top Cited Voices”.

    Marcinko is “ex-officio” and R&D Scholar-on-Sabbatical for iMBA, Inc. who was recently appointed to the MedBlob® [military encrypted medical data warehouse and health information exchange] Advisory Board.

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How Much Will a Ticket Raise My Car Insurance Rates?

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[By Dr. David E. Marcinko MBA]

Be careful out there!

A GMAC survey revealed that 1 in 5 drivers would not pass the written driver’s test if they took it today. And, getting a ticket will raise your car insurance rate, but by how much?

The Survey

The survey found that reckless driving triggers the highest hike — an average increase of 22 percent — yet many drivers aren’t even sure what constitute reckless driving?

***

DEM in his 1990 Miata

***

Reckless Driving

Depending on state laws, reckless driving can be defined as: driving over 80 mph, driving too fast for weather conditions, knowingly driving in a way that endangers others.

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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***

The True Cost of Car Ownership

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HINT … It’s More Than You Think!

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[By Dr. David Edward Marcinko MBA]

Dr David E Marcinko MBA

Anyone looking to buy a car should be well aware that the cost of a car doesn’t end at the purchase price.

You must consider additional concerns such as: depreciation, fuel costs, insurance, maintenance and repair, and sales tax.

This is especially important for doctors and new medical practitioners who may have many other financial responsibilities.

***

Dave's Jaguar Sedan

Jaguar Sedan

Classic Jaguar

***

True Costs

To help potential buyers with their purchases, we’ve put together an infographic that outlines the real cost of ownership for various types of cars. So, buyers beware!

***

Cost-Car-Ownership-800-550x2206

***

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On Physicians and Automobile Leases

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Advantages, Disadvantages and Types

[By Dr. David Edward Marcinko MBA CMP™]

Dr. Marcinko 1972 VetteThe Rites of Spring!

As a former licensed state insurance agent, and financial advisor, I know that leasing a car may have advantages to a physician – and others – such as convenient maintenance, low down and monthly payments, no resale responsibility, and tax savings since you pay sales tax on the lease portion rather than the purchase price of the car.

It might also be worthwhile if the after tax borrowing cost of a home equity loan is less than the lease financing rate.

***

Spring 2011 - NIH

[First Days of Spring 2017]

May Day Weekend 2011 [Dr. David E. Marcinko MBA]

***

Types of Leases

There are two major types of leases: open and closed ended. In the former type, if the car is worth more than the set price upon expiration of the lease, you are responsible for the underage or coverage. In the more advantages later type, the responsibility of the value of the car is shifted to the leasing company. Other tips on care leasing include:

  • Inform the lessor how you want the auto equipped; do not accept unwanted options.
  • Obtain all delivery, and other, charges in advance, including down payment, security.
  • Deposit, registration fees, interest rates, residual value, rebates and all taxes (sales, personal property, use and gross receipt).
  • Know the capitalized cost (selling price) of the car
  • Know annual mileage limits, usually 15-18,000 miles, and all excess use charges.
  • Avoid maintenance and service contracts, and arrange for your own insurance.
  • Understand that terms, such as money factor, or interest factor, may be used instead of the term interest rate. In this case, simply multiple the rate by 24 for an estimate of the true interest rate involved.
  • Read the contract and understand all penalties, especially for premature or late termination, purchase or return terms, and consequences of theft.
  • Check the lease terms through an independent company, such as First National Lease Systems.

Rough Rules of Thumb

A rough rule of thumb to determine whether to buy or lease involves multiplying all the payments required by the number of months you will have to pay, and add the down payment to yield the total amount of the purchase. Then, multiply the lease payment by the number of months, and add required up-front costs, as well as residual value (end of lease buyout cost), to determine the total amount to lease. Compare the two figures to determine the most economical deal.

Typically, a cash deal is less expensive in the long run, providing a higher after tax rate of return is not available, as an alternate investment, for the funds.

***

Jaguar Touring sedan XJ-V8-LWB***

Dis-Advantages

But, there are dis-advantages to auto leasing, too!

Perhaps the worse reason to lease a car is to drive one that you could not otherwise afford to drive. This is because most low monthly payments are only composed of two portions: interest on the note and the prorated cost of auto depreciation. No money is applied to ownership of the vehicle.

Assessment

Finally, beware Spring-Fever and do not likely buy “gap” insurance to cover the difference between what your auto insurer would pay if your car was totaled, and what you would owe the leasing firm. It’s usually too expensive and the risk is minimal.

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***

Tips on Purchasing a Vehicle

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An Economic and Ethical Decision?

