Healthcare costs rose while insurance coverage fell, studies show - Los Angeles Times
The changes have left nearly half the working-age population without enough protection from illness. Altogether, 44% of American adults were either uninsured or underinsured last year, according to the Commonwealth Fund.
U.S. workers whose wages stagnated over the last decade also saw their health insurance degrade, even as medical costs gobbled up a growing share of their income, two new studies show.
An estimated 29 million adults who had health insurance lacked adequate coverage in 2010, leaving them exposed to medical expenses such as high deductibles that they couldn't afford, according to a survey by the nonprofit Commonwealth Fund.
That is up from 16 million underinsured people in 2003, the survey found, underscoring the rising burden that insurance plans are placing on consumers as the industry raises required co-pays and deductibles.
Healthcare costs rose while insurance coverage fell, studies show - Los Angeles Times
Florida Supreme Court Upholds Household Exclusion in Auto Policies - Insurance Journal
Florida’s highest court has upheld the so-called “household exclusion” clause in automobile policies that states the injuries suffered by family members residing with an insured driver are not covered under the policy.
The Florida Supreme Court in the case of State Farm Insurance Co. v. Gilda Menendez reversed a Third District Court of Appeals, which ruled that the household exclusion as currently written is ambiguous and therefore should be interpreted in favor of the insured.
State Farm issued the policy to Menendez, who permitted her granddaughter Fabiola G. Llanes to use her vehicle. Subsequently, the granddaughter was involved in an accident that left her and her parents, Fabiola P. Llanes and Roger Llanes, injured. At the time, the granddaughter was living with her parents while her grandmother resided in her own home.
In the wake of the accident, Menendez filed suit against State Farm, the granddaughter and her parents seeking a determination whether her policy covered the injuries suffered by the family.
Florida Supreme Court Upholds Household Exclusion in Auto Policies - Insurance Journal
Piracy wave set to hit households in the GCC - gulfnews.com
The German frigate ‘Hamburg’ on patrol after destroying two fishing boats which were discovered floating keel up in open waters off the coast of Somalia.
Dubai: The cost of GCC household goods may be on the rise as shipping companies pass along to consumers a 300-fold increase in emergency insurance premiums - per voyage - to ply pirate-infested waters, experts say.
A rash of attacks on bulk carrier ships by rocket-toting Somali pirates has prompted London insurance authorities to list the eastern coastal areas of the Arab peninsula as ‘War Risk' zones, prompting some marine underwriters to boost their insurance coverage from $500 (Dh1,836) per voyage to GCC countries up to $150,000 per trip by some accounts.
Gulf countries such as the UAE are highly dependent on the daily shipments of perishable foods, electronics, clothing and household goods from Europe and Asia and are vulnerable to the trickle-down effects of higher shipping costs.
Piracy wave set to hit households in the GCC - gulfnews.com
Health Plan Tax Credit Eligibility Proposed - Courthouse News Service
WASHINGTON (CN) - The Internal Revenue Service plans to offer a tax credit to taxpayers to pay for health insurance purchased through state health insurance exchanges created under the Patient Protection and Affordable Care Act.
The exchanges are supposed to be up and running by 2014, when qualified taxpayers will be able to claim a refundable tax credit to subsidize purchasing private insurance.
The Congressional Budget Office estimates that once the act is fully phased in, the average tax credit will be over $5,000 per year. It is limited to the difference between the premium for so-called benchmark plans, which provide basic coverage, and the amount of a taxpayer's "expected contribution" which is capped at 9.5 percent of household income.
The amount of the credit is tied to the amount of the insurance premium so that those who, because of old age or pre-existing conditions, pay more for their coverage will receive a larger credit.
Health Plan Tax Credit Eligibility Proposed - Courthouse News Service
Are You Covered if Your Nanny Sues? - Fox Business
Your personal assistant, nanny, housekeeper or pool cleaner may make your life easier, but they also represent your greatest threat for a high-priced lawsuit should your relationship sour. You'll want to have adequate insurance coverage.
The liability risks from household staff are numerous. Wrongful termination, discrimination, harassment -- sexual and otherwise -- and privacy breaches head the list. The propensity of some homeowners to hire undocumented workers, pay in cash and fail to check if contractors have workers' compensation coverage exposes them to an even broader vista of tax and employment practice claims.
Typical homeowners insurance won't cover much if any of it, regardless of the size of the home, according to Lilia Rocha, vice president of Momentous Insurance Brokerage, an agency based in Los Angeles.
And you need not belong to the yachting class to be at risk. Rocha says the bourgeoisie is increasingly exposed as well. "We see claims all the time for employment discrimination, and those occur whether there is one nanny in the household or 100 employees," she says.
Are You Covered if Your Nanny Sues? - Fox Business
Understand financial instruments first - Hindu Business Line
After meeting my household expenses of Rs 20,000, EMI of Rs 10,000, SIP and insurance premium, my monthly surplus is Rs 11,000. My wife earns Rs 9,000 a month, which is kept as emergency fund in a savings bank account. We live in an independent house and have let-out the ground floor for Rs 3,500 a month.
