The premiums that health insurance companies in Massachusetts will charge to cover Massachusetts residents are in line with what the architects of the state's new health insurance law predicted, meaning there should be enough money to pay for the plan in its initial year, state officials said.
State regulators set the health insurance rates Thursday for residents who now lack insurance and earn less than 300 percent of the poverty level. The four insurers offering health coverage will charge monthly premiums of $276 to $391, depending on the type of plan a resident enrolls in and where they live. For residents at or below the poverty level -- $9,804 for a single person -- the state will pay the entire premium. For those above the poverty level, the state will pay a portion of the cost, with the state subsidy shrinking as income rises.
Friday, September 29, 2006
Thursday, September 28, 2006
Countrywide Auto Insurance in AZ
Countrywide Financial Corp. announced Monday that it is adding auto insurance to its lineup of products in Arizona.
Countrywide Insurance Group will provide services through licensed auto insurance agents via a toll-free number and in person at its home loan branches and financial centers in Phoenix, Sun City and Gilbert. Information about home warranty, homeowners, renters, and term life insurance products also will be available.
Countrywide will introduce its new auto insurance product in several additional states during the remainder of the year and expects to offer the product in up to 25 states by the end of 2007.
Countrywide Insurance Group will provide services through licensed auto insurance agents via a toll-free number and in person at its home loan branches and financial centers in Phoenix, Sun City and Gilbert. Information about home warranty, homeowners, renters, and term life insurance products also will be available.
Countrywide will introduce its new auto insurance product in several additional states during the remainder of the year and expects to offer the product in up to 25 states by the end of 2007.
Virginia Auto Insurance
Some of the top auto insurance companies in the nation are reducing auto insurance rates in Virginia.
The reasons range from high gas prices to more sophisticated technology with which companies can calculate the risks of insuring particular drivers. The effect of tougher drunken driving laws are also driving down rates.
Whatever the reason, many motorists are paying less to insure their vehicle.
Last week, State Farm reduced its auto rates in Virginia by an average of 5 percent. State Farm is the largest insurer of personal automobiles in the country.
USAA, which insures 78,000 in Hampton Roads, will reduce rates for as much as 90 percent of customers who come up for renewal, according to a spokeswoman.
Virginia's lowering rates represent a nationwide trend, as auto insurers cut rates to combat steady declines in the frequency and severity of claims filed by policyholders.
The reasons range from high gas prices to more sophisticated technology with which companies can calculate the risks of insuring particular drivers. The effect of tougher drunken driving laws are also driving down rates.
Whatever the reason, many motorists are paying less to insure their vehicle.
Last week, State Farm reduced its auto rates in Virginia by an average of 5 percent. State Farm is the largest insurer of personal automobiles in the country.
USAA, which insures 78,000 in Hampton Roads, will reduce rates for as much as 90 percent of customers who come up for renewal, according to a spokeswoman.
Virginia's lowering rates represent a nationwide trend, as auto insurers cut rates to combat steady declines in the frequency and severity of claims filed by policyholders.
Wednesday, September 27, 2006
Health Insurance Premiums up sharply
Health insurance premiums rose this year at their slowest rate since 1999 However, that is still twice the rate of inflation.
Premiums rose 9.2 percent in 2005 and 11.2 percent in 2004, A Kaiser report said. Gary Claxton, a co-author, said the moderation in premium increases might be caused by a slowing in underlying medical cost inflation as well as by more competition in the insurance market.
The Kaiser Family Foundation's findings are based on a phone survey of 3,159 randomly selected private and public employers.
More than 155 million Americans get insurance through their jobs. Employers on average pick up 84 percent of the cost for individuals and 73 percent for families.
Overall, the total cost of health insurance for individuals now averages $4,242 a year. For families, the costs average $11,480.
Employers and their workers probably won't find much relief next year either, according to another survey of 167 large corporations that was conducted by Towers Perrin, a consulting firm. The companies expect their health care costs to rise by about 6 percent next year, which is well above the anticipated rate of overall inflation.
Premiums rose 9.2 percent in 2005 and 11.2 percent in 2004, A Kaiser report said. Gary Claxton, a co-author, said the moderation in premium increases might be caused by a slowing in underlying medical cost inflation as well as by more competition in the insurance market.
