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August 18th, 2010
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To get a handle on insurance company abuses, the government has issued grants that will hold these companies accountable for any unjustified premium increases. These grants have been issued to most states so far, and as hoped by Congress, will help protect consumers and give them fair treatment when acquiring health insurance.
One of the original versions of the health care reform law would have given full rate review authority to states; however, this provision was excluded from the final version of the bill. To make up for this exclusion, lawmakers included in the reforms more than $250 million in grants that would let states closely review proposed increases in insurance rates.
The first round of grants, $1 million per state, was handed out on Monday to 45 states and the District of Columbia. The states that have so far not applied for funding are Alaska, Georgia, Iowa, Minnesota and Wyoming.
Of course, you may not see an immediate change in the way the health insurance process is handled, but the idea of offering the grants to states is to find ways of opening dialogue and allowing for states to have a voice when it comes to premium increases.
Secretary of Health and Human Services, Kathleen Sebelius, said that health insurance should eventually become more affordable as a result of careful use of the grants. However, if you’re looking for ways to find affordable health insurance now, here are a few ideas:
Hopefully, the grants will be able to provide states with the authority they need to keep health insurance rates affordable. But until then, it’s good to know that there are some options out there to find affordable rates on your own.
Posted in AIG , Health Insurance , Life Insurance , Life Insurance Companies , Save on Health Insurance
July 16th, 2010
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Health insurance companies are seeking to once again raise rates, a vehicle monitoring system that could lower auto insurance rates raises concerns of privacy and AIG is looking to sell two more life insurance units to raise money.
Earlier this year, Anthem Blue Cross proposed a 39 percent rate hike for its California customers, but after receiving a lot of criticism from everyone including President Barack Obama, the health insurance company temporarily suspended the increase. Now the company is proposing that the rates be increased again, but this time by 20 percent. It submitted filings on Wednesday to the state Department of Insurance and the Department of Managed Health Care and hopes to see the increase take effect for 600,000 Californians by Sept. 1 (San Francisco Chronicle).
Texas auto insurance company, MileMeter, has filed a lawsuit against Massachusetts-based Liberty Mutual Group Inc. for patent infringement with the use of a vehicle monitoring system that helps track cars for pay-as-you-drive (PAYD) services. MileMeter says that using a monitoring system infringes upon a customer’s right to privacy and could also result in an unfair increase in auto insurance rates. The company is the first in the United States to offer PAYD services without the use of such technology, but notes that it carries over 100 patents that include the technology it claims Liberty Mutual as taken (Market Watch).
Major life insurance provider AIG has placed two more of its units for sale in order to build income. Currently, it plans to sell two Asian life insurance units with the hopes that doing so will drum up about $5 billion for its remaining businesses. Also, the company, which is still trying to repay money it was granted to avoid bankruptcy, hopes that the money could help to reduce its deficit. So far, it has also sold its ALICO business to MetLife and hopes to retry its sale of AIA Group to Prudential PLC (Market Watch).
American International Group Inc. is putting two Asian life-insurance units back on the sales block, hoping to get roughly $5 billion for the businesses, The Wall Street Journal reported Thursday, citing unidentified people familiar with the matter.
Posted in Auto Insurance , Auto Insurance Claims , COBRA Insurance , Health Insurance , Save on Health Insurance
June 30th, 2010
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President Barack Obama hopes to convince Congress to move forward with a $50 billion stimulus package that would, in part, re-extend the COBRA subsidy to unemployed workers who saw theirs expire recently. In other insurance news, a new law in New York will help to limit health insurance rates and a study has found that many parents are willing to “front” for their teen drivers after an accident.
On Saturday, June 12, Obama sent a letter to the Congressional leadership of both parties, pleading with them to add measures in upcoming bills that would help unemployed workers keep their health insurance for a longer period. The four-page letter asked Congress to pass a $6-8 billion measure to extend the 65 percent COBRA subsidy. In addition, he wants $23 billion to go to FMAP funding for states so that they don’t need to cut back on their Medicaid rolls. He notes in the letter that the current recession is the reason that benefits should be extended for a longer period than normal. (Firedoglake)
New York’s Gov. David A. Paterson recently signed legislation that would give the state the power to block what might be deemed as unreasonably high health insurance rates for millions of residents. The law will cover about three million people who are enrolled in small-employer or individually-purchased plans and would require health insurance companies to apply to the state Insurance Department before they would be allowed to raise their premiums. New York currently has the highest premium average for individually bought policies. (New York Times)
A recent study shows that nearly half of parents are willing to commit auto insurance fraud by saying that they’re the primary drivers of their teens’ vehicles, especially after accidents. New research from First Car Magazine and Young Marmalade discovered that “fronting” for kids is so common that 41.79 percent of parents are willing to do it. Why? The main reason is that they hope to reduce auto insurance expenses. However, if caught, they could be prosecuted for fraud. (Insurance Rate)
Posted in Health Insurance , Life Insurance , Save on Health Insurance
June 23rd, 2010
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A new report has found that health insurance costs have recently skyrocketed for individual buyers while auto insurance costs have also increased significantly. Also, Moody’s reports that the outlook for life insurance looks stable for the rest of 2010.
