DrBoyceInsurance

Apple Care does not cover smoking damages

2009-12-11T20:30:00.000-08:00

By Jameel Murray

Recently an Apple Mac user was denied Apple care insurance due to a smoking condition. Apple Care, which costs over $200, is a warranty that guarantees the repair of an apple device if it malfunctions. One Mac customer was denied insurance service because the device was contaminated with cigarette smoke. Although the warranty does not state that the product cannot be repaired if it contains cigarette smoke, the warranty does state that the company would offer repairs if the product is not considered a biohazard. According to the company, cigarette smoke is considered a hazardous substance that can endanger workers. Apple has stated that it they would not have any employee repair a product that poses as a risk to their health. The moral of this story is to shop around and read into the fine prints of all warranties and insurance policies. Consumers must analyze and research all insurance policies or they may end up on the shorter end of the stick.

http://www.theregister.co.uk/2009/11/22/apple_allegedly_voids_smokers_warranties/

http://www.macmod.com/apple/2020-another-way-to-void-your-applecare-smoking

http://www.softsailor.com/news/12434-are-you-a-smoker-say-goodbye-to-applecare-coverage.html

New Health Care Insurance Attempts

2009-12-11T20:19:00.000-08:00

By, Meredith Anderson

For many Americans the idea of health insurance is too far about of their reach to even think of. With the growing demand for modern medicine medical coverage has been increasing to drastic extremes. Without benefits from jobs even more people would not have health insurance due to the increase in price tag in private health insurance.

Much debate over the years has risen due to the fact that since 1998 the average cost of health insurance has nearly doubled! President Brarack Obama has said that the Democratic's plan would in fact reduce the growth of health care costs. Much controversy of whether or not this is accurate has been quite heated lately. A recent report obtained by the Republicans proved there suspicion that the bill will in fact cause health costs to rise as well as take away significantly from Medicare. The new bill would in fact allow for almost 93% of Americans to have health insurance. The bill would also allow for an increase in long-term care. This all sounds perfect however does not come without and hefty price tag. Because of the extreme new demand prices will go through the roof for people that can actually afford insurance in the first place. In order for this to successfully work the government cannot pull all the wait by themselves.

Source:
http://online.wsj.com/article/SB126058555567888547.html
http://www.time.com/time/politics/article/0,8599,1946431,00.html
http://www.usnews.com/articles/news/politics/2009/12/11/senate-healthcare-bill-a-mixed-bag-for-consumers.html

The Value of Insurance

2009-12-11T19:42:00.000-08:00

By, Meredith Anderson

Many people have the opinion that insurance is a waste of money. Everyone thinks that it won't happen to them and insurance is just a way for the companies to make a little extra cash. However the importance of any insurance is really something to know about. The way most insurance plans work is that you pay a premium which is a small amount and in the case of an accident of any sort the insurance will cover a much larger cost in return. Its a life line that could save you a couple hundred dollars if you crash your car to a couple hundred thousand if save your house burns down.
What kind of insurance should you get and how much of it really depends on a number of factors. It measures your risk of the incident happening and how much it will cost. First you must decide how much coverage you think you are going to need. After that some other things to consider are how much of a deductible are you willing to pay? Once you have establish those details you will look for an insurance company that fits your needs and values. Its important to visit all your options. A insurance agency will help you through the details of how much you really need and set you up with specific plans that cater to your families needs.
The most common types of insurance include auto, homeowner, and medical. Paying a little each month to protect us from suffering great financial burdens if and when something goes wrong is a small price to pay.

Sources:
http://www.superpages.com/supertips/choose-right-insurance-company.html
http://insurance.bbt.com/insurance/personal/default.html
http://findarticles.com/p/articles/mi_m0DTI/is_1_27/ai_53520548/

Universal Health Insurance Costing More Than Anticipated

2009-12-11T19:04:00.000-08:00

Posted by Kenny Hernandez

WASHINGTON (AP) -- Democrats trying to push President Barack Obama's health care overhaul plan through the Senate got a sober warning Friday that costs will keep going up and proposed Medicare savings may harm the program.

A new report from government economic analysts at the Health and Human Services Department found that the nation's $2.5 trillion annual health care tab won't shrink under the Democratic blueprint that senators are debating. Instead, it would grow somewhat more rapidly than if Congress does nothing.

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Insurance Advice

2009-12-11T15:18:00.000-08:00

By Shawn Chandok

The following list includes advice on insurance for anyone interested in saving money and taking precautions.
1. Invest in Health Insurance: Although President Obama is working on health care reform, do not rely on that happening anytime soon. If possible, get under your parents health care plan and invest in yourself because if things go for the worst, all your hard work on education can be lost forever in hospital bills.
2. Life insurance: Assuming you are a newly married couple with young children, invest heavily in life insurance. The rule of thumb implies you should have at least 5 years of salary to cover your life insurance policy, 10 years if you have children because there is nothing sadder to see a single parent trying to raise a child. On the other hand, if you are single with no relatives you probably do not need life insurance.
3. Consider car insurance when buying a car: Typically, the more expensive the car the higher the insurance. Take this into account when buying a car, and thing about maybe buying a pre owned vehicle. Furthermore be careful when picking the color of the car too, because it is rumored bright colors such as red have a higher insurance cost since they are more likely to be pulled over.
4. Don’t be frugal: Don’t buy the cheapest auto insurance because you don’t think you will get into an accident. Use comparative shopping, and see how much coverage you need.
5. Write a Will: No matter how many times people say this; there are always some whom do not listen. The consequences of not writing a will ALWAYS negatively affect your loved ones.

Source#1
Source#2
Source#3

Expansion of Medicare, Good or Bad?

2009-12-11T12:17:00.001-08:00

By: Nicole Nelson

Medicare could be changing and changing soon. Some people are very enthusiastic about the idea, others, not quite the case. Washington (specifically the Senate) has been weighing options about expanding Medicare to people aged 55 to 64. Although this seems like a great idea, a large amount of people in these age ranges may not be eligible, and those who are might be paying more than expected. The original idea of expanding Medicare coverage started when the health care debate started. This step to expand Medicare was to appease the liberal push of a “public option” for health insurance as part of the reform. Currently, Medicare rates range from $110 to $353 a month. These premiums depend on the individual’s income. If Medicare was expanded, it would be expected that the premiums would be around $633 a month totaling about $7600 annually. The reason for the difference in premiums is that Medicare as it is now is federally subsidized. The expansion would not be federally subsidized until about 2014, about 5 years from now. Although this seems to be very expensive, if someone does qualify for this expansion, they probably should take advantage of it considering it is very hard for people in this age range to get health insurance. Again, another problem arises with cost because about half of the uninsured people aged 55 to 64 have incomes below $29,000. So although this plan may sound terrible in some aspects and great in others, I believe it depends on the individual and whether or not they can afford this, or need this plan at all.

Source one

Source two

Source three

Auto Insurance Sales Growing Online

2009-12-10T19:26:00.000-08:00

Posted by Chris O'Sullivan

The insurance industry has long been known for its personal sales tactics and face to face negotiations. However, as with most industries, the shift to online services has taken off in recent years. Allstate, currently the largest publicly traded personal lines insurer, claims that nearly half of its customers first make contact through their website.

This has led a shift in the number of salesmen needed to conduct typical neighborhood sales. In 2008, Allstate took in $500 million in premiums through its direct channel, which includes its Web site and toll-free phone lines, and direct premiums are growing at a 25% rate so far this year. Though direct premiums are still a tiny part of the $26.9 billion Allstate earned in property/casualty premiums last year, premiums have been sinking for auto insurers in general, and the share that comes in through direct channels is rising.

Sources:
1
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3

Separate But Equal? Insurance, Abortion, And Politics

2009-12-10T18:30:00.000-08:00

Could creating two insurance pools solve the health-care impasse?
By Al Lewis
Posted by Jonathan Tse

Though the Nelson amendment, which attempted to restrict federal insurance funds for abortion, failed in the Senate Tuesday, the issue of abortion's role in health care is far from settled. While the Senate version, if passed as now written, would allow federal funding, the House version, thanks to the Stupak amendment, does not even allow private purchase of a rider. Democrats are still divided on this issue, and without Democratic unity, health reform fails. Fortunately, the point of contention is not the thornier one of whether abortions should be legal, but rather how to accommodate both those who want to provide federal coverage and those who refuse to vote to earmark government funds to do so.

Both views can be accommodated by the simple step of establishing two insurance pools, one covering abortion and one not. Each would have the same premium, and people would sign up for the pool of their choice, depending on whether they wanted abortion coverage or not. To fully understand why this math works despite the extra cost of abortions, you must first understand abortion financing and rates in general. (What's the best way to take the passion out of the abortion fight? Turn it into an insurance equation).

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Too Little , Too Late

2009-12-10T11:35:00.000-08:00

By: Zachary Pienkowski

It's never too late to procrastinate. People always feel invincible, like nothing in the world could happen to them. Until it does. Insurance planning is not for everyone, but for those that have responsibilities to dependents, it should be a top priority. Having worked as a financial representative and dealing with clients on an everyday basis, the importance of getting the right amount of insurance while you are still eligible can not be overstated. Many people have waited too long or put off buying insurance and then when the time came for them to get around to it, it was either much more expensive than it would have been if they did it earlier, or they were denied coverage completely. Sometimes medical issues can come up that you do not even know about, deeming you too high of a risk to insurance companies. However, if you purchase insurance early enough and come down with something at a later date, the insurance company do not have the right to take away your coverage. As long as you continue to pay premiums the coverage will stay in force. Struggling over the decision to buy term or whole life insurance is not something that should put off the actual purchase. In most cases, while term comes much cheaper for a large amount of coverage, it can also be converted into permanent insurance. The most important thing is that some coverage is put in place in order to take care of your loved ones if anything ever happened.

Sources:

http://money.cnn.com/magazines/moneymag/money101/lesson20/
http://www.smartmoney.com/personal-finance/insurance/how-much-life-insurance-do-you-need-12949/
http://www.lifeinsurancerates.biz/tips.html

Getting Car Insurance...How Much Is enough?

2009-12-10T07:37:00.000-08:00

By: Robert Katz

When having to buy car insurance you should make sure you understand the suggested minimum requirements by your state and then address your personal situation to properly determine the amount of insurance that best fits you and your budget. There are various different types of coverage you need associated with any given policy, while some may be included and others not, make sure you understand them all and which are most important to you. They include: Bodily Injury Liability, Property Damage Liability, Collision and Comprehensive, Medical Payments or Personal Injury Protection, Uninsured and Underinsured Motorist Coverage, Uninsured Motorist Property Damage, Glass Breakage, Rental Reimbursement and Towing. Now the state required minimums for Bodily Injury Liability, if at fault covering costs to the injured party and your legal expenses, are at least $100,000 per person on the plan or $300,000 per accident. Most minimum deductibles for collision and comprehensive coverage are $250 and $100. Now if you are someone who gets into a lot of accidents you may want to consider a much larger Liability policy; however, if you don't get into many accidents and have a brand new expensive car paying to have a lower deductible for collision coverage may be a good investment. Sometimes if you have a really cheap car it isn't even worth the money to you to pay for collision coverage since the yearly coverage costs more than the cars total value. While bodily Injury Liability and Collision Coverage are the two most important aspects of any policy other more specific offerings (glass breakage, rental reimbursement, and towing coverage) for you personal situation may be very important things to consider based on your likelihood of incurring those associated costs.

Sources:
1
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3

Sex, Abortions and Health Insurance

2009-12-09T20:46:00.000-08:00

Posted by Quang Nguyen

The latest stupefying complication in the health care reform debate comes in the form of the Stupak-Pitts amendment in proposed House legislation that would prohibit companies from offering policies covering abortions in subsidized health insurance exchanges.

Senator Orrin G. Hatch, Republican of Utah, has vowed to insert similar language into the Senate version of the bill.

Reproductive rights activists are outraged, but others argue they are overreacting.

What are a few more restrictions on abortion, given what we already have in place? If health insurance reform passes, after all, the expansion of medical services to low-income women, including improved family planning services, would compensate for the risks of paying for abortions out-of-pocket.

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What My Amendment Won’t Do

2009-12-09T20:43:00.000-08:00

Posted by Quang Nguyen
By BART STUPAK, New York Times

OVER the past month there has been a great deal of discussion about the Stupak-Ellsworth-Pitts amendment in the House health care reform bill. Unfortunately, much of this discussion has been driven by misinformation about what our amendment does and does not do. I would like to set the record straight: Our amendment maintains current law, which says that there should be no federal financing for abortion.

Under our amendment, women who receive federal subsidies will be prohibited from using them to pay for insurance policies that cover abortion. The amendment does not prevent private plans from offering abortion services and it does not prohibit women from purchasing abortion coverage with their own money. The amendment specifically states that even those who receive federal subsidies can purchase a supplemental policy with private money to cover abortions.

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When looking for a job, consider the benefits!

2009-12-08T08:34:00.000-08:00

Post by David Held

As everyone knows the economy is poor and companies are not hiring, but this is bound to turn around. Economies are cyclical and you have to be ready for the time when hiring becomes a new “fad.” When most people are looking for a job they tend to just look at the salary and the capability of bonuses at the end of the year. It is extremely to remember to look into the types of benefits that you can receive during your employment. One benefit that should be at the top of this list, especially if you have a family is health insurance. Getting health insurance through your employer can potentially save you a tremendous amount of money, and during a time like this saving money is crucial!

Types of health insurance that an employer might provide could be HMO, PPO, and POS. A Health Maintenance Organization is a managed care plan that attempts to lower health care coverage by encouraging preventative care measures. A Preferred Provider Organization is a group of doctors who cut deals with insurance companies to produce services at a reduced rate. A Point of Service plan is similar to a PPO but it allows you to use doctors who aren’t part of the plan, if necessary. All three types of coverage are great benefits, if provided to employees. It is important to carry health insurance because you never know when an emergency can unfold.

Sources #1, #2, #3

Senate Turns to Medicare, Medicaid

2009-12-08T01:55:00.000-08:00

By Greg Hitt and Janet Adamy
posted by Jameel Murray

WASHINGTON -- Senate Democrats are considering a significant expansion of Medicare and Medicaid, the health programs for the elderly and the poor, as part of a package of potential changes to health-overhaul legislation that would also sharply scale back a proposed new government-run insurance plan.