The Kaiser Family Foundation's findings are based on a phone survey of 3,159 randomly selected private and public employers.
More than 155 million Americans get insurance through their jobs. Employers on average pick up 84 percent of the cost for individuals and 73 percent for families.
Overall, the total cost of health insurance for individuals now averages $4,242 a year. For families, the costs average $11,480.
Employers and their workers probably won't find much relief next year either, according to another survey of 167 large corporations that was conducted by Towers Perrin, a consulting firm. The companies expect their health care costs to rise by about 6 percent next year, which is well above the anticipated rate of overall inflation.
Monday, September 25, 2006
Affordable Health Insurance Options
The survey of AHIP member companies offering coverage in the small-group health insurance market includes premium and benefit data from more than 650,000 small groups.
Key survey findings include the following:
* Small group premiums in 2006 were slightly lower than those reported in the 2005 Kaiser Family Foundation (KFF) survey of (mostly) larger employers, despite an additional year's increase in health costs. Premiums in the KFF survey for all firms with three or more employees averaged $335 per month ($4,024 annually) for single coverage, and $907 per month ($10,880 per year) for family coverage in 2005.
* In 2006, the average premium for small group health insurance was $311 per month ($3,730 per year) for single coverage and $814 per month ($9,770 annually) for family coverage.
* In terms of benefit design, most small business employees are covered by PPO and HMO products, while HSA-eligible health plans are quickly establishing a presence in the small group market.
* Among small group enrollees, 57 percent had PPO coverage in 2006, with both in-network and out-of network benefits. Thirty nine percent had HMO coverage, often with a point-of service (POS) option. Approximately 4 percent of enrollees had a health savings account (HSA) benefit, with a qualifying high deductible health plan (HDHP).
* More than 10 percent of small group enrollees had a choice of two or more benefit plans. Of workers offered an HSA plan, approximately one- third also had a choice of a PPO or HMO/POS plan. Almost half (46 percent) of enrollees in small groups chose HSA/HDHP plans when offered a choice of HSA plans and other types of health plans.
* Within the small group market, premiums fell slightly as firm size increased. Firms with between 26 and 50 employees paid an average of $287 per month for single coverage, while firms with between 11 and 25 employees paid an average of $299 per month, and firms with 10 or fewer employees had average single premiums of $330 per month. America's Health Insurance Plans -- Providing Health Benefits to More Than 200 Million Americans
Key survey findings include the following:
* Small group premiums in 2006 were slightly lower than those reported in the 2005 Kaiser Family Foundation (KFF) survey of (mostly) larger employers, despite an additional year's increase in health costs. Premiums in the KFF survey for all firms with three or more employees averaged $335 per month ($4,024 annually) for single coverage, and $907 per month ($10,880 per year) for family coverage in 2005.
* In 2006, the average premium for small group health insurance was $311 per month ($3,730 per year) for single coverage and $814 per month ($9,770 annually) for family coverage.
* In terms of benefit design, most small business employees are covered by PPO and HMO products, while HSA-eligible health plans are quickly establishing a presence in the small group market.
* Among small group enrollees, 57 percent had PPO coverage in 2006, with both in-network and out-of network benefits. Thirty nine percent had HMO coverage, often with a point-of service (POS) option. Approximately 4 percent of enrollees had a health savings account (HSA) benefit, with a qualifying high deductible health plan (HDHP).
* More than 10 percent of small group enrollees had a choice of two or more benefit plans. Of workers offered an HSA plan, approximately one- third also had a choice of a PPO or HMO/POS plan. Almost half (46 percent) of enrollees in small groups chose HSA/HDHP plans when offered a choice of HSA plans and other types of health plans.
* Within the small group market, premiums fell slightly as firm size increased. Firms with between 26 and 50 employees paid an average of $287 per month for single coverage, while firms with between 11 and 25 employees paid an average of $299 per month, and firms with 10 or fewer employees had average single premiums of $330 per month. America's Health Insurance Plans -- Providing Health Benefits to More Than 200 Million Americans
Thursday, September 21, 2006
Humana Individual Health Insurance in Iowa
Humana Inc. through its subsidiary Humana Insurance Company, announced on Wednesday the introduction of its HumanaOne line of individual health insurance plans in Iowa.