[By Dr. David Edward Marcinko MBA CMP™]

Dr. DEMWith the possible exception of the handgun, the automobile represents the greatest single item of ownership that is capable of inflicting death, injury and damage. America’s fascination with the automobile has resulted in a marked increase in the power and potential speed of our vehicles.

The latest trend in Sports Utility Vehicles (SUVs) has also witnessed a substantial increase in damage due to their higher ground clearance and heavier frames. The owners and operators of any vehicle must be financially able to respond to any resulting claims, or they need to transfer the risk through insurance. All states require some minimal coverage for personal vehicles.

Purchasing the Vehicle

Typically, car buyers who wait until the end of the year can score a deal. Buying at the end of the month can also increase negotiating power as dealerships look to move volume, and shoppers in the late summer and early fall may be able to get a deal when the new-model-year vehicles enter inventories.

JAG 2 (1)

Also, cold or rainy weather can work to a doctor’s advantage, since bad weather can discourage people from walking around a lot to look at vehicles, potentially giving those who do show up a bit more negotiating power. Even a serious buyer who goes to a dealership near the end of the day may receive a better price as the dealer makes concessions to speed things up so everyone can go home.

JAG 2 (2)

Assessment

So, if you time your car purchase right, and you aren’t buying one of the more popular models or colors, you might save $500 to $2,000 just by waiting until the end of the month or day to make your purchase.

Beware my [premium] gas guzzler above; not an EPA favorite, but she passes annual emissions inspection like a champ!

Conclusion

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When did you last Review your Insurance Coverage – Doctor?

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Why shopping around periodically is a smart move

By Lon Jefferies, MBA CFP™  http://www.NetWorthAdvice.com

Lon JeffriesWhen is the last time you compared rates on your home and auto insurance policies – doctors and all ME-P readers? Unfortunately, a stellar safety record doesn’t always translate into lower insurance rates. Even if you think you have a good rate, shopping around periodically is smart.

A Reader’s Query

After attempting to follow my advice of maintaining an umbrella insurance policy, one of our ME-P readers contacted his insurer to add coverage. This reader was shocked when his insurer informed him that he didn’t qualify for an umbrella policy because he didn’t carry sufficient liability insurance on his auto policy. (Minimum auto liability insurance – frequently $500,000 – is required in order to purchase umbrella coverage.) Although this individual had owned his policy for eight years, he was unaware that the policy only provided $50,000 of liability coverage. This amount was clearly insufficient for an individual approaching retirement.

In addition to realizing that he was severely under-insured, this individual discovered he was also paying excessive premiums. For only $50,000 of auto liability coverage, this person was paying $914 per year. Moreover, the individual realized he was paying $351 per year for the $350,000 of liability coverage the individual had on his condo. Consequently, in total, this person was paying $1,265 per year for $50,000 of auto liability and $350,000 of home liability coverage.

Case Model

This individual then spoke with an independent insurance agent to increase auto liability coverage to an amount that enabled him to obtain an umbrella policy. This was critical, as it dramatically decreased the individual’s liability exposure, a risk an individual with accumulated assets clearly shouldn’t have. Even better, the individual was able to obtain dramatically improved rates on his policies. For a total of $1,207 (less than he was previously paying!), the individual was able to secure $1,000,000 of auto liability coverage, $350,000 of home liability, and an additional $1,000,000 umbrella policy.

policy insurance

Assessment

Clearly, it can be beneficial to occasionally review and compare rates on your insurance policies. People tend to believe that policies that have been owned for extended periods of time are efficiently priced, but it may be the opposite. If you haven’t verified that you are adequately insured and conducted a cost comparison recently, speak to an independent insurance agent and minimize your exposure with cost-effective policies.

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Should You Own an Umbrella Insurance Policy?

Risk Reduction for Medical Professionals?

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By Lon Jefferies, MBA CFP™  www.NetWorthAdvice.com

Lon JeffriesAs a financial planner, a good portion of my job consists of identifying and dealing with potential risks and liabilities for which my clients are exposed. One of the most comprehensive, cost-effective tools for reducing risk exposure is an umbrella insurance policy. Quite simply, if you are reading this ME-P, the purchase of an umbrella policy would be a wise decision.

What is an Umbrella Policy?

An umbrella policy protects both your current and future assets against the cost of losing a lawsuit involving your car or real estate property. Such a policy is in addition to your auto and homeowners insurance.

