Many cars and vehicles were caught in flash flooding, mud and muck this week in the Philadelphia area, television station WCAU reported. Now owners are faced with waterlogged cars that may just need a little drying out, or which may be a complete loss.
Jerry DeFrancesco, of Bala Motor Sports in Bala Cynwyd, Pa., spent a large part of his day Wednesday on the phone with insurance adjusters. His company towed about 25 cars off the Schuykill Expressway after heavy rains flooded the road. "Once they get water in them, there's nothing you can do. Just call the insurance company and get a new car," DeFrancesco said. "The problem is, there's so much electronics in a car today, that once the water gets in the electronics they total it out because the car is never gonna be right."
If flooding damaged your car, you may be wondering if you have the proper insurance. Just because you have auto insurance, that doesn't mean you are covered in the case of a flood.
According to Allstate insurance, a typical auto insurance policy will cover flood damage as long as the customer has elected comprehensive coverage. Comprehensive coverage is not mandatory coverage, so a customer must choose for the policy to cover this type of loss.
The best coverage, according to Allstate, is comprehensive coverage under a personal auto policy. Also, car owners may want to have rental reimbursement coverage in case a substitute vehicle is needed.
Allstate says you should dry your car out as quickly as possible to see exactly what has been damaged. Also, take your car to a mechanic as soon as you can, so he or she can figure out how much work needs to be done.
Thursday, September 30, 2004
Bush unveils plan to expand health coverage
A new Bush administration plan designed to tackle the problem of the uninsured could help expand coverage, reducing provider cost-shifting to employers currently offering health insurance, benefit experts say.
Under the proposal, which President Bush outlined at the Republican National Convention in New York, employers with 100 or fewer employees would be eligible for a refundable tax credit for contributions they make to employees’ health savings accounts. The credit would apply to the first $500 in contributions an employer makes to each employee’s HSA for family coverage, while a maximum tax credit of $200 per worker would be provided for individual coverage.
Low-income individuals not covered by employer plans would be eligible for other tax credits. The credit would be available for both HSA-linked high-deductible health insurance coverage and for more traditional coverage.
In the case of HSA-linked coverage, the government would directly contribute — for family coverage — $1,000 to an individual’s HSA, along with a $2,000 refundable tax credit to partially offset the cost of the premiums for the high-deductible health insurance plan to which the HSA is linked. For individual coverage, the government would make a $300 HSA contribution and provide a $700 tax credit.
For low-income families who opt for a more traditional plan, such as a health maintenance organization, the government would provide a $3,000 health insurance premium tax credit for family coverage and a $1,000 tax credit for individual coverage.
Regardless of whether coverage is obtained through an HSA-linked plan or a more traditional plan, the tax credit would be advance refundable. That means an individual could use the credit immediately to offset the cost of the health insurance premium, rather than claiming the credit when filing income taxes.
Other provisions in the plan, which requires congressional approval, would allow individual health care purchasers to buy coverage from insurers outside their state of residence. That could cut costs for individuals who, for example, buy coverage in a state that imposes few benefit mandates on health insurers.
Additionally, the Bush plan calls for providing states with several billion dollars in grants to set up health insurance purchasing pools through which individuals eligible for health insurance tax credits could purchase coverage.
“HealthPools will use the purchasing power of thousands of individual families to help the reduce the cost of health insurance premiums,” the White House said in fact sheet, noting it envisions states setting up Web sites and toll-free numbers people could use to sign up for coverage. Pool coverage applications also would be available at heavily used government facilities, such as motor vehicle offices.
Finally, the proposal calls for devoting more federal resources to expanding enrollment in such government programs as Medicaid and the State’s Children Health Insurance Program, where millions of eligible beneficiaries have never signed up for coverage.
The administration estimates the entire package would increase the number of people with health insurance by between 11 million and 17.5 million. Currently, around 45 million people lack coverage.
The use of tax credits to expand coverage is not new. A 2002 federal law gives eligible beneficiaries a tax credit equal to 65 percent of the premiums they pay for health insurance. Those eligible for the so-called health coverage tax credit are individuals who have lost their jobs due to foreign competition and retirees age 55 through 64 whose former employers’ pension plans have been taken over by the Pension Benefit Guaranty Corp.
Benefit experts say the small employer HSA-related tax credit could be enough to maintain coverage at those firms on the edge of folding their health insurance plans because of the high cost of premiums, while also pushing those leaning toward offering coverage to do so.
“It helps those on the edge,” said Andy Anderson, a consultant with Hewitt Associates Inc. in Lincolnshire, Ill.
The package’s $3,000 in subsidies — through a combination of direct federal contributions to lower-income individual’s HSAs and tax credits to offset health insurance premiums — would be what Mr. Anderson describes as “huge assistance” to people in the lower middle class who are not covered under employer plans and who earn too much to qualify for Medicaid, but find the cost of private health insurance prohibitive.
“It could make a big difference for them,” said Joe Martingale, national strategy health care leader for Watson Wyatt Worldwide in New York.
While large employers would not be eligible for the health insurance tax breaks, they still would benefit from it, experts say. If more people have health insurance, they say, hospitals would see a reduction in the amount of uncompensated care they provide to the uninsured, reducing their need to shift costs to insured patients, said Joe Walshe, a principal in the HR services unit of PricewaterhouseCoopers L.L.P. in Washington.
“Anything that diminishes the number of uninsured is good news for corporate America,” Mr. Martingale said.
Under the proposal, which President Bush outlined at the Republican National Convention in New York, employers with 100 or fewer employees would be eligible for a refundable tax credit for contributions they make to employees’ health savings accounts. The credit would apply to the first $500 in contributions an employer makes to each employee’s HSA for family coverage, while a maximum tax credit of $200 per worker would be provided for individual coverage.
Low-income individuals not covered by employer plans would be eligible for other tax credits. The credit would be available for both HSA-linked high-deductible health insurance coverage and for more traditional coverage.
In the case of HSA-linked coverage, the government would directly contribute — for family coverage — $1,000 to an individual’s HSA, along with a $2,000 refundable tax credit to partially offset the cost of the premiums for the high-deductible health insurance plan to which the HSA is linked. For individual coverage, the government would make a $300 HSA contribution and provide a $700 tax credit.
For low-income families who opt for a more traditional plan, such as a health maintenance organization, the government would provide a $3,000 health insurance premium tax credit for family coverage and a $1,000 tax credit for individual coverage.
Regardless of whether coverage is obtained through an HSA-linked plan or a more traditional plan, the tax credit would be advance refundable. That means an individual could use the credit immediately to offset the cost of the health insurance premium, rather than claiming the credit when filing income taxes.
Other provisions in the plan, which requires congressional approval, would allow individual health care purchasers to buy coverage from insurers outside their state of residence. That could cut costs for individuals who, for example, buy coverage in a state that imposes few benefit mandates on health insurers.
Additionally, the Bush plan calls for providing states with several billion dollars in grants to set up health insurance purchasing pools through which individuals eligible for health insurance tax credits could purchase coverage.
“HealthPools will use the purchasing power of thousands of individual families to help the reduce the cost of health insurance premiums,” the White House said in fact sheet, noting it envisions states setting up Web sites and toll-free numbers people could use to sign up for coverage. Pool coverage applications also would be available at heavily used government facilities, such as motor vehicle offices.
