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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Mom, Me and Junior: Insuring a Multigenerational Household

October 5, 2016 2:24 am


American households today are poles apart from those in recent years, as living arrangements continue shifting to accommodate adult children, aging parents, and the generation between them. This change, according to the National Association of Insurance Commissioners (NAIC), can impact your insurance needs.

“Longer life spans, decisions to marry later and the tight job market have forced many middle-aged adults to share their homes with family members across generations,” explains John M. Huff, president of the NAIC. “When there is an increased headcount under your roof, there are likely new insurance implications.”

Huff and the NAIC point to an “empty nest reversal” trend, in which baby boomers (and some in Generation X) have become responsible for housing an adult child and an aging parent—an arrangement that may require changes to insurance coverage.

In the case of adult children (“boomerang kids”), communicating expectations is essential, especially because housing an adult child can be costly. Some questions to consider, according to the NAIC:

• Will the adult child be solely responsible for health insurance?

• Will the adult child’s driving record result in a higher automotive insurance premium? Will the adult child be responsible for the additional cost?

• Will the adult child’s big-ticket items (e.g., electronics) result in a higher homeowners insurance premium? Will the adult child be responsible for the additional cost?

Moving in aging parents also requires consideration. According to the NAIC, questions to ask include:

• Is the aging parent covered by Medicare?

• Is the aging parent current on insurance premium payments (including those for life insurance, if applicable)?

• Is the aging parent in need of long-term care insurance?

These questions, though at times unsettling, can help you as a homeowner in a multigenerational arrangement obtain insurance coverage that aligns with the needs of your household. If you anticipate moving in an adult child or aging parent in the future, keep these questions in mind as you prepare for the change.

Source: National Association of Insurance Commissioners (NAIC)
 

Published with permission from RISMedia.


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Weddings Get Social

October 4, 2016 2:21 am


Brides are using social media more than ever to announce their engagement, discover new ideas, connect with vendors, share moments throughout their wedding planning journey, and post their honeymoon experiences, according to a survey by The Knot.

First Comes the Ring…Then Comes the Post
Three out of five brides surveyed reported announcing their engagement on social media within the first 24 hours of saying "yes," and 86 percent shared their news within the first week. Sixty-two percent reported increasing their social media usage after their engagement, with seven out of 10 admitting to using social media for wedding planning more than anything else. The top three social media channels used during wedding planning are Pinterest (89 percent), Instagram (38 percent) and Facebook (38 percent).

Hashtagging the Big Day
Once the word is out, couples focus on creating a personalized wedding hashtag to share photos leading up to and throughout the wedding day. Sixty-six percent of couples (up 11 percent from 2014) plan on using or have used a personalized hashtag in conjunction with their wedding.

Snapping the Ceremony
Only 30 percent of brides surveyed reported being aware they could create and purchase a custom Snapchat geofilter for their wedding day and wedding-related events, but of those, 44 percent actually created one and used it. An additional 30 percent are considering it for their upcoming nuptials.

Leave It to the Guests…to Share Photos
Couples are leaving the posting to guests on the wedding day—three out of four couples (74 percent) reported wanting to be disconnected from social media on the big day.

Social Media Love on the Honeymoon
Seventy percent of brides surveyed admitted to sharing about their nuptials on social media within 24 hours of the wedding, and 70 percent reported posting throughout their honeymoon.

Source: The Knot
 

Published with permission from RISMedia.


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