The proposals have emerged in closed-door negotiations among 10 Democratic senators -- five moderates and five liberals -- assigned by party leaders to break the political deadlock that has slowed Senate action on the health bill.

Negotiators Monday were considering a proposal that would open Medicare to people ages 55 to 64 if they couldn't find coverage elsewhere. The proposal would allow them to buy insurance coverage at subsidized rates under Medicare, though the subsidies wouldn't be as great as those for people 65 and over, said congressional aides and lawmakers.

A companion proposal would expand Medicaid beyond what is already called for in the bill. Under one scenario, people with incomes up to 150% of the federal poverty level would qualify for the program. The poverty level is currently about $22,000 for a family of four.

Both changes would represent major expansions of the programs. They were sought by liberal Democrats after moderates won concessions on the government-run plan that would give private entities a bigger role.

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Do you need a flood insurance?

2009-12-07T23:31:00.000-08:00

By Alma Zhumagulova

According to FEMA (Federal Emergency Management Agency) “floods are the most common hazards in the US.” That is why FEMA periodically evaluates the entire territory of the US for the level of flood risk that people face in individual areas. Flood risk maps have last been updated about 25 years ago; they are currently being evaluated by FEMA and are expected to be published next year.
Homeowners who live in the areas with high flood risk are obliged to purchase flood insurance. However, even the population of moderate- to low-risk flood areas should consider purchasing insurance (which is optional to them) since 25% of all flood claims occur in those areas. Therefore, flood insurance is critical to almost every homeowner since the basic homeowners insurance does not cover flood damages while “just a few inches of water can lead to thousands of dollars in damages.”
The rates for the flood insurance are established by FEMA. In general, the premiums range between $200 and $1,600 per year. David Schein, senior flood insurance liaison official for the FEMA region based in Chicago, also adds that purchasing the flood insurance now, i.e. before FEMA updates the maps and rates, can result in substantial savings. For example, if based on the previous evaluation you were in a moderate-risk area and paid $300 per year, after with the new maps the area you live in could be regarded as high-risk, and so you would have to be paying $1,300 per year. To conclude, if you are a homeowner you should check the rates before the new maps come into effect.

Sources:
http://wearecentralpa.com/content/fulltext/?cid=136641
http://www.lakeexpo.com/articles/2009/11/30/top_news/05.txt
http://www.battlecreekenquirer.com/article/20091205/NEWS01/912050311/Preliminary-flood-maps-finished
http://www.chicagotribune.com/features/chi-restate-home-policy_1206dec06,0,3320764.story

US Senate push to ban abortions on health insurance

2009-12-07T21:21:00.000-08:00

Posted by Jonathan Tse

US senators are expected to vote tomorrow on changes to healthcare legislation that would stop medical insurance schemes from paying for terminations, as the battle over abortion rights moves back to the US Senate.

The issue is proving among the most divisive in the healthcare debate, along with proposals for government-funded medical insurance. The Senate debate on the abortion restrictions opened the day after Barack Obama met Democratic party senators to appeal for them to overcome policy differences on health reform and consider the broader sweep of history. He described the reforms as the "most important social legislation" in decades, while Republicans are predicting the president will meet his "Waterloo" over a signature campaign issue.

A Democratic party senator, Ben Nelson, introduced an amendment today modelled on a similar measure passed by the House of Representatives that effectively blocks women from obtaining an abortion on heath insurance other than in cases of rape, incest or when the mother's life is in danger.

The proposed legislation bars public funds from being used to pay for terminations after a lobbying campaign by the Catholic church and rightwing fundamentalist Christians was instrumental in forcing the issue on to the healthcare agenda. Pro-choice groups say the effect will be to bar most terminations from being paid for by medical insurance because almost all plans will be touched by government subsidies.

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Insurance: Don't get caught without it

2009-12-06T22:29:00.000-08:00

By Lew Sichelman
Posted by Alma Zhumagulova

Insurance is one of those things you don't need until you need it. But by then, it's often too late. Every homeowner knows –– or at least should know –– that they should carry a homeowner's policy. Indeed, mortgage companies require coverage.

But did you know that if you allow your policy to lapse, lenders retain the right to purchase a policy for you? That can be an expensive proposition, because "force place" coverage can easily cost two or three times what you would pay on your own.

Because insurance protects the underlying collateral for your mortgage, lenders can even go so far as to foreclose if you refuse to carry insurance.

But there are all kinds of other coverage over and above your standard homeowner's policy that you also may want to consider. "There are lots of things people don't think about until after the fact," said Chad Mirock, product manager for opportunity lines at Travelers in Hartford, Conn.

Here's a rundown:

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Ways to improve

2009-12-06T22:21:00.001-08:00

By Alma Zhumagulova

With the new health care system under development the US Government should consider many different aspects of a good health care system before finalizing it. While 18% of US national income is spent on health care 47 million people are still uninsured. It could be beneficial to “borrow” some ideas from the Netherlands, Switzerland and Germany that have universal coverage while providing the highest quality health care at a very affordable price. These countries prohibit the insurance providers from “refusing to cover the sick.” The Dutch Government handles this through paying more to the insurers for covering people with preexisting conditions. The new health care bill also bans the insurers from refusing to cover the sick people, approximately 2% of the US population. However, CBO predicts that the public option so favored by the liberals will actually be beneficial to only these 2% and, thus, eventually it will drive up the costs even higher. On the other hand, the proponents state that public option will be cheaper since it will resemble a “large employer”, i.e. create a larger risk pool that will cancel out the larger claims with the smaller claims. Only after it is established we will know who is right. In the meantime, in the survey conducted by Thomson Reuters Corp, it was found that less than 60% of the respondents would like a public option as part of any final healthcare reform legislation, and about 59.9% believe in public option.

Sources:
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/11/29/MN3U1AL75B.DTL
http://www.nytimes.com/2009/11/29/opinion/29starr.html?_r=2
http://www.reuters.com/article/idUSTRE5B20OL20091203

Auto Insurance Premium Rate Drops

2009-12-06T17:28:00.000-08:00

Posted by Shawn Gao

It is a good and bad news. Auto Insurance rate droped around three percent from 2007 nationwide;however; New York drivers are still paying the most expensive insurance in the country. New York drivers paid an average premium of $1,179 in 2007, the last year for which information was available, the National Association of Insurance Commissioners said in an annual report.
That was down 2.8% from $1,213 in 2006, slightly higher than the 2.6% national average decline. The national average is $912.
Not only NY state drivers, but also NJ drivers have to twice expensive auto insurance cost. The average Garden State resident paid 4 percent less in auto insurance premiums in 2007 than the previous year — and 9 percent less than the peak year of 2004, the National Association of Insurance Commissioners reported this week. Nationally, rates fell by only 5.6 percent between 2004 and 2007.
Unlike the drivers in North Dakota and Winsconsin, both NY and NJ drivers pay as twice expensive as the drivers in these states. Nevertheless, it is hopeful that the direction of droping auto insurance rate is right. A affordable insurance is a good idea for the drivers to buy.
Source:
1.http://www.nydailynews.com/ny_local/2009/12/04/2009-12-04_ny_drivers_insured_for_less.html
2.http://www.app.com/article/20091203/OPINION01/912040324/1029/OPINION/N.J.+auto+insurance+rates+still+highest++but+...
3.http://www.property-casualty.com/News/2009/12/Pages/Auto-Insurance-Premiums-Drop-Nationwide.aspx

Health insurance premiums rise as Congress debates reform

2009-12-06T16:33:00.000-08:00

posted by Shawn Gao

Wrangling in Congress over health care reform hasn't succeeded in curbing the double-digit increases many Utah employers and workers will face for health insurance next year as open-enrollment season rolls around.

One explanation is that insurance companies and customers usually agree on the terms and conditions of health insurance plans at least 90 days before they go into effect. The House passed its reform bill Nov. 7, more than a month after most employers had signed contracts for 2010, and the Senate vote is weeks away.

Another reason is nobody knows which bill may emerge from the Senate and how it will be resolved with the House bill before a final measure goes to President Barack Obama.

Meanwhile, health care costs are still surging. And at the state level, where insurance companies are regulated, officials are waiting for Congress to act before they press for reforms.

"I don't think that health reform is really a driving force in how these negotiations [between employers and insurance companies] are playing out right now," said Kathleen Stoll, director of health policy at the nonpartisan advocacy organization Families USA.

As Congress continues to debate, premiums show no sign of reaching a plateau, forcing more businesses to pare back benefits or cancel them altogether.

"The trend for [2010] is still up," said Candace Daly, Utah director of the National Federation of Independent Business. Many of the group's 4,000

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Picking the Correct Medicare Plan is a Challenge

2009-12-04T12:03:00.000-08:00

By: Sara Sindelar

A few years ago Medicare plans changed to two option, Advantage and Medicare Part D. Now since the health care reform is taking place more and more changes are occurring in Medicare. These changes are hurting those holders financially as insurance companies try to safe themselves financially.

Along with the new health care reform are coming cuts from insurance companies. “UnitedHealth Group Inc. and WellCare Health Plans Inc are minimizing the number of plans they hold due to government cut backs” (WSJ). All of these people whose plans are being cut will need to find another option soon, December 31. The deadline for the drug plan is January 31^st. If the policy holder does not select by these dates then they are placed in Medicare.

Other issues are the rise in premiums and co pays for holders. People are finding there are worse plans that are charging more for less and high co pays. These Advantage plans are really cutting down plans and the benefits included in plans. Many are dropping the gym membership and dental. Not only are the health care plans dropping but the prescription plans are dropping as well. Costs are increasing for many prescriptions putting a financial burden on those already struggling to pay health care costs.

http://online.wsj.com/article/SB10001424052748704533904574543892083169658.html

http://www.efitnessnow.com/news/2009/11/20/finding-the-right-medicare-plan-for-you-2/

http://www.thebaynet.com/news/index.cfm/fa/viewstory/story_ID/15734

Michigan Debate Over Proposed Auto Insurance Changes Heats Up

2009-12-02T18:10:00.000-08:00

Posted by Quang Nguyen

Democratic lawmakers in Michigan are promoting proposals they say would make auto insurance more affordable and strengthen consumer protections in the state. Opponents including the insurance industry say the proposals would drive up costs for customers and are a political stunt geared toward the 2010 elections, according to Associated Press reports.

The Democratic proposals would require that companies get prior approval from the state insurance commissioner before raising rates. A driver's education level or credit history could not be used as factors in determining rates.

The proposed initiative would allow Michigan voters to weigh in on consumer-oriented insurance reforms that have saved California drivers an average of $3 billion per year since being enacted in 1988, according to consumer advocacy groups Consumer Watchdog and Consumer Federation of America (CFA).

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House Committee Passes Federal Insurance Office Act

2009-12-02T18:03:00.000-08:00

Posted by Quang Nguyen

The U.S. House Financial Services Committee has passed a measure to create a scaled-back federal office that would be a national insurance information agency with some authority in the area of international insurance agreements.

The new federal office would not have any regulatory authority over the business of insurance and would not be able to override state insurance laws.

The key committee passed H.R. 2609, the Federal Insurance Office Act of 2009, by a voice vote today.

The bill would create the Federal Insurance Office (FIO) within the U.S. Treasury Department to address two major areas that have been the focus of criticisms of state insurance regulation. First is the lack of a knowledge base or informational source in Washington, D.C. (something especially evident following the 9/11 attacks and Hurricane Katrina). Second, is the challenge state insurance regulators occasionally face in representing the United States in multilateral insurance discussions or entering into binding international agreements.

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Dental Insurance: More important for some, but necessary for all

2009-12-02T13:02:00.000-08:00

Posted by Lindsey Connell

Dental insurance may be just another free benefit some receive at work but it could be a life saver for others. While most people get their teeth checked twice a year, some require additional attention for their teeth and if teeth or gum problems arise in someone’s mouth, the fix for it is usually very expensive. One way to prepare for these expenses is to use a flexible spending account to pay pretax dollars toward medical and dental costs. If your company does not offer dental insurance, it is very beneficial to purchase an individual dental insurance plan to cover a portion of any dental expenses you may incur. Dental checkups shouldn’t be taken lightly because bad teeth could mean gum diseases or infections in the mouth. These diseases can add up causing extreme sickness, so it is definitely worth buying dental insurance to get your mouth checked every once and a while. It is important to note however that no dental insurance company is going pay for the full amount of your dental expenses so it is necessary to find an insurance plan that fits your situation and lifestyle. If you require a lot of dental attention than it would be appropriate to talk with your employer about trading in a company benefit for dental insurance or you should invest more money into a good health insurance company that will cover more of your expenses.

http://health.usnews.com/articles/health/2008/02/14/taking-the-cost-out-of-the-bite.html

http://ezinearticles.com/?The-Importance-of-Dental-Care-To-Overall-Body-Health&id=228937

http://www.wellsphere.com/dental-health-article/the-importance-of-dental-insurance/796725

Why it is necessary to have car insurance

2009-12-02T11:23:00.000-08:00

Posted by Lindsey Connell

Car insurance is extremely important to have whether you are a good or bad driver. Although car accidents usually are very infrequent, most people will make a claim at least once in their lifetime. If you are pulled over without having car insurance, you will lose your license but there are other reasons to have insurance besides the legality factor. If you are in a car accident and are at fault, if you don’t have insurance you cannot cover the other victim’s recovery expenses. In the reverse, if you are the victim and are hit by an uninsured driver while you are uninsured yourself, than you will have to pay for your health care out of pocket, which is extremely expensive. Also, driving without car insurance could leave you personally liable for significant third party claims in the event of an accident. Although car insurance isn’t something that is necessarily used every day, it is better to be safe than sorry. With this type of insurance, paying insurance expenses over the years is usually less expensive than getting in a bad accident and not being insured. As health care expenses continue to increase, it makes it nearly impossible for those without insurance to receive the treatment they need after being involved in a car accident. Therefore, it is extremely important and beneficial to invest in auto insurance.

http://ezinearticles.com/?Ten-Good-Reasons-why-you-need-Car-Insurance&id=346391
http://www.streetdirectory.com/travel_guide/48948/auto_insurance/three_reasons_to_get_car_insurance.html
http://equotegrabber.com/uarticle/article&id=46

Health Care Issues: Shopping for Insurance

2009-12-02T05:40:00.000-08:00

By Erica Werner
posted by Jameel Murray

A look at key issues in the nation's health care debate:

THE ISSUE: Is there an easier, more transparent way for consumers to shop for health insurance?

