Today’s News: Obama Fights Insurers over Rates, Long Term Care Costs Steadily Increase and Adults Text and Drive More than Teens

The fight for affordable health insurance is long from over as President Barack Obama fights with insurance executives to keep costs low. Those with long-term care insurance could expect to pay more sooner than later as the costs associated with care increase and in auto insurance news, it appears that adults are more likely to increase their rates after participating in the reckless act of texting and driving as teens.

Obama Fights Insurers over Rates

Recently, Obama told health insurance executives that he wants them to put (and keep) a lid on big rate increases to keep costs low for policyholders. Executives were not too eager to oblige the president, however, telling him that some rises were unavoidable because the new health reform law required them to offer better benefits. The president’s hope is that at the very least, insurers will appropriately justify an rate increases they feel are necessary so that increases like the 39 percent one rescinded by Anthem Blue Cross earlier this year will not occur again (Wall Street Journal).

Long Term Care Costs Steadily Increase

A new study released by Genworth Financial has found that long term care costs as a whole continue to rise annually. The costs associated with specific areas of long term care have increased at varying rates, however. For instance, the cost for in-home care increased by 1.7 percent, while a private room in a nursing home saw a larger 4.5 percent increase. And the cost for assisted living facilities saw the greatest increase of 6.7 percent. All of these increases are expected to have an effect on long term care insurance, which many purchase to cover their costs (Reverse Mortgage Daily).

Adults Text and Drive More than Teens

Pew Research recently released a study that reveals that adults are just as likely as teens to text and drive — actually, they’re more likely to do it. The study found that while 26 percent of teens are likely to text and drive, 27 percent of adults are likely to take part in this dangerous activity. While more states are passing laws and campaigns have started to crack down on the act, people are still making it a part of their driving routine. Doing so is absolutely ill-advised, however, not just because it is extremely dangerous, but it also could result in an increase in auto insurance rates after causing crashes or getting ticketed (e-Wisdom).