In the first part of this misconceptions blog, we discovered the myths behind the insurance agent. Now let’s dive a little deeper into some of those misconceptions that are often heard about the industry itself. ·         The insurance Industry is always raising rates because they’re “greedy.” The first step in understanding rates is to shine some light on how insurance works. The insurance industry operates under a type of risk management referred to as a risk pool.  In this, risk is allocated among the population with many paying for the losses of the few. On the contrary, when there are … Continue reading

School is back in session, summer is on its way out the door, and the autumn season is upon us. With this brings seasonal allergies, colds, and potentially the start of the flu season.  Following preventative measures is highly effective to protect yourself against falling ill with the flu. The CDC recommends getting a flu vaccine by the end of October. This gives your body time to build antibodies that protect against the flu before the season begins,  and it starts spreading throughout the community. A common question regarding vaccinations is, “How is the flu shot covered by my insurance”?  … Continue reading

Working in the insurance industry, I’ve come to find that during discussions with family and friends I’m often having to paint a “prettier” image of the job of an agent and the industry itself. Here, you will find a few of these misconceptions and the reality of insurance as I’ve come to know it first-hand. Working with an agent is more expensive It actually saves time and money when you go to an agent for your insurance needs. Think of it as your one- stop shop. When you go to an agent at VAST, they are able to seek out … Continue reading

  Leading industry publication Insurance Business America has launched its inaugural Top Insurance Workplaces report for 2018, a fascinating snapshot of the US insurance sector – and VAST is featured prominently on the list. Employees from organizations large and small across the whole of the industry were asked to share what they love and hate about their workplaces – whether it’s great benefits, great resources, great management or anything else. From the hundreds of companies that participated, only 51 hit the high standard needed to secure a spot on the list. VAST was among them. “We’re very excited to be … Continue reading

If you’d like to increase your creativity and productivity in your job, and be more successful in your career, consider joining your coworkers in an after-hours work event.  Engaging with coworkers outside of regular office hours builds and strengthens positive relationships, enhances communication and trust, and makes the workplace happier. VAST creates plenty of opportunities for employees to engage and have fun after work through our committees that focus on the culture of our workplace.  Our Culture Committee regularly plans after-hour events for employees and spouses to get together.  Recently, we’ve held those events at Vango’s, Iron Bay, and the … Continue reading

  Occupational hazards are a serious aspect employers must consider.  Many safety applications exist to protect workers from harm, including death.  It may surprise you to learn that for Michigan workers, the most frequent cause of death for 2017 was due to falls.  The Occupational Safety and Health Administration, or OSHA, reported falls as the most common cause of work-related deaths for 2016 nationwide, which was 38.7% of all deaths reported. This may bring to mind the image of a construction worker or roofer falling from a high structure. In reality, falls from less than 6 feet can also cause … Continue reading

You contact your insurance agent for assistance on understanding a recent medical claim. More than likely, your agent will ask for a copy of the EOB to better assist in answering your questions. Your first thought may be, “What is an EOB?!” If this has been you, don’t worry.  In insurance talk, the abbreviation EOB stands for “Explanation of Benefits.”   An EOB is a document that members enrolled in a medical benefits insurance plan will receive after a claim has been processed. The document will be from the insurance company.  It will provide a detailed explanation of what was billed … Continue reading

Understanding your annual medical payments can sometimes be difficult, but we’ve created this easy to read chart to break everything down.

It has recently become popular among businesses to encourage, or at least allow, employees to bring their pet dogs to work.  This is often viewed as a perk to potential employees, and is known to boost morale, increase productivity, motivation, and reduce stress.  What can be more fun or enjoyable than a workplace that allows you to bring your best furry friend to the office?  In fact, American Pet Products Manufacturers Association conducted a survey that found nearly a quarter of employees believe that pets should be allowed in the workplace. However, a few questions come to mind.  How can … Continue reading

There may be circumstances where an individual is enrolled in two health insurance policies. For example, an individual is enrolled in a policy through his employer, and is also enrolled under his spouse’s policy at the same time.  When these two policies work together to pay claims, it’s called Coordination of Benefits. It is imperative if you are in a scenario similar to the one described, that you inform both insurance carriers of the dual coverage to establish which plan is primary vs secondary. This allows the two insurance carriers to work together and avoid duplicate payments on the same … Continue reading