Finally, the proposal calls for devoting more federal resources to expanding enrollment in such government programs as Medicaid and the State’s Children Health Insurance Program, where millions of eligible beneficiaries have never signed up for coverage.
The administration estimates the entire package would increase the number of people with health insurance by between 11 million and 17.5 million. Currently, around 45 million people lack coverage.
The use of tax credits to expand coverage is not new. A 2002 federal law gives eligible beneficiaries a tax credit equal to 65 percent of the premiums they pay for health insurance. Those eligible for the so-called health coverage tax credit are individuals who have lost their jobs due to foreign competition and retirees age 55 through 64 whose former employers’ pension plans have been taken over by the Pension Benefit Guaranty Corp.
Benefit experts say the small employer HSA-related tax credit could be enough to maintain coverage at those firms on the edge of folding their health insurance plans because of the high cost of premiums, while also pushing those leaning toward offering coverage to do so.
“It helps those on the edge,” said Andy Anderson, a consultant with Hewitt Associates Inc. in Lincolnshire, Ill.
The package’s $3,000 in subsidies — through a combination of direct federal contributions to lower-income individual’s HSAs and tax credits to offset health insurance premiums — would be what Mr. Anderson describes as “huge assistance” to people in the lower middle class who are not covered under employer plans and who earn too much to qualify for Medicaid, but find the cost of private health insurance prohibitive.
“It could make a big difference for them,” said Joe Martingale, national strategy health care leader for Watson Wyatt Worldwide in New York.
While large employers would not be eligible for the health insurance tax breaks, they still would benefit from it, experts say. If more people have health insurance, they say, hospitals would see a reduction in the amount of uncompensated care they provide to the uninsured, reducing their need to shift costs to insured patients, said Joe Walshe, a principal in the HR services unit of PricewaterhouseCoopers L.L.P. in Washington.
“Anything that diminishes the number of uninsured is good news for corporate America,” Mr. Martingale said.
Monday, September 27, 2004
Drivers urged to shop around for car insurance
More than a third of motorists have faced increased car insurance premiums despite growing competition in the market, research showed today.Around 35% of drivers said last time they renewed their motor cover their premium was higher, rising by an average of 8.9%.A further 17% said their premiums had stayed the same, while only 24% had seen a reduction.But Sainsbury’s Bank claims the majority could see the cost of their insurance fall if they shopped around, particularly if they looked beyond traditional providers.It estimates that motorists could reduce their premiums by an average of £90 each by scouring the market for the most competitive deal, a collective saving of more than £2 billion.Joanne Mallon, car insurance manager at Sainsbury’s Bank, said: “Competition has increased in the car insurance marketplace, which is good news for motorists if they are prepared to shop around for cover. They can increase the quality of their insurance and also reduce their premiums.”People living in the Midlands are most likely to have faced a hike in their premiums when they came to renew their cover, with 48% saying the cost of their insurance had gone up, followed by 43% of people in the North West, Wales and the West.Motorists in the North East and Yorkshire and Humberside were most likely to have seen the cost of insuring their car fall at 31%, while just over a quarter of drivers in London, the South East and East Anglia had also seen reductions.TNS questioned 1,005 people between July 30 and August 1.
Health Insurance Poised For Radical Shift
Kimber Dills has suddenly found herself on the front lines of one of the biggest changes in health insurance in years, but that's not where the Nashville human resources director intended to be.
Dills simply was looking for health insurance that her employer and her 160 co-workers could afford when she became the first executive in Tennessee to go with a Health Savings Account insurance plan from BlueCross BlueShield of Tennessee.
It reduced premiums by about 30% in a year when the average U.S. health insurance premium increased more than 11%.
It also has changed the way Dills and her fellow employees at Mental Health Cooperative think about health insurance.
No more co-payments for drugs or doctor visits. A person pays the entire doctor bill and full cost of their prescriptions until they've spent a certain amount, and then insurance coverage kicks in.
How they work
Health savings accounts have two parts. The first part is a high-deductible health insurance policy. The second part is a type of savings or investment account into which a person can deposit pre-tax money and withdraw it tax-free to pay for health care.
While there are many variations, a typical HSA plan might have an insurance policy with a $2,500 deductible for a family. After the deductible is met, the insurance pays 100% of all costs.
The participant also opens a health savings account into which he makes pre-tax contributions, similar to Individual Retirement Accounts.
The participant can withdraw that money to pay for medical needs until the annual deductible has been met.
If the money in the health savings account is not used, it continues to grow year after year tax-free.
And after age 65, the money can be withdrawn for any purpose without penalty, although taxes apply if it is used for non-medical purposes.
Most health savings accounts are set up as money market accounts, earning small interest rates, but as the market develops, other types of investments are possible.
Interest grows
Jim McAlister, regional manager for Rogers Benefit Group, a wholesaler of health insurance, said his office has sold four plans in the Nashville area, but the program is still very new.
''We do have a lot of interest. I've been out on probably 50-plus appointments with agents. The interest is there,'' he said.
The savings in premiums are substantial, running between 25% and 35%, he said. In a typical situation, that can amount to about $60 to $90 in savings per month in premiums for an individual, and anywhere from $200 to $250 a month in savings on a family premium.
McAlister said that when he has sat down with employees and ''penciled'' scenarios, many find that they would save money with less risk exposure through the HSAs
''But it's a huge paradigm shift,'' he said. ''It's going to take a bit of time.''
Comparison shop
The idea is to put people on the front lines of managing their own health-care costs.
Because the money they are spending up front on drugs and on the doctor is their own, the logic is that they will become smarter consumers and shop around for the best prices, said Jason Corley, the agent who sold Dills the BlueCross HSA.
''You turn them into consumers,'' said Corley, managing general agent of The McAlister Group in Franklin.
Some plans are set up using the common preferred provider organization — which means a participant gets a negotiated discount rate at a doctor who is in the PPO network; but outside of the network, participants would be on their own in negotiating a price with the doctor.
Seeing the savings
Switching to an HSA plan at Mental Health Cooperative was almost overwhelming, Dills said.
''It's very scary. I didn't sleep. It was a huge decision. But this was the best thing,'' the human resource manager said.
The cooperative's premiums went down so much that it can afford to make deposits into the health savings accounts set up by its employees. The employees also make deposits into their own accounts, many of them using a payroll deduction as with their 401(k).
Krystina Babb, an employee of the Mental Health Cooperative, expects to come out ahead even though she now has a $1,200 deductible.
Under the old policy she spent more than $1,500 a year on co-payments for prescription drugs alone.
Now she will have to pay the full amount for her medicines, but only until she spends the $1,200 deductible. Then 80% of all costs will be covered by the insurance policy.
In addition to that, Babb said, the amount she pays toward her insurance premium went down by $1,200.
She expects to save hundreds of dollars each year.
''I wasn't the happiest when it was first presented,'' she said, ''but after six months I will have met my deductible,'' and most of her expenses will be covered.
When Babb shopped around for her prescription drugs, she was shocked to find that she had been paying a $10 co-payment for generic medications that really cost just $3 or $4.
