Why Consider Mortgage Unemployment Insurance?

By Sean Horton

With 2008 becoming the year of the 'credit crunch' and literally hundreds of thousands of people in the UK subsequently losing their jobs to redundancy, mortgage unemployment insurance is something that anyone who has a mortgage must have least considered.

And even in times when the economy is stable, redundancy is still a very real threat, so the idea of still being able to continue maintaining your mortgage repayments, even though you have lost your income due to involuntary redundancy, is invaluable. And, quite simply, this is what mortgage unemployment insurance does.

Should you be made unemployed through no fault of your own (and this does not mean should you get fired or dismissed due to misconduct or you elect to take voluntary redundancy) then the mortgage unemployment insurance - also known as mortgage payment protection insurance, or MPPI - will start to pay a tax free benefit. This monthly benefit can be used towards meeting your mortgage commitment every month as well as related costs such as life, critical illness and home insurance premiums, up to a provider's set limits.

By having this benefit, you will be able to still service your mortgage debt and not worry about getting in to arrears or even, in the worst case scenario, having your home repossessed. At a stressful time, having at least some of the financial worry taken away will mean you can focus on getting alternative employment and not be under pressure worrying how to pay your mortgage.

A typical mortgage unemployment insurance policy will start to provide an income from 30 to 90 days after you are made unemployed. This varies on the individual policy terms and conditions, as does the length of time you can receive the benefits (which can be for up to 12 to 24 months, or when you find new employment, whichever is the sooner).

How much you receive will have been agreed at the time you took out the mortgage payment protection insurance cover and this will be reflected in the premiums you will pay which will be x amount for every £100 worth of protection you require. By shopping around for your mortgage payment cover, you can often find it an affordable price, particularly among the independent brokers.

Also, for an additional fee, you can add on accident and sickness cover to the policy (that is why you may sometimes hear it called by the term Accident, Sickness and Unemployment Insurance - or ASU for short). That means that should you lose your income due to involuntary unemployment or due to recovering from an accident or a prolonged illness, the policy will start to pay out the benefit to give you financial assistance at a difficult time.

When choosing your mortgage unemployment insurance, do check that the terms and conditions very carefully, especially for any exclusions which would render the insurance useless. Typical exclusions will include the policyholder being in part time employment or of retirement age. If you are unsure as to whether you would be eligible to claim on your insurance, speak to your broker.

Sean Horton is a Director of Enhanced Wealth who offer competitive mortgage insurance cover for mortgage repayment insurance and mortgage unemployment insurance

Are Registered Massage Sessions Covered by OHIP?

By Amy Nutt

All different types of massage can be beneficial in helping with many different types of aches and ailments. Sports massage, deep tissue massage and therapeutic massage can reduce back and neck pain, relieve stress and speed up the recovery process after surgeries and injuries, but without medical coverage the burden of cost can be too much for some patients to be able to afford.

Will I be Covered?

This is a common question because of the fact that massages can be so beneficial, but also so expensive. Unfortunately, the short answer seems to be that most registered massage sessions will not be covered by OHIP.

There are potentially some cases where massage may be covered, but there are some very specific requirements that must be met in order for the patient to be eligible for coverage: factors like the age of the patient, the nature of the injury being treated and whether or not the clinic administering the massage is registered as a designated physiotherapy clinic.

What's the Difference between Physiotherapy and Massage?

A hundred years age there wasn't a great deal of difference between a physiotherapist and a licensed sports massage therapist - both provided an almost identical rehabilitant service, but today's licensed physiotherapist actually use very little, if any massage, techniques in their treatment and rehabilitation of injuries and ailments.

In the past, sessions with a licensed sports massage therapist would very likely have been covered in full, but with recent changes to coverage under OHIP, coverage only pertains to a limited number of sessions with a designated physiotherapy clinic under the guidelines of eligibility.

Who's Covered?

With the new rules of coverage in place, in most cases, any patient over the age of sixty five or under the age of nineteen that needs physiotherapy sessions will have coverage up to a predetermined number of sessions. All residents of long term care facilities or nursing homes, regardless of age, who require physiotherapy will have coverage up to a pre determined amount of sessions in a calendar year; and anyone needing physiotherapy sessions in their home after having been hospitalized, regardless of age, will be covered up to a pre determined number of sessions.

Under these new rules, anyone not currently living in a long term care facility or anyone not having been recently hospitalized, between the ages of nineteen and sixty four, will not be covered for any massage or physiotherapy sessions, even if the physiotherapy clinic is on the designated list on the OHIP website.

Therapeutic, sports, hot stone and shiatsu massage can all bring with them a host of benefits to the recipient, unfortunately very few if any of these sessions are eligible for coverage by the government under the news policies of the OHIP. Of course, residents are still more than welcome to participate in sessions by any licensed massage therapist, but in doing so they should be prepared to pay for the services out of their own pocket, without the hope of reimbursement from the government.

If you need to schedule a massage session for rehabilitation and are hoping that yours is one of the cases that will be eligible for coverage, make sure that your case meets the requirements above and also make sure that the clinic you are planning on visiting is on the designated list available on the OHIP website.

More detailed information regarding exact situations and types of services, answers to frequently asked questions regarding when and why the coverage was changed and the list of designated physiotherapy clinics that are part of the network can be found by visiting the OHIP website.

Upscale health studio provides Toronto Massages. Unwind and rejuvenate with a massage in our elegant décor and friendly environment.

Choosing an Insurance Company - What to Consider Other Than Price

By Amber Stahl

Buying insurance is buying a promise that you will be taken care of and financially compensated for at the time of your need. While cost of the policy is an important factor, there are aspects other than price that should be considered when choosing an insurance company.

1. Rating of the company Insurance companies are rated by rating agencies based on their financial strength. You want to choose a company that is financially strong to ensure they have the means to pay you when you file a claim.

2. Reputation of the company Are the current customers happy with the company? Go to your state's Department of Insurance website and check out the percentage and nature of complaints filed against the company.

3. Coverage and terms Does the company offer the coverage that you need? Are the terms, deductible, co-pay.. etc, compatible with your financial situation? Over-insuring is unnecessary and expensive since your monetary recovery is capped at the fair market value of the item insured. Under insuring, on the other hand, leads to financial distress due to inadequate coverage.

4. Who will be servicing your claims? Does the insurance company service their own claims, or do they outsource their claims handling? The difference is often reflected in the level of service and customer care.

5. Do they reward royalty? If you get into a car accident, is the company trigger happy to increase your premium, or will they reward customer royalty and implement accident forgiveness?

Buying insurance is buying a promise that you will have the financial resources you need on a rainy day. Therefore, it's important to consider all factors and select a company that has the means and desire to take care of you at the time of your need.