HumanaOne is designed to offer affordable health insurance coverage along with a great degree of choice, freedom and flexibility, giving individual consumers an important new alternative in Humana.
HumanaOne is designed to offer affordable health insurance coverage along with a great degree of choice, freedom and flexibility, giving individual consumers an important new alternative in Humana.
Humana launches HumanaOne in Alabama
From Business Wire
Humana Inc. through its subsidiary Humana Insurance Company, announced today the introduction of its HumanaOne(R) line of individual health insurance plans in Alabama. HumanaOne is designed to offer affordable health insurance coverage along with a great degree of choice, freedom and flexibility, giving individual consumers an important new alternative in Humana, one of the nation's largest health benefits companies.
HumanaOne is built to appeal to individuals and families not insured by their employer, including self-employed entrepreneurs, small business employees, part-time workers, students, early retirees and others needing affordable health insurance coverage.
HumanaOne first debuted in Illinois in June of 2002 and is now available in a total of 24 states - Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah and Wisconsin.
HumanaOne's PPO arrangement allows consumers to visit any doctor or health care provider they choose, or they can receive the highest level of benefits by visiting one of the doctors, hospitals and other facilities within Humana's network. Humana, through the ChoiceCare Network, Humana's national PPO network, contracts with more than 300,000 health care providers in all 50 states. Humana's national presence also means those who work or travel outside Alabama can receive in-network benefits from any contracted physician or health care provider, which is advantageous for frequent travelers, students attending college away from home and anyone who moves to a new state.
HumanaOne is marketing its individual health insurance plans through its nationwide network of approximately 25,000 actively appointed independent insurance agents and brokers. "We have longstanding and well-established relationships with insurance professionals across the country, and we are relying heavily on them to bring HumanaOne to the marketplace," said Loram. As in other states, Humana will promote HumanaOne through advertising and direct mail campaigns in Alabama.
Humana Inc. through its subsidiary Humana Insurance Company, announced today the introduction of its HumanaOne(R) line of individual health insurance plans in Alabama. HumanaOne is designed to offer affordable health insurance coverage along with a great degree of choice, freedom and flexibility, giving individual consumers an important new alternative in Humana, one of the nation's largest health benefits companies.
HumanaOne is built to appeal to individuals and families not insured by their employer, including self-employed entrepreneurs, small business employees, part-time workers, students, early retirees and others needing affordable health insurance coverage.
HumanaOne first debuted in Illinois in June of 2002 and is now available in a total of 24 states - Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah and Wisconsin.
HumanaOne's PPO arrangement allows consumers to visit any doctor or health care provider they choose, or they can receive the highest level of benefits by visiting one of the doctors, hospitals and other facilities within Humana's network. Humana, through the ChoiceCare Network, Humana's national PPO network, contracts with more than 300,000 health care providers in all 50 states. Humana's national presence also means those who work or travel outside Alabama can receive in-network benefits from any contracted physician or health care provider, which is advantageous for frequent travelers, students attending college away from home and anyone who moves to a new state.
HumanaOne is marketing its individual health insurance plans through its nationwide network of approximately 25,000 actively appointed independent insurance agents and brokers. "We have longstanding and well-established relationships with insurance professionals across the country, and we are relying heavily on them to bring HumanaOne to the marketplace," said Loram. As in other states, Humana will promote HumanaOne through advertising and direct mail campaigns in Alabama.
Friday, September 15, 2006
Auto Insurance Rates Decline
Drivers in California are poised to gain rate reductions from two major insurers, Safeco Corp. and 21st Century Insurance Co.
Safeco, the state's eighth-largest homeowners insurance carrier, plans to chop by 20 percent its rates to insure houses, state insurance officials revealed Wednesday. The average yearly reduction for Safeco's 189,000 homeowners insurance customers in California would be $190, according to the Department of Insurance.
21st Century, the fifth-largest auto insurer in California, with 740,000 auto policyholders, plans to reduce auto insurance rates by 5 percent statewide -- and by 12 percent in Los Angeles. A statewide average savings was not immediately available for 21st Century, although Los Angeles drivers would save an average of $219 a year.
Safeco, the state's eighth-largest homeowners insurance carrier, plans to chop by 20 percent its rates to insure houses, state insurance officials revealed Wednesday. The average yearly reduction for Safeco's 189,000 homeowners insurance customers in California would be $190, according to the Department of Insurance.