For example, suppose your auto insurance pays $300k of medical expenses per accident, and you have a $1 million umbrella policy. If you are sued for $800k because of an auto accident, your auto insurance will pay the first $300k of damage. This also serves as the deductible on the umbrella policy, so the umbrella coverage would pay the remaining $500k of damages.

Additionally, umbrella policies cover legal expenses involved with a lawsuit. Even better, since it is the insurance company that will be paying any damages, they are likely to assign a strong (expensive) legal team to your case. Consequently, purchasing an umbrella policy is an indirect way of strengthening your legal defense team.

What Does an Umbrella Policy Cover?

An umbrella policy protects you in car accidents for which you are found to be at fault, as well as accidents that occur on your real estate property. Additionally, these policies protect you from personal injury lawsuits arising from slander, defamation, libel, malicious prosecution, mental anguish and more.  Even better, this coverage will protect you from accidents caused by your dependent children.

As you might imagine, certain factors increase your need for an umbrella policy. For instance, if you spend a lot of time in your car, or you own a swimming pool or a dog, the need for an umbrella policy rises.

Some people think they don’t need an umbrella policy simply because their low net worth doesn’t justify it. This is inaccurate because losing a lawsuit can result in the loss of both your current assets, and your future earnings. For this reason, I believe nearly everyone, especially medical professionals, should have an umbrella policy.

###

policy insurance

###

How Do I Purchase Coverage?

In most instances, an umbrella policy can be purchased through your current insurance providers. A $1 million policy usually costs approximately $200 per year, with additional coverage purchased in $1 million dollar increments and costing approximately $100 per year. At such a low cost while providing critical catastrophic coverage, there is no reason for you to not own such a policy.

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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Automobile Safety, Financial and Related Topics of Import for Physicians

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Leisure and LifeStyle Activities

By Dr. David Edward Marcinko MBA

[ME-P Publisher and Editor-in-Chief]

DEM's Jaguar

My Vintage British circa 2000 Jaguar Touring Sedan

XJ-V8-LWB Jaguar touring sedan

Hood Ornament “The Leaper”

DEM's Jaguar

Inner and Outer Glass Headlight Globes

Classic XJ-V8-WB Jaguar

“Saw Toothed” Grill with Curve-Lined Bonnett [Hood]

DEM's Jaguar

Extended Antenna with Satellite – SiriusXM Radio

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Assessment

GAMy near showroom and mint conditioned 2000 Jaguar XJ-V8-L is a full-size luxury sedan, offers sporting drive characteristics, mixed with a classic style and interior comfort. It was available in multiple trims which all came very well equipped with upscale amenities.

And, this extended wheelbase version offers much more rear seat leg room for long and winding Georgia road trips. The standard steel engine [not nikasil] in this XJ is a 4.0L V8 which produces 290 hp. The upper and lower timing chain tensioners are original, second generation metal, not plastic.

There is also a supercharged version of this vehicle which bumps output to an impressive 370 hp. Even with all of its power and weight, my XJ-8-L is still rated at over 20 mpg on the highway. Ammenities and upgrades include a mobile phone, Magellan GPS, LoJack theft recovery system, CD and MP-3 players, with internal and external cable antenna for satellite radio.

What a Cat? She is my third favorite female after my intelligent and beautiful wife, and smart and lovely daughter.

Wikipedia link: http://en.wikipedia.org/wiki/Jaguar_XJ8

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

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What to do if You Rear End the Car in Front of You?

 
   

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By Dr David Edward Marcinko MBA via Nalley Collision Center

[Editor-in-Chief]

dr-david-marcinko21As a doctor, driver and former insurance agent, I know that any car accident, no matter the point of impact, is frightening and inconvenient. But, rear-end accidents (frequently referred to as “fender benders”) are a common occurrence on the road and form a significant proportion of all road collisions.

According to a report on the Science Daily website, there were nearly two   million rear-end collisions in 2006, comprising nearly 30% of all crashes on   U.S. roads. Here’s how to deal if you rear-end another vehicle on the road.

First Things First

In the event that you rear-end the car in front of you, you will likely be very dazed or shocked, especially initially. Unless there are life-threatening reasons why you must exit the vehicle immediately, try to pause for a moment in an effort to gather your breath and calm down. You will   need to be able to make a number of decisions related to the situation, and the clearer your head, the more likely you are to act appropriately.

Your first consideration must always be to the welfare and safety of yourself and your passengers, as well as the passengers in any other vehicle involved in the accident.

