Today’s News: Insurance Available for Early Retirees, Chinese Drywall Goes to Trial and Car-Sharing Insurance Bill Passes
Good health insurance news is on the horizon for workers who decide to retire early, Chinese drywall sees its first trial jury, something that could possibly affect thousands with home insurance andÂ the California Assembly has passed a new sharing auto insurance bill.
Two New Health Insurance Options AvailableÂ for Early Retirees
Many early retirees have a difficult time securing health insurance because they are no longer covered by their employers after theirÂ COBRA benefits run out and they may have a few years to go before qualifying for Medicare. However, the government is now offering two solutions under health care reform to help early retirees afford insurance. The Early Retiree Reinsurance Program, which launched on June 1,Â will offset some of the costs of medical and prescription coverage for retirees ages 55 to 64. And a second program, which launches in July, will create “high-risk” pools in each state and D.C. to help those with pre-existing conditions afford coverage. (Wall Street Journal)
Chinese Drywall Problem Goes to Trial in Florida
The Chinese drywall issue that has plagued many homeowners for months is seeing its first jury trial in Miami. Homeowners whose houses were built with a specific drywall made in China found that their pipes were corroding and dwellers were falling ill. However, when they made claims with their home insurance companies to have the drywall replaced, many were dropped from their policies. The trial in Florida involves Banner Supply Co., which sold drywall in the state since 2006, and how the company handled business after learning that they drywall was tainted. (Tampa Bay Online)
Car-Sharing Insurance Bill Passes
A new car-sharing auto insurance bill has passed in California that will allow car owners to share their cars while maintaining their personal auto insurance policies. Typically if a car is used in the form of a taxi service then itÂ requires a commercial license and pricier coverage. But now that car sharing services like Neighborhood Ride have emerged, drivers can share their cars and receive money but still be considered a carpooling volunteer. The insurance bill is meant to help maintain the charitable nature of the service and helps drives save on auto insurance. (Streetsblog San Francisco)