Medicare and SSI (Supplemental Security Income), are two different things and should not be confused with one another. SSI pays a monthly benefit and gives you Medicaid. Medicare is insurance that you can get when you have worked and paid into Social Security.

To become eligible for SSI you must be 65 years of age or older, be partially or totally blind or have a medical condition that keeps you from working and is expected to last at least a year or cause death.

However, for children, there are different rules. I am discussing SSI for adults, if you need information for children contact youre local Social Security Office and ask for Benefits for Children with Disabilities.

Basic monthly SSI payment for 2010 was $674 for one person.

Read more…

In The cheapest 2012 cars to own, Jim Gorzelany of Forbes reminds us to look at more than the sticker price of the car when determining the affordability of your car.  Its important to research the long-term costs of ownership for any vehicle that you are looking to buy.  This article looks at the costs over a five year time frame that come along with the cost of actually purchasing your new vehicle.  Just because a car has a less expensive sticker price, the cost of gas, maintenance, and car insurance may not make it the cheapest car for you.

Kelley Blue Book looked at information on cars in twenty different categories to determine which is the cheapest.  While the least expensive cars only had a $1,000 to $3,000 difference in ownership costs, the most expensive cars saw a difference of up to $20,000.  KBB took many factors into account; including depreciation, finding cheap car insurance, fuel, repairs, taxes, registration, maintenance, and financing costs.

Look at the historical depreciation for that particular car as well as the cars fuel economy because you could pay $5,000 more in five years for a car that gets 20mpg versus 30mpg.  Car insurance rates are definitely determined on an individual basis, but you will pay more depending on what vehicle you purchase as well.  See what the maintenance costs for your car will be and also how much it will be to repair anything that might break or be damaged.  The article also says not to purchase a car for the full sticker price no matter what!

Some of KBBs cheapest car list follows.  The cheapest subcompact car is the Nissan Versa, while the cheapest compact car is the Kia Soul.  The Hyundai Sonata is the cheapest midsize car and the Chevrolet Impala is the cheapest full-size car.  The cheapest luxury car is the Audi A5 and the cheapest sports car is the Mazda MX-5 Miata.  The Honda Insight is the cheapest Hybrid, while the Ford Escape Hybrid is the cheapest Hybrid SUV.  SUVs were broken into multiple categories, with the Ford Expedition being the cheapest full-size SUV.  The Mazda5 is the cheapest minivan.  Check out the full list in the Forbes article or from Kelley Blue Book.

A veteran of the insurance industry is coming out of retirement to launch a holding company that aims to acquire surety agencies because this is a prime opportunity for agents to sell their business.

Robert S. Goldstein, the former chairman and CEO of the managing general agency BenefitPort Mid-Atlantic, is launching Unique Insurance Concepts LLC, a Palm Beach, Fla.-based holding company.

Goldstein, who sold BenefitPort Mid-Atlantic to a unit of Goldman Sachs Group Inc.

Read more…

Net income at American Family Insurance Group fell more than 39 percent for the year on record losses from catastrophe claims.

Net income in 2011 for the Madison, Wis.-based insurer was $295.2 million, compared to $487.1 million in 2010.

The mutual insurance company paid a record $1.2 billion in catastrophe claims during 2011, mostly from Midwestern wind and hail storms in April and May that generated $650 million in claims.

These storms included a devastating tornado in Joplin, Mo. on May 22 that resulted in $125 in claims payouts.

Read more…