According to the severity of the accident, the range of personal injuries caused by rear-end collisions can be significant, ranging from bruises and grazes to whiplash, broken bones, and even death. When you rear-end a car, the impact from your vehicle is transferred to the car in front, lifting passengers and drivers sharply forwards and upwards at the same time. Whiplash injuries are common, difficult to treat, and may not be immediately obvious. If you are in any doubt as to the severity of any injury incurred during the collision, call the emergency services and request an ambulance. Some injuries can be worsened if the injured party is moved awkwardly, for example.

When exiting the vehicle, ensure that you and your passengers can move to a safe place, away from any remaining traffic. Move completely off the road or highway, and as far away from the vehicles as you can. If the impact is minor, you may be able to drive the vehicle to the side of the road, or onto a side road, but remember that, in some states, it is illegal to move your car from the scene of a collision until the police have attended, so don’t do anything hasty. Regardless of where your car is, ensure that when leaving the vehicle you do not exit into moving traffic. Pay particular attention to children or animals who may be frightened by the collision, and will require additional supervision.

If you have an emergency kit, use this to alert other drivers to your vehicle. Ensure that the engine is turned off, that your hazard lights are on and that you have placed emergency cones or warning triangles at an appropriate distance from the car.

Road traffic safety regulations stipulate that, regardless of the driving conditions, you must be able to stop safely if the car in front of you comes to a halt, even if that car brakes very sharply. It is only in the event that a vehicle rear-ends your vehicle, causing you to shunt into the car in front, that your insurance company may not conclude that the accident was your fault. Like any other type of   collision, you will need to surrender your insurance and driver details to the other driver. Even if you are assuming that the accident was your fault, you will need to collect the other driver’s details, too. You will need their license number, their name, address, phone number, insurance company, insurance policy number, and license plate number. You should also establish whether the other driver owns the vehicle.

If possible, and if it is safe to do so, take photographs of the accident scene with your cell phone, showing the road conditions, the position of the cars, and any specific damage noted.

Remember that most modern mobile phones include a camera. Insurance companies suggest that you do not admit liability (and that could mean not even apologizing). They also often request detailed descriptions of what happened and the scene of the incident so try and write down some notes.

Once you have established that nobody needs medical attention, taken all the relevant details, and the police have attended the scene (if necessary), you will need to think about taking your car away. A breakdown recovery service may be needed if the damage is extensive, but you should also contact your insurance company as soon as possible, as they may have specific instructions on where to take your vehicle, outlining which dealers can and cannot carry out any necessary repair work.

###

DEM in his 1990 Miata

Assessment

A rear-end collision may be inconvenient and embarrassing, and it could even be traumatic and dangerous. Keep a cool head, complete all the steps necessary to ensure the safety of your passengers, and ensure that you comply with both the law and the requirements of your insurance company to insure that it doesn’t escalate into a bigger problem.

More: Automobile Safety, Financial and Related Topics of Import for Physicians

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

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Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

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The Evolution of Automobile Safety

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Technology Rolls On

By Dr. David Edward Marcinko MBA

By Matthew Pelletier [safety consultant]

DEM in his 1990 MiataMost ME-P readers are aware that I am a vintage Jaguar and automobile [sober] fanatic. And, after years of covering the local Emergency Room, I am glad to be retired from that job … Much better suited for the next-gen ED physician.

Perhaps, that’s why we occasionally post such leisure and lifestyle info-graphics for our audience and members.

History

Fortunately, much progress has been substantial since the automobile first made its mark on the transportation of people. The technology in auto safety has accelerated, especially over the last ten years, and with better engineering and consumer demand for safer vehicles there has been a reduction in the number of deaths and injuries from automobiles.

The Olden Days – Not so Golden

It seems absurd to hear people say cars aren’t made the way they used to be. Enhanced safety features show how inferior vehicles from the past are. Seat belts, overall structure, airbags and crash tests have saved lives and made car transportation safer for all drivers. Many find driving safety videos also help make everyone safer.

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Evolution-Of-Auto-Safety

Review

The above infographic provides information on the changes in safety to automobiles throughout history.

• Government legislation and automakers have continually worked on improving automobile safety features over the last 100 years.
• States like Michigan implement drivers education programs before licenses are issued helping to educate in safe driving practices.
• New technology and engineering meet consumer demand and show automakers are listening to their customers by designing safer cars with the newest and best safety systems available.

Continuing Development of Safety Features

The continuing development of safety features and engineering are driving car makers to give consumers the safety features and peace of mind they want for themselves and their families when they travel on the road. Automakers and engineers understand crashes and vehicle motion which then applies to a better and more advanced understanding during the design and constructing of new vehicle models.

