Weak Economy Leads to Mass Layoffs

Companies all across the country are feeling the crunch of our economic crisis, with millions of people finding themselves without a job, and consequently, without health insurance . Even employees who do not lose their jobs, may be downsized to part time and will also lose their benefits.


It’s not only big investment firms and banks that are laying off people. As of March 2008 the following Wall Street Firms have cut the following amount of jobs:


Citigroup~ 6,200

Lehman Brothers~ 4,990

Bank of America~ 3,650

Morgan Stanley~ 2,940

Washington Mutual~ 2,600

Merrill Lynch~ 2,220

HSBC~ 1,650

Bear Stearns~ 1,550

WestLB~ 1,530

UBS~ 1,500

Goldman Sachs~ 1,500

National City~ 900

Credit Suisse~ 820

Royal Bank of Canada~ 500

Fortis~ 500

Wells Fargo~ 500

Wachovia~ 443

Deutsche Bank~ 370

JPMorgan Chase~ 100


TOTAL ~ 34,463


If you get your health insurance through your job, you probably get a certain amount of money deducted from your paycheck to be applied toward the coverage. However, the amount deducted is typically only a small percentage of the insurance premium, while your employer pays the rest to the insurance company each month. When you leave your job, your employer may be required by law to give you an opportunity to remain on the employer's plan; this is called COBRA continuation coverage, and it is a continuation of the exact same benefits you received as an employee. However, your employer is under no obligation to pay any part of COBRA. Let's say, for example, that you get $100 per month deducted from your paychecks for health coverage. However, the actual cost of your health coverage is $600 per month. Thus, your employer has been paying the insurance company $500 per month on your behalf. When you leave your job, you receive a notice stating that if you choose to elect COBRA, your premium will be $612 per month, at a time when you no longer have any income.

These are scary times, and any financial planner will tell you, the best way to safeguard your fiscal future is to maintain health insurance.

Thankfully, the folks at Insurance Services of America have a solution:

Short Term Health Insurance.

Our short term health plans are specifically designed to provide medical coverage with very low premiums to keep you covered through these trying times.

The Secure Short Term Health Plan is an affordable alternative to Cobra, and you can apply online. It also includes an association discount card that provides discounts on things like prescriptions, dental, and vision. Visit our website today for an instant quote and see for yourself how our coverage really is affordable .

We know we will all make it through these difficult times.

Let the experts at Insurance Services of America help you avoid being bitten by a COBRA.

Save Money This Holiday Travel Season

With today’s tough economy your Holiday travel plans might be changing. Although you’ve probably found that ticket prices for Thanksgiving or Christmas travel are significantly higher than last year, it’s not too late to find a reasonable fare. Over the next few weeks, I will be providing tips on how to save a little cash during these times, without putting a damper on your holiday cheer.

1. Avoid flying on the busiest days:
Holiday ticket prices are 25 percent higher than they were in 2007, with the average price for a Wednesday-to-Sunday itinerary a whopping $460 round-trip.Merely delaying your return until Monday could save you $80 on average, and you’d save an additional $63 by waiting to fly home until Tuesday. For Christmas travel: Avoid departing on Saturday, Dec. 20, or returning on Sunday, Dec. 28, and you could save $25-$40 per ticket.

2. Drive to (or from) an alternate airport:
For example: There are 10 percent fewer seats this November on flights from Gainesville, Fla., compared with last November. And, not surprisingly, the fare on a sample peak trip to Phoenix for Thanksgiving weekend is a sky-high $572 round-trip. An alternate approach would be to drive to a nearby airport. The fare from Jacksonville to Phoenix is just $466, and from Orlando it’s only $351. Just be sure to factor in the cost of gas, tolls and parking so you’re not squandering all of your savings on the road.

3. Watch carefully for price drops:
Fares during the holidays tend to be more unpredictable than at other times of the year, with price reductions of $15 or more happening 50 percent more often. So it’s a good idea to watch the fares daily and buy your tickets during one of these decreases, when it’s possible to save $100 or more per person.
Since airlines typically release only a few seats at the lowest prices at a time, book quickly if you see that a fare drop is taking place. That will help ensure that you’re not shut out by other travelers who are also trying to snatch up that low fare before the price goes up again.

4. Don’t wait too long before booking:

The trick with booking holiday travel is to wait long enough that you can enjoy the treat of price drops — but not so long that seats at the lowest fares are sold out. Bottom line: If you haven’t bought your Thanksgiving ticket yet, now’s the time to start watching for price drops; book your trip as soon as you feel comfortable with the fare, even if it’s higher than last year.

5. Plan for the unexpected:
Getting sick or injured while away from home can be financially devastating. Travel Medical Insurance is a small price to pay when you consider the costs of a medical evacuation. Trip insurance can reimburse you if your bags are lost, or if your flight gets delayed or cancelled. Cancelled flights and congested Holiday travel could leave you stranded. Let the experts at Insurance Services of America help you safeguard your Holiday Travel plans at a price that won’t leave you saying “Bah Humbug.”

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