Tips to protect taxpayers from identity theft during and after the pandemic

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Taxpayers, beware of fraudsters out to trick you for your information.

Tax return identity theft has reached such epidemic proportions that it tops the list of the IRS’s Dirty Dozen Tax Scams. Here are tips the IRS wants you to know about identity theft so you can avoid becoming a victim.

  • Phishing: Taxpayers should be alert to potential fake emails or websites looking to steal personal information or other financial scams related to COVID-19. The IRS will never initiate contact with taxpayers via email about a bill, tax refund or Economic Impact Payments. Don’t click on one claiming to be from the IRS. Be wary of emails and websites that may be nothing more than scams to steal personal information.
  • Phone Scams: Phone calls or vishing (voice phishing) from criminals impersonating IRS agents remain an ongoing threat to taxpayers. The IRS has seen a surge of these phone scams in recent years as con artists threaten taxpayers with police arrest, deportation and license revocation, among other things.
  • Social Media Scams: Scammers use COVID-19 events and social media messaging to convince victims that they are dealing with someone’s family, friends, or co-workers. Instead, the email includes malware used to commit additional crimes.
  • Return Preparer Fraud: Be on the lookout for unscrupulous return preparers. The vast majority of tax professionals provide honest, high-quality service. There are some dishonest preparers who operate each filing season to scam clients, perpetuating refund fraud, identity theft, and other scams that hurt taxpayers. Check out the IRS’ special page for tips on choosing a preparer.
  • Fake Charities: Groups masquerading as charitable organizations solicit donations from unsuspecting contributors. Be wary of charities with names similar to familiar or nationally known organizations. Contributors should take a few extra minutes to ensure their hard-earned money goes to legitimate charities. IRS.gov has a search tool taxpayers can use to check out the status of charitable organizations.
  • Ransomware: Taxpayers should be alert to this growing cybercrime where malware targets human and technical weaknesses to infect a victim’s computer, network, or server. Once the system is infected with malware, ransomware looks for and locks critical or sensitive data with its own encryption. Victims receive an anonymous ransom request usually demanding payment in virtual currency such as Bitcoin. The IRS and its Security Summit partners advise tax professionals and taxpayers to use tax preparation software products’ free, multi-factor authentication feature to protect against data thefts.

Identity theft is scary and expensive for both individuals and businesses, but there are ways to protect yourself. Refer to the Taxpayer Guide to Identity Theft or the IRS Identity Theft Protection page on the IRS website, and then ask your independent insurance agent for more information about data compromise and identity theft coverage.

cinfin.com

6 Tips to Protect Yourself From Medicare Fraud

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Medicare fraud can be a big business for fraudsters and a big problem for taxpayers. And emergent health crises, such as the one around COVID-19, may create environments prime for scammers to take advantage of unsuspecting people.

Medicare fraud can lead to big financial burdens

Stolen Medicare numbers may become valuable loot for criminals. These numbers can be used to bill Medicare for services and supplies that were never provided or received. The reimbursements are then pocketed.

And who pays? We all do. The more that is paid out in false claims, the less there may be to pay for legitimate health care needs. The long-term result can be higher premiums and stricter rules around eligibility for supplies and services.

Tips to avoid Medicare fraud

Follow these 6 tips to help avoid Medicare fraud.

  1. Keep your Medicare card close

Treat your Medicare card as you would your Social Security card or a credit card – keep it safe and never leave it out in the open.

  1. Guard your Medicare number

Never give your Medicare number to a stranger over the phone. Do not give your card or number to anyone except your doctor or another authorized Medicare provider or authorized agent.

  1. Watch out for bogus Medicare plans

Criminals may try to entice you with phony Medicare plans, products, benefits and services. The real aim is to get your Medicare number. Check directly with the plan provider or use the Plan Finder at Medicare.gov to verify any plan you are considering. If it’s not there, it may not be legitimate.

  1. Beware of “FREE” health care services or products

Just walk away if someone asks for your Medicare information in exchange for free medical services or products. If it’s free, they have no need for your insurance information. This may be another scam to get your Medicare number. (Keep in mind that a legitimate insurance agent or company representative will need your Medicare number if you choose to sign up for Medicare supplement insurance plan, a Medicare Advantage plan or a Medicare prescription drug plan.)

  1. Avoid deceptive door-to-door salespeople

Do not accept medical supplies or information from a door-to-door salesperson. And remember that neither Medicare nor Medicaid sends representatives to people’s homes to sell products or services. In addition, insurance agents may not come to your home unless you have asked them to.