Assessment

Be safe GOMER … and Get Out of My Emergency Room … with these helpful links:

Conclusion

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The Science and Some Medicine Behind Seat Belt Use

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It’s All About Saving Lives and Ankle Bones

By Muhammad Saleem, and

By Dr. David Edward Marcinko FACFAS MBA CMP™

[Editor-in-Chief]

Vintage 2000 Jaguar XJ-V8-LWB Touring Sedan

The Ankle Bone is Connected to the Foot [er –ah] Leg Bone

The talus is one of the important bones that makes up the ankle joint. Over one half of the talus is covered with cartilage–it serves as an important link between the leg and the foot. The talus moves not only at the ankle joint, but also below the ankle and in the midfoot. Therefore, injuries to the talus can affect motion of the ankle and foot joints.

‘Aviators Astragalus’

Talus [astragalus ankle bone] fractures were almost unheard of a hundred years ago. The first series of talus fractures was described, by Dr. WD Coltart, in men who were injured in the British Royal Air Force in the early 1900s. The term ‘aviators astragalus’ was used to describe these fractures that happened as old war planes made crash landings.

Original Historic Reference Link: AA

Today, talus fractures are seen in high speed car accidents when you don’t-buckle up that seat belt or shoulder harness. I’ve seen far too many during my days covering the local Emergency Room.

So, here is an infograhic on the science behind seat belts. It contains some interesting and some encouraging facts that we wanted to share with our ME-P readers and subscribers.

Mechanism of Injury: Hawkins classification Talar fractures (C) iMBA Inc

The Facts

  • National seat belt use has increased from 69% in 1998 to 84% in 2010.
  • Automotive fatalities rank third in terms of lives lost per year, behind cancer and heart disease.
  • Seat belts are responsible for saving between12,000 to 16,000 lives each year.
  • Most crash deaths occur within 25 miles of home and at speeds below 40 miles per hour.

Conclusion

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Automobile Insurance Update for Medical Professionals

Some Need-to-Know [Not Boring] Information for Doctors, Nurses and CXOs

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By Dr. David Edward Marcinko FACFAS, MBA, CPHQ, CMP™

[Publisher-in-Chief]

As regular ME-P readers know, I held a property and casualty insurance license for more than 15 years; this included homeowners and automobile insurance.

BTW:  P&C also includes malpractice insurance [doctors and medical professionals] and E&O insurance [accountants, financial advisors, attorneys, etc]. Yep! Med-mal is classified under the property-casualty moniker. I even edited a handbook on the topic. But, I digress.

On the Importance of Automobiles

With the possible exception of the handgun, the automobile represents the greatest single item of ownership that is capable of inflicting death, injury and damage. I learned this first-hand after covering the ER for many years.

America’s fascination with the automobile has resulted in a marked increase in the power and potential speed of our vehicles.  The aging trend in Sports Utility Vehicles (SUVs) has also witnessed a substantial increase in damage due to their higher ground clearance and heavier frames.  The owners and operators of any vehicle must be financially able to respond to any resulting claims, or they need to transfer the risk through insurance.  All states require some minimal coverage for personal vehicles.

The F.A.P.

The most frequently used policy to insure individual private passenger vehicle risks is the Family Automobile Policy (FAP).   It provides two major types of coverage: liability and physical damage.

Liability coverage includes both bodily injury and property damage. Physical damage, on the other hand, includes comprehensive and collision coverage.

[A] Liability Coverage

The liability section of the FAP is contained within most policies as Part A – Liability and Part B -Personal Injury Protection.

[1] Bodily Injury

Bodily injury liability coverage generally includes sickness, disease and death, and is expressed in dual limits — per person and per occurrence.  Nearly half of the states require minimums of $25,000 per person and $50,000 per occurrence.  Higher limits of $100,000 per person and $300,000 per occurrence are often required for consideration of umbrella coverage.

[2] Property Damage

Property damage liability is coverage for damage or destruction to the property of others and includes loss of use.  Liability coverage limits usually include property damage limits as the third number, i.e., $100/300/25.  The coverage here would be for $25,000 of property damage.  As automobiles become more expensive, however, coverage to $50,000 is not considered excessive.

[3] Personal Injury

Personal injury coverage is provided for medical expenses, funeral expenses and loss of earnings for anyone sustaining an injury while occupying your vehicle, or from being struck by your vehicle while a pedestrian.

Liability insurance follows the vehicle, not the driver.  Coverage is extended to the vehicle owner and any resident in the same household.  It also covers anyone using the insured vehicle with the permission of the owner and within the scope of that permission.