THE POLITICS: Most Americans under age 65 get insurance coverage through their employers. Small employers, however, increasingly find policies unaffordable. And for the approximately 18 million Americans who buy their own insurance plans, it can be a baffling experience to wade through or even understand competing offers. People who buy their own policies risk paying higher rates or being denied coverage for their health history.

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Your 5-minute Guide to Health Insurance

2009-12-01T08:00:00.000-08:00

By MSN Money staff
Posted by Lily Mei

Access to health insurance is protected by federal law if your employer offers group coverage. But if you need to buy insurance on your own and you have a history of medical problems, finding affordable insurance can be a challenge.

Either way, you can take steps to control your health-care costs.

Get the most from your employer plan
If you're insured through your employer, review your coverage annually when your company holds open enrollment. (See "9 keys to choosing the right health plan.")

•You may have a choice of several types of providers. Base your decision on access to quality careand what the plan does and doesn't pay for. Examine deductibles, co-payments, limits on out-of-pocket expenses, lifetime maximum benefits and prescription coverage. (See "When your health plan won't pay.")

•Have your medical needs changed? A plan that couples higher premiums with lower co-pays is better for people with health problems.

•You can pay out-of-pocket health-care expenses with a flexible spending account using pretax dollars, meaning Uncle Sam covers as much as a third of the tab. But you'll lose what you don't use in the calendar year (employers can extend the deadline to mid-March), and you can't take it from job to job.

•You may be able to lower your premiums by taking advantage of employee incentives to lose weight, exercise and stop smoking. (Your employer's plan cannot single you out for higher premiums or drop your coverage if you develop health problems.)

Cheaper ways to buy it yourself
Another option for paying out-of-pocket medical expenses is the health savings account. An HSA is available only if you buy high-deductible health insurance through your employer or on your own. (See "Get cheaper medical coverage -- with a tax break.") Not every high-deductible plan can be partnered with an HSA.

•The Internal Revenue Service will allow maximum HSA contributions of $2,900 for individuals and $5,800 for families in 2008. Your contribution is either pretax or deductible, even if you don't itemize, and earnings and withdrawals for medical expenses are tax-free.

•Unlike a flexible spending account, your money is invested, and what you don't spend will roll over to the next year. You can take the account with you if you change jobs.

•Use HSA Insider, HealthDecisions.org or eHealthInsurance.com to find insurance that qualifies as high-deductible under IRS regulations.

•You can make contributions up to age 65. After that, you can make taxable withdrawals for any purpose.

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Basic tips for buying homeowner’s insurance

2009-11-30T17:05:00.000-08:00

By Jonathan Tse

It is very important to understand what is covered by a certain health insurance policy before purchasing it. Many people are often surprised to find that certain things are not covered by their homeowner’s insurance, so it is very important to take note of these small details. Here are just a few things to consider before purchasing a certain insurance plan.
Amongst the several levels of insurance there are two basic types of insurance: actual cash value and replacement cost coverage. Actual cash value coverage is the cheapest, but the least desirable because it only takes into account the face value of the policy and ignores the amount it would take to rebuild the home. The second type, replacement cost coverage can be categorized as either “true replacement cost coverage” or “functional replacement cost coverage.” “True replacement cost coverage” replaces an item with an equivalent item, but “functional replacement cost coverage” only replaces it with an item of similar function. The best type of coverage is one that provides replacement for a home regardless of the cost. These often cost around 25% more than the less comprehensive plans. Even though a plan has true replacement, it is still important to read what types of items the plan covers.
For the most part, the home insurance does not cover expensive items such as jewelry so if you want those things to be covered, it is recommended that you consider buying insurance for them. Home owners’ insurance pays very little to replace stolen objects and does not take into account the actual value of the item. Insurance often costs only $10-$25 per $1000 of jewelry, and most claims are often because of theft.
If you already have home insurance, it is often good to also purchase car insurance from the same insurer since insurance companies often reward discounts for customers who purchase more than one insurance plan from them. Once you have purchased the plan, it is best to stay with the insurance company for a period of time since discounts are also given to long-time customers.

http://www.nytimes.com/2005/05/15/realestate/15home.html
http://www.nytimes.com/2008/09/10/business/businessspecial3/10INSURE.html
http://www.pueblo.gsa.gov/cic_text/housing/12ways/12ways.htm

Auto Insurance Reform

2009-11-30T13:06:00.000-08:00

By Minjune Kim

State House Democrats announced a plan today to cut auto insurance rates with tighter restrictions on insurance companies – a plan insurers said would result in higher costs for motorists.The legislative plan would require insurance companies to offer low-cost auto insurance to low-income drivers with good driving records. Democrats, joined by state Insurance Consumer Advocate Butch Hollowell, accused the insurance industry of unfair pricing practices that result in excessive profits at the expense of motorists. They say Michigan has the second-highest auto insurance rates in the United tates, behind New Jersey, while Michigan accidents and auto thefts have declined.

Kurt Gallinger, vice president and legal counsel with Farmington Hills-based Amerisure Mutual Insurance Co. and chairman of the Michigan Insurance Coalition, described the press conferences, planned for across the state and in Lansing today, as a political stunt in the run-up to the 2010 elections. Gallinger said the bills were written with no input from the industry, and are based on what he described as a false assumption that auto insurance companies are raking in profits. He said the industry was denied requests to view the legislation before it was introduced.

Under the proposal, the state auto insurance commissioner would have the power to veto rate increases. It would also prevent insurance companies from basing its rates on factors such as credit scores, occupation and education. The Michigan Insurance Coalition says it will do nothing to help consumers because it would stifle competition, create new payouts for trial lawyers or shift costs from the largest cities to the suburbs and outstate. “Michigan has more than 55,000 employees working directly for the industry and supports more than 100,000 jobs indirectly,” continued Shields. “These types of political stunts just might result in insurance companies deciding to expand their operations in other states or leave Michigan altogether."

Source 1
Source 2
Source 3

Dubai Debt Insurance Cost Falls

2009-11-30T12:52:00.000-08:00

Written by AINSLEY THOMSON
Posted by Minjune Kim

LONDON -- The cost of insuring Dubai's sovereign debt against default fell Monday as investors' concerns about the region were allayed after the United Arab Emirates central bank pledged support for the country's local and foreign banks.

It now costs $576,000 to insure $10 million of Dubai sovereign debt against default for five years, down from $647,000 at Friday's New York close, according to data provider CMA.
The cost of insuring neighboring Abu Dhabi's sovereign debt also fell Monday. It now costs $146,000 to insure $10 million of Abu Dhabi's sovereign debt against default for five years, down from $175,600 at Friday's close.

The drop in cost comes after the U.A.E. central bank said Sunday it is offering an additional liquidity facility to local and international banks in the U.A.E. and stressed that it "stands behind" them. Dubai and Abu Dhabi are two of the seven emirates that make up the United Arab Emirates.

Last week, Dubai World's restructuring announcement also affected countries such as Greece, as investors became increasingly concerned about financially stretched countries. However, the cost of insuring Greece's sovereign debt also fell Monday as it benefited from the improved tone in financial markets. It now costs $192,000 to insure $10 million of Greece's sovereign debt against default for five years, down from $200,000 at Friday's close, according to CMA.

Meanwhile, the five-year credit default swaps for Dubai-based port operator DP World tightened Monday to 6.425 percentage points compared with its closing level Friday of 7.44 percentage points, CMA said. The port operator's CDS moved as wide as 8.10 percentage points during trading on Friday.

Dubai World owns 77% of DP World, which is the fourth-largest ports operator in the world. The port operator will be excluded from its parent's debt standstill talks and restructuring.

CDS are tradable, over-the-counter derivatives that function like a default insurance contract. If a borrower defaults, the protection buyer is paid compensation by the protection seller. Wider spreads show the cost of default insurance is going up, suggesting investors are less confident in a borrower's ability to repay debts.

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Extra Insurance Can Protect Those Diamonds and Pearls

2009-11-30T11:47:00.000-08:00

Posted by Jonathan Tse
By JOSEPH B. TREASTER

ASK almost anyone about insurance on jewelry and you hear, “Oh, it’s covered by my home insurance policy.”

Not exactly.

True, nearly every home insurance policy in America comes with a provision that pays for stolen jewelry. But that provision is very small. Many policies pay up to $2,500 for a stolen item, regardless of how expensive it may be. Some pay as little as $1,000, and a few provide coverage of up to $5,000.

People often forget about inflation when they think about the value of jewelry. The price they paid sticks in their mind. But almost every year, the cost of that same piece of jewelry rises, so the value of even a few items could be higher than the minimal coverage. The sharp rise in gold and silver prices lately has increased the likelihood that replacing jewelry would cost more than expected.

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Health care lessons from Europe

2009-11-30T00:01:00.000-08:00

By Carolyn Lochhead, Chronicle Washington Bureau
Posted by Alma Zhumagulova

As Congress struggles to reform U.S. health care, critics point to Canada and Britain as the poster children of what could happen here with a "government takeover" of health coverage.

But three other wealthy nations - the Netherlands, Switzerland and Germany - offer much closer parallels, as well as lessons.

Health care systems in the three nations more closely resemble the U.S. system of insurance-based coverage. Holland and Switzerland rely exclusively on private insurance, and all three rely on private doctors. The three European nations deliver universal coverage and world-class quality at a fraction of what Americans spend.

All of them require that everyone purchase insurance, make sure everyone can afford it and ban insurers from such practices as refusing to cover the sick that are common in the United States.

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How to get best rate on auto insurance

2009-11-29T21:42:00.000-08:00

Posted by Shawn Gao

How do drivers get their best rates on auto insurance? There are many factor can vary rate on auto insurance. For examples, your age, car make, GPA, even car’s color would change the rate. The best way for drivers to get the best rate is to shop around, and go to rapidautoinsurance.org (helps drivers to get more information on auto insurance).
Usually, insurance companies will check driver’s driving history first. The more tickets and accidents the driver has, the higher rate would be charged. However, law states that driving history can affect insurance premiums for only three years, most companies will look back at a drivers’ history five years or more.
Another factor that would cause additional money is lapses in coverage. When driver wants to switch from one insurance company to another, he should purchase the new one before cancel the old one. Even lapses in a few days may make potential driver look irresponsible and risky, which will make premiums much higher.
Location makes a difference when shopping for insurance as well. Living in a city will cost drivers five times more than living in suburban. Especially, those people who drive in NYC. It is important for driver to have more information when they shop around.
1. http://www.pressmap.de/auto-insurance-how-get-best-rates-auto-insurance-316395
2.http://www.pressmap.de/auto-insurance-latest-update-on-top-reasons-for-high-auto-insurance-rates-316421
3.http://www.pressmap.de/affordable-auto-insurance-what-you-don’t-know-can-cost-you-thousands-316409

U.S. Drivers Dropping Auto Insurance Coverage at Alarming Rate

2009-11-29T21:02:00.000-08:00

posted by Shawn Gao

U.S. Drivers Dropping Auto Insurance Coverage at Alarming Rate
Despite the high rate of dropped auto insurance coverage, most Americans are finding a better way to respond to worsening economic conditions. SaveTodayAutoInsurance.com reports increased usage as drivers seek lower auto insurance rates as a safer alternative to canceling their policies in response to the economic downturn

Lexington, Kentucky (Advertiser Talk) 28-Nov-2009 — Thinking about dropping your auto insurance coverage as a means to cut expenses in these recessionary times? Let’s face it, such actions are risky.

When asked if they were to drop their car insurance coverage due to economic conditions, 15% of respondents of a 2009 comScore survey¹ indicated that they didn’t think their insurance company would increase their rates when later reinstating their policy. And 72% of the respondents were not sure. Though most were not likely to go without auto insurance coverage due to the economy, few consumers understand the consequences.
More information

Tips on Health Insurance

2009-11-29T11:53:00.000-08:00

By Jonathan Tse

It is very important to have health coverage, especially for college graduates who may have a lot of debt from school and not much income. Although health insurance is very expensive, it is an investment that must be made, otherwise on top of college loans, one could also be paying thousands in health bills. For those who already are covered by their own health insurance, it would be best to max out the use of your current health insurance plan. Do not take for granted the services that your health insurance plan covers for the current year because they may not be covered next year.

It is important to max out on your current deductible and get things checked out before the end of the year. It is important to also look ahead and try to take care of any issues that may come up in the future and make use of your health policy. Make appointments to see your doctors or get extra refills for next year. Also make sure to use all of the money in your flexible savings accounts before the money disappears. Take advantage of any free or low cost preventive tests or screenings because these services may not always be free.

For those who are new and have never purchased health insurance before, it is very important to keep in mind that the location has a great influence on the price of health insurance plans. Larger cities often have lower-priced health insurance programs because there is more competition between insurance companies. Plans with higher deductibles mean that there will be lower payments later on. Insurance brokers are also very helpful in helping to find health insurance plans with the best rates and can help you compare the options that are available. Often they will have a larger network to work from that will make it easier for them to find the right plan for you. If you are not sure what plan to purchase quite yet, there are often trial periods for health insurance as well. These can be cheap coverage or coverage with a limited period money-back guarantee for a short period of time in which you can try out the plan to see if it is right for you. These often only cover for major incidents such as car accidents and major injuries. It is also important to negotiate for services not covered to reduce the amount you have to pay out of your pocket.

http://money.cnn.com/2009/11/18/pf/saving/maximizing_health_insurance/index.htm
http://www.msnbc.msn.com/id/19581014/
http://health.usnews.com/features/health/health-insurance-tips-for-recent-college-graduates.html

Chinese Life Insurance Market

2009-11-28T13:27:00.000-08:00

By (On Businessweek.com under Insurance no author given)
Posted by Adam Lindheim

China's life insurance sector is becoming crowded. Just seven years ago there were no more than a dozen companies active in the market. At the end of 2006, this had risen to 46, over half of them foreign joint ventures.

At least 10 more foreign names are likely to be added to this list over the next three years, according to the majority of overseas insurers interviewed for a recent PricewaterhouseCoopers (PwC) survey. A similar number of respondents said they expect the foreign firms' share of the overall insurance market to hit 10% by 2010. Last year, this share stood at 5.9% in the life sector and 1.2% in the property and casualty sector.