Good health pays
Sherrie Jenkins immediately knew an HSA was right for her small company. Her policy has a deductible of $3,800 for single employees and $4,800 for families.
Jenkins, who owns the Supply Room, an office-products supply company that has four employees, was especially attracted by the tax-free savings account.
''If you're healthy and eat right and exercise, you get to keep your money. If you smoke or don't exercise, you'll use that money,'' she said.
Jenkins is the kind of health-care consumer that Brian Shipp is counting on.
Shipp, who is president and chief executive officer of United Healthcare's Tennessee and Arkansas division, thinks HSAs could change the way many Americans purchase health care, since the money they spend, or save, will be their own.
''More consumers will be asking about quality information, outcome information and cost information,'' he said.
Education is key
When consumers buy an HSA from Aetna, they can do their comparison shopping on the company's Web site, said Odie Pansius, the company's top official in Nashville.
The Web site will show what different pharmacies charge for the same drug and how much health-care providers charge for a procedure. Prices will vary depending on the policy the consumer buys. Aetna insures 180,000 people in Tennessee.
''Everyone is asking for as much information as they can get,'' Pansius said. ''It puts more power in the consumer's hand, and that's good for everybody.''
Market acceptance may hinge on the ability of people to understand a very different type of health plan in an era where people have grown up with cheap co-payments for day-to-day care — office visits and drugs.
''The biggest impediment we've seen has been the thinking through of how do I communicate this?'' said McAlister.
As insurance companies develop the product, however, McAlister said he expects videos and other material that will help people understand how it works. And with co-payments rising for doctor visits and drugs, some might find the system refreshingly simple.
''The bottom line for most people is, what is the bottom line? What are the premium savings? And then when I look at those premium savings compared with the plan benefits, does it seem worth it?''
''The whole idea behind HSAs is if you give people an incentive, then they may spend their money more wisely, then everyone saves money,'' he said.
Dills simply was looking for health insurance that her employer and her 160 co-workers could afford when she became the first executive in Tennessee to go with a Health Savings Account insurance plan from BlueCross BlueShield of Tennessee.
It reduced premiums by about 30% in a year when the average U.S. health insurance premium increased more than 11%.
It also has changed the way Dills and her fellow employees at Mental Health Cooperative think about health insurance.
No more co-payments for drugs or doctor visits. A person pays the entire doctor bill and full cost of their prescriptions until they've spent a certain amount, and then insurance coverage kicks in.
How they work
Health savings accounts have two parts. The first part is a high-deductible health insurance policy. The second part is a type of savings or investment account into which a person can deposit pre-tax money and withdraw it tax-free to pay for health care.
While there are many variations, a typical HSA plan might have an insurance policy with a $2,500 deductible for a family. After the deductible is met, the insurance pays 100% of all costs.
The participant also opens a health savings account into which he makes pre-tax contributions, similar to Individual Retirement Accounts.
The participant can withdraw that money to pay for medical needs until the annual deductible has been met.
If the money in the health savings account is not used, it continues to grow year after year tax-free.
And after age 65, the money can be withdrawn for any purpose without penalty, although taxes apply if it is used for non-medical purposes.
Most health savings accounts are set up as money market accounts, earning small interest rates, but as the market develops, other types of investments are possible.
Interest grows
Jim McAlister, regional manager for Rogers Benefit Group, a wholesaler of health insurance, said his office has sold four plans in the Nashville area, but the program is still very new.
''We do have a lot of interest. I've been out on probably 50-plus appointments with agents. The interest is there,'' he said.
The savings in premiums are substantial, running between 25% and 35%, he said. In a typical situation, that can amount to about $60 to $90 in savings per month in premiums for an individual, and anywhere from $200 to $250 a month in savings on a family premium.
McAlister said that when he has sat down with employees and ''penciled'' scenarios, many find that they would save money with less risk exposure through the HSAs
''But it's a huge paradigm shift,'' he said. ''It's going to take a bit of time.''
Comparison shop
The idea is to put people on the front lines of managing their own health-care costs.
Because the money they are spending up front on drugs and on the doctor is their own, the logic is that they will become smarter consumers and shop around for the best prices, said Jason Corley, the agent who sold Dills the BlueCross HSA.
''You turn them into consumers,'' said Corley, managing general agent of The McAlister Group in Franklin.
Some plans are set up using the common preferred provider organization — which means a participant gets a negotiated discount rate at a doctor who is in the PPO network; but outside of the network, participants would be on their own in negotiating a price with the doctor.
Seeing the savings
Switching to an HSA plan at Mental Health Cooperative was almost overwhelming, Dills said.
''It's very scary. I didn't sleep. It was a huge decision. But this was the best thing,'' the human resource manager said.
The cooperative's premiums went down so much that it can afford to make deposits into the health savings accounts set up by its employees. The employees also make deposits into their own accounts, many of them using a payroll deduction as with their 401(k).
Krystina Babb, an employee of the Mental Health Cooperative, expects to come out ahead even though she now has a $1,200 deductible.
Under the old policy she spent more than $1,500 a year on co-payments for prescription drugs alone.
Now she will have to pay the full amount for her medicines, but only until she spends the $1,200 deductible. Then 80% of all costs will be covered by the insurance policy.
In addition to that, Babb said, the amount she pays toward her insurance premium went down by $1,200.
She expects to save hundreds of dollars each year.
''I wasn't the happiest when it was first presented,'' she said, ''but after six months I will have met my deductible,'' and most of her expenses will be covered.
When Babb shopped around for her prescription drugs, she was shocked to find that she had been paying a $10 co-payment for generic medications that really cost just $3 or $4.
Good health pays
Sherrie Jenkins immediately knew an HSA was right for her small company. Her policy has a deductible of $3,800 for single employees and $4,800 for families.
Jenkins, who owns the Supply Room, an office-products supply company that has four employees, was especially attracted by the tax-free savings account.
''If you're healthy and eat right and exercise, you get to keep your money. If you smoke or don't exercise, you'll use that money,'' she said.
Jenkins is the kind of health-care consumer that Brian Shipp is counting on.
Shipp, who is president and chief executive officer of United Healthcare's Tennessee and Arkansas division, thinks HSAs could change the way many Americans purchase health care, since the money they spend, or save, will be their own.
''More consumers will be asking about quality information, outcome information and cost information,'' he said.
Education is key
When consumers buy an HSA from Aetna, they can do their comparison shopping on the company's Web site, said Odie Pansius, the company's top official in Nashville.
The Web site will show what different pharmacies charge for the same drug and how much health-care providers charge for a procedure. Prices will vary depending on the policy the consumer buys. Aetna insures 180,000 people in Tennessee.
''Everyone is asking for as much information as they can get,'' Pansius said. ''It puts more power in the consumer's hand, and that's good for everybody.''
Market acceptance may hinge on the ability of people to understand a very different type of health plan in an era where people have grown up with cheap co-payments for day-to-day care — office visits and drugs.
''The biggest impediment we've seen has been the thinking through of how do I communicate this?'' said McAlister.
As insurance companies develop the product, however, McAlister said he expects videos and other material that will help people understand how it works. And with co-payments rising for doctor visits and drugs, some might find the system refreshingly simple.