  1. Scour your Medicare statements

Medicare or your private insurance provider sends you claims summary statements detailing the health care you have received. Read them carefully. It’s important to verify that you received all the services and products that appear. Report anything that you suspect may be an error.

How to report Medicare fraud

The first thing to do when you suspect fraud is to check with your Medicare plan provider. It may be a simple mistake or misunderstanding.

If you still think that the charge to Medicare is for a service or supply you did not receive, then you can call the Medicare helpline to report it (1-800-MEDICARE or 1-800-633-4227, TTY 1-877-486-2048, 24 hours a day, seven days a week). Medicare.gov also offers some more tips for preventing fraud online.

You can also call the Senior Medicare Patrol (SMP) office in your state. SMP workers and volunteers can help you determine if you have been a victim of fraud. If you have, they will forward your complaint to government investigators.

Life insurance part of a business’s risk management

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Operating a business requires you to manage risks to preserve assets and prevent losses. You’ve ensured that you have appropriate commercial liability insurance and perhaps directors and officers coverage or employment practices protections.

Nevertheless, the biggest risk to your business could be the loss of you or other company leaders.

LEADERS ARE KEY

When evaluating risks, have you considered the impact of an unexpected death of an owner or one of your key employees – not just emotionally, but financially?

The cost of an unfunded buy-sell agreement could be just as devastating to your balance sheet as an uncovered liability claim. A properly designed life insurance policy can play a critical role in protecting the financial future of your business.

Losing a key employee could disrupt sales, hinder production and potentially create credit issues. Those costs might be difficult to overcome without adequate coverage. The employees you identify as needing liability coverage may be the same key leaders for whom you need life insurance. Purchasing life insurance can fund a business continuation plan, keeping your business financially attractive to those who might want to buy out a deceased person’s interest in your company.

PRIVATE OR PUBLIC

Whether your business is privately held by a few owners or has many shareholders with a complex ownership and management structure, both management liability and life insurance provide critical protection for the financial position of your organization.

A lack of coverage ultimately can impact your business’s ability to obtain credit or even continue operations. More importantly, adequate coverage protects your personal assets and the future value and security of your business.

With the help of an independent insurance professional, you can quickly tailor a solution to your specific needs.

Contact The Ayres Group

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Insurance helps hospice care providers focus on the patient

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Hospice organizations focus on the care – not a cure – for the patient, as well as support to the patient’s loved ones. If your organization operates a hospice, you are in a unique position to affect the quality of life in your communities.

By making sure your organization has appropriate insurance protection, you can keep your focus on the important services you provide to patients and their families. Take time to review the declarations page of your insurance policy. Many policies contain professional liability deductible. These deductibles can be sizeable, so it’s important to maintain a line item in your operating budget to account for this exposure.

Here are some insurance coverages to consider, but each organization is unique. Talk to your local, independent insurance agent and your legal adviser for information specific to your situation.

MANAGEMENT LIABILITY (D&O)

Healthcare Institutions Directors & Officers Liability (D&O) coverage protects the management of hospices and their subsidiaries – including past, present, and future directors, officers, trustees, administrators, employees, volunteers, and members of boards or committees – against alleged wrongdoings. In the hospice industry, managers must direct peer review committees and quality of care and staff privileges. Periodic training regarding the Health Insurance Portability and Accountability Act (HIPAA) and the Emergency Medical Treatment and Active Labor Act (EMTALA) is essential for healthcare-related organizations. These duties and others put hospices at risk for D&O claims, such as written demands for monetary damages, formal administrative actions, civil suits, and regulatory proceedings.

D&O claims cannot be taken lightly, as they can quickly become costly. Examples include alleged improper billing and collection practices, former business partner separations and severance disputes, breach of duty, and denial of clinical privileges.

EPLI

Employment Practices Liability Insurance is another crucial coverage for hospice organizations, along with third-party EPLI coverage. Claims can potentially include discrimination, harassment, retaliation and wrongful termination. Sex and race discrimination are the most common types of EPLI discrimination claims in the workplace. For example, in the hospice industry, a highly paid nurse replaced by a younger, lower-paid nurse could sue for age discrimination.

CYBER LIABILITY

Don’t overlook the threat of cyber-related incidents, and look for insurance coverage to protect the hospice from data breaches, identity theft, computer attacks, network security liability, and cyber extortion. Thousands of patient names and Social Security numbers have the potential to be exposed due to a security breach of a hospice computer server or as the result of a computer virus.

