> Indemnity Indemnity plans are also referred to as “fee-for-service.” Unlike managed-care plans, indemnity plans allow absolute freedom in selecting physicians or medical facilities and permit self-referral to a specialist.
> Preferred Provider Organization (PPO) PPOs are comparable to indemnity plans, although they require subscribers to choose their health-care providers and health-care facilities from a preferred-provider list. Because the preferred providers have agreed to the plan's requirements, including discounted fees, subscribers have a financial incentive to stay within the network.
> Employment practices This kind of coverage will help defend against employment-related claims such as sexual harassment, age discrimination, or wrongful termination. Some policies offer legal assistance; others may pay both legal costs and damages.
The NCUA Board has issued an interim final rule amending share insurance to clarify coverage and implement changes required by share insurance reform Congress enacted in February.
“I am pleased to see this much needed change in account protection,” said Chairman JoAnn Johnson. “I view this immediate increase in retirement savings coverage as taking a large step to protect member’s accounts and as a vital way to encourage retirement saving. As personal retirement accounts surpass $100,000, Americans want to know that their IRA and Keogh accounts in banks, thrifts and credit unions are federally insured and protected against loss.”
Effective April 1, 2006, the interim final rule provides the following:
Increases share insurance limits to $250,000 for retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts) and Keogh accounts;
Retains the $100,000 insurance limit for all other types of share accounts;
Requires NCUA and FDIC to jointly determine if an inflation-adjusted increase is appropriate for insured accounts beginning in 2010 and every five years thereafter;
Includes pass-through coverage on employee benefit plans while limiting acceptance of shares in employee benefit plans to insured credit unions that are well or adequately capitalized; and
Clarifies coverage for qualified tuition programs, commonly referred to as 529 plans, and share accounts denominated in foreign currencies.
"In addition to the increased coverage resulting from the recently passed law, this rule provides important new flexibility for those credit unions servicing their members' needs abroad, as well as those assisting members who are trying to help pay their children's college tuition," Board Member Gigi Hyland said.
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About property and liability exposures
If you operate a home-based business – either part-time or full-time – you might be uninsured for coverage and not realize it. Many home-based business owners mistakenly believe that their homeowner policy will provide coverage for their business operations. It’s true that your homeowner’s policy may provide a limited amount of coverage for business-related personal property in the home. But it may not provide full coverage for the added property and liability exposures that the home business represents.
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