''The bottom line for most people is, what is the bottom line? What are the premium savings? And then when I look at those premium savings compared with the plan benefits, does it seem worth it?''
''The whole idea behind HSAs is if you give people an incentive, then they may spend their money more wisely, then everyone saves money,'' he said.
Monday, September 20, 2004
Texas Auto Insurance
Two auto insurance companies in Texas will be forced to pay back nearly three and a half million dollars to their policy holder. The Texas Attorney General says the companies are guilty of an illegal practice called "betterment". The companies claim repairing a vehicle with newer parts raises its value so they charge customers more for their own repairs. You may be eligible for a refund if you made claims between 1996 and 2001 with Progressive County Mutual Insurance and Old American County Mutual Fire Insurance Company.
Thursday, September 16, 2004
Anthem remains committed to Wellpoint deal
Anthem Inc.'s (NYSE: HUM) top executive said Monday the company doesn't plan to halt in its stalled merger of Thousand Oaks, Calif.-based WellPoint Health Networks Inc., Reuters is reporting. Larry Glasscock, CEO of Anthem, said the company will keep all options open until the deal is completed. The $16.4 billion merger would create the nation's largest health insurance carrier. The combined company, called WellPoint Inc., would serve nearly 26 million medical members and operate as a Blue Cross or Blue Cross Blue Shield licensee in 13 states.
Both Anthem and WellPoint are among the largest competitors of Louisville-based Humana Inc. (NYSE: HUM). Humana provides benefits to about 5.8 million medical members located primarily in 15 states and Puerto Rico. Anthem has been in a legal battle with California Insurance Commissioner John Garamendi, who rejected Anthem's application to control California-based BC Life & Health Insurance Co., a subsidiary of WellPoint. Anthem has since sued Garamendi, according to various news reports, claiming he went beyond his authority is preventing the merger. Indianapolis-based Anthem offers health benefits in Kentucky through its subsidiary, Anthem Blue Cross and Blue Shield of Kentucky. The parent company provides health care benefits to more than 12.6 million people in nine states.
Both Anthem and WellPoint are among the largest competitors of Louisville-based Humana Inc. (NYSE: HUM). Humana provides benefits to about 5.8 million medical members located primarily in 15 states and Puerto Rico. Anthem has been in a legal battle with California Insurance Commissioner John Garamendi, who rejected Anthem's application to control California-based BC Life & Health Insurance Co., a subsidiary of WellPoint. Anthem has since sued Garamendi, according to various news reports, claiming he went beyond his authority is preventing the merger. Indianapolis-based Anthem offers health benefits in Kentucky through its subsidiary, Anthem Blue Cross and Blue Shield of Kentucky. The parent company provides health care benefits to more than 12.6 million people in nine states.
Ex Blue Cross employee charged with Embezzlement
PROVIDENCE -- A retired Blue Cross & Blue Shield of Rhode Island worker was charged Thursday with stealing about $723,000 from the insurer over eight years.
Vincent Bottoni Jr., 71, of Johnston, was arrested Thursday by state police. He was arraigned in District Court on one count of embezzlement. He was released on $50,000 bail.
Police said Bottoni worked as a cash receipts manager and was an employee for more than 30 years. He's charged with stealing cash from the company over an 8-year period, ending when he retired in April 2003. Blue Cross & Blue Shield discovered the theft through an audit.
News Channel 10's Bill Rappleye reported that the theft will not affect ratepayers. The company said it is insured for the losses.
Vincent Bottoni Jr., 71, of Johnston, was arrested Thursday by state police. He was arraigned in District Court on one count of embezzlement. He was released on $50,000 bail.
Police said Bottoni worked as a cash receipts manager and was an employee for more than 30 years. He's charged with stealing cash from the company over an 8-year period, ending when he retired in April 2003. Blue Cross & Blue Shield discovered the theft through an audit.
News Channel 10's Bill Rappleye reported that the theft will not affect ratepayers. The company said it is insured for the losses.
Wednesday, September 15, 2004
9 Chicago residents charged in auto insurance fraud ring
CHICAGO (CBS 2) Federal law enforcement busted up an auto insurance fraud scheme, charging a group of Chicago area residents of staging fake accidents in order to rip off insurance companies for more than a million dollars. Federal prosecutors say a Northwest Side body shop at 5027 W. Fullerton was the heart of an insurance fraud ring and its owner, Witold Osinski, was the mastermind.FBI Special Agent Thomas Kenir said Osinski paid 18 others up to $2,500 to stage more than 50 car accidents and then submit false claims to insurance companies. “Some individuals received very small amounts of money; they were the ones that just helped facilitate the thing. Other individuals who were at the center of the scheme, obviously they got more money,” Kenir said. Federal prosecutors say the scam started in 1997 and the alleged offenders bilked nine insurance companies out of money, including All State. But experts say rings like these are not uncommon. Insurance fraud is the second biggest white collar crime nationwide behind tax evasion. “Fraud is absolutely a big business,” said Julie Capozzi, a spokesperson for AllState Insurance. “It’s estimated that 10 percent of all casualty and property claims are fraudulent.”In addition, fraudulent claims cost consumers an extra $300 a year, Capozzi said. “If there are claims that haven’t actually occurred, losses that haven’t actually occurred, that all makes its way back to consumers because ultimately someone has to pay for it,” Capozzi said. One of the defendants named in the indictment worked as an insurance adjuster. If convicted, all could face up to five years in prison. Nine defendants were in court Tuesday, nine others will be arraigned at a later date -- and one suspect remains at large.
Monday, September 13, 2004
Mortgages rise but still low
BY JEANNINE AVERSA
ASSOCIATED PRESS
Mortgage rates around the country went up last week, although 30-year mortgages still were below 6 percent for a sixth straight week.
Freddie Mac, in its weekly survey released Thursday, reported that rates on 30-year, fixed-rate mortgages rose to 5.83 percent for the week ending Sept. 9.
That was up from 5.77 percent the week before.
Rates on 30-year mortgages hit a high this year of 6.34 percent the week of May 13.
They drifted down slowly as economic activity cooled in the late spring and early summer and moved up amid recent signs the economy may be emerging from its soft patch, analysts said.
Frank Nothaft, Freddie Mac's chief economist, said rates on 30-year mortgages could rise gradually to about 6 percent by the end of the year -- a level that still would be low by historical standards.
"Low mortgage rates will sustain a brisk housing market, leading to record home sales and single-family construction this year," he said.
For 15-year, fixed-rate mortgages, a popular option for refinancing, rates increased to 5.22 percent last week, compared with 5.15 percent the previous week. Rates on one-year adjustable rate mortgages rose to 4 percent, up slightly from 3.97 percent.
The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages each carried a 0.8-point fee. One-year ARMs carried an average 0.7-point fee.
A year ago, rates on 30-year mortgages averaged 6.44 percent, 15-year mortgages were at 5.77 percent and one-year ARMs were 3.98 percent.
The Mortgage Bankers Association, meanwhile, said refinancing accounted for 41.4 percent of all home mortgage applications filed last week, up from 40.7 percent the previous week.
ASSOCIATED PRESS
Mortgage rates around the country went up last week, although 30-year mortgages still were below 6 percent for a sixth straight week.
