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Health Insurance Funds Granted to 45 States to Protect Premium Increases

Posted in Health Insurance , Save on Health Insurance

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.

How the Grants Benefit States

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.

How the Grants Benefit You and How to Find Affordable Coverage

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:

• Shop around: One of the best ways to find affordable health insurance is to shop around for coverage until you find what works for you.
• Find a health insurance exchange: While health insurance exchanges are not required by law until 2014, some states are offering their own exchanges now that offer access to affordable coverage.
• Get a job with benefits: While there aren’t as many around as in the past, look for an employer that is offering quality health insurance benefits to help reduce the price some.
• Live a healthier lifestyle: The healthier your lifestyle is, the less you will need to make visits to the doctor or emergency room, which require you to pay co-insurance, a co-pay or a deductible.

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.

Today’s News: Anthem Blue Cross Seeks Rate Hike, Vehicle Monitoring Raises Privacy Concerns and AIG Units for Sale Again

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.

Anthem Blue Cross Seeks Rate Hike

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).

Vehicle Monitoring Raises Privacy Concerns

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).

AIG Units for Sale Again

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.

Today’s News: Obama Wants $50 Billion Stimulus, Law Limits Health Insurance Rates and Parents Front for Teen Drivers

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.

Obama Wants $50 Billion Stimulus

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)

Law Limits Increase in Health Insurance Rates

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)

42% of Parents Front for Their Teen Drivers after Accidents

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)

Today’s News: Health Insurance Prices Skyrocket, Auto Insurance Costs Increase and 2010 Life Insurance Outlook Stable

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 Prices Skyrocket

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).

Auto Insurance; Cost of Owning a Car Increase

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).

Life Insurance Operating Income Outlook Stable for 2010

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).

Best Ways to Save on Health Care Resource Center

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.

Best Ways to Save on Prescription Drugs

Posted in Health Insurance , Save on Health Insurance

December 11th, 2009
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Unemployed Gaining Access to Health Freebies

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.

The Number of Uninsured Is On the Rise

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.

What Services Are Available?

Here are some places that you could find services available to those unemployed and without health insurance:

• Federally-funded health centers: According to the Health and Human Services website various health centers around the country are offering free checkups, immunizations and prescriptions drugs at a discounted rate.
• Walgreens: The store has launched the Take Care Recovery Plan that allows job seekers to get free health care services, including allergies and ear infectionsuntil the end of the year.
• Pfizer: The pharmaceutical giant is offering a medicine assistance program that allows unemployed families to continue getting their Pfizer medications, including Lipitor and Viagra.
• CVS: Is offering 100,000 free seasonal flu shots to the unemployeed. Vouchers are being distributed at employment agencies and can be redeemed at CVS pharmacy flu clinics or health care centers.

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.

Out of Pocket Expenses Series: Tax Deductible Expenses

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.

Tax Breaks

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.

Tips for Saving on Medical Expenses

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.

Best Ways to Save on Health Insurance: School Insurance Option

Posted in Health Insurance , Save on Health Insurance , Student Health Insurance

October 5th, 2009
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