"Some companies are projecting premium growth of 200-300% in 2007 thanks to the wider geographical market, the wider range of products and the opening of new branches," said David Campbell, PwC's Asia Pacific insurance practice leader.

The bullishness is understandable. In 1996, China's total life insurance premiums came to US$3.76 billion. In 2006, it was US$53.8 billion, according to the China Insurance Regulatory Commission (CIRC). Financial services consultancy Celent has predicted that China will become the fourth-largest life insurance market in the world by premiums in 2008, after the US, Japan and the UK.

To read more....

Private Health Insurance

2009-11-28T13:24:00.000-08:00

By Adam Lindheim

It is estimated that close to 46 million Americans don’t have health insurance coverage, and with today’s economy that number is expected to increase. If your job doesn’t provide health coverage, or you’re jobless, private health insurance is the only option. Private health insurance is very expensive, and depending on your age and health will determine the type of coverage you are eligible for. Premiums typically range from $100-$1000 dollars, it is important to note the lower the premium the higher the deductibles, and smaller range of coverage that your plan is likely to cover. For those citizens who have recently lost their jobs, and have pre-existing health issues are more likely to run into a tougher situation.

If you are looking to secure private health insurance and you have heart disease, asthma, diabetes, cancer, or even AIDS the chances of getting health insurance dramatically drop. Those who have been let go by their company (with at least 20 employees) will be covered by CORBA. This means that you will be covered for up to 18 months following your departure from your company, which is especially good news for those who have pre-existing illnesses. Some states wont even allow discrimination when it comes to acquiring health insurance. A lot of American citizens such as Don Hall, a manufacturing supervisor from Ohio has seen a $500 dollar increase in his health insurance premiums per month. The American government is scrambling to find a solution to this growing problem that is hitting many homes in the U.S. Some citizens who belong to worker unions can apply for health insurance through a group health plan through their unions. It is important financial decision to pick an affordable but secure plan when evaluating private health insurance plans.

Source 1
Source 2
Source 3

Forget Car Insurance, Does It Have Medicare?

2009-11-28T09:40:00.000-08:00

by Jacques Steinberg
posted by Jameel Murray

MY son, Jordan, who is 9, desperately wanted a pet that might be more interactive than the fish in his aquarium. But I am severely allergic to most animals with fur. I am so asthmatic that, unlike the Obamas, who went with famously hypoallergenic Bo, our family wound up choosing something less huggable though no less lovable: a gecko.

And so last fall, a white lizard no longer than a BlackBerry and no heavier than a stack of Post-it notes took up residence in Jordan’s bedroom. He called him Belzer, after a character in “Rotten School,” a series of children’s books. Before long, Jordan had coaxed Belzer to climb from his palm to his elbow. We also noticed that when Jordan put a Yankees game on the radio, Belzer would emerge from his cave to listen. To assure that his gecko would be the last thing he saw at night, Jordan positioned Belzer’s glass tank, illuminated by a red heat lamp, within sight of his pillow.

So it was with some concern that I noticed earlier this fall that Belzer appeared to be “blocked,” as my grandmother might have said. In other words, he was no longer littering his sand with the remains of whatever worm or cricket he had consumed the night before.

As far as I know, Metamucil makes no product for a gecko. Which meant that this situation called for a specialist. My journey to the cutting edge of veterinary care would ultimately cost me more than $500, I am embarrassed to say. That was what I spent on an X-ray that revealed a major intestinal blockage, from Belzer’s consuming too much sand bedding with his meals.

Those fees also covered the potential cure: the delicate administration of laxatives formulated for a reptile — Procter & Gamble, the maker of Metamucil, take note — as well as so many injections of fluid into Belzer’s backside that he must have felt like a baseball player on steroids.

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Safest Cars for 2010

2009-11-24T09:36:00.000-08:00

Posted by Quang Nguyen
By Sarah Hacker - ASSOCIATED CONTENT

Every year, car companies constantly work to innovate and make their cars better and safer for the driver. These five 2010 cars are at the top of the list for being the safest on the road.

The Volvo XC60

The Volvo XC60, new to Volvo in 2010, has many safety features that don't even compare to their other cars. The car is equipped with new preventive safety, protective safety, and child safety features. Some of these features include an anti locking brake system with hydraulic brake assist, ready alert brakes, collision warning with auto brake, and city safety. The car is well lit with daytime running lights, dual xenon gas discharge headlights with active bending lights, side marker lights, rear fog lights with auto off and front fog lights. In case of a crash, the car comes with a whiplash protection system, an energy absorbing interior, dual stage airbags, a side impact protection system, and an energy absorbing frontal structure.

The 2010 Volkswagen Polo

This car is not only one of the safest of 2010, but one of the safest cars world wide. The airbags in the car include the combined head-thorax airbag. The seat belts come with belt force limiters and seat belt tensioners that that prevent whiplash and therefore injury. For children, there is a three rear head restraint and isofix child seat.

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Max out your health insurance now

2009-11-23T21:58:00.001-08:00

Next year, your plan's benefits may not be as generous as they are now. Here's some steps to take before 2010.

By Gerri Willis
Posted by Jonathan Tse

NEW YORK (CNN) -- With the year rolling to a close, make sure you don't leave ANY health-insurance money on the table. Here's how to cash in now.

1. Schedule your appointments now

Chances are, your health care insurance this year is a whole lot more generous than your options next year. Check to see if you've hit your deductible and then take advantage of the remaining weeks to get your doctors appointments in. Think ahead to what health needs you might have in the future -- maybe you want an extra set of glasses or maybe you want to check out that nagging clicking in your jaw.

Now is the time to maximize your health care policy. And while you're at the doctors -- think about asking for an extra refill on medicine or some samples to take home.

2. Max out your FSA

If you have a flexible spending account, make sure you check the balance. A flexible spending account lets you set aside pretax money to use on health-related expenses. It usually has to be used by the end of the year, otherwise, the leftover money vanishes. But a lot of employers will give you a grace period so your money may be accessible until March 15.

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Let the debate begin

2009-11-23T08:41:00.000-08:00

CBS news
Posted by Alma Zhumagulova

Source: http://www.youtube.com/watch?v=L8frJvOS-mw&feature=player_embedded

Public option vs. public opinion

2009-11-22T21:12:00.001-08:00

By Alma Zhumagulova

With the US health care system being changed, many people are not sure whether the new health care system proposed by Barack Obama is better than the existing system and whether the Government should adopt it or not. According to the results of the poll conducted by Associated Press, when told that the new health care plan would be much cheaper since it is a government run program 52% favored it and 35% opposed it, while when told that with the new plan the government will get to decide which medical treatments to cover, only 44% favored it and 38% opposed. Clearly the general population does not have a strong opinion about the new plan. However, in general, 75% want the plan to be available nationally and 25% think that the individual state governments should decide on whether to offer the plan to the residents or not.
The Patient Protection and Affordable Care Act (H.R. 3590) provides that in the upcoming decade the US economy will be better off with the plan. It will cut the federal deficit, and increase federal spending and revenues. At the same time the insurance industry is aggressively lobbying and campaigning against the new plan. America’s Health Insurance Plans group states that “bill would increase costs for individuals, families and employers, reduce benefits for older Americans, and threaten employer coverage.”
In general, though, CBO estimates that since the low-income population is covered by Medicaid, the majority of working force is covered by their employers and the older population is covered by Medicare, only those who have preexisting conditions, approximately 2% of the US population under age 65, will sign up for it.
Sources:
http://prescriptions.blogs.nytimes.com/2009/11/19/insurance-industry-pans-the-senate-bill/
http://www.osnsupersite.com/view.aspx?rid=50801
http://www.nevadaappeal.com/article/20091119/NEWS/911189962/1058/rss08

Is it legal to force people to buy insurance?

2009-11-22T16:30:00.000-08:00

Posted by Shawn Gao

Is it legal to force everyone to buy insurance? Can Congress force you to buy insurance?
As part of health reform, Democrats want to require all Americans to purchase insurance or face a fine.
However, by Utah Sen. Orrin Hatch, say Congress has no constitutional authority to tell people what to buy with their money.
I agree with the Sen. Orrin Hatch. America is a country where people are free to do anything under its laws. The Congress should not have the power to force people to do anything.
Despite any benefits from the health reform to the country, “ individual mandate” cannot be taken at this moment. Even though, each individual could be covered under insurance, and each state economy, it is unreasonable for people to be urged to purchase require insurance.
I mean people have their own right to purchase anything they want. Or, Congress may simply ask each individual to purchase America- made cars that easily help American economy.
The key is people shall decide whether they need to purchase insurance or not. Also, required insurance should be considered as substantial.
Source:
1.http://www.sltrib.com/news/ci_13838615
2.http://www.google.com/hostednews/ap/article/ALeqM5gm81TTE7a0EUL9JlzVML1dnH2N2gD9C43GRG2
3.http://www.freep.com/article/20091122/OPINION05/911220457/1068/opinion/Stupak-amendment-breaks-promise-of-health-reform

Health care reform good for state

2009-11-22T15:08:00.000-08:00

Posted by Shawn Gao

In the past year, I’ve communicated with thousands of constituents throughout Colorado’s Third Congressional District, many from the Steamboat Springs area. Most of them have asked for more affordable health care for their families and their friends. With these marching orders, I’ve been in the trenches in the nation’s capital fighting for health care reform that actually will create a real, noticeable benefit in all of our lives.

Recently, the House passed HR 3962, the Affordable Health Care for America Act. The bill holds great promise for the nation as a whole, and it offers particular benefits for rural areas like Colorado’s Third Congressional District and northwest Colorado.

As drafted, this bill would immediately end discrimination for pre-existing medical conditions, prevent Americans from being dropped from coverage if they become sick, eliminate co-pays for preventive care, place yearly caps on what someone pays, and eliminate waste, fraud and overpayments to private insurance companies.

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New car safety requirements influencing safer driving

2009-11-21T12:43:00.000-08:00

By Jameel Murray

The 2010 safest cars list have just been released by the private insurance industry. Compared to 2009’s 90 winners, 2010 only produced 27 highly rated safety cars. Among the highest rated safety cars were Ford, Subaru, and Volkswagen. Other winners included Chrysler, GM, and Honda. One big surprise was the exclusion of Toyota, who received eleven awards in 2009. Because the private insurance industry added new test requirements this year, many cars did not receive high safety ratings. One new requirement that was made this year was the durability of car rooftops to withstand rollovers. Many cars such as Toyota did not pass the rooftop durability test .
Innovative safety requirements such as the electronic stability control which allows drivers to maintain control of the car during a skid would encourage automakers to provide the safest and most technological features in their models. Consumers are able to benefit from the new test requirements implemented by the private insurance industry. The increased safety of future cars would eventually increase the welfare of drivers and hopefully keep insurance costs at a standstill.

http://www1.voanews.com/english/news/economy-and-business/Insurance-Industry-Picks-Safest-Cars-of-2010-70610232.html

http://www.theweeklydriver.com/articles/1682/1/Cadillac-STS-Infiniti-M3545-get-poor-2010-marks-on-Insurance-Institute-for-Highway-Safety-ratings/Page1.html

http://abcnews.go.com/GMA/insurance-institute-highway-safety-top-safety-picks-2010/story?id=9111489

New Health Reform Bill is coming our way

2009-11-20T13:07:00.000-08:00

By Jonathan Tse

Senate just unveiled a new health care bill that is supposed to expand health insurance coverage to 30 million more Americans. This is expected to cost about $849 billion over the course of 10 years. It was stated by Senate Majority Leader Harry Reid that this will not add to the current deficit but will instead reduce federal deficit by $130 billion over the next 10 years. On Saturday, November 30th, debates on amending the bill will begin if Senate decides to take up the bill. This bill is expected to be the largest revision of the US health care system since the creation of Medicare health insurance program in 1965.
The goal of this reform bill is to offer affordable and reliable coverage for those who are not insured and also help to lower costs for individuals, families, businesses and governments. It seeks to reduce long-term costs of health care for governments, businesses, as well as individuals and families, while also increasing the efficiency and quality of health care services provided by reforming how health care is provided. The bill is expected to introduce many new taxes and fees. A new feature of this bill is that it would require all individuals to purchase health insurance and would be fined if they do not comply with this rule. Parents are also liable for covering their children who are under 18 years of age. Another new feature is the Medicaid coverage will be expanded from the poor to everyone.

http://www.businessinsurance.com/article/20091120/NEWS01/911209989 http://www.insurancenewsnet.com/article.asp?a=top_news&id=112025 http://www.insurancejournal.com/news/national/2009/11/20/105471.htm

Protect yourself against liabilities

2009-11-17T12:35:00.000-08:00

By Quang Nguyen

We learned in class that in order to protect ourselves against any liability, it is best to purchase an umbrella insurance. But what really is an umbrella insurance? It makes sense for adults to start taking responsibility for their own lives, much has to be taken into account. One of the hardest parts to be able to plan for, however, is the possibility of unexpected expenses. It’s not only a good idea to have cash or another form of liquid asset in order to cover for this, but it’s a great idea to have insurance, as well. And, one of the best and easiest ways to cover all your bases is having umbrella insurance.

By definition, the umbrella insurance refers to an insurance policy that protects the assets and future income of the policyholder above and beyond standard limits set on their primary policies. It provides coverage beyond the typical auto or home insurance and can include coverage for claims such as false arrest, libel, slander, and invasion of privacy.

It is very likely for any person to get sued in America. With so many lawsuits being filed today, purchasing umbrella insurance is almost a must. According to Bobbie Sage of About.com, with an umbrella policy, one can add an additional 1-5 million in liability protection. The umbrella kicks in when the amount that the other policies cover has been depleted. Some might think that with this extra policy that adds so much more liability protection that it would cost an arm and a leg. On the other hand, for the protection that one receives, the additional cost is fairly low.

You should learn your lesson from so many famous court cases that resulted in millions of dollar in damage reward. Some of the examples include the McDonald hot coffee case. In this case, Stella Liebeck purchased a hot coffee from McDonald. She then spilled it on her lap on her own fault and causing herself third degree burns. She then sued McDonald and was awarded $2.9 million in damage.