Freddie Mac, in its weekly survey released Thursday, reported that rates on 30-year, fixed-rate mortgages rose to 5.83 percent for the week ending Sept. 9.
That was up from 5.77 percent the week before.
Rates on 30-year mortgages hit a high this year of 6.34 percent the week of May 13.
They drifted down slowly as economic activity cooled in the late spring and early summer and moved up amid recent signs the economy may be emerging from its soft patch, analysts said.
Frank Nothaft, Freddie Mac's chief economist, said rates on 30-year mortgages could rise gradually to about 6 percent by the end of the year -- a level that still would be low by historical standards.
"Low mortgage rates will sustain a brisk housing market, leading to record home sales and single-family construction this year," he said.
For 15-year, fixed-rate mortgages, a popular option for refinancing, rates increased to 5.22 percent last week, compared with 5.15 percent the previous week. Rates on one-year adjustable rate mortgages rose to 4 percent, up slightly from 3.97 percent.
The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages each carried a 0.8-point fee. One-year ARMs carried an average 0.7-point fee.
A year ago, rates on 30-year mortgages averaged 6.44 percent, 15-year mortgages were at 5.77 percent and one-year ARMs were 3.98 percent.
The Mortgage Bankers Association, meanwhile, said refinancing accounted for 41.4 percent of all home mortgage applications filed last week, up from 40.7 percent the previous week.
National City issues update
National City Corp. (NYSE: NCC) has issued a mid-quarter update indicating that its business trends remain positive overall. National City said commercial loan activity, while more robust than over the course of 2003, is still mixed across the corporation's markets, as many middle market customers remain cautious and competition intensifies. Credit quality remains sound across the board.
Conventional residential mortgage activity has been somewhat better than expected, owing to a decline in mortgage rates relative to the second quarter. Non-prime mortgage production at its First Franklin unit is down slightly from the record levels of the second quarter. Home equity volumes continue to be very strong.
Conventional residential mortgage activity has been somewhat better than expected, owing to a decline in mortgage rates relative to the second quarter. Non-prime mortgage production at its First Franklin unit is down slightly from the record levels of the second quarter. Home equity volumes continue to be very strong.
High Deductible Health Insurance Common
By KRISTEN GERENCHER CBSMarketWatch
SAN FRANCISCO - People who buy major medical individual health insurance policies tend to pay at least $1,000 in deductibles, according to a new study.
Sixty-eight percent of people who bought individual policies from broker eHealthInsurance paid at least $1,000, while 40 percent of policies sold had deductibles of at least $2,000, according to a report from the Kaiser Family Foundation and eHealthInsurance.
Fourteen percent of health insurance buyers had deductibles greater than $3,000, the report said. The survey tracked data from 57,000 individual policies in force through the first half of 2003.
With HSAs, first authorized in January, workers with a health plan that has an individual deductible of at least $1,000 a year or a family deductible of $2,000 could set aside that amount. The limit rises to $2,600 or $5,150 a year for higher deductibles.
In the individual-insurance market, younger people are slightly more likely to have lower-deductible plans than older people, Lauer said. "What it may indicate is that younger people are getting lower-priced premiums and as such are choosing lower deductibles."
Still, the study showed that the market isn't exclusively the domain of the young and healthy, said Gary Claxton, vice president of the Kaiser Family Foundation. Nearly 12 percent of buyers were between 55 and 64, the survey said.
"There are a couple of different markets here: People who buy because they have a short-term break in coverage or those who are self-employed or retirees, where this is their only option," Claxton said. "For younger purchasers, a lot of them are gone after two years."
Almost half of users retain their policies for at least two years, and older policyholders hold their insurance longer than younger ones.
The study didn't include people who bought short-term coverage, designed for those in transition and seeking protection for three to six months.
To be sure, the vast majority of Americans still receive their medical benefits from their employers in the group health insurance market.
Across the country, an average of 70 percent of people who apply for an individual health policy for the first time are approved to get coverage, Lauer said. About 10 percent to 13 percent are denied because of health reasons.
The individual health-insurance market is difficult to track because policies' benefits and prices vary widely depending on location, age and other factors.
Unlike employer-sponsored group insurance, individual health plans are regulated by state laws and are generally less expensive overall because they cover fewer benefits, though buyers may have to pay more out of pocket to cover higher administrative and marketing costs, Claxton said.
"The premium you pay the insurer is less for nongroup coverage usually, but the benefits aren't comparable," he said.
The Kaiser Family Foundation and eHealthInsurance plan to study benefits differences.
SAN FRANCISCO - People who buy major medical individual health insurance policies tend to pay at least $1,000 in deductibles, according to a new study.
Sixty-eight percent of people who bought individual policies from broker eHealthInsurance paid at least $1,000, while 40 percent of policies sold had deductibles of at least $2,000, according to a report from the Kaiser Family Foundation and eHealthInsurance.
Fourteen percent of health insurance buyers had deductibles greater than $3,000, the report said. The survey tracked data from 57,000 individual policies in force through the first half of 2003.
With HSAs, first authorized in January, workers with a health plan that has an individual deductible of at least $1,000 a year or a family deductible of $2,000 could set aside that amount. The limit rises to $2,600 or $5,150 a year for higher deductibles.
In the individual-insurance market, younger people are slightly more likely to have lower-deductible plans than older people, Lauer said. "What it may indicate is that younger people are getting lower-priced premiums and as such are choosing lower deductibles."
Still, the study showed that the market isn't exclusively the domain of the young and healthy, said Gary Claxton, vice president of the Kaiser Family Foundation. Nearly 12 percent of buyers were between 55 and 64, the survey said.
"There are a couple of different markets here: People who buy because they have a short-term break in coverage or those who are self-employed or retirees, where this is their only option," Claxton said. "For younger purchasers, a lot of them are gone after two years."
Almost half of users retain their policies for at least two years, and older policyholders hold their insurance longer than younger ones.
The study didn't include people who bought short-term coverage, designed for those in transition and seeking protection for three to six months.
To be sure, the vast majority of Americans still receive their medical benefits from their employers in the group health insurance market.
Across the country, an average of 70 percent of people who apply for an individual health policy for the first time are approved to get coverage, Lauer said. About 10 percent to 13 percent are denied because of health reasons.
The individual health-insurance market is difficult to track because policies' benefits and prices vary widely depending on location, age and other factors.
Unlike employer-sponsored group insurance, individual health plans are regulated by state laws and are generally less expensive overall because they cover fewer benefits, though buyers may have to pay more out of pocket to cover higher administrative and marketing costs, Claxton said.
"The premium you pay the insurer is less for nongroup coverage usually, but the benefits aren't comparable," he said.
The Kaiser Family Foundation and eHealthInsurance plan to study benefits differences.
Friday, September 10, 2004
Kaiser study shows health-care premiums rise 11.2% in 2004
Thursday, September 09, 2004
St. Louis Business Journal
Premiums for employer-sponsored health plans rose an average of 11.2 percent in 2004, the fourth consecutive year of double-digit growth, according to a study released Thursday by the Washington, D.C.-based Kaiser Family Foundation and Health Research and Educational Trust.
Premiums reached an average of $9,950 a year for family coverage, or $829 a month, and $3,695 for single coverage, or $308 a month, the study showed. For preferred provider organizations, or PPOs, family premiums rose to $10,217 a year, or $851 a month.