SEXUAL ABUSE

Sexual abuse and molestation coverage is an important area to review. Many policies provide vicarious coverage only, meaning only the hospice organization itself is protected; no coverage is included for a specific employee or volunteer worker. This can create a conflict if a claim against a worker goes to trial. You can determine if an employee or volunteer worker is covered by looking at the coverage form under “Who is an Insured.” Look to see if the sexual abuse molestation coverage is included within the general liability coverage of the policy or as a separate item. If it’s included, then sexual abuse and molestation coverage must share the limits with other liability losses. Separate coverage usually means separate limits exist. Ask your agent if you are in doubt.

By taking care of key insurance coverage, you can protect your hospice organization and turn your efforts to serve your patients, their families, and the community.

Home’s value, replacement cost not interchangeable

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When shopping for homeowner insurance, you may hear the terms “market value” and “replacement cost” multiple times. It’s important to have a grasp of the difference. They are not interchangeable.

Market value is the selling price on the open market — how much someone will pay for the property. This value can increase when an area is trendy and decrease as people migrate elsewhere. If a home is in an area where the “sale pending” sign goes up as soon or sooner than the property is listed, the market value may be on the higher end. But if a home has been on the market for months or longer, the seller may decrease the asking price in order to be able to sell it, and the purchaser may get the home for a huge discount.

Replacement cost is the price to rebuild the house in the event of a total loss. A home’s market value and its replacement cost may differ significantly, and that can be where things get confusing. When you buy home insurance, the amount of coverage you purchase should be the amount that it would cost to rebuild the home, so that you have enough coverage to get back to normalcy as soon as possible.

These factors play into replacement costs:

  • Materials and labor. The actual construction cost of the home may increase from year to year and from area to area. If a home is being reconstructed in an area often hit hard by storms, the need for specific contractors or materials may make reconstruction of that home more costly.
  • Contractor’s overhead and profit. Contractors will charge to keep their business running and make a profit on the reconstruction of the home. It is important to keep this in mind: In the reconstruction of your home, the insurance company can be asking a builder to stop all other construction projects and focus on the reconstruction of your home specifically in a timely manner. This comes at a cost to the contractor – and you need to consider that cost in the amount of insurance you purchase.
  • Inability to maximize savings as compared with first-time builds. When a home is first built, material and labor costs may be lower because the contractor is purchasing material in bulk and may be paying multiple crews to construct several homes in the area at the same time. Because reconstruction is a one-time event, the builder will not receive the same savings on material purchases or labor because of needing to pay one crew to focus on the rebuild of one
  • Older home reconstruction guidelines. If the home being replaced is older, re-creating it using “like kind and quality” materials may add costs. Homes built before 1940 likely used “true dimensional lumber” that is not commonly used today.
  • Historic home registry restrictions. Houses on a local or national historic home registry often have strict guidelines for the reconstruction, including cosmetic and structural changes to the home.
  • Area building code conditions. Local building codes may restrict contractor access. For example, homes built in resort areas often can be accessed only during non-peak season. Some communities limit construction work to specific days of the week or times of day,

The next time you are shopping for homeowner insurance, avoid the temptation to obtain coverage for the purchase price of the home. When you assess the replacement cost, you may think, “My house isn’t worth that much.” Just remember your insurance purchase should not be a matter of how much your home is worth, but what it would take to rebuild. In the event of a total loss, you want to be back in your home – the way it was – as soon as possible.

For more information, contact your Ayres Group representative.

Tips for conducting remote, personal meetings

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The current coronavirus pandemic has caused millions of employees across the country to work from home for the first time. Many do business now using online meetings and virtual presentations – a difficult transition if you pride yourself on personal service and customer care. But there are ways to keep web conferences or presentations friendly, professional, and productive.

BEFORE THE MEETING

Get technical. Familiarize yourself with the technology you’ll use. Does it have a video component or is it audio-only? Can you share documents or screens with other attendees? If you’re unsure of how to use the technology, ask for help, and learn it. Practice with someone. If you are uncomfortable, it will show. Your company should be able to provide support for the technology it provides. If you provide the technology for your own business, seek help from your service or IT support vendor.

Consider Plan B. Have a backup plan in mind in case you lose service mid-meeting. How will you reconnect or follow up with attendees? Would a group email or conference call work?

Plan your questions. Set an agenda and distribute it in advance. Prioritize it so that you cover the most essential information first.