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It's a start: Health-reform bill will help 30 million Americans

2009-11-17T12:28:00.000-08:00

Posted by Quang Nguyen
By Dr. Joe K. Gerald - Arizona Daily Star

The Affordable Health Care for America Act (HR 3962) that was recently passed by the House of Representatives is an imperfect solution to a difficult problem. However, waiting for a perfect solution may be laudable but is unreasonable as well.

While most developed countries have already adopted universal health care, the United States has struggled throughout the 20th century to provide affordable access to health care to all. Medicare and Medicaid provide health insurance to the elderly, disabled and poor, but roughly 20 percent of Americans under age 65 are without insurance.

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Trauma Especially Deadly for Uninsured

2009-11-17T01:10:00.000-08:00

by Anne Harding
posted by Jameel Murray

NEW YORK (Reuters Health) - As the U.S. continues to watch Congress thrash out a plan to try to cover those without health insurance, a new study shows that people admitted to the hospital for trauma are almost twice as likely to die from their injuries if they are uninsured.

A co-author of the study said she and her colleagues weren't surprised at the disparity they found, but they were surprised by how large it turned out to be. "Our hope is that people recognize that the results from this study are to be taken seriously," Dr. Heather Rosen of Harvard Medical School in Boston told Reuters Health via E-mail. "Being uninsured is a major detriment to one's health, which has been shown in multiple studies addressing hospital admission, treatment, screening, outcomes, and aftercare."Adults with no health insurance are at 25 percent greater risk of dying from any cause in a given time period than are their insured peers, Rosen and her colleagues note in their report in the Archives of Surgery. Even though the Emergency Medical Treatment and Active Labor Act-also known as the "anti-dumping law"-mandates that no hospital or ambulance service receiving federal funds turn away patients based on their ability to pay, Rosen and her team still suspected that mortality would still be higher after traumatic injury for uninsured patients.

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US banks prepaying $45B in insurance fees

2009-11-16T19:06:00.000-08:00

Posted by Jonathan Tse
By MARCY GORDON

U.S. banks will prepay about $45 billion in premiums to replenish a federal deposit insurance fund now in the red, under a plan adopted by federal regulators.
The Federal Deposit Insurance Corp. board voted Thursday to mandate the early payments of premiums for 2010 through 2012. Amid the struggling economy and rising loan defaults, 120 banks have failed so far this year costing the insurance fund more than $28 billion.

To address concerns of small banks in weak financial condition, the FDIC also set up an exemption process for those that prove the prepaid fees would be a hardship.

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Would passage of health reform require quick changes in insurance plans?

2009-11-16T00:29:00.000-08:00

By DAVE HELLING The Kansas City Star
Posted by Alma Zhumagulova

Millions of Americans are now engaged in a familiar ritual: signing up for next year’s health insurance coverage.

Pick a plan. Pick a premium. Make sure choices are submitted and approved on time.

But roughly half of those millions, according to a recent survey, are worried. They think the health care reform plan now working its way through Congress may force them to make major changes in their health plans quickly — perhaps within weeks — if it passes.

With one important exception, they can probably relax. Many of the major components of health reform won’t take effect until 2013.

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Extension for Unemployment Insurance

2009-10-19T11:09:00.000-07:00

Written by: Lisa Matthys

Senator Dick Durbin of Illinois is pushing Congress for an extension of unemployment insurance benefits. With more than 1.3 million Americans, 50,000 in Illinois, set to lose their benefits by the end of the year if the extension is not approved, this matter should not be taken lackadaisically. The proposed extension will provide benefits for an additional 14 weeks for jobless workers in all 50 states, and would add 6 weeks of insurance for jobless workers in states with an unemployment rate above 8.5%.

However, recent efforts to extend the unemployment insurance have been blocked by the Republican Party because of how the proposed bill is to be funded. The Democrats’ plan would use an expiring surtax on businesses, whereas the Republicans want to use unspent money from the stimulus bill.

With an ever increasing rate of unemployment in the United States, something needs to be done fast as many Americans are already without unemployment insurance benefits mostly because they have termed. With jobs at a scarcity, the Senate needs to quickly determine an appropriate extension for unemployment insurance that is not only effective in helping citizens but also agreeable by both parties.

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Medicare fraud is a open playground for criminals

2009-10-18T20:53:00.000-07:00

By Michael Rivezzo

Investigators say criminals, prominently mafia members, are becoming attracted to Medicare fraud.Unlike the traditional con, the money is good and prison sentences normally run shorter than other traditional crimes like robbery and dealing drugs.

Criminals are scamming the Medicare system by typically billing Medicare for medical equipment and drugs that patients never receive and do not need. They also are involving some of the homeless in L.A; by paying homeless people for social security numbers and also using them to file fake reports for Medicare expenses.

Mafioso's across the country are committing dangerous acts to cover their tracks. Federal investigators are being threatened, in once case, a informant's body was found punctured with bullets. No one has been able to say how many violent crimes are tied to Medicare fraud because most of the crimes are usually carried out by someone within the hoax who attacks another person also taking part in the crime.

http://www.fiercehealthcare.com/story/medicare-fraud-attracts-organized-crime/2009-10-07

http://www.miamiherald.com/news/miami-dade/story/1268509.html

http://drugstorenews.com/(S(owo00yr3egje3un1rnoesjrx))/story.aspx?id=118521&menuid=335

http://www.fiercehealthcare.com/story/medicare-fraud-attracts-organized-crime/2009-10-07#ixzz0ULnbYmX4

Why its good to compare car insurance quotes

2009-10-18T20:30:00.000-07:00

By: Jim Bassett
Posted by: Michael Rivezzo

The first thing you do when you purchase your first car is to look for the best insurance quote. Car insurance quotations will be needed, even when you are buying your second car, you will look for an insurance quote that is better than the previous one. Looking for an insurance quote and finding one is not a hard task. You can just enter the keyword "car insurance quotes "and the search engines will come up with a list of insurance quotes from many companies. The hard task is finding the best quote or the cheapest quote.

We live in a fast world and we rarely have time to research and go through the loads of websites. Most people will usually choose the first insurance company they find on the internet or which somebody refers to them. Sure, if your friend or work colleague is using an insurance policy from a certain company, we would ask them and opt for it as soon as possible.

We do not want to waste time. We just want to get what we are looking for at once. Some insurance companies may be popular than others, but we do not take the time to analyze the pros and cons of the companies. We just go with the crowd. The philosophy is "if everybody likes it, then it's good for me".

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Car Insurance Could Provide A Roadmap To Health Care Reform

2009-10-18T18:43:00.000-07:00

Posted by: Lisa Matthys

Written by: Shamara Riley

One of the arguments that has been made by supporters of President Obama's health care reform plan is that a government requirement for individuals to have health care coverage is comparable to state requirements that drivers have car insurance. One must possess insurance to drive on the nation's roads, they say, so should it be for health insurance.

However, the analogy does not quite work. Nowhere in the Constitution does the federal government have an enumerated power or responsibility to mandate health care insurance. It's not outlined in Article I, Section VIII of the Constitution, nor in any subsequent amendments. Thus, the health care coverage issue belongs to the states and the people, as per our 10th Amendment, which states: "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

Aside from the potential unconstitutionality of a health care mandate on individual liberty, an individual can opt out of paying for car insurance by not driving a vehicle. Living in a big city like Chicago, I find that public transportation pretty much handles my daily travel needs. I prefer to spend my money on other priorities. In addition, the priorities of health insurance and car insurance are different. Unlike health insurance, the often-standard liability insurance is designed to protect other people from negative results of your driving actions.

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Race Playing a Factor In Health Care In Hospitals

2009-10-18T14:45:00.000-07:00

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By Adam Lindheim

John Reid who is a retired businessman had just returned from a cruise to the Caribbean with an infected toe. As a diabetic he knew it was something he needed to have checked out immediately. The first doctor he saw in the emergency room told him he had to have the toe amputated right then, and scheduled him for surgery instantly. Reid was not content with the doctors recommendation and demanded he see a more senior doctor for a second opinion. The head doctor recommended a treatment plan of intravenous antibiotics and physical therapy. This treatment plan was more expensive and time consuming than the amputation, but Reid firmly believes because he is an African American the junior doctor was quicker to recommend a cheaper and more drastic treatment. Dr. Norm Oliver, director or the University of Virginia Center on Health Disparities as well as numerous studies have proven that white physicians carry unconscious biases against Latinos and African Americans. This is issue have proven even more controversial with child care.

Cincinnati Children’s Hospital Medical Center, researchers analyzed data on 818 chest-pain related emergency department visits made by children and teens included in the National Hospital Ambulatory Medical Care survey between 2002 and 2006. They found that 71 percent of white children were given either an EKG, chest x-ray, or a complete blood count, compared with 59 percent of black children. This translated into white children being 1.6 times more likely than black children to recieve testing for chest pain. This not the first time studies about this kid of behavior has been done.

In a landmark study by Schulman et al, African American patietns are less likely than white patietns to recieve life-saving therapy for a heart attack, even if the presentation of the African American patient is the same as a caucasion patient expect for the skin color. Schulman et al study has been replicated numerous times of the past 10 years, and most recently by Green et al. Green et al supported Schulman's findings, and did by using the Implicit Association Test (IAT) to measure the unconscious biases of dcotors. This test is a well validated instrument which has beeb used in more than 400 studies and on more than 10 million subjects.

These studies open a very important question when it comes to new healthcare reform. As the government continues to attempt to create a comprehnsive plan that covers every U.S. citizen, the question remains will patient care for all races be the same. If citizens are going to pay some sort of fee to the government for healthcare, the government needs to make sure they regulate the type of care given to patients and insure that it is equal no more what race the patient is.

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Average family health insurance policy: $13,375, up 5%

2009-10-18T13:44:00.000-07:00

Posted by Stefanie Marty

By John Fritze, USA TODAY

WASHINGTON — An average family health insurance policy now costs more than some compact cars, and four in 10 companies will likely pass more of that expense on to workers, according to a closely watched survey of businesses released Tuesday.

The average cost of a family policy offered by employers was $13,375 this year, up 5% from 2008, the Kaiser Family Foundation and the Health Research & Educational Trust survey found. By comparison, wages rose 3% over that period, the study said.

The new numbers underscore warnings by President Obama about the growing cost of health insurance and were embraced by Democratic lawmakers who are pushing for legislation to change the nation's health care system. "The trends are crushing millions of businesses and American families," Senate Majority Leader Harry Reid of Nevada said.

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Health Insurance Premium

2009-10-18T13:36:00.000-07:00

Written by Stefanie Marty

In recent years health insurance premiums have raised rapidly what eat up a big part of the middle class’s income. In 2008, the average premium for family coverage was $12,298 and if premiums for employer-sponsored insurance increase in each state at the projected national rate this premium for family coverage would raise to $23,842 by 2020. This equals a 94 percent increase in 12 years. Looking in the short-term according to the Office of Personnel Management, federal employees’ health insurance premiums will raise 8.8 percent on average in January of 2010. This represents the largest increase since 2004.

You might ask yourself why the health insurance premiums are increasing that fast. One reason is the increase of medical costs. For every year the insurer estimates its costs by developing profiles of its patients and calculates the cost of that profiled patient. There are many different profiles, e.g. kids, teenagers or seniors, each with different medical needs and thus different costs. The insurer will find the average cost per patient or family, a figure that represents the premium paid the insured. Regardless of the medical condition, each individual or family will pay the same premium amount. This might seem unfair to healthy people, who pay much more in premium than they would pay in actual medical expenses. On the other hand, people who are sick or injured quite often or people who are older pay less in premium than their actual health cost would be. All these people are paying insurance premiums to not bear any risk in case of any incident.

Our population is aging what is equivalent with the fact that the whole population needs more health care. Thus the premiums increase and fewer people can’t afford this cost for health insurance. Now less people purchase insurance and the cost of health insurance is spread across the whole population what in turn leads to higher premiums again.

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Travel Insurance and Swine Flu

2009-10-18T13:29:00.000-07:00

By Minjune Kim

Are you making travel plans for the holidays? Or are you planning a winter ski trip or a cruise? Have you had your swine flu shot? If not, you’d better check out the fine print on your travel insurance to see if you will be covered if you get sick.

Sir Liam Donaldson, chief medical officer of the NHS, said: "Everything suggests that we're starting to see a second wave [of swine flu] to follow on from the July peak.
"We don't know how big that wave is going to be but we're reaching the starting line."
The ABI advises swine flu victims that all they require in order to claim on their travel insurance policy is written confirmation from a doctor or, if this is not available, a certification of swine flu diagnosis from the National Pandemic Flu service.
Did you know that the UIA offers competitive rates on home insurance? Great deals also available on car insurance, travel insurance and pet insurance too. Up to 15% discount when you apply online.

You can hedge your bet by purchasing travel insurance. But experts warn that you need to know what different policies do and don't cover.
First, a little background. Travel insurance packages cost 4 to 10 percent of a trip's total price. At SquareMouth.com, a Web site based in St. Pete Beach that lets you compare travel insurance, the typical policy runs around $200 for a $3,000 trip, CEO Chris Harvey says.
That should cover nonrefundable travel expenses if you cancel a trip or need to leave early, plus emergency medical costs and reimbursement for lost baggage.
The swine flu throws a few wrinkles into the deal. A handful of companies have pandemic exemptions that won't let you collect if you catch H1N1 before you leave or during your trip. Ask before buying and stay away from those policies, Harvey says.
None of the regular package policies will cover financial losses for hotels, airlines or cruises for canceling a trip because you're worried about catching swine flu at your destination. For that, travelers must upgrade to "cancel for any reason" coverage.

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Wall Street Eyes Profits in Life Insurance Settlements

2009-10-18T12:58:00.000-07:00

Posted By Rico K Setyo
By Bill Weir and Jake Whitman

Fresh off the meltdown of the mortgage business last year, Wall Street's bankers have found a new way to make money: the buying and selling of life insurance policies belonging to the sick and elderly.
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Financial investors take a gamble trading people's life insurance policies.

Advocates of these "life settlements" call them a valuable option for people who want or need money before they die. Critics call it a morbid and risky business that proves Wall Street hasn't learned from the mistakes of the past.

After Dr. Eddie Powell lost both his legs to a hospital infection, he desperately needed financial help to support his practice and two children in medical school.

"I had to get the money, you know, for my family to survive," Powell said.

Powell says he sold three life insurance policies valued at nearly $1 million for $150,000.