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The study showed that premiums for employer-sponsored health insurance increased about five times the rate of inflation, which was 2.3 percent, and workers' earnings, which rose 2.2 percent.
Drew Altman, president and chief executive of the Kaiser Family Foundation, said the cost of family health insurance is quickly approaching the gross earnings of a full-time minimum wage worker. "If these trends continue, workers and employers will find it increasingly difficult to pay for family health coverage and every year the share of Americans who have employer-sponsored health coverage will fall," he said, in a statement.
Jon Gabel, vice president for health systems studies at the Health Research and Educational Trust, said employee contributions have also increased since 2001, rising 49 percent for family coverage and 57 percent for single coverage, while workers' wages have increased only 12 percent.
In 2004, workers contributed an average of $558 of the $3,695 annual premium cost of single coverage and $2,661 of the $9,950 annual premium cost of family coverage, up 10 percent from 2003.
PPOs are the most common form of coverage, with 55 percent of employees in a PPO, the study showed. Health maintenance organizations, or HMOs, cover about 25 percent of workers, while conventional plans cover just 5 percent of workers.
St. Louis Business Journal
Premiums for employer-sponsored health plans rose an average of 11.2 percent in 2004, the fourth consecutive year of double-digit growth, according to a study released Thursday by the Washington, D.C.-based Kaiser Family Foundation and Health Research and Educational Trust.
Premiums reached an average of $9,950 a year for family coverage, or $829 a month, and $3,695 for single coverage, or $308 a month, the study showed. For preferred provider organizations, or PPOs, family premiums rose to $10,217 a year, or $851 a month.
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The study showed that premiums for employer-sponsored health insurance increased about five times the rate of inflation, which was 2.3 percent, and workers' earnings, which rose 2.2 percent.
Drew Altman, president and chief executive of the Kaiser Family Foundation, said the cost of family health insurance is quickly approaching the gross earnings of a full-time minimum wage worker. "If these trends continue, workers and employers will find it increasingly difficult to pay for family health coverage and every year the share of Americans who have employer-sponsored health coverage will fall," he said, in a statement.
Jon Gabel, vice president for health systems studies at the Health Research and Educational Trust, said employee contributions have also increased since 2001, rising 49 percent for family coverage and 57 percent for single coverage, while workers' wages have increased only 12 percent.
In 2004, workers contributed an average of $558 of the $3,695 annual premium cost of single coverage and $2,661 of the $9,950 annual premium cost of family coverage, up 10 percent from 2003.
PPOs are the most common form of coverage, with 55 percent of employees in a PPO, the study showed. Health maintenance organizations, or HMOs, cover about 25 percent of workers, while conventional plans cover just 5 percent of workers.
Thursday, September 9, 2004
San Diego - 2nd most protected city
SAN DIEGO - San Diego is the second most protected city in the nation when it comes to life insurance coverage, according to an Allstate survey released Tuesday, which ranked the 25 most populated U.S. cities.
Atlanta ranked first, with nearly eight in 10 people having some form of life insurance, according to the survey. Los Angeles ranked last, with nearly 40 percent of respondents lacking any life insurance coverage.
"We believe this survey will help us delve into the potential inadequacies of American's life insurance coverage," said Casey Sylla, president of Allstate Financial.
"It's important for Americans to have enough life insurance so that they, and their loved ones, can be on the path to a solid financial future."
The survey found that 73 percent of San Diego residents have some form of life insurance, but only about 52 percent own an individual policy. The average coverage of San Diego residents amounts to 5.4 times their annual household income.
"While I commend San Diego area residents for having above average coverage compared to other U.S. cities surveyed, overall, residents, on average, are still not getting enough life insurance coverage for their needs," said JoAnn Little, a financial services specialist for Allstate in the San Diego area.
Nationally, the survey found that 74 percent of respondents have some form of life insurance.
Fifty-four percent of those surveyed have group life insurance through their employer, and 53 percent own at least one individual life insurance policy.
Of all survey respondents, 29 percent said they review their life insurance coverage on a yearly basis. Thirty-seven percent said they never review their coverage.
People in the Midwest scored the highest on the survey, with 80 percent of respondents having some form of life insurance, and nearly 60 percent having at least one individual life insurance policy in their household.
However, those in the Midwest carry the lowest amount of overall life insurance coverage, according to the survey.
Those in the western part of the country carry the highest amount of individual life insurance, with an average policy amount reported at $258,000.
Respondents ranked first full-time jobs, having adopted a child and getting married as the most important times to purchase life insurance. Only eight percent of those surveyed said that purchasing a home is the most important time to buy life insurance.
The survey, administered by LIMRA International, looked at the type of life insurance policies people own, how many members of a household own an individual life insurance policy and the amount of individual life insurance coverage.
Atlanta ranked first, with nearly eight in 10 people having some form of life insurance, according to the survey. Los Angeles ranked last, with nearly 40 percent of respondents lacking any life insurance coverage.
"We believe this survey will help us delve into the potential inadequacies of American's life insurance coverage," said Casey Sylla, president of Allstate Financial.
"It's important for Americans to have enough life insurance so that they, and their loved ones, can be on the path to a solid financial future."
The survey found that 73 percent of San Diego residents have some form of life insurance, but only about 52 percent own an individual policy. The average coverage of San Diego residents amounts to 5.4 times their annual household income.
"While I commend San Diego area residents for having above average coverage compared to other U.S. cities surveyed, overall, residents, on average, are still not getting enough life insurance coverage for their needs," said JoAnn Little, a financial services specialist for Allstate in the San Diego area.
Nationally, the survey found that 74 percent of respondents have some form of life insurance.
Fifty-four percent of those surveyed have group life insurance through their employer, and 53 percent own at least one individual life insurance policy.
Of all survey respondents, 29 percent said they review their life insurance coverage on a yearly basis. Thirty-seven percent said they never review their coverage.
People in the Midwest scored the highest on the survey, with 80 percent of respondents having some form of life insurance, and nearly 60 percent having at least one individual life insurance policy in their household.
However, those in the Midwest carry the lowest amount of overall life insurance coverage, according to the survey.
Those in the western part of the country carry the highest amount of individual life insurance, with an average policy amount reported at $258,000.
Respondents ranked first full-time jobs, having adopted a child and getting married as the most important times to purchase life insurance. Only eight percent of those surveyed said that purchasing a home is the most important time to buy life insurance.
The survey, administered by LIMRA International, looked at the type of life insurance policies people own, how many members of a household own an individual life insurance policy and the amount of individual life insurance coverage.
Car Insurance tough to restore
Thinking of dropping your automobile insurance policy for a few months? Think again. Saving money by dropping a policy can backfire if the company raises your rates or turns you down when you try to reinstate your coverage. There are, however, ways to save money and avoid problems.
Even if you aren't driving your car, keep some coverage. That's what Robert Dean, an Army surgeon from Washington did while he was stationed at a combat-support hospital in Iraq. Before he left, Dean called his insurer, USAA, to report that he'd be storing his BMW convertible in a garage. ``They recommended not stopping the coverage because the car could still be damaged,'' he said.
