KFI Updates Sunday, May 26, 2002: Ben Discuses medical malpractice, your 1099's and the insolvency rule, new software called Dead Man's Switch and more

Sunday, May 26, 2002: ALWAYS get second opinion if you continue to feel bad after any type of surgery: I know this might sound obvious, but doctors can make mistakes...like the Doc in San Diego that left a 14-inch surgical knife in his patient's stomach.  (I hate that when that happens....)  He's now $250,000 richer (or I guess he and his attorney are!)..... Don't go nuts because your creditors are slamming you with 1099s because they wrote off one of your bad debts...Ben's gotta tip that'll get you out of the tax liability: Debt collectors and creditors will threaten you that you're gonna get nailed with a 1099 showing income for "forgiveness of debt;" it's perfectly legal for them to say and do this, but few rarely follow-through. Here's an article that discusses what your liabilities are, but they really deliver a half-assed message: Instead of just scaring you, why don't they give you ways to get out of the tax liability?  Don't go cheap and expect to get great advice from one of those cookie-cutter operations that charges next to nothing...you really do get what you pay for...Ask your accountant or tax attorney about "the insolvency rule" and use this little gem in the tax code to wash the liability.  Bottom line: If you're defaulting on loans or credit cards because you can't pay 'em, there's a pretty good chance that you're insolvent...upside-down...kind words for broke. But for once, it pays to be broke: If you're insolvent, you can probably invoke "the rule" that'll allow you to flush any of these "phantom gains" that show up on a 1099 for debt forgiveness.  Cool, huh? Ask an expert if you can use it...don't depend on me for the final word! Wanna compare the long distance services side-by-side to find which one will deliver the best rates to you?  You can do it on-line, of course, but if you're really anal-retentive about saving all you can on your long distance bill, then you'd better go back and re-price at least once every 60-90 days.  The phone companies are always introducing newer/better/cheaper plans to try to steal you away from the competition...use your impending departure as a way to get 'em to make them try to keep you but cut you a deal.  Here's one site that'll run the numbers for you...or try this non-profit organization's site for more options. What sort of porno files or sensitive e-mails would embarrass you if you died today?  Not to worry...there's an easy way to delete all of these files from your computer after you've died!  It's a free software program called Dead Man's Switch, and it will automatically delete anything "sensitive" from your computer on a certain date in the future unless you punch in the proper codes to call it off...or put it off.  It can also send e-mails after you're gone...how cool would that be to creep everyone out from the great beyond?  Heh, heh, heh...knock yourself out, here you go, sicko... You'd better make sure you can insure that house before you buy it!!!  That's right, more and more insurance companies are refusing to insure homes because of their claims record.  Actually, this is smart information that every potential home buyer needs to know...you want to know if you're buying a lemon of a house ahead of time, don't you???  Just like your driving record, insurance companies will look at the claims record of a property before they agree to insure it.  So before you jump on that "great deal" you'd better do your homework [sorry for the bad pun] first; insurance companies will refuse to cover a property that's been the subject of multiple claims like water or storm damage...and if it's in a neighborhood that has burglary problems, this could also cause you some real insurability problems. According to the May 23, 2002 edition of The Wall Street Journal, the source for this new obstacle is the insurance industry's little secret...a claims history database called CLUE: The Comprehensive Loss Underwriting Exchange. Ben's Bottom Line? When you find a house you wanna buy, make sure that you require the current owner to provide you with a current CLUE report before you agree to buy the property and go hard with any cash.  Here's a bunch of articles about CLUE if you wanna read more... You'd better call your credit card company if you plan on traveling anywhere, anytime soon...or else they'll turn off your credit cards and really screw up your trip! I don't blame the credit card companies on this one, actually. Call 'em and let 'em know when you're going to be traveling, especially if you're going to Mexico or Eastern European countries [fraudulent credit card hotbeds]; Ben wrote about it in his column last year.  Ben's best advice?  #1 Make sure you have the toll-free numbers to contact your credit card companies while you're traveling [since it's a different number than U.S.-originated calls].  #2 Call the credit card companies before you travel and let 'em know your plans.  #3  And here's some links if you need the major contact numbers for Visa and MasterCard. Don't take medical advice from some voice on the phone if you're calling your insurance company: Since you could be talking to someone with [how do I put this tactfully???] limited knowledge.  Check out this article about the folks at Kaiser Permanente getting exposed for their phone-shenanigans... Do you hate the automated phone systems that force you to punch a zillion buttons?  Get in line...here's some advice that'll help you short-cut their systems: First off: Don't waste your time hitting "0"...more and more systems are programmed to simply recycle you to the beginning of the message or menu, or cut you off altogether. Second: Here's some combinations that do work: Try "*" & "0" to cut through quick...it works on Chase Bank, United and Northwest Airlines.  Or try "0" & "#" for the phone systems at Amtrak, IBM and Apple Computers. Third: Other combos...like hit the "0" key repetitively; it'll puts you right into the cue for Visa, MasterCard and VoiceStream. Ben's Closing  BIG TIPS? Here's two for you: #1 Just ask the customer service representative once you finally get through [the first time around] for the "short-cut codes" and they'll usually tell you! #2 And do what I do many times: Don't press any buttons and make the system think you're on one of those old rotary phones [they'll probably think you're in your 70s or 80s too, but who cares???].

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