Newly acquired vehicles are usually covered automatically for liability for 15-30 [getting shorter] days after acquisition, but physical damage must have been on all currently covered vehicles to be included.  Coverage is also typically extended to a temporary substitute automobile, but only if this vehicle is used in place of the covered automobile, because of its breakdown, repair, servicing, loss or destruction.

[B] Physical Damage Coverage

[1] Comprehensive

Comprehensive physical damage includes coverage for theft, vandalism, broken windshields, falling objects, riot or civil commotion, and even damage from foreign substances, such as paint.  Comprehensive is often described as coverage for all those hazards other than collision.

[2] Collision

Collision involves the upset of the covered vehicle and collision with an object, usually another vehicle, and not enumerated in the discussion of comprehensive.  Colliding with a bird or animal is considered under the comprehensive coverage.

The distinction between comprehensive coverage and collision coverage is more than technical.  The deductible provisions of the FAP often show a considerable difference in these areas, with the collision deductible typically being much greater.

Damage to tires can be covered by provisions in either comprehensive or collision.  Exclusions typically include normal wear and tear, rough roads, hard driving or hitting or scraping curbs.

[C] Repairs after the Accident

Following a collision, the insurance company will assign a claims adjuster to determine the extent of damage and the cost of repairs.  If these repairs exceed the estimated value of the vehicle, it may be “totaled.”  Experience tells me that the value of the vehicle to the owner nearly always exceeds that estimated by the insurance company.

[D] Uninsured / Underinsured Motorists Coverage

Uninsured motorist coverage provides protection from the other driver who is operating his/her vehicle without any insurance coverage.  It covers expenses resulting from injury or death as well as property damage.  There are currently a dozen states where it is estimated that over 20 percent of the vehicles on the highway are being operated without any insurance.  This is not coverage that should be rejected when buying automobile insurance.

Underinsured motorist coverage provides protection from the other driver who purchased only the state-mandated minimum liability insurance coverage.  Again, this is not coverage that the medical professional or healthcare practitioner should thoughtlessly reject when buying automobile insurance.

Assessment

The medical professional is strongly urged to consider purchasing replacement cost coverage rather than accepting actual cash value car insurance, which is the depreciated value of the vehicle. The cost may be higher for this coverage, but accepting a larger deductible will often make up the difference. Paying a little more towards the deductible could easily be worth it, if the damage is extensive.

Or, if you have a classic pristine Eurpean touring sedan [2000 pearl-white Jaguar, XJ-V8-L], built for the Queen in Coventry England, like I do. Jay Leno is my hero!

Conclusion                

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Top Ten Car Insurance Companies for Doctors

Information All Medical Professionals Need to Know

By Dr. David Edward Marcinko MBA CMP™

[Publisher-in-Chief]

As regular ME-P readers know, I held a property and casualty insurance license for more than 15 years; this included homeowners and automobile insurance.

It also included malpractice [doctors and medical professionals] and E&O insurance [accountants, financial advisors, attorneys, etc]. Yep! Med-mal is classified under the property-casualty moniker. I even edited a handbook on the topic.

So, it is no surprise that car insurance companies number well over 100 in many states. But, who are the top 10 car insurance companies? Most doctors and lay drivers would not be surprised to see Allstate, State Farm or GEICO on the list of top 10 car insurance companies by market share; but how about USAA, Farmers or Liberty Mutual?

Source: Carinsurancecompanies.net

After an Accident

Following a collision, the insurance company will assign a claims adjuster to determine the extent of damage and the cost of repairs.  If these repairs exceed the estimated value of the vehicle, it may be “totaled.”  Experience tells me that the value of the vehicle to the owner nearly always exceeds that estimated by the insurance company. This is true in my case, as well.

Assessment

The medical professional is therefore strongly urged to consider purchasing replacement cost coverage rather than accepting actual cash value, which is the depreciated value of the vehicle. The cost may be higher for this coverage, but accepting a larger deductible will often make up the difference. Paying a little more towards the deductible could easily be worth it, if the damage is extensive.

Or, if you have a special vehicle [pristine pearl white 2001 Jaguar, XJ-V8-LWB] like I do.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too.

Then, subscribe to the ME-P. It is fast, free and secure.