Because nobody would be driving the convertible while Dean was in the desert, USAA did slash the mileage limits, which lowered the premium by about $150 every six months. And there was no issue about his resuming full coverage at the regular rate when he returned.
You may be able to lower your premium further with ``lay-up coverage.'' That eliminates all coverage except comprehensive, which protects against theft, fire and other damage even when the car isn't being driven. Ratcheting down to just comprehensive coverage can cut your premium by about 75 percent, said Diane Cottingham, an insurance agent in Underwood, N.D. But this isn't an option for everyone: Some states require that you keep liability insurance unless you turn in your tags. And even if state law doesn't demand it, some lenders do until your loan is paid off. In that case, you can at least reduce your premium by cutting your liability limit to the bone and raising your deductible while your car is being stored.
If you have dropped coverage, be sure to explain your situation when you apply for a new policy. Say, for example, that you canceled a policy and left your car in a garage during a six-month assignment in New York, or dropped your insurance for several months while you were recuperating from surgery and unable to drive. ``I would strongly recommend that you share these details with the company because it could very well make a difference,'' said Bruce Maynard, senior assistant vice president for Amica Insurance.
And be sure to shop around. If your original auto insurance company tries to raise your rate when you attempt to restart a policy, see what other insurers will offer you. Companies vary widely in the way they treat a break in coverage.
Even if you aren't driving your car, keep some coverage. That's what Robert Dean, an Army surgeon from Washington did while he was stationed at a combat-support hospital in Iraq. Before he left, Dean called his insurer, USAA, to report that he'd be storing his BMW convertible in a garage. ``They recommended not stopping the coverage because the car could still be damaged,'' he said.
Because nobody would be driving the convertible while Dean was in the desert, USAA did slash the mileage limits, which lowered the premium by about $150 every six months. And there was no issue about his resuming full coverage at the regular rate when he returned.
You may be able to lower your premium further with ``lay-up coverage.'' That eliminates all coverage except comprehensive, which protects against theft, fire and other damage even when the car isn't being driven. Ratcheting down to just comprehensive coverage can cut your premium by about 75 percent, said Diane Cottingham, an insurance agent in Underwood, N.D. But this isn't an option for everyone: Some states require that you keep liability insurance unless you turn in your tags. And even if state law doesn't demand it, some lenders do until your loan is paid off. In that case, you can at least reduce your premium by cutting your liability limit to the bone and raising your deductible while your car is being stored.
If you have dropped coverage, be sure to explain your situation when you apply for a new policy. Say, for example, that you canceled a policy and left your car in a garage during a six-month assignment in New York, or dropped your insurance for several months while you were recuperating from surgery and unable to drive. ``I would strongly recommend that you share these details with the company because it could very well make a difference,'' said Bruce Maynard, senior assistant vice president for Amica Insurance.
And be sure to shop around. If your original auto insurance company tries to raise your rate when you attempt to restart a policy, see what other insurers will offer you. Companies vary widely in the way they treat a break in coverage.
Health Insurance costs skyrocketing
Premiums for job-based health insurance rose 11.2 percent on average this year across the nation, according to a survey released Thursday, the latest evidence of a gathering crisis in medical costs that is placing an increasingly heavy burden on employers and consumers.
The 2004 jump was less than last year's 13.9 percent increase, but still represented a fourth consecutive year of double-digit rate hikes, according to the annual employer health benefits survey by the Henry J. Kaiser Family Foundation and the Health Research and Education Trust.
Although premium increases showed signs of moderating, employer payments for health insurance still rose five times faster than the rate of inflation and workers' earnings.
The 2004 jump was less than last year's 13.9 percent increase, but still represented a fourth consecutive year of double-digit rate hikes, according to the annual employer health benefits survey by the Henry J. Kaiser Family Foundation and the Health Research and Education Trust.
Although premium increases showed signs of moderating, employer payments for health insurance still rose five times faster than the rate of inflation and workers' earnings.
Wednesday, September 8, 2004
Anthem offers HSAs in Colorado
Denver - DENVER - Consumers and employees in Colorado now have more options and flexibility to pay for health care expenses, gain more control over their health care dollars, reap tax benefits and plan for retirement as a result of Anthem Blue Cross and Blue Shield's (Anthem) introduction of its Health Savings Accounts (HSAs).
Anthem's new HSAs are being offered now with an effective start date of October 1, 2004, to eligible individuals and employer groups in Colorado, and customers have already begun to enroll. The products consist of Anthem preferred-provider organization (PPO), HSA-qualified high-deductible health plans (HDHPs) coupled with an account that allows eligible consumers to use checks and debit cards to pay for qualified medical expenses out of their HSA. HSAs have recently become available to consumers as a result of the Medicare Modernization Act of 2003.
Anthem's new HSAs are being offered now with an effective start date of October 1, 2004, to eligible individuals and employer groups in Colorado, and customers have already begun to enroll. The products consist of Anthem preferred-provider organization (PPO), HSA-qualified high-deductible health plans (HDHPs) coupled with an account that allows eligible consumers to use checks and debit cards to pay for qualified medical expenses out of their HSA. HSAs have recently become available to consumers as a result of the Medicare Modernization Act of 2003.
Hickory Hospital to cancel Blue Cross Contracts
EL PASO, Texas - Frye Regional Medical Center officials said Thursday the hospital will cancel its contracts with Blue Cross and Blue Shield of North Carolina. The Hickory hospital's contract to serve members of the Blue Choice point-of-service plan ended Wednesday, Blue Cross officials said. The hospital will cancel service on other plans effective Nov. 30, said Frye Vice President AnnMarie Merta. Blue Cross has about 50,000 members in Catawba County, said spokesman Mark Stinneford.
Consumers with health insurance are willing to help cover costs for uninsured people
The subject of universal healthcare is always a hot topic but never more so than in an election year. A recent study in the Journal of General Internal Medicine may have the answer to the question - Will those who currently have health insurance be willing to sacrifice in order to insure the millions of people who do not? The findings suggest that the answer may in fact be yes.
To explore whether the insured would help cover the uninsured, researchers asked 322 insured people to play a board game with a focus on health and insurance. Called CHAT, for Choosing Healthplans All Together, the game gives players a limited number of pegs to allocate to many categories of insurance coverage, including funding to cover the uninsured. Randomly drawn cards representing health problems and crises show players how the plan they designed would work in the case of an illness or injury to themselves or others.
The study demonstrated that when groups of citizens deliberate on this issue, even those with insurance recognize and are willing to accept tradeoffs between having more generous benefits and having coverage for all. During deliberations, individuals voiced sophisticated, cogent arguments for and against giving up some of their benefits to include the uninsured. For example, corresponding author and CHAT co-inventor Susan Dorr Goold notes "For many, choosing this coverage was viewed as insuring themselves against becoming uninsured."
Dr. Goold and the coauthors of this study received the 2002 Mark S. Ehrenreich Prize for Research in Healthcare Ethics for the work reported in this paper.
To explore whether the insured would help cover the uninsured, researchers asked 322 insured people to play a board game with a focus on health and insurance. Called CHAT, for Choosing Healthplans All Together, the game gives players a limited number of pegs to allocate to many categories of insurance coverage, including funding to cover the uninsured. Randomly drawn cards representing health problems and crises show players how the plan they designed would work in the case of an illness or injury to themselves or others.