21st Century, the fifth-largest auto insurer in California, with 740,000 auto policyholders, plans to reduce auto insurance rates by 5 percent statewide -- and by 12 percent in Los Angeles. A statewide average savings was not immediately available for 21st Century, although Los Angeles drivers would save an average of $219 a year.
Thursday, September 14, 2006
Most who seek Individual health plan never purchase
20% of those who apply for individual health insurance coverage are turned down or charged higher prices due to pre-existing conditions
A new report from the Commonwealth Fund finds that, as employers cope with rising health care costs by dropping health benefits or increasing employee cost-sharing through higher deductibles, workers and their families are being squeezed. When people lose coverage, many who turn to the individual health insurance find that coverage is unobtainable or unaffordable. The report also finds that those with high-deductible health plans are more likely than those with lower deductibles to have burdensome medical debt and to forego needed health care; those with low incomes are especially at risk.
A new report from the Commonwealth Fund finds that, as employers cope with rising health care costs by dropping health benefits or increasing employee cost-sharing through higher deductibles, workers and their families are being squeezed. When people lose coverage, many who turn to the individual health insurance find that coverage is unobtainable or unaffordable. The report also finds that those with high-deductible health plans are more likely than those with lower deductibles to have burdensome medical debt and to forego needed health care; those with low incomes are especially at risk.
Healthcare Association of New York State Files Complaint About Oxford Policy
The Healthcare Association of NY has filed a complaint about an Oxford Health Plans network coverage policy.
The complaint was filed regarding a case in which a woman received a gastric bypass procedure from an out-of-network surgeon at an in-network hospital, and Oxford billed all aspects of the procedure as out-of-network.
Oxford says its policy is that patients who receive care from doctors outside the network must pay out-of-network coverage costs for all health care services rendered, regardless of whether the care is provided in an in-network hospital.
The complaint was filed regarding a case in which a woman received a gastric bypass procedure from an out-of-network surgeon at an in-network hospital, and Oxford billed all aspects of the procedure as out-of-network.
Oxford says its policy is that patients who receive care from doctors outside the network must pay out-of-network coverage costs for all health care services rendered, regardless of whether the care is provided in an in-network hospital.
Monday, September 11, 2006
South Carolina Health Insurance Rates
South Carolina workers can expect their health insurance rates to increase by about 10% next year.
These health insurance rate increases are likely to be the norm as the cost of care continues to rise. However, wage increases are not keeping up with the escalating cost of health insurance, according to the Kaiser Family Foundation’s 2005 Annual Employer Health Benefits Survey.
On average since 2000, insurance premiums for family health insurance coverage increased by 73 percent while wages grew by 15 percent.
In South Carolina, an estimated one in five residents do not have health insurance, a state Department of Insurance study found.
These health insurance rate increases are likely to be the norm as the cost of care continues to rise. However, wage increases are not keeping up with the escalating cost of health insurance, according to the Kaiser Family Foundation’s 2005 Annual Employer Health Benefits Survey.
On average since 2000, insurance premiums for family health insurance coverage increased by 73 percent while wages grew by 15 percent.
In South Carolina, an estimated one in five residents do not have health insurance, a state Department of Insurance study found.
Friday, September 8, 2006
Childrens health insurance pays off
A new study finds that Government-sponsored health insurance for low-income children boosts their access to care and improves their quality of life.
Reporting in the September issue of Pediatrics, researchers at the Rand Corp. studied more than 3,400 California children, aged 2 to 16, who were newly enrolled in the Healthy Families public health insurance program.
They found the children reported real improvements, such as feeling better physically, getting along better with their peers, and doing better in school.
Enrollment in the program also led to a sharp decline in the number of children who went without needed health care. At the start of enrollment, about 16 percent of parents reported that their children had gone without needed care within the previous year. That rate dropped to 7 percent by the second year of enrollment.
Reporting in the September issue of Pediatrics, researchers at the Rand Corp. studied more than 3,400 California children, aged 2 to 16, who were newly enrolled in the Healthy Families public health insurance program.
They found the children reported real improvements, such as feeling better physically, getting along better with their peers, and doing better in school.