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FDIC announces 99th bank failure

2009-10-18T12:53:00.000-07:00

Written by Hibah Yousuf
Posted by Minjune Kim

NEW YORK (CNNMoney.com) -- The nation's tally of 2009 bank casualties hit 99 Friday night when state regulators closed San Joaquin Bank, based in Bakersfield, Calif. This was the tenth bank to fail in that state.

Customers of San Joaquin Bank are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.

The Citizens Business Bank in Ontario, Calif. will assume all of San Joaquin Bank's $631 million deposits, according to the FDIC. Citizens also entered into a loss-share agreement with the FDIC on $683 million of San Joaquin Bank's $775 million in assets.

The five branches of San Joaquin Bank will reopen on Monday as branches of Citizens Business Bank.

Customers of the failed bank can access their money over the weekend by writing checks or using ATMs or debit cards. Checks will continue to be processed, and borrowers should make mortgage and loan payments as usual.

The FDIC also said customers should continue to use their existing branch until they receive notice from San Joaquin Bank that the takeover has been completed.

There are about 8,000 banks in the nation, and an average of 10 banks have failed per month this year, nearly four times the number that failed in 2008. This is the highest tally since 1992, when 181 banks failed.

Though 2009's count is still far from 1989's record high of 534 bank closures which took place during the savings and loan crisis, the FDIC revealed there are now 416 banks at risk of failing -- the highest level in 15 years.

This year's failures have reduced the FDIC's insurance fund to $10.4 billion from $45 billion a year ago.

Faced with dwindling funds, the FDIC discussed how to raise money to restock the fund last month. The agency proposed that banks prepay their deposit insurance premiums for the next three years.

Friday's closure will cost the FDIC an estimated $103 million.

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FDIC is Running Out of Money

2009-10-18T12:51:00.001-07:00

By Rico K. Setyo

The Federal Deposit Insurance Corporation (FDIC) was created by Congress to maintain stability and public confidence in the nation's financial system by: insuring deposits,examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships (FDIC.gov). However, in these recent tough economic times where financial institutions are failing at a rapid rate, the FDIC is having trouble managing their organization to assist such issues. Sheila C. Bair, the FDIC chairman, states that despite the economic recovery, many banks are still expected to fail. As of this year, about 100 banks have failed and the FDIC has estimated the cost of failures to be $100 Billion for the next few years. FDIC uses their deposit insurance fund to bail out all these financial institutions. However, recently, the FDIC has claimed that the funds are decreasing at such a rapid rate that the net worth has become negative. Blair, has some recommendations to solve such issues but the causes have been analyzed by other experts.

One of the causes that many experts say is that the FDIC has been poorly managed because it was not able to generate enough revenue to cover such emergencies. Another issue might have been Congress because of a limitation to how the FDIC can raise funds but in 2006 Congress has changed the law. However, FDIC did not act quickly by charging banks premiums for the insurance fund. Now that the fund is at a negative net worth, Blair mentions that she will charge banks higher premiums to replenish the funds. Another way to solve the negative net worth might be to borrow from the Department of Treasury but many people are not in support of such drastic actions.

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Curing Health Insurance

2009-10-18T11:15:00.000-07:00

By: Scott Graulich

Our elected do not have a clue as to how to fix health insurance. They are doing all the wrong things. Ask any doctor or anyone who really understands the problem and they will all tell you that the biggest problem by far with health insurance is malpractice and lawyers. There are many places in the country where Obstetricians cannot even practice because doctors insurance is so high. Statistics have shown that if we fixed the malpractice problem costs for insurance and fees for doctors would go down by more than half. However, almost every politician is a lawyer and sharks will not harm each other.

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The insurance companies may be evil, but are they right?

2009-10-15T21:27:00.000-07:00

Posted by: Scott Graulich

On the eve of the vote on the Senate Finance Committee's health care reform bill, the insurance industry released a report saying that it would increase premiums.

The report, and the reaction to it, reveals a great deal – about health care reform and the state of political discussion in the United States.

The analysis was done by PricewaterhouseCoopers for America's Health Insurance plans, a trade group. It looked at the effect of several provisions of the Senate Finance bill on premiums. Two are of particular note: requiring insurance companies to cover everyone without any medical underwriting, coupled with a weak mandate that all individuals purchase insurance; and the 40 percent tax on high-value plans.

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Small Employers Struggle to Offer Health Insurance

2009-10-15T14:46:00.000-07:00

by John Tozzi

posted by Adam Lindheim

Unlike most small employers, Boeggeman, George & Corde, a New York law firm with offices in White Plains and Albany, pays full health insurance coverage for each of its 23 employees and their families. At least for now.

Premiums are rising so quickly that partner Richard Corde has been grappling for six years with whether to make workers pay part of the cost. In that time, the health-care share of the firm's total compensation budget has doubled, to 10%. When Corde went to his insurer, Health Net (HNT), to arrange a November renewal for the firm's' policy, he was given a 22% higher rate, an increase Corde says is typical. He has switched insurers at least three times to avoid such hikes. To keep the policy affordable this year, he agreed to higher deductibles for doctors' visits and prescriptions. Even with the concessions, the firm will pay about 9% more this year—close to $200,000. "I don't know how many years of those kind of increases I can absorb," Corde says.

Washington lawmakers are trying to write legislation to contain health-care costs and expand coverage. But even if reform passes this year, any effect on the price of care won't manifest until 2011 at the earliest, according to an analysis by PricewaterhouseCoopers. Many small businesses, some closing the worst year (or two) in their histories, face hard questions about how—and how much—to pay to keep their employees and their families healthy.

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Have Yourself Insured

2009-10-15T10:14:00.000-07:00

By Ka Lee Angel Lee

One of the biggest decisions to make in a family is choosing the right health insurance plan under the constraints of cost and need. Therefore, to make things simple, we have to first recognize what kind of protection we are looking for and whether or not our favorite plans are within our budget.
To estimate our needs ranged from our medical history to occupations of our family members. For example, if u go to the dentists very often, u would need a dental plan. If a family member does a relatively risky job like at mining sites, he would need catastrophic insurance plans. After sorting out our needs, we can then more effectively eliminate the inappropriate insurance plans and end up with choices that can cater our demand. Then our will have to find the balance between budget and need. This includes consideration of time and your goals. Some plans may be cheap but only god for the short run while others may be expensive but helps you to reach your goals in the long run. This all depends on what you are willing to forgo to get what you want and when you want it.

Sources

http://www.apahelpcenter.org/articles/article.php?id=51

http://health.howstuffworks.com/choose-insurance-plan.htm

http://lifehacker.com/5074925/choose-a-health-insurance-plan-for-2009

Your Life Insurance Policy May Not Be Protected

2009-10-15T09:29:00.000-07:00

Written by: Andrew Pia

Due to the toug economic times, many large life insurance companies are somewhat nervous that if their numbers do not improve in the next few quarters, their policies sold already could be in danger. Metlife, one of the largest life insurance companies, had unrealized losses of nearly $17 billion out of a portfolio of $324 billion in 2008.

Policies issued by life insurance companies like Metlife are backed by state guarentee associations, and at this point in time, many states have no cash on hand, and must rely on promises to pay to life insurers. Many policy holders are selling their life insurance policies back to the insurance companies before their maturation in order to pay off mortgages to save their homes. This presents a huge obstacle to these corporations and the local state governments, because these policies are not backed by the FDIC.

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Auto Insurance: more important than we think

2009-10-14T19:04:00.000-07:00

Posted by Lindsey Connell

There are over 150 types of insurance today and one kind that many people invest in is auto insurance. Because so many people have cars and may be involved in a car accident at sometime in their life, this is an important insurance to look into. Auto insurance is an agreement between the investor and the insurance company where the company will pay for financial losses in exchange for the regular premiums you pay. Many people who don’t have cars would never consider buying auto insurance but the reality is that if you ever needed to rent a car for something like getting from a plane to your vacation site, you would need auto insurance if you got in an accident. Also, auto insurance companies do not have to, but can include coverage for up to six different risks such as bodily injury and property damage. Auto insurance ads may be seen on tv all of the time because they appeal to most of the population, but unfortunately they can be slightly confusing at times. It is important however to look into the ads and the benefits of having auto insurance because at some point or another, almost everyone will be behind the wheel.

http://www.ampminsure.org/all.html
http://www.giis.org/auto/auto.shtml
http://ezinearticles.com/?Important-Facts-About-Auto-Insurance-Companies&id=391348

Miami Insurance Agent Accused of $14 Million in Premium Finance Fraud

2009-10-13T19:16:00.000-07:00

A Miami insurance agent was arrested for the second time in less than a month for stealing more than $14 million by submitting thousands of fraudulent premium finance contracts for fictitious policyholders, according to state officials.

Florida CFO Alex Sink said that her Division of Insurance Fraud (DIF) arrested Jose V. Peris, 52, of Miami, the owner and president of Insurance Force Corp., d/b/a FED USA Insurance Agency.

Officials allege that Peris submitted more thn 3,800 bogus premium finance contracts to numerous premium finance companies. Currently, they said, more than $7 million remains unrecovered and Peris is facing multiple counts of first degree organized scheme to defraud.

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Posted by: Christina Dove

Denied Applications for Qualified Candidates for Health Care Coverage

2009-10-13T15:01:00.000-07:00

Article by: Srividya Srinivasan

It is more and more common to hear of American’s struggling to pay health care insurance and the ridiculous fees associated with it. Insurance companies are getting more and more particular about what qualifies as a acceptable health care candidate.

In a news story by Mark Rubi in“Extreme Weight Loss Examiner”, an infant American boy was denied health care insurance just for being “obese”. At 2-months, this baby is in the 95th percentile for weight. However, the weight is in proportion to his 95th percentile height as well. Health insurers are not used to parents applying directly for coverage for their kids instead of parent's employers automatically paying for health insurance. Therefore, health insurance agencies are new to the situation of having separate health insurance plans for kids and their parents. Finding a loophole forced CareFirst to change their coverage plan to include child applicants, despite their weight.

Regardless of political support, many American’s do support Obama for the health care reform. According to John Hewko’s article in the Washington Post, he has experienced first-hand the “dysfunctional system” concerning America’s health care. An application that submitted by a completely healthy, 51-year old was not approved. "Apparently, being healthy and physically fit is not good enough for CareFirst”. The individual has a mild case of hypertension and stiff shoulders, which are easily cured by a small dosage of medicine and Advil. Though most people of that age group have these symptoms, this does not stop the insurance company from taking full advantage of this. These conditions were not means for higher premiums, but a complete denial.

For those employed Americans who are not affected by the health insurances because of employee benefits, they should remember that a job loss and a few mild symptoms leave them susceptible to the current health coverage problems that currently exist.

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Obama: 'Closer than ever' to health care reform, but 'not there yet'

2009-10-13T14:55:00.000-07:00

Article By: David Jackson
Posted By: Srividya Srinivasan

President Obama hailed today's Senate committee health care vote as a "critical milestone," but added that "the bill is not perfect and we have a lot of difficult work ahead of us."

"Now is not the time to pat ourselves on the back," Obama said, urging supporters to "dig in and work even harder to get this done."

That said, Obama praised the efforts of the Senate Finance Committee, particularly chairman Max Baucus, D-Montana. The president also saluted Sen. Olympia Snowe, R-Maine, the lone Republican to back the bill, for "both the political courage and the seriousness of purpose that she's demonstrated throughout this process."

"We are now closer than ever before to passing health reform," Obama said. "But we're not there yet."

He added: "There's still significant details and disagreements to be worked out over the next several weeks as the five separate bills from the Senate and the House are merged into one proposal," Obama said.

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Insurance for Natural Disaster

2009-10-12T23:48:00.000-07:00

By Minjune Kim

If your home is located in a designated flood-risk area, then you should ensure you take out a good home insurance policy which will leave you fully covered should you be unlucky enough to find a river running through your living room.

With earthquakes rocking countries on the other side of the globe, Americans need to keep in mind that the natural disaster can affect them as well.According to the Insurance Information Institute (III), 39 states have experienced earthquakes since 1900, and all 50 states have witnessed damage from the natural disaster. The last major earthquake the lower 48 experienced was a 6.7 magnitude shakeup that occurred in 1994 in Northridge, California.

Homeowners need to realize that their standard home insurance policies do not cover damages from earthquakes. The California Department of Insurance notes that many people in the state may opt to get earthquake home insurance in order to reduce the cost of repairs associated with the natural disaster.

People who live on flood plains in the country are charged on average £345 more for their home insurance policy than residents in similar property elsewhere in the UK.A spokesman for the General Consumer Council, which compiled the report, said: "People can't afford to take out household insurance even though they know they are more vulnerable going forward to flooding."

Make sure you read your home insurer’s policy documents carefully and watch out for any exclusions. Read the terms and conditions for any additional benefits, such as an emergency payout to cover temporary accommodation and emergency supplies if your home has to be evacuated. Also, don’t forget to check the small print for any exclusions which could invalidate any claim and cost you more money.

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Low-income auto insurance bill vetoed

2009-10-12T23:42:00.000-07:00

Written by Marc Lifsher
Posted by Minjune Kim

Efforts to extend a state-backed auto insurance program for low-income Californians failed after Gov. Arnold Schwarzenegger vetoed a bill that would have kept it going until 2016.
State law requires all drivers to carry minumum levels of liability insurance, and the low-income policy provides affordable coverage to motorists over the age of 19 with good driving records. The current program is scheduled to expire on Jan. 1, 2011.
Schwarzenegger said he vetoed a bill by Assemblyman Dave Jones (D-Sacramento) because "the effectiveness of the program is questionable given the number of policies in effect and low participation rate amongst the insured."
The governor suggested for Jones and the bill's sponsor, California Insurance Commissioner Steve Poizner, to send him a refined proposal next year.
Consumer advocates argued that the low-cost insurance program has been effective and criticized the governor for his veto.
"This veto is out of touch with the real economy that many Californians are facing," said Douglas Heller, executive director of the Santa Monica-based Consumer Watchdog. "Why should a program that has allowed nearly 50,000 Californians to buy auto insurance instead of driving uninsured and doesn't cost the taxpayers a dime be on the governor's chopping block?"