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Off-Road Touring with Dr. Marcinko [Part I]

“Using-Up” Health Insurance

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

Dateline: June 18-19th, 2009dem24          

I flew into Marquette Michigan last night on a puddle jumper from Chicago, Illinois. Marquette will be the home base on my current book promotion and public/private  speaking tour. This second leg of our trip, from Atlanta, was delayed for mechanical reasons. So, rather than follow directions from American Airlines regarding new arrangements, and rushing to wait in a long line of humanity for a new boarding pass on a much later flight, I simply called the travel assistance number on my cell phone. We were re-routed by computer from American, to a Delta Airlines flight, that caused no additional time lag as we later learned the other passengers boarded their American flight three hours late. Many of the elderly and slower moving folks even missed connecting flights which necessitated overnight hotel stays, in some cases.

THINK: outside the box independently, and don’t follow directions mindlessly.  

About Marquette, Michigan

The City of Marquette is located in the central region of Michigan’s Upper Peninsula. With a population of 20,714, it is the UP’s largest community. In addition to being a population center, it serves as the regional center for education, health care, recreation, and retail. This regional draw is particularly evident due to Northern Michigan University and Marquette General Hospital, both of which are located in the City of Marquette. Of course, I visited both.

Quality Healthcare for the Upper PeninsulaUPHC

So, the next morning I called some friends who suggested we head over to the Marquette Upper Peninsula  Healthcare Network System, on Washington Street, for an unplanned and unofficial stop on our current “signing and opining” tour. It seemed very busy for a Friday morning; so we gathered some colleagues and ambled over to Viering’s Restaurant where we discussed the local economy, current state of the healthcare industry and the Obama Administration’s ideas for healthcare reform. When I expressed my surprise at the number of patients in the clinic waiting room areas, I was informed that an unexpected corporate layoff resulted in patients “wanting to use their health insurance, before being RIFed [Reduced-in-Force].” Now, as a doctor, and insurance agent, I find this attitude both very strange; yet not uncommon.

“Using-Up” Health Insurance

I can honestly say that after more than three-decades in the business, I have never heard a single soon-to-be unemployed client say,” I need to use up my life insurance”, or “auto insurance”, or “homeowner’s insurance”, etc. So, what gives with health insurance?

Health Insurance IS Different

Insurance of all types is sold to economically protect against catastrophic events like pre-mature death, auto accidents, or home destruction. But life insurance doesn’t pay for non-lethal issues; auto insurance doesn’t pay for new tires, tune-ups or oil changes; and home owner’s insurance doesn’t pay for regular upkeep and maintenance, etc. So, why do some patients believe that health insurance necessarily needs to be used-up? Were they not healthy before the lay-off announcement; or did they suddenly become ill, thereafter? What do you think? Is this just a local phenomenon, or would it be [is it] pandemic in any community given the same or similar circumstances?

AssessmentUPHC-DEM

For me, this scenario clearly demonstrates two things. First, that Health Insurance is thought of as a personal right and/or corporate fringe-benefit; rather than true financial indemnification. Second, it demonstrates the ability of patients to think ahead; unlike the airline customers on my initial trip here. So, if patients can be forward thinking about their health insurance needs, why don’t they think ahead about their personal health care needs? Why don’t more of us exercise regularly, watch our blood pressure and weight, and/or avoid drugs, alcohol and promiscuous sex, etc.  If we can monitor and pay for routine auto and home maintenance ourselves; why not our routine health needs?  Isn’t good health our most important personal asset? Aren’t we worth it? Do we really want to abrogate our very lives to others? Do we want to concede our responsibilities to a third party, ie, a national [single-payer] governmental controlled healthcare? Those patients wanting to “use their health insurance”, before unemployment, certainly seem to think so.

About Off Road with Dr. Marcinko

These sporadic off-road segments will continue through-out my 2009 summer promotional tour. On the one hand, formal attendance at several engagements was initially a bit sparse because of the death of several recent celebrities and entertainer types. On the other hand, local book stores and sponsors noted a spike in our CD and book sales, as well as interest in our online www.CertifiedMedicalPlanner.com program and premier quarterly guide: Healthcare Organizations [Journal of Financial Management Strategies] www.HealthcareFinancials.com

Conclusion

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Non-Traditional Property and Liability Insurance Coverage for Doctors

Review of Other Insurance Forms for Medical Providers

By Dr. David Edward Marcinko; MBA, CMP™

Publisher-in-Chief

dem23Obviously, not all forms of P and L insurance coverage can be described in detail on this post. However, the healthcare professional or medical practitioner should consider these other forms of commercial property and liability coverage.

Directors and Officers Liability Insurance

The officers and directors of large practices, or healthcare facilities can be held personally accountable, and thus liable, for breaches of their duties by a number of parties.