Enrollment in the program also led to a sharp decline in the number of children who went without needed health care. At the start of enrollment, about 16 percent of parents reported that their children had gone without needed care within the previous year. That rate dropped to 7 percent by the second year of enrollment.
Tuesday, September 5, 2006
American Family Leads Market
American Family Insurance continues to dominate the homeowners and auto insurance markets in Wisconsin, insuring more than one in every four homes and almost 23% of drivers.
American Family, which is based in Madison, WIsconsin took in annual homeowners insurance premiums of more than $215 million in 2005 for a market share of 25.9%. Premiums paid to American Family for private passenger auto insurance last year was nearly $521 million, a market share of 22.6%.
State Farm was No. 2 in homeowner insurance premiums at 15.5% of market share, and second in auto insurance at 12.2%.
The report indicated individual accident and health insurance coverage has been growing rapidly in Wisconsin, following a national trend. The growth is occurring as more and more business, especially small businesses, are finding it too expensive to provide group health benefits, said Bob Hurley, vice president of customer care for eHealthInsurance, a Mountain View, Calif.-based online provider of health insurance.
The state's market share leader in individual accident and health coverage, Blue Cross Blue Shield of Wisconsin, saw the amount of premiums written surge to $270 million in 2005 from $179 million in 2004. Blue Cross had market share of 17.3%
American Family, which is based in Madison, WIsconsin took in annual homeowners insurance premiums of more than $215 million in 2005 for a market share of 25.9%. Premiums paid to American Family for private passenger auto insurance last year was nearly $521 million, a market share of 22.6%.
State Farm was No. 2 in homeowner insurance premiums at 15.5% of market share, and second in auto insurance at 12.2%.
The report indicated individual accident and health insurance coverage has been growing rapidly in Wisconsin, following a national trend. The growth is occurring as more and more business, especially small businesses, are finding it too expensive to provide group health benefits, said Bob Hurley, vice president of customer care for eHealthInsurance, a Mountain View, Calif.-based online provider of health insurance.
The state's market share leader in individual accident and health coverage, Blue Cross Blue Shield of Wisconsin, saw the amount of premiums written surge to $270 million in 2005 from $179 million in 2004. Blue Cross had market share of 17.3%
Friday, September 1, 2006
Health Plan Rates too high according to Senator
Massachusetts wants to charge low-income residents too much for health insurance coverage, says state Senator Richard T. Moore.
In a letter to the Commonwealth Health Insurance Connector Authority, which is overseeing implementation of the law, Moore questions whether the proposed health insurance rates reflect the intent of the Legislature when it crafted a compromise reform bill in the spring.
The law requires all Massachusetts residents to have health insurance starting next year, but the state will subsidize premiums for residents who earn up to three times the federal poverty level, or about $60,000 for a family of four.
Moore's letter comes in advance of a meeting of the connector authority scheduled for tomorrow at which the board is expected to vote on the proposed rates. There will also be a hearing for public comment, probably in October, before the insurance rates are made final.
If rates are too high, as Moore suggests, some fear healthy low-income residents won't buy health insurance coverage. At the same time, if too many residents who require expensive medical care sign on it could drive up healthcare reform costs .
But there also are potential problems if rates are too low. For example, low-income residents who currently pay for health insurance at market rates through their employers might be tempted to instead sign up for subsidized coverage through the state.
In a letter to the Commonwealth Health Insurance Connector Authority, which is overseeing implementation of the law, Moore questions whether the proposed health insurance rates reflect the intent of the Legislature when it crafted a compromise reform bill in the spring.
The law requires all Massachusetts residents to have health insurance starting next year, but the state will subsidize premiums for residents who earn up to three times the federal poverty level, or about $60,000 for a family of four.
Moore's letter comes in advance of a meeting of the connector authority scheduled for tomorrow at which the board is expected to vote on the proposed rates. There will also be a hearing for public comment, probably in October, before the insurance rates are made final.
If rates are too high, as Moore suggests, some fear healthy low-income residents won't buy health insurance coverage. At the same time, if too many residents who require expensive medical care sign on it could drive up healthcare reform costs .
But there also are potential problems if rates are too low. For example, low-income residents who currently pay for health insurance at market rates through their employers might be tempted to instead sign up for subsidized coverage through the state.
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