> Automobile If you own and operate commercial vehicles, you should make sure that your fleet is appropriately insured. If business use of a vehicle is minimal and limited to your personal vehicle, the necessary coverage can probably be included in your personal policy. Best bet: Check with your agent to be sure.
> COBRA Benefits COBRA stands for “Consolidated Omnibus Budget Reconciliation Act of 1985,” which requires companies with 20 or more employees to offer separating employees the option to continue their group health-care coverage at their own expense.
> Long-Term Disability (LTD) Long-term-disability plans provide income for an individual who cannot work because of an illness, disease, or non-occupational injury. Most plans require that the individual be a full-time employee for at least one year before the disability coverage applies.
The landmark COBRA health benefit provisions became law in 1986. The law amends the Employee Retirement Income Security Act, the Internal Revenue Code and the Public Health Service Act to provide continuation of employer-sponsored group health coverage that otherwise might be terminated. The Centers for Medicare & Medicaid Services (CMS) has advisory jurisdiction for the COBRA law as it applies to state and local government (public sector) employers and their group health plans.
The COBRA law generally applies to group health plans maintained by employers with 20 or more employees in the prior year. The law does not, however, apply to plans sponsored by the governments of the District of Columbia or any territory or possession of the United States, certain church-related organizations or the federal government.
Individuals who work for a state or local government employer, and their dependents, should be aware of their rights regarding COBRA. A good starting point is reading your summary plan description (SPD) booklet, if a state or local government employer distributes an SPD to its employees. Most of the specific rules on COBRA rights may be found there or with the person who manages your health benefits plan.
If you live in the following cities and need an Insurance Advisor or to get a
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Alexandria
Annandale
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Burke
Centreville
Charlottesville
Chesapeake
Chester
Chesterfield
Christiansburg
Colonial Heights
Culpeper
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Front Royal
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Hampton
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Herndon
Hopewell
Leesburg
Lorton
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Martinsville
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Newport News
Norfolk
Petersburg
Portsmouth
Powhatan
Radford
Reston
Richmond
Roanoke
Salem
Spotsylvania
Springfield
Stafford
Staunton
Sterling
Suffolk
Vienna
Virginia Beach
Waynesboro
Williamsburg
Winchester
Woodbridge
Yorktown
Did You Know?
Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer.
If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer's payments is reported as income. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you; the premiums are considered paid by your employer, and the disability benefits are fully taxable.
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Legal Disclaimers The information provided on VA Insurance Advisors.com is not intended to be insurance advice, but merely conveys
general information related to insurance issues commonly encountered.
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