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.
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