Today’s News: Medicaid Funding Reduced Nationwide, House Extends Flood Insurance and Home Insurance Discounts Increased

States that were relying on Medicaid to fund specific medical initiatives are disappointed to learn that the money won’t arrive. Also, for those who’ve gone without flood insurance, a bill has been approved continued coverage and those with home insurance in North Carolina have been granted some discounts.

Medicaid Funding Reduced Nationwide

Those without health insurance and on Medicaid may suffer in the coming months as the federal government failed to pass $24 billion in additional funding for states nationwide. In Massachusetts alone, young children will lose state funding for mental health services, welfare recipients will have employment and training programs slashed and homeless families will lose almost all of the state assistance needed to move into more permanent housing. Congress was supposed to pass funding before fiscal years started on July 1, but since this won’t happen many programs around the country will suffer (CNN Money).

Flood Insurance Program Awaits Extension

Those with flood insurance have suffered a number of ups and downs over the past year with many National Flood Insurance Program expirations and reinstatements. It seems every few months the program expires and is brought back temporarily. This is the case with the most recent expiration that occurred over Congress’ Memorial Day holiday break. For almost a month, homeowners have gone without flood insurance. However, the House recently extended the program to Sept. 30 and is waiting for the Senate to pass it as well. If it doesn’t pass soon, thousands in states that have been severely flood will have to go without paid claims (Des Moines Register).

Home Insurance Discounts Increased

The lucky coastal homeowners of North Carolina will soon be entitled to bigger breaks on their home insurance premiums if they are willing to take the steps necessary to protect their homes against storms. The state’s insurance commissioner, Wayne Goodwin, recently ordered a schedule of mitigation credits that will be effective May 1, 2011. These credits, which will range from $50 to more than $50 for changes to homes that could protect against wind and hail coverage, will apply to policies that were written in the voluntary market, as well as the state-backed Beach Plan within the 18 coastal counties (Insurance Journal).