Clinton Touts Health Insurance Plan

According to Hilary Clinton, health insurance companies should face the same kind of federal regulation as firms that sell stocks and bonds do.

The patchwork of state regulation that insurers now operate under has allowed some carriers to get away with offering sub-par health insurance plans and to move to states with more favorable rules.

Clinton also outlined her universal health care plan, which would provide tax credits to make health insurance more affordable and require businesses to offer health coverage to workers or pay into a pool for people without it. Her plan also would expand Medicare and the federal employees' health insurance plan to cover those without adequate workplace insurance.

Liberty Mutual Turns It Up a Notch

Gearing up for the introduction of competition among Massachusetts automobile insurance companies next year, Liberty Mutual Group plans to increase its Massachusetts sales force by 50 percent.

Liberty Mutual, the state's fourth-largest automobile insurer, said the 30 additional sales representatives are being hired in response to the state's recent move away from a system in which auto insurance rates were set by state regulators to one that allows insurers to compete for customers, through their prices and products.

Liberty Mutual announced improvements to their Massachusetts auto policies. The Hanover Insurance Group, based in Worcester, followed suit yesterday with its own enhancements, including the potential for customers who are good drivers to eliminate deductible payments if they are in an accident.

Liberty already employs a sales staff of 61 working in 13 of the insurer's offices across Massachusetts. Liberty insures about 300,000 Massachusetts drivers. The new sales force will accommodate the increased shopping activity that will undoubtedly happen next year.

Maryland health insurance plan

The Maryland Senate has signed off on a health insurance plan to pump $600 million into health insurance for Maryland residents over the next five years.

The Senate voted 31-16 in a largely party-line vote to adopt Gov. Martin O'Malley's plan to expand Medicaid eligibility and give some small businesses a subsidy to help them offer health insurance to their employees.

The bill still needs final approval in the Senate before heading to the House, which passed a similar plan last year and is thought likely to approve some version of O'Malley's plan.

Funding for the health insurance expansion would come from several sources, including slot machine gambling and a higher tobacco tax. Both have yet to be approved.

Wyoming Health Insurance

Golden Rule Insurance Company, a leader in the individual health insurance market for nearly 60 years, this week begins offering new choices in coverage for individuals and families in Wyoming who buy their own health insurance.

Golden Rule’s product portfolio in Wyoming includes health savings account (HSA) plans, other lower-cost high deductible plans and traditional copay plans as well as short term health insurance.

Network discounts on health care can translate into even more savings and reduced out-of-pocket expenses for Golden Rule customers in Wyoming who will have access to UnitedHealthcare’s network of 162 physicians and 18 hospitals throughout the state as well as an extensive network throughout the country.

Golden Rule customers typically save 45-55 percent or more in premiums by choosing one of their HSA plans over a more traditional plan. In addition, HSAs offer triple tax advantages: the savings go in tax-deductible, grow tax-deferred and can be withdrawn tax-free as long as they are used for qualified medical expenses including vision and dental.

Today, nearly 40 percent of Golden Rule customers are covered by HSA plans.

Allstate to exit Auto Insurance Market in CA

California drivers argue that Allstate must lower its
California auto insurance rates by almost 19% under
new insurance regulations rules that limit excessive
profits in a Department of Insurance hearing that began
today in San Francisco, CA.

Allstate, the nation's second largest auto insurance
company, seeks five exemptions to the rules that determine
auto insurance rates, despite the company's above-average
profitability.

The Foundation for Taxpayer and Consumer Rights has determined
that Allstate is overcharging drivers over $300 million per year.

Allstate's net income for 2006 alone was approximately
$5 billion and total shareholder return was 590% between
1994 and 2006.