Commercial Automobile / Vehicle Insurance

As the name suggests, this coverage provides protection for any commercial vehicles owned and operated by the healthcare corporation. If the practice or facility owns automobiles or other vehicles that are used in the “usual and customary” business activities, this coverage is required.  The policy-owner should be aware of the nine classifications of automobiles insured to ensure that coverage is appropriate.

Commercial Umbrella Liability Insurance

This coverage is very similar to the umbrella coverage that falls under the personal coverage area. Again, risks above the limits established by the underlying commercial liability coverage trigger the umbrella policy. The word of caution for this coverage is “Read the Provisions Carefully” as there is little standardization among insurance companies. Make sure the umbrella policy covers what you want it to cover, with the right limits of benefits and “trigger” points, with proper exclusions, and proper endorsements (if being used specifically for a medical practice.)

Employee Benefits Liability Insurance

Virtually each medical practice or healthcare facility has employee non-cash benefits in addition to their payroll. These benefits usually include group insurance and some form of retirement plan (a 401(k), for example). Nevertheless, each of these benefit packages expose the employer to liabilities under state and federal statutes. Employee Benefits Liability Insurance covers an employer, or if so stipulated by some policies, the employees who act on behalf of the employer, against liability claims involving alleged errors or omissions, or improper advice or administration of the employee fringe benefit plans.  For example, an employer may be liable for not enrolling an employee on a timely manner resulting in no medical coverage. Frequent litigation also arises out of violations of the Employee Retirement Income Security Act (ERISA) of 1974.  Since 1974, the provisions and reach of this Act has become massive and errors can occur.insurance-book3

Disclaimer: The author is a former licensed insurance agent and certified financial planner and advisor.

Conclusion

And so, your thoughts and comments on this Medical Executive-Post are appreciated. What have we missed, and who might wish to update this post?

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com  or Bio:

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Understanding Automobile Insurance

A Review for Physicians

By Gary A Cook; MSFS, CLU, ChFC, RHU, CFP® CMP™ (Hon)

insurance-book7

Like the Home Owners policy, automobile insurance comes in a package (commonly called a Personal Auto Policy, or PAP) containing declarations, forms and endorsements.

These are: Liability Coverage, Medical Payments coverage, Uninsured Motorist coverage, and Coverage for Damage to your auto.

Important Elements

The important elements of automobile coverage are:

  • The vehicle or vehicles is covered, whether owned or leased
  • The insured – the covered driver
  • What is covered?
  • What are the limits of coverage – for both property and liability?

Exclusions

What are the exclusions – for example, the business use of a vehicle may not be covered under the personal policy? Other coverage for example includes a friend driving your car, or, coverage driving a rental vehicle. The medical payments coverage outlines the limits of liability for medical services needed as the result of an accident.

PULP

The final area of common personal coverages is the Personal Umbrella Liability Policy. To say that our society has become very litigious may be a gross understatement. The umbrella liability policy transfers the risk of losing substantial assets or future personal income to pay legal obligations resulting from an adverse judgment. The umbrella policy originated to provide risk protection against catastrophic legal claims or judgments. Typically, coverage limits begin at $1 million with upper limits of $10 million, and some unique situations, more. The term “umbrella” arises from the contract language that reflects that the individual carries the appropriate underlying basic coverages (homeowners or automobile) and that this coverage is triggered after the limits of the base contracts are exhausted.

Provided Coverage

An important element of this policy is that coverage provides for protection for the named insured, spouse, and family members living in the household.  This coverage should be very important to those households with teenage drivers.  Organizations may also obtain the protection of an umbrella policy, with certain limitations and exclusions. Unfortunately, “failure to render proper professional services” is very frequently a common exclusion, though some insurance companies will cover this loss exposure with an increased premium.

biz-book2

Other Policies

Other common policies available include: Watercraft and Airplane coverage, Title Insurance, Flood Insurance (offered by very few private insurance companies), Renters Insurance (which covers the contents), and Condominium protection (like homeowners, but has language for common wall risks).

Personal Legal Expense Protection

Finally, there is the issue of the taxation of premiums and claim payments. Premiums for personal property and casualty coverage are not deductible. Therefore, only under unusual circumstances will any benefits received from the coverage be considered taxable income.

fp-book2

Assessment

However, the benefit payments may be considered capital gain if they happen to exceed the insured’s basis in the property. Uninsured losses are generally deductible under the current Internal Revenue Code.

As usual, specific questions concerning the taxation of premiums or benefits should be directed to your professional advisors.

Conclusion

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