The study demonstrated that when groups of citizens deliberate on this issue, even those with insurance recognize and are willing to accept tradeoffs between having more generous benefits and having coverage for all. During deliberations, individuals voiced sophisticated, cogent arguments for and against giving up some of their benefits to include the uninsured. For example, corresponding author and CHAT co-inventor Susan Dorr Goold notes "For many, choosing this coverage was viewed as insuring themselves against becoming uninsured."
Dr. Goold and the coauthors of this study received the 2002 Mark S. Ehrenreich Prize for Research in Healthcare Ethics for the work reported in this paper.
State Farm to Lower California Auto Insurance rates
ROHNERT PARK, Calif., Aug. 31 /PRNewswire/ -- State Farm will lower auto rates for its California auto insurance customers an average of 7.6 percent effective October 1.
The California Department of Insurance-approved rate reduction will save the company's 3 million policyholders more than $215 million in auto insurance premiums. The greatest savings will be realized by policyholders who have been with State Farm for more than 6 years and who also have certain other types of State Farm insurance in addition to their auto coverage.
The new rates apply equally across the state.
According to State Farm, the ability to lower rates was due to a number of factors including auto accident and insurance claim trends. In addition, State Farm officials point to internal company efforts at managing costs as a major benefit contributing to the opportunity of lowering rates.
The California Department of Insurance-approved rate reduction will save the company's 3 million policyholders more than $215 million in auto insurance premiums. The greatest savings will be realized by policyholders who have been with State Farm for more than 6 years and who also have certain other types of State Farm insurance in addition to their auto coverage.
The new rates apply equally across the state.
According to State Farm, the ability to lower rates was due to a number of factors including auto accident and insurance claim trends. In addition, State Farm officials point to internal company efforts at managing costs as a major benefit contributing to the opportunity of lowering rates.
XpressInsurer.com Allows Their Customers to Obtain 20 Auto Insurance Quotes Without Calling 20 Different Agents
Concord, NC (PRWEB) September 7, 2004 – XpressInsurer.com, a North Carolina based company, has solved an age old problem for customers by allowing them to obtain 20 auto insurance quotes without calling 20 different agents. They have eliminated the headache for their customers by allowing them to get multiple auto insurance quotes at one time and purchase a policy at the same place. XpressInsurer.com gives their customers two ways to obtain auto insurance quotes. Customers can call or they can fill out a quick quoting form online and submit it to XpressInsurer.com for processing. Unlike their competition, XpressInsurer.com does not give instant online insurance quotes for the simple reason that they shop 20 companies. This gives the customer 16 more auto insurance quotes than the average online auto insurance broker gives to their customers.
Thursday, September 2, 2004
Highmark Blue Cross Blue Shield Awards $125,000 in Grants to Area Schools to Fight Childhood Obesity
PITTSBURGH, Aug. 30 /PRNewswire/ -- For the second consecutive year, Highmark Blue Cross Blue Shield has awarded $125,000 in grants to 9 area schools to help fight childhood obesity. The "Highmark Challenge for Healthier Schools" funds school programs that address better nutritional choices and physical activity among children.
The grants were awarded to schools spread out over seven counties. Four elementary schools, three middle schools and two high schools will receive grant money to implement their winning programs during the 2004-05 or 2005-06 academic school years.
"The schools chosen as this year's challenge winners showed creativity and a clear method to measure results from their programs," said Aaron Walton, Highmark's senior vice president of Corporate Affairs. "As a region, it's important we all take responsibility for the obesity epidemic among our children. The challenge is a great way to engage schools in becoming a part of the solution."
Obesity and inactivity have reached epidemic proportions among today's youth. Children today are at greater risk for the health consequences of being overweight than any generation before them. According to the Centers for Disease Control and Prevention, nearly 15 percent or about 9 million children ages 6 to 19, are considered obese in the United States.
The grants were awarded to schools spread out over seven counties. Four elementary schools, three middle schools and two high schools will receive grant money to implement their winning programs during the 2004-05 or 2005-06 academic school years.
"The schools chosen as this year's challenge winners showed creativity and a clear method to measure results from their programs," said Aaron Walton, Highmark's senior vice president of Corporate Affairs. "As a region, it's important we all take responsibility for the obesity epidemic among our children. The challenge is a great way to engage schools in becoming a part of the solution."
Obesity and inactivity have reached epidemic proportions among today's youth. Children today are at greater risk for the health consequences of being overweight than any generation before them. According to the Centers for Disease Control and Prevention, nearly 15 percent or about 9 million children ages 6 to 19, are considered obese in the United States.
The 2004 Property/Casualty and Life/Health editions of Best's Aggregates & Averages - United States & Canada are now available
OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 2, 2004--The 2004 Property/Casualty (Car Insurance, Home Owners Insurance etc. )and Life/Health editions (Health Insurance, Life Insurance) etc. of Best's Aggregates & Averages - United States & Canada are now available. These printed references include data drawn from Best's Statement File and are particularly useful for benchmarking a company's performance against the rest of the insurance industry or a group of its peers. The books can also be used for studying industry-wide trends in balance-sheets, expenses, investments and more.
This year's P/C edition includes Schedule P Industry By Line data and both P/C and L/H include the Complete Total Industry QAR.
Additional exhibits in the P/C edition include:
-- Balance Sheet/Summary of Operations
-- By Line Underwriting Exhibit (By Group and Company)
-- Underwriting Expenses Incurred (By Group and Company)
Additional exhibits in the L/H edition include:
-- Analysis of Operations By Line
-- Reserves By Line
-- Company Rankings
-- Group Table
This year's P/C edition includes Schedule P Industry By Line data and both P/C and L/H include the Complete Total Industry QAR.
Additional exhibits in the P/C edition include:
-- Balance Sheet/Summary of Operations
-- By Line Underwriting Exhibit (By Group and Company)
-- Underwriting Expenses Incurred (By Group and Company)
Additional exhibits in the L/H edition include:
-- Analysis of Operations By Line
-- Reserves By Line
-- Company Rankings
-- Group Table
S&P gives GEICO AAA
New York, NY, Sep. 2 (UPI)
Standard & Poor's Thursday affirmed its AAA credit rating on GEICO Corp. of New York.
The rating agency also affirmed the AAA credit and financial strength ratings on Government Employees Insurance Co., GEICO Indemnity Co., GEICO Casualty Co. and GEICO General Insurance Co. The outlook on all these companies, collectively referred to as GEICO, is stable.
GEICO is a leading provider of personal auto insurance on a direct basis in the United States. The ratings on GEICO are based on its core status to ultimate parent company Berkshire Hathaway Inc., S&P said.
Standard & Poor's Thursday affirmed its AAA credit rating on GEICO Corp. of New York.
The rating agency also affirmed the AAA credit and financial strength ratings on Government Employees Insurance Co., GEICO Indemnity Co., GEICO Casualty Co. and GEICO General Insurance Co. The outlook on all these companies, collectively referred to as GEICO, is stable.
GEICO is a leading provider of personal auto insurance on a direct basis in the United States. The ratings on GEICO are based on its core status to ultimate parent company Berkshire Hathaway Inc., S&P said.
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