Health insurance costs have recently increased by an average of 20 percent for individual buyers, says a report released on Monday by the nonprofit group, Kaiser Family Foundation. Currently, the average annual deductible alone for an individual plan customer is $2,438 – four times the average deductible of a person under an employer plan.
According to the report, about 14 million Americans under the age of 65 buy their own individual health plans instead of purchasing them through employers. Of this number, only 16 percent have decided to switch insurers (CNN Money).
A new study conducted by AAA reveals that the cost of owning and operating a vehicle coupled with the cost auto insurance has increased. To date, the two costs combined have increased by 4.8 percent to $8,487 per year.
The reasons for the total cost of owning a car having increased include the rising cost of auto insurance, fuel and maintenance. The average cost of auto insurance alone for a sedan is around $1,031. The study focused primarily on top-selling 2009 model year vehicles sold in America (U.S. Chronicle).
Ever since the financial crisis in 2008, the life insurance industry has been trying to recover.
According to Moody’s, the industry is definitely taking a step in the right direction, moving from a negative outlook to a stable one. The rating agency tracked 19 U.S. life insurance companies for its report and determined that almost all of the companies posted positive operative earnings and net income during the first quarter of 2010. In total, the net income of the group was $9 billion over first quarter of 2009 (Insurance Networking).
Posted in Health Insurance , Save on Health Insurance
December 16th, 2009
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Health care is getting more expensive each year, and there doesn’t seem to be any relief in sight. That does not mean that you should stop trying to save on health insurance costs however. Below you’ll find some helpful articles on how you can save on your health insurance spending.
Save on Prescription Drugs
Learn more about how you can save on RX medicine
Using the School Insurance Option
Explore school insurance, as often their programs are cheaper and very comprehensive
Avoiding High Risk Activities
Try to avoid these behaviors in order to lower your overall health care expenses
Avoiding Brand Name Drugs
Learn more about using generics to save up on your medicine costs
Improving Your Health
Being more healthy is a great way to save on health care
Leading Low-Risk Lifestyles
Avoiding dangerous activities can actually save you money
Using Preventative Care
Preventative care is there for a reason – use it and your wallet will thank you
Cobra and HSA’s
For those without traditional health insurance, these options will work wonders
Health Savings Accounts
This is a great way to save on your annual health costs if you know how to budget in advance
Examining Your Needs
Assess your real health insurance needs so that you’re not paying for excess care you don’t need
10 Best Health Savings Tips
This is a list of the 10 best health savings tips that you can employ if you aren’t already
Posted in Health Insurance , Save on Health Insurance
December 11th, 2009
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Return to the Save on Health Care Learning Center >>>
With predictions from the Centers for Medicare and Medicaid Services (CMS) that prescriptions costs are expected to increase to $1,537 per person by 2017 (up from $761 in 2007), it is more important than ever that individuals – and especially seniors on fixed incomes – find ways to save on prescription medicine.
It may seem that finding affordable ways to pay for medication is next to impossible with prescription RX/coverage costs through health insurance companies on the rise. But don’t be discouraged as there are ways to save available.
Here is a list of options you could consider to help you save on your medication costs:
1. Ask for generics: Studies show that generic drugs could save patients between 20 and 80% on their medication costs. So when your doctor prescribes your prescription drugs, it’s a good idea to ask if there are generic equivalents available.
2. Work with major pharmacies: Some national stores that have incorporated pharmacies often offer prescription drugs at discounted prices. Target, Wal-Mart, Publix and even some local grocery stores make generic drugs available for $4 – or even free for antibiotics in some cases.
3. Buy your drugs in bulk: Some pharmacies are offering discounted prices on drugs that are purchased in bulk. For instance, Rite Aid offers a 90-day prescription program for $15.99. When at your doctor, you want to ask for a 90-day prescription to take advantage of the great bulk prices out there.
4. Take advantage of discount cards: Organizations like AARP offer discount cards to members to help them save on prescription medicine. If you don’t belong to an organization that offers a discount card, you might take advantage of the FamilyWize program through United Way, or other great charitable organization programs. Also, companies like Pfizer and Merck offer programs for those who struggle with affording prescription drugs.
5. Look for state pharmaceutical assistance programs (SPAPs): Many states offer drug assistance programs for low-income individuals and families, and senior citizens. The National Conference of State Legislatures (NCSL) Health Program offers great information about whether your state has an assistance plan.