Minimize distractions. Before you start your call or virtual meeting, eliminate background noise or distractions. Turn off ringers on other phones. If possible, close the door to the room and let your family or others who share your space know you’ll be in a conference.

DURING THE MEETING

Be friendly and relatable. Be mindful that since you’re NOT there, it may require extra effort or a different way to show your engagement with your audience. In a virtual meeting, there’s no opportunity for a handshake – or elbow bump. Even with video conferencing, eye contact may be difficult. You will need to make up for those lost social graces.

  • Be grateful! Thank everyone for their time. If they gave you something you requested, acknowledge it
  • Don’t just launch into your questions
  • Ask how everyone’s doing; just as if you were there
  • Have a high energy level – people can sense your level of enthusiasm
  • Remember to smile (you can “hear” a smile)

Account for all participants. Introduce yourself briefly and ask everyone else in turn to introduce themselves. After introductions, mute all the callers if your software allows it. If not, ask callers to mute themselves until it’s time for them to speak. This helps reduce unwanted background noise and prevents people from talking over one another.

Explain to your audience how the meeting will progress. Suggest that people re-introduce themselves before they start speaking so that everyone knows who’s talking. Talk about what happens if someone gets disconnected or has connection problems; explain the backup plan.

Get to it. Quickly go over the agenda and ask if everyone received a copy.

  • Go through your prepared questions to make sure you hit the primary reason for the call or presentation.
  • Allow all participants to contribute. Ask open-ended questions but make sure they are specific and concise. Many times, the response to an open-ended question will answer several of your other questions.

Special conditions. If you can’t see your audience, be hyper-vigilant on verbal cues.

  • Really, really listen
  • If answers are getting short – you may be running out of time
  • Try to not lose control of the call or virtual meeting; keep people on target and on mission
  • Observe normal etiquette; let people talk without interrupting

Keep track of the time. Just as you would in a conference room, be respectful of attendees’ time. Keep a clock where you can see it and stick to the time allotted for your meeting. If you can’t get to everything, you may need to follow up later.

Next steps. Discuss what attendees should expect from you next – follow-up emails, copies of the presentation, other documents. Before signing off, thank them for their time.

AFTER THE MEETING

Send a follow-up email. Be sure to include all attendees. Remember to share any resources you promised. Some video and audio conferencing systems allow you to record the session for later review; if so remember to send a link. In your follow-up communication, thank attendees again for their time.

Communication and preparation are key to a smooth virtual meeting. Your attention to these tips will help you serve your internal and external customers through the crisis. When you are again able to do business in person, they’ll remember the support you offered them.

Courtesy Cinfin.com

Do you have adequate homeowner insurance coverage?

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When you think of purchasing insurance, you may feel the most important factor is how much money you can save. We are all inundated with ads pushing a money-saving mindset complete with cute animals, catchy phrases, and superstars.

Those ads may promote savings in the short run, but you’ll want to weigh one very important question: When you saved a few dollars on the front end, is that really what you will care about in the event of a total loss?

If the insurance you purchased is not enough to replace the entire attached garage after a windstorm and you have to pay some of your own money to complete the reconstruction, I doubt the first thing you will be thinking is, “Well, at least I saved money when I bought this insurance.”

WHAT A “SMALL” LOSS MEANT TO ME

I once lost my three-stone, $18,000 engagement ring when it slipped off my finger one winter morning. while attending a lunch with co-workers. I took my gloves off at the restaurant, and my engagement ring – with a 100-year-old center stone inherited from my grandmother – was nowhere in sight. After sobbing and searching for weeks, I reluctantly reported the claim. The claims adjuster and jeweler worked with me to recreate my ring, even down to the fact that the two side stones were not of equal size; I refused to split the difference for two equal-sized stones.

I was emotional… and in all that emotion, I just wanted everything exactly the way it was.

As worked up as I was about a piece of jewelry, I can only imagine how upset I would be about losing my home. However, I understand that reality through the experience of my friend, Tina.

WHAT A LARGE LOSS MEANT TO A FRIEND

Tina lost her entire house to a kitchen fire in 2016. It took nine months working with her insurance carrier to rebuild her home. She called me on the night of the fire to tell me that her family was OK and that she hoped she had enough insurance to rebuild her home … to “get her life back.”

No one enjoys preparing for the rare worst-case scenarios. Typically, you purchase insurance when you buy a home; if you witness superior claims service provided to a friend; or when you want to save money. As my friend discovered, maybe we should place more importance on value rather than cost, coverage rather than premium savings.

