When the Illegal Immigrant Has a License and Auto Insurance

Of late, there’s been so much focus on the illegal immigrant in the media that we in the insurance industry have decided to have our say, as well.

Here goes.

Of all the fifty US states, there are only twelve that give driving privileges to the undocumented immigrant. In the other states, any undocumented immigrant that drives does so without having been issued a license. Without a license, you can bet your bottom dollar that there is no auto insurance to cover an accident. If a legal driver is the not at fault party of a collision, not only will there be no coverage to pay for damages from the other party, but it’s likely there will be no out-of-pocket money to speak of in compensation as well.

Good reason to invest in uninsured motorist of underinsured motorist insurance, huh?!

In any case, the danger involved in illegal immigrant driving has prompted the few states that do offer some form of driving licenses to the undocumented to actually expand the eligibility. With the invitation from CA, CO, DE, DC, HI, MD, NV, NM, UT, WA and VT to apply for a driving license, the undocumented immigrant who passes the written and driving test has better odds of safe driving and can actually purchase protective auto insurance coverage.

This means of course that in the event of a vehicular accident, the illegal immigrant that lives and drives in one of the areas where the privilege is open to him or her can have the shielding insurance to cover damages.

But the illegal immigrant who passes the driving test required in order to acquire a legal driving license has other more inclusive options that, like any US citizen, can shield him or her more comprehensively.

These include the options of:

Collision Insurance Coverage – this compensates for the cost of damage incurred to the at-fault driver as well

Comprehensive Insurance Coverage – this provides payment for other losses incurred as a result of a stolen automobile, car vandals, or the damage from a natural disaster

Uninsured/Under-Insured Motorist Insurance Coverage – this provides coverage for damages resulting from an accident with a driver that does not have adequate auto insurance

Irrespective of your standing in regard to residency or citizenship, if you are a legal driver it is wise to seek guidance and advice from a qualified insurance professional in relation to insurance coverage options that are applicable to your individual circumstances.



Source by M Wyzanski

Paying for Long Term Care and Protecting Your Assets

Despite the fact that so many people will need long term care, there are few good options for making this type of care affordable. Medicare does not pay for most forms of nursing care outside of very specific circumstances; the only government program that does is Medicaid. However, qualifying for Medicaid often requires “spending down” to a point where you fall under the maximum income qualification. From a practical standpoint, this means you could lose all your savings and assets.

There are, however, a few ways to protect your assets-at least partially-and pay for your long term care needs. We are not attorneys or financial planners; we strongly recommend that you consult a professional about your specific financial circumstances and available payment options. However, here are a few general options.

Buy long-term care insurance. Private health insurance plans generally do not cover long-term care. That’s covered by separate long-term care insurance. However, there are pitfalls in purchasing this type of insurance. In the past, several long-term care insurance companies have gone under, leaving their insureds without coverage despite paying premiums for years; in addition, to face rising medical costs, many insurers have had to hike premiums dramatically. However, under the right circumstances, long-term care insurance can go far in protecting your assets when buying long-term care.

Transfer your home. Most of the time, you don’t have to sell your home to qualify for Medicaid. In fact, if you do sell your home for its market value, you may no longer qualify-or you may be required to put all your proceeds toward nursing home costs. If you hang on to your home, you can usually still qualify for Medicaid-but the state of Texas may file a claim against your house after your death. This is called “estate recovery.”

However, if you have a surviving spouse, a surviving child under 21 years old, a child of any age with certain disabilities; or an unmarried adult child living on the property, the state may not file an estate recovery. There are also undue hardship conditions that would exempt your property; click here http://www.dads.state.tx.us/services/estate_recovery/ for more information.

Most of the time, if you transfer ownership of your home to someone else to avoid estate recovery, you will face a penalty and a period of exemption from Medicaid coverage that could basically negate the benefits you would get by transferring the property in the first place. However, under certain conditions, you can transfer your home to certain family members without penalty. This depends strongly on your own personal situation, however, and it is not a decision to make without first consulting an attorney.

Put your assets in an irrevocable trust. A trust allows you to transfer ownership of property or assets from yourself to a beneficiary. If you put your home or other assets into an irrevocable trust, you no longer have ownership of it-and can’t get it back without the trustee and beneficiary’s approval.

Protecting your property and assets in paying for nursing home care is always an intensely complicated situation, and varies depending on your individual circumstances. Consult an attorney to find out what your best options are-and hopefully you should be able to preserve your assets for future generations.



Source by Cheryl Culbertson