6. See if samples are available: Some prescription drugs are available in samples at your doctor’s office; however, not all are. It never hurts to ask. So before your doctor writes another prescription for you, inquire about all the free samples available to help you save on medication costs.
7. Find Medicare assistance: If you are currently enrolled in Medicare, there are programs specifically geared toward assisting you, including Extra Help, which covers prescription costs for beneficiaries while stuck in the donut hole, as long as you fall below a certain income. Also, you could consider Medigap insurance that requires a premium but offers great prescription RX/coverage while in the hole.
8. Open a flexible spending account: Many employers offer tax-deductible flexible spending accounts that help employees pay for medical expenses, including prescriptions. However, it’s good to keep in mind that the money you have deducted from your check and placed into this account will be lost if not used – so be sure to manage it wisely.
It’s also good to keep in mind that you could potentially save money by not needing prescription medicine at all. So at your next doctor’s appointment, why not inquire about a good diet and exercise routine to take on? By staying healthy, you may be able to reduce or eliminate your need for drugs.
Posted in Health Insurance , Save on Health Insurance
November 30th, 2009
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With more than 7 million American workers unemployed and many without health insurance, it has become important to find ways to obtain health assistance when needed. As a result,federally-funded health centers, and even a few private companies,have begun offering health freebies to those in need.
Currently, there are 46 million without health insurance. That number is set to rise with a record numbers of workers being laid off.
Many workers were unable to keep up with their COBRA benefits after being let go, while others who were able to keep up have benefits set to expire soon. This means that even more will be without health insurance in a matter of months.
Here are some places that you could find services available to those unemployed and without health insurance:
While purchasing health insurance without the assistance of an employer could be challenging, it’s not impossible. So if you’re looking for affordable health care coverage, visit Go Insurance Rates for more information.
Posted in Health Insurance , Save on Health Insurance
October 10th, 2009
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Out-of-pocket expenses can add greatly to the amount you pay overall for health care. Not only do you need to pay a monthly amount to keep your coverage active, you still are responsible for paying for part of your medical coverage on your own.
Luckily, the tax system accounts for that and there are certain out-of-pocket expenses that are tax deductible. According to the IRS, “Out-of-pocket health care expenses include medical services, prescription drugs, and medical supplies (i.e. eyeglasses, contact lenses, etc.). Elective procedures such as plastic surgery or elective dental work are generally not allowed.
“Taxpayers and their dependents are allowed the standard amount monthly on a per person basis, without questioning the amounts they actually spend. If the amount claimed is more than the total allowed by the health care standards, the taxpayer must provide documentation to substantiate those expenses are necessary living expenses. Generally, the number of persons allowed should be the same as those allowed as exemptions on the taxpayers most recent year income tax return.” The current rate of standard deduction is $65 per person under the age of 65 and $144 over that age.
Posted in Health Insurance , Save on Health Insurance
October 6th, 2009
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Even if President Obama has success with his health reform agenda, it may take several years for individuals to actually take advantage of the plan, whatever it may be. Until that time, the cost of health care is increasing at a feverish 9% pace as compared to last year (Hewitt Benefits Consultant). The only thing budget-concerned Americans can do is try their hardest to ensure that they are not paying too much for this necessity, and we have some ideas that may help you get the most for your hard earned dollar.
Because of the relationship between one’s physical health and their emotional well being, consumers have difficulty separating their emotions from properly managing the task at hand. The minute you realize that health care is a consumer product, you will gain the upper hand and will be better able to make the wisest decision, both for your personal and financial well-being.
Posted in Health Insurance , Save on Health Insurance , Student Health Insurance
October 5th, 2009
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Return to the Save on Health Care Learning Center >>>
When you join a health insurance plan through a college or university, you will be able to take advantage of a discounted group rate. There is power in numbers, especially when it comes to negotiation. The head of your school’s medical program has probably worked aggressively with insurance companies to negotiate the best low-cost insurance package for their students and you stand to benefit from lower rates and outstanding coverage. Also consider that many university students have accidentally signed up for insurance in their loans and other paperwork without realizing it, any may be paying for double coverage under their parents’ existing policy. Be sure to double-check and compare your current health care to the school plan to see which options make sense. Your parents’ plan may be a limited network plan, which is something serious to consider if you’re going to school out of state.
Health insurance is a necessity for all regardless of your current health. Accidents and injuries happen all the time, and the out-of-pocket costs could cause you financial hardship in the long run. Consider the fact that accidents can happen at anytime on a campus, especially due to the hard partying that college is known for. You are also more likely to engage in risky behavior and experiment with new things than at any other point in your life previously. Did you know that medical bills account for over 60% of new bankruptcy cases? Don’t get caught without proper medical care coverage when school insurance can be an easy option.
An affordable school health insurance policy is a great way to save money on health insurance and prepare for the worst-case scenario.

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