Insurance coverage on your home is meant to protect you in that horrific moment that everyone thinks will not happen to them. The appropriate amount of coverage on your home can give you peace of mind, knowing that you have adequate coverage limits to rebuild your home… to “get your life back.”

When it comes to that loss that you thought would never happen to you, it is not up to the fairytale characters, jingles or celebrities to pick up the pieces. It is up to your insurance company and you. Talk to your Ayres Group agent about how to obtain full replacement cost for your home.

Contact your Ayres Group agent to learn more about homeowners insurance.

What business owners need to know about the CARES Act

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President Trump signed the $2.2T CARES (Coronavirus Aid, Relief, and Economic Security) Act into law to provide economic relief for those affected by the current pandemic. Here’s what small business owners need to know.

What is in the CARES Act?

The CARES Act consists of three major components:

Loans for struggling businesses (including $367 million specifically earmarked for businesses with 500 or fewer employees), called the Paycheck Protection Program.

Expanded unemployment benefits, including an additional 13 weeks of benefits, and up to $600 more per week in benefits for up to four months. Self-employed and gig workers will also be covered.

Payment of up to $1,200 to each individual or $2,400 to each couple, plus $500 for each child under 16. These payments would be phased out for those with incomes over $75,000 ($150,000 for couples).

How will the new stimulus package help small business owners?

For business owners, the part of this plan that may provide the most immediate relief is the Paycheck  Protection Program, which provides low-interest loans for small businesses being hit hardest by the outcomes of the pandemic. Here’s what business owners can expect:

Loans will be handled through the Small Business Administration’s existing 7(a) program. Loans are made by private lenders (banks, credit unions, and other lenders) and are guaranteed by the SBA.

The self-employed, including gig workers like Uber and Lyft drivers, are eligible.

The amount that can be borrowed is dependent on your payroll expenses, so you must have paid employee salaries and payroll taxes, or have paid independent contractors. You’ll need to show proof of these payments.

The purpose of these loans is to provide a cushion so that employers can continue to pay their employees, or can rehire those they have already let go. Part of the loan may be forgiven for employers who retain or rehire workers.

How to apply for a loan

To apply for a loan, go to your current bank and see if they can offer you a loan under this program. There are about 1,800 lenders who are currently authorized to make these loans, and Treasury Secretary Steven Mnuchin has said there are plans to allow any FDIC-insured lender (which includes virtually every bank) to offer these loans.

For more information on SBA loans and the CARES Act, visit the SBA website.

Unemployment expansion

The CARES Act increases unemployment benefits for those who have been laid off. The Act extends the period of time that out of work people can collect unemployment benefits for an additional 13 weeks. It also increases the amount of compensation they can get by up to $600 per week.

Unemployment benefits are managed by each state, but they all follow the federal guidelines. If you have had to lay off employees, encourage them to file for unemployment by visiting their state’s unemployment website. The Department of Labor website has information about unemployment insurance and a link to each state’s website.

The contents of this article are provided for informational purposes only and do not constituent, and should not be relied upon as, legal, business or insurance advice related to the needs of any specific person or business. 

 

Covid-19 Update

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THE AYRES GROUP – SERVING OUR CUSTOMERS

At The Ayres Group, we value our customers, community and employees. We are cooperating with the guidance provided by our State and Federal Governmental Authorities.  Effective Monday, March 23rd all Ayres Group offices will be closed to the general public. In-person transactions are by appointment only.

Like other businesses, we have chosen to have an appointment only format for “in person” transactions. If someone needs to make a payment and is not able to do so online, we will allow customers to drop off check and cash payments. They will need to call ahead and/or ring the doorbell by the entrance of the building.  Someone will meet them at the door to accept their payment. We will still be answering our phones and responding to e-mails as usual to handle all your insurance needs, but are trying to do our part with limiting public contact to protect our employees as well as our customers.  In good times and in difficult times, we are there for you.  We are all in this together.

Servicing Your Needs

Customers can contact The Ayres Group through the following ways:

The Ayres Group agents are available to assist you with your insurance needs. If you prefer to call or send a message, you can do so through our website.

Online Account Access is Available

Our online bill pay is available 24/7 to access and pay bills, check on the status of claims and view your policy documents.

We encourage you to stay up to date and informed as the COVID-19 situation evolves. For additional information about COVID-19, visit cdc.gov.

Thank you for being an Ayres Group client.