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AIG sells Taiwan insurance unit for $2.15 billion

2009-10-12T21:09:00.001-07:00

Posted by: Andrew Pia

Written by: Faith Hung

TAIPEI/HONG KONG (Reuters) - American International Group (AIG.N) has agreed to sell it's Taiwan life insurance unit for $2.15 billion, a key step in its effort to raise cash after a U.S. government bailout last year saved the company from collapse.

Primus Financial, a new firm founded by Citigroup's (C.N) former investment banking head in Asia and a Chinese partner, has agreed to purchase Nan Shan Life, AIG said on Tuesday, ending a roughly five-month auction that saw several corporate and private equity bidders pursue the division.

With the Nan Shan agreement sealed, AIG is now focused on raising cash from two other major assets in Asia. Hong Kong-based life insurer AIA is seeking a more-than $2 billion initial public offering while American Life Insurance Co, which generates half its revenue in Japan, is seeking a reported $5 billion in an IPO.

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Insurance Fraud

2009-10-12T19:02:00.000-07:00

Posted By: Lisa Matthys

Written By: South Florida Business Journal

A Miami insurance agent has been arrested for the second time in two months for submitting thousands of fraudulent premium finance contracts for fictitious policyholders.

Jose V. Peris, 52, is owner and president of Insurance Force Corp. dba FED USA Insurance Agency.

According to the Florida Division of Insurance Fraud, Peris submitted more than 3,800fake policies and stole more than $14 million.

More than $7 million has not yet been recovered.

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The Flaws in Insurance Coverage

2009-10-12T18:48:00.000-07:00

Written By: Lisa Matthys

Are insurance coverage requirements too specific? One family’s story may have insurance companies reevaluate their cutoffs for insurance coverage.

Alex Lange, son of Bernie and Kelli Lange, was denied insurance coverage by an insurance underwriter for Rocky Mountain Health Plus because their baby had a pre-existing health condition, obesity. When Bernie and Kelli went shopping for better premiums, they learned that their baby’s size matters.

At four months old, baby Alex weighs 17 pounds at 25 inches tall. Based on his height and weight, he is in the 99th percentile subject to obesity most likely due to breast-feeding and his great appetite.

No matter how healthy the infant, most insurers won’t cover a baby over the 95th percentile including Rocky Mountain Health Plus. But no parent is going to deny their child food just so they can remain within the 95th percentile. Dr. Doug Speedie, medical director at Rocky Mountain Health Plus, believes that it is possible for a baby to be above the 95th percentile and still be healthy, and admits that the system is flawed.

To many supporters, this story gives reason for health reform. In a highly profitable industry, insurance companies regularly deny coverage to people with pre-existing conditions that make them a financial risk. Aware of the flaws in the system, many health-care reformers are taking aim at the practice of underwriting. With current debates and lobbyists, the health-care system will most certainly experience changes over the next few years.

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Zimbabwe Health Care System Declines

2009-10-12T16:15:00.000-07:00

Posted By Pete Hill

An article in the British medical journal Lancet paints a devastating portrait of the collapse of Zimbabwe’s health care system, once one of Africa’s best. Although the article never mentions President Robert Mugabe by name, it suggests that his authoritarian rule, stretching back nearly three decades, is largely to blame.
Life expectancy in the country is now just 43 years, because so many young adults die of AIDS. But the article, whose lead author is Dr. Charles Todd, a former chairman of the University of Zimbabwe’s medical school, points to many failures that government could have prevented.
Maternal mortality more than quadrupled from 1990 to 2007, to 725 mothers’ deaths per 100,000 live births. In 1994, 80 percent of children received all their basic vaccines; by 2007, only 53 percent did.

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2009-10-12T08:41:00.000-07:00

Posted by Lindsey Connell

The US health insurance industry has launched a last-minute attack on Democratic healthcare reform efforts, releasing a report late yesterday predicting that insurance premiums will rise sharply if a chief proposal becomes law.

The report by accountancy PriceWaterHouseCoopers was paid for by America's Health Insurance Plans, a trade group that until now has reluctantly cooperated with president Barack Obama and the Democrats' effort to overhaul the US Healthcare system.

The trade group had been working behind the scenes to help shape legislation, and Democrats blasted the timing and authorship of the report. The report was released just two days before the Senate finance committee is set to vote on a 10-year, $829bn bill that is seen as the most likely to win congressional approval. The trade group that funded it was instrumental in sinking president Bill Clinton's healthcare reform effort in the 1990s.

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Mississippi Court Rules Home Insurance Policy Covers Hurricane Wind Damage

2009-10-11T20:38:00.000-07:00

Posted By Rico K. Setyo
By Insurance Journal

In a 9-0 decision, the Mississippi Supreme Court has ruled that so-called "all-risk" home insurance policies may cover wind damage from hurricanes, even in situations where the loss is later exacerbated by water from storm surge.
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The state high court decision found that language in a policy may exclude storm damage when it is caused by a combination of wind and water acting together. But if wind and water damage can be distinguished, this exclusion does not apply. The court said a jury must decide whether the damage to the home of Margaret and Magruder Corban was caused by wind or water.

The ruling is a blow to some insurers that had argued that such damage is excluded by anti-concurrent cause (ACC) and other language in their policies. The 5th U.S. Circuit Court of Appeals had sided with insurers in previous cases.

The state's high court has now decided that the ACC clause is not applicable because the wind and water losses were separate or in sequence, and not "indivisible." Justice Michael K. Randolph wrote for the unanimous court:

"We conclude that the ACC clause has no application for losses caused by wind peril. An insurer may not abrogate its duty to indemnify for such loss by the occurrence of a subsequent, excluded cause or event."

Once the wind loss occurred, the homeowners were entitled to coverage under the policy, the Mississippi court said.

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A Few Words can make a Big Difference

2009-10-11T20:34:00.000-07:00

By Rico Setyo

The phrase “anything you say can be used against you” is not only relevant in the situation where a police officer catches you near the scene of a crime but it is also relevant when you file insurance claims.

An insurance claim is the actual application for benefits provided by an insurance company. For those who have insurance must first file an insurance claim before any money can be disbursed. Based on the insurance company’s assessment of the circumstances they may or may not approve the claim (Pollick).

One instance where words become an issue to insurance companies is when you get into a car accident. If either party of the accident apologizes, the claim becomes invalid for a couple of reasons. First reason is an apology can be and will be seen to insurances companies as taking the blame for an accident. Second reason is because you are claiming fault in the situation, the insurance companies do not have any reason provide monetary assistance or repairs to your car. Many people have the tendency to apologize even though it might not even be their fault but because of this natural instinct to apologize, many insurance companies are taking a “few words” to their advantage (Ong). The best thing to do is just to stick to facts without expressing any opinion (LawCore).

JD Howard, who is a founder of an insurance company in Springfield, Mo. States that over the years the philosophy of insurance companies have changed and gone more corporate. From “having a mandate” to pay our clients, to finding every possible reason to not pay our clients, the change is drastic. Many people spend thousands of dollars of insurance and a few simple words can determine whether you get insured or not.

http://www.wisegeek.com/what-is-an-insurance-claim.htm

http://online.wsj.com/article/BT-CO-20091007-709024.html

http://www.lawcore.com/car-accident/insurance-claims.html

CDHPs and HSAs? The ABCs of health insurance

2009-10-11T17:10:00.000-07:00

Posted by Ka Lee Angel Lee

By TOM MURPHY (AP)

More workers are likely to be offered a health insurance option that offers a lower premium, but could mean higher out of pocket costs, when open enrollment begins at many companies in coming weeks. Here are some tips for evaluating these new plans, called consumer directed health plans, and the alphabet soup of options this open enrollment season.
What's a consumer-directed health plan?
This is insurance that typically carries a premium lower than traditional coverage, but the trade-off is accepting a deductible that tops $1,200 and can stretch as high as $10,000 for some family plans. Typically, that deductible must be paid before insurance coverage starts.
That can mean paying for bills for blood tests, X-rays or a doctor's office visit in full instead of the usual $20 co-pay many have become accustomed to. Consumer-directed plans are paired with a special account to help manage these expenses. The most common are health reimbursement arrangements (HRAs) and health savings accounts (HSAs).

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Democrats Force Changes In Baucus Health Bill

2009-10-11T09:00:00.000-07:00

Written by Julie Rovner
Posted by Stefanie Marty

The health overhaul bill expected to emerge this week from the Senate Finance Committee was supposed to be the one to win at least some Republican backing. But committee Chairman Max Baucus ultimately found himself scrambling to win the backing of enough Democrats to get the bill through.

As the committee wrapped up its formal debate around 2 a.m. last Friday, its top Republican, Iowa's Chuck Grassley, pronounced the verdict Baucus least wanted to hear.

"You know, there's a product here that most of the people on my side, maybe all of the people on my side, may not vote for next week," he said.

Fight Over Children's Health Insurance

The bill Baucus originally brought to his committee three weeks ago was mostly the product of months-long negotiations between three Democrats on the committee and three Republicans. In order to try to win some of those Republican votes, Baucus made many concessions, some of which made Democrats furious.

One big one: The bill would have eliminated the government's popular Children's Health Insurance Program for many children, instead making them eligible for subsidized private insurance through new insurance exchanges. That didn't sit very well with people such as West Virginia Democrat Jay Rockefeller, who helped create the CHIP program.

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Children’s Health Insurance

2009-10-11T08:50:00.000-07:00

Written by Stefanie Marty

A recent study showed that children with health insurance coverage in families where parents are uninsured are at greater risk of missing necessary health-care services than children in families where both children and parents are insured. The study incorporated children between the age of 2 and 17 and included more than 43,000 children over five years. The necessary services which these children are more likely to miss include seeing a doctor, getting dental care and accessing prescription medications. Further they also receive less counseling on healthy eating, routine exercise, use of a safety or booster seat, and use of seatbelts or bike helmets.

These findings show the necessity of not only extending health insurance to children, but parents as well. Dr. Jennifer E. DeVoe, the lead author of the study, said, that the children’s health insurance program is going in the right direction and more and more kids are getting insurance coverage, but the importance is not to stop now. It is crucial that families, kids as well as parents, are covered.

This necessity is also shown by the Commonwealth Fund Commission, which released its second state scorecard report. The report revealed that since 2007 health insurance coverage across states for adults has declined while the coverage for children increased.

One way health insurance for uninsured children is offered is by states that have in place federally approved programs. The State Children's Health Insurance Program (SCHIP) provides health insurance coverage to uninsured children up to age 19. SCHIP is a state administered program and the guidelines on eligibility and services are set by the participating states. It is possible that families who do not qualify for Medicaid, because they earn too much, qualify for SCHIP. The insurance provided by the SCHIP pays for doctor visits, immunizations, hospitalization and emergency room visits.

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New Trend: Seniors are cashing out their life insurances

2009-10-10T15:51:00.000-07:00

by Michael Rivezzo

Senior citizens are raising cash by selling their life-insurance policies to investors that will profit from them when they die. Policies worth $10 billion face value were sold last year alone with a $8 billion increase from 2002.Federal lawmakers are starting to get worried about this ever increasing trend because it is unregulated with no one watching out for individuals who sell their policies or the investor buying them. Seniors who need cash are starting to sell their policies to third-party investors for a substantial lump sum, then soon transferring ownership of their policy to the investor. This investor will continue to pay the insurance premium and becomes the beneficiary.

Some advisors are telling clients to also be cautious because there is not a real indicator to determine how much a policy should actually be worth and also the market for life settlements isn't very efficient. Advisors suggest that the only people that should be selling their polices are people in dire need of money who don't have no where to go and also people whose policy has outlived their use. Many seniors that have sold their policies already have children that are independent and they have no need for the money so they are cashing them out early.

http://www.cbsnews.com/stories/2009/09/30/business/moneywatch/main5353961.shtml

http://www.newschief.com/article/20091002/NEWS/910025031/1053?Title=Some-seniors-cashing-out-life-insurance-policies

http://online.wsj.com/article/SB10001424052748704471504574447350852232082.html

Children's health insurance: How much aid is enough?

2009-10-10T15:38:00.000-07:00

By Richard Wolf

Posted by Michael Rivezzo

The view of Midtown Manhattan rising majestically above the Hudson River doesn't get much better than from here. And the cost of living doesn't get much higher.
It's little wonder, then, that Anna Velazquez says she and her husband, José, can't afford private health insurance for their two children on a $57,000 family income.

Lucky for them, they live in New Jersey. The state has the nation's highest income eligibility level for the Children's Health Insurance Program, a federal-state partnership created in 1997 to help families who earn too much to get Medicaid. Under CHIP, which will expire Oct. 1 unless President Bush and Congress agree to renew it, families of four can get coverage with incomes up to $72,275 — 350% of the federal poverty level. The Velazquezes pay $18.50 a month per child; taxpayers cover the rest.

"What would I do without health insurance?" says Velazquez, 39, who works at a health center. "I wouldn't be able to sleep at night, worrying about my kids."

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Car Insurance could provide a roadmap for health insurance reform

2009-10-08T16:26:00.000-07:00

By: Christina Dove

As the debate over healthcare reform continues, there have been a few proposals to make our health insurance similar to the policies of our car insurance. It is required for everyone to have car insurance in order to be able to drive. The equivalent for health insurance is that everyone would need to have health insurance in order to live. This causes a lot of controversy because people do not feel that the government has that kind of control over them and it violates our free liberty established in the constitution.

Although, there are still many facets of the health care reform that need to be finalized, we can adapt many of the same principles to health care that we already use for car insurance. For instance, the portability of car insurance is definitely an advantage in that it can be carried across states with different jobs, etc. In addition, the price that people pay for car insurance is directly related to their driving habits (accidents, tickets, etc) as well as their grades for their children. The equivalent could be for those who maintain a healthy lifestyle and remain in good health. This would provide an incentive for people to make better lifestyle choices, since the price they are paying for health insurance would be affected.

It will still be a significant amount of time before this issue is resolved, there are so many proposed solutions and ideas to improve our current system and to make it as affordable as possible for everyone. The Democrats and Republicans are going to have to work together and come up with a compromise on the best solution for America at this time and perhaps use car insurance as a base model.

http://www.thegrio.com/2009/10/one-argument-that-has-been.php

http://online.wsj.com/article/SB10001424052748703298004574457352744634762.html

http://blogs.ajc.com/kyle-wingfield/2009/10/06/health-care-which-is-the-real-party-of-no/?cxntfid=blogs_kyle_wingfield

Health Insurance Reform Must Include Public Option

2009-10-08T10:25:00.000-07:00

Posted by: Andrew Pia Written by: Sen. Sherrod Brown

A majority of Americans support a public option. An overwhelming majority of Democrats in Congress support a public option. Doctors support a public option. Why then is the public option seen by some as the third rail of health insurance reform?

We know the disturbing facts by heart: Millions of Americans are one illness -- or one pink slip -- away from bankruptcy because of high health care costs and lack of access to affordable insurance. 30 million Americans are without health insurance. Nearly 400 Ohioans lose their insurance every day.

Middle class families pay $1,000 annually in hidden taxes to recoup the cost of care for our nation's uninsured.

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Why Buy Insurance

2009-10-08T07:19:00.000-07:00

By: Scott Graulich

The Insurance industry is all based on one factor- managing risk. Insurance companies use statistical analyses to determine the chances of accidents, hurricanes, floods, fires, etc. By studying these statistics they can determine how much to charge customers in order to make a profit. When there are a lot of natural disasters in any particular year, insurance company profits go down and may even show a loss.

Basically Insurance Companies hope that life is boring for it's customers-- which means that no one has any natural disasters or accidents to worry about. Generally this type of situation makes the customer and company very happy. However, human nature being what it is, this happy customer starts to wonder why they are paying all that money for nothing. Actually, what we pay for Insurance is a good nights sleep.

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Let Congress Go Without Insurance

2009-10-08T07:16:00.000-07:00

Posted by: Scott Graulich

Let me offer a modest proposal: If Congress fails to pass comprehensive health reform this year, its members should surrender health insurance in proportion with the American population that is uninsured.

It may be that the lulling effect of having very fine health insurance leaves members of Congress insensitive to the dysfunction of our existing insurance system. So what better way to attune our leaders to the needs of their constituents than to put them in the same position?

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Congress Debates Health Insurance

2009-10-06T20:26:00.000-07:00

Posted By Pete Hill

A big challenge facing the White House and Congress is the debate on reforming health insurance. New bills are being addressed in Congress to try to resolve these problems and cover more Americans. The complication is that keeping costs low and improving coverage is just one of many challenges facing Congress in the effort to pass health care legislation.

Under the committee’s bill, there would be four levels of benefits, bronze, silver, gold and platinum, and all insurers would be required to offer, at a minimum, silver and gold. “We have more than 46 million people who are uninsured,” Mr. Bingaman said. “We also have a substantial number who are underinsured. Although they have coverage, it is so bad or so inadequate that if they really get sick, they find they cannot afford the health care they need.”

But policy experts say few lawmakers have yet paid enough attention to what that new marketplace should look like and whether it would actually work as promised. It is an ongoing compromise that the Democrats and Republicans are currently trying to agree on.

Sources:
http://www.nytimes.com/2009/10/06/health/policy/06health.html?_r=1&ref=health
http://www.nytimes.com/2009/10/06/business/06exchange.html?ref=health
http://www.nytimes.com/2009/10/06/health/policy/06cong.html?ref=health

How to give the FDIC some clout

2009-10-06T18:14:00.000-07:00

By: Robert Cyran

The Federal Deposit Insurance Corporation needs to add prevention to its stock of cures.

Its bank deposit insurance fund is running low, so it has asked its charges to prepay three years of premiums. Yet 90% of banks paid no assessments from 1996 to 2006 when their profits were healthy. Such pro-cyclival policies punished the prudent and rewarded risky lenders.

The laws governing the fund require the FDIC to keep its kitty at no less that 1.15% of insured deposits, which it does by assessing banks based on their deposits and their regulators' rating of riskiness.

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Posted by: Christina Dove

Pet Insurance On The Rise

2009-10-06T09:48:00.000-07:00

Written By: Lisa Matthys

While news continues about health insurance reform for humans, health insurance for pets has seen an increase in America due to rising costs of veterinary bills and increased consumer spending on pets. Although the market is small, investors see it as a profitable niche that is expected to grow. Revenues from gross written premiums of pet insurance increased 21% from 2006 to 2007 and are expected to grow 25% to 35% over the next five years, placing sales at $1.1 billion in 2012.

On October 1st, the Central States Indemnity of Omaha, a Berkshire Hathaway company, partnered with Nestle to market pet-centric insurance options. Previously in June 2008, Purina, a unit of Nestle, launched a pet insurance division to consumers. Purina’s premiums range from $35 to $50 per month depending on the coverage, the breed, whether a dog or cat, age, as well as location of the pet owners home.

While pet insurance in the United States has seen a slight increase over the past year, approximately half of all pet owners in Sweden insure their pets and about 20% in the United Kingdom. The market for pet insurance is expected to increase based on statistics from the American Veterinary Medical Association, which predicts that the amount of pet-related expenditures in 2009 will increase from $25 billion to $45 billion.

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New Insurance Website for Ohio Insurance Companies

2009-10-06T09:40:00.000-07:00

Posted By: Lisa Matthys

Written By: Sarah Jane Tribble

For any patient who has ever spent hours on the phone with a hospital or doctor's office arguing about insurance coverage, help is on the way.

Eight of Ohio's major health insurance companies, which provide coverage to 91 percent of the state's residents, announced Monday that they have created a Web site that gives doctors one place to find patients' benefit information. The program, they say, will reduce paperwork between physicians' offices and health plans and, eventually, cut down on billing errors.

"This is analogous to the ATM technology that banks took on," said Karen Ignagni, president and chief executive officer of America's Health Insurance Plans, stressing the new technology's ease of use. "It's a step that will ultimately transform our health system."

While doctors will benefit from reduced billing hassles, thus saving time, patients will benefit by seeing an increase in the amount of time their physician can spend with them, and a decrease in their own billing headaches, according to Ignagni. The Web site will enable doctor's offices to type in a patient's health plan and member identification number.

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The Health Insurance Trap

2009-10-05T19:16:00.000-07:00

Posted by Ka Lee Angel Lee

At the center of the health care debate is a belief among many Americans that our private health insurance system isn't working. If you had asked me a year ago, I would have said that the government shouldn't intervene in health insurance. Fast forward to today, after a cancer diagnosis and four months of chemotherapy, and I have a very different opinion on private health care. This is my story.
I was diagnosed with Seminoma in August of 2008 at the age of 29. Seminoma is a type of testicular cancer that affects one percent of all men, and it is the most common type of cancer among men aged 20 to 35. It is often cured by surgery alone, but advanced disease requires either radiation therapy or chemotherapy in addition. I was unfortunate. By the time I was diagnosed, the cancer had spread to my lymph nodes, so I had to undergo chemotherapy.

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Senator Baucus Weighing Changes to Make Insurance More Affordable

2009-10-04T22:44:00.000-07:00

Posted by Rico K. Setyo

By David M. Herszenhorn

In a push to lock down votes, Senator Max Baucus, the Montana Democrat and chairman of the Senate Finance Committee, is pulling together a last-minute package of changes to his health care legislation aimed at addressing the chief concern among his fellow Democrats: that health insurance be made as affordable as possible for moderate-income Americans.

“There’s an effort to solve people’s problems,” said Senator John D. Rockefeller IV, Democrat of West Virginia, who has been a critic of the bill. “How far that’ll go, we’ll see.”

Among the proposals under consideration is an amendment by Senator Maria Cantwell, Democrat of Washington, that would create a “basic health plan” for Americans earning less than 200 percent of the federal poverty level, or $44,100 for a family of four. The proposal would let states develop or expand various existing insurance programs that now typically cover people who qualify for Medicaid. Small states could develop plans jointly.

The Baucus bill would already expand Medicaid to Americans earning up to 133 percent of poverty, and Ms. Cantwell’s proposal would effectively expand it further. But because her plan is expected to be cheaper than providing subsidies to those low-income people to buy their own insurance, it could save money that could be used to make other provisions of the bill more generous.

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Fall is upon us. Do you have auto-insurance that cover deer-related accidents?

2009-10-04T19:07:00.000-07:00

By Michael Rivezzo

Fall is notorious for being deer-season, due to mating and deer migration, drivers should be aware if there auto insurance covers accidents that involve animals. The Insurance Information Institute estimates around 1.6 million deer-vehicle accidents happen every year which amount to $4.6 billion worth of vehicle repairs and medical expenses. A deer can also make drivers swerve out of control to avoid them while causing other accidents.

Most of these accidents peak around October and November with a average of $3000 claimed for each collision. There is a increase in deer traffic around these times because they will start to migrate to different areas to settle for the winter and also food becomes scarce due to the climate change and foraging for food becomes a daily habit . Also a adult deer weighs around 200lbs and can cause severe damage to your car and also cause damage to the passengers and drivers in the vehicle.

Now is the time to call your auto insurance company to check your policy to make sure your covered in case of an emergency. Especially in north-east areas that have a high population of white-tail deer.

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Obama: Health Insurance Reform Would Help Small Business

2009-10-04T18:50:00.000-07:00

By Scott Wilson

Posted by Michael Rivezzo

President Obama used his weekly radio address Saturday to appeal to small business owners, arguing that his health-care reform plans would push down the cost of insurance coverage they provide to employees.

As Congressional Republicans warn that Obama's health-care reform goals would raise taxes on the middle class, the president said the state-run insurance exchanges contained in legislation now moving through the Senate would save small businesses money.

Obama said that, because they have less bargaining power, small businesses spend 18 percent more on average than large companies for the same insurance plans.

He said the proposed insurance exchanges would provide small businesses with "a marketplace where they can compare the price, quality and services of a wide variety of plans, many of which will provide better coverage at lower costs than the plans they have now."

Click here to read full article

Japan's Post Office Starts Selling Life Insurance

2009-10-04T16:43:00.000-07:00

Posted By Adam Lindheim
Written by Rita Raagas De Ramos

The Japan Post Group has started distributing ING Life Japan's life insurance products, the latest service that it has been allowed to do following its privatisation last year.

Japan Post Bank and Japan Post Network are selling ING Life Japan's single premium variable annuity products. Japan Post Insurance sells the firm's corporate-owned life insurance products.

The partnership will allow ING to increase top line growth in the hard-to-penetrate Japanese market, which is one of the world's largest life insurance markets. It will extend ING's existing distribution network of 50 banks and securities houses for SPVA products and nearly 6,000 independent agents for COLI products.

Hans van der Noordaa, chairman of ING Insurance Asia-Pacific, says this partnership is in line with ING's growth strategy of expanding its distribution reach in Asia, as well as its commitment to the Japanese market.

To read more

Lack of Dental Insurance Drives Tourism

2009-10-04T15:59:00.000-07:00

by Adam Lindheim

According to the American government close to 100 million Americans currently do not have dental insurance which is about half the U.S. population. Medicare does not cover dental procedures, even though your teeth are just as important as many other organs in your body. Even those who do have dental insurance are not covered very well. The majority of dental policies have a $1,500 dollar annual cap, which can be capped out after a complicated procedure such a root canal or a crown. Many U.S. citizens can not afford these very expensive procedures especially, those families and individuals who have lower fixed incomes. People have been, and more frequently as of late have sought dental coverage over seas.

For years dental tourism has been a thriving field for medical tourism, as many Americans and Europeans try to find affordable dental care. Areas that are popular for dental tourism are Budapest, Prague, Tijuana, and Bangkok. In a 2008 survey conducted by the non profit Healthcare Tourism International Foundation found that dental services were the most common procedures sought out by medical travelers. The price differentiation is staggering. Teeth caps cost $750-$1000 dollars in the U.S. while they cost $150 dollars In Mexico. Last February Fox News radio reporter Lori Lundina blogged about her husbands experience of recieving dental work in El Salvador. He needed "full mouth reconstruction", and was told it would cost him $60,000 dollars in the U.S. He then searched for a second opinion and was found that he could recieve the same procedure for $19,000 dollars in El Salvador. After he recieved the operation Lundin said her and her husband were "more than pleased" with how the operation turned out. Lundin even said that the level of care was superior to the care given in the U.S. The U.S. government with its new healthcare reforms are trying to adress this issue.

Senate Finance Committee Chairman Max Baucus a democrat from Montana recently unveiled his much anticipated plan to change the country's healthcare system. He told reporters that it incorparated mant of the same ideas as President Obama's plan. All avaiable healthcare plans would include dental care, and no limit on the amount of benefits a policy holder can recieve.

Many critics would argue that the dentist overseas would not be as well trained as those avaible in the U.S. According to Dr. Stewart Hirsch New York University Associate Dean of Collefe Dentisry said "there is no reason to assume the quality care is any lower overseas. The only issue with reciving dental care overseas is there is little protection to patients if something is to go wrong. The best advice Dr. Hirsch can give is if you are to find a dentist overseas, then find your dentist like you would in the U.S., find them through referals.

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Time to find better auto insurance

2009-10-04T13:42:00.000-07:00

By Minjune Kim

Automotive Insurance is a vital part of our lives and we are required to have it to drive a car in the United States. Knowing how your rates are calculated is an important thing to know about so that you.

AUSTIN – Drivers in the Dallas area have seen their insurance rates jump by double digits from a year ago, while homeowners have seen a more modest increase of around 5 percent, according to new rate figures compiled by the Texas Department of Insurance. The figures, based on mandatory rate filings by the top 25 insurer groups in Texas, showed that the cost of liability coverage for drivers jumped more than 10 percent in most parts of Dallas County and surrounding areas. Liability coverage makes up about half the premium for a typical auto policy.

Finding the cheapest insurance will take a bit of effort on your part though, but will be well worth it in the end. When you are searching for affordable automotive insurance available in your area, you will have to check around and do a comparison of many companies against one another. Before agreeing to any one policy, always utilize the internet to compare even further.Requesting quotes from each agency will give you more details on who is the best for your situation. You will want to decide on the company that will give you the best premium rate and that has the best coverage for that price. Comparing auto insurance quotes side by side can give you the information you need as you can see them right there next to each other in black and white.
Keeping your vehicle in excellent shape and performing all maintenance in a timely manner will help to ensure that you keep your insurance rates more affordable. Keeping your car in tip-top shape will help you to avoid unnecessary accidents. The insurance companies assume that a well taken care of vehicle will result in fewer claims made against the insurance, which can help your premium to be reduced.
Speaking with your insurance agent about available discounts can also help to reduce your premium amount. There could be things you could do easily that would lower your insurance rates. Asking them is the best way of finding out for sure.

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