I have invested in eight mutual fund schemes and the market value is Rs 1.2 lakh. Now I have an SIP in Franklin India Blue Chip for Rs 2,000. I have four ULIPs, but I have stopped paying premium in three plans after the mandatory three-year lock-in. My total invested amount is Rs 1.3 lakh. I am continuing one ULIP for which I pay an annual premium of Rs 11,000 which I intended to stop in 2012 after completion of three years.
I have two traditional insurance policies with sum insured of Rs 1.3 lakh and my annual premium is Rs 9,902. The policies are maturing in 2018 and 2023. My wife has two policies for sum assured of Rs 4 lakh and the annual premium outgo of Rs 9,049. Her policies mature in 2025.
I have no idea how much I need to save for my daughter's education and marriage. But I would like her to study engineering. After checking my portfolio, suggest if I need to make any changes.
Understand financial instruments first - Hindu Business Line
Brightway Insurance Fills Much-Needed Gap for Targeted Donations - PR Newswire (press release)
July 22, 2011 /PRNewswire/ -- As charity organizations, community groups and public schools face severe budget cuts, Brightway Insurance is stepping up to help these organizations fill in their budgetary gaps.
Brightway Insurance introduces Brightway Gives Back, an innovative program that allows nonprofit organizations, sports teams and community groups to raise money without buying goods, selling magazines, greeting cards or holding car washes.
In addition to receiving a competitive insurance quote as part of Brightway Gives Back, participants will receive a free Hurricane Guide and a Home Inventory Kit to document their household property and valuables.
Florida Trend also ranked Brightway Insurance seventh on its list of the top 100 "Florida's Best Companies to Work For." In 2010, Insurance Journal named Brightway one of the "Best Insurance Agencies to Work For" in the country. For more information, contact Brightway Insurance at 888-254-5014 or visit http://www.brightway.com .
Brightway Insurance Fills Much-Needed Gap for Targeted Donations - PR Newswire (press release)
Oklahoma Lawmaker Promotes Program for Distressed Homeowners - Insurance Journal
The clock is ticking on a federal program designed to assist distressed homeowners who have experienced a drop in income of at least 15 percent directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency.
State Representative Anastasia A. Pittman, D-Oklahoma City, recommends that all struggling homeowners review this program and if eligible, consider applying before the July 22 deadline.
Oklahoma is one of 27 states receiving funding under the Emergency Homeowners’ Loan program (EHLP). Under EHLP program guidelines eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.
Income Limit: Applicant has a total household income equal to, or less than, the greater of either $75,000 or 120 percent of the Area Median Income (AMI) for a household size of four (4) persons previous to loss of income resulting from involuntary unemployment, underemployment, and/or medical emergency/serious injury.
Oklahoma Lawmaker Promotes Program for Distressed Homeowners - Insurance Journal
Best Consumer Credit Scores Since 2006 Reveal Lending Rebound Across U.S. - Bloomberg
Michael Busick says his credit union “was shocked” to discover his credit score was 812 of a possible 850 when he applied for a $19,500 new-car loan.
The loan officer told Busick he rarely sees scores so close to perfect, said the Charlotte, North Carolina , math teacher, who added that he always pays his bills on time and doesn’t “overextend.” He got the funds in May.
Equifax Inc. (EFX) , a provider of consumer-credit data. The ratio of consumer-debt payments to incomes is the lowest since 1994, and delinquencies have dropped 30 percent in two years, Federal Reserve data show.
Improving credit quality gives households the ability to lift borrowing as concerns ease about rising gasoline prices, hard-to-find jobs and falling home prices. A reacceleration in spending would belie Morgan Stanley economist Stephen Roach ’s assertion that consumers will be “zombies” for years because of too much debt.
Best Consumer Credit Scores Since 2006 Reveal Lending Rebound Across U.S. - Bloomberg
ObamaCare: Another Way to Redistribute Income and Wealth - The New American
It's the Miracle-Gro philosophy of economics. It views individual incomes as fertilizer, something for politicians to toss around in an attempt to make sure that all the flowers are adequately blooming and sufficiently equal.
The line of attack for full government control in health care was built on a strategy of Obama demonizing "the rich" as greedy for wanting to keep at least half of their earnings, while portraying medical professionals as ravenous butchers who would rather cut the feet off diabetics than provide advice on less profitable dietary solutions.
Regarding ObamaCare's redistribution aspects, Paul Winfree, senior policy analyst at the Heritage Foundation, highlighted the specifics in his recent analysis, "Obamacare Tax Subsidies: Bigger Deficits, Fewer Taxpayers, Damaged Economy." "Obamacare's tax subsidies are available for certain households who purchase federally approved coverage in the newly created health insurance exchanges unless they are eligible for Medicare or Medicaid or they can receive coverage through their employer that meets standards established by Obamacare," explains Winfree.
In short, for the same medical coverage, some households will have to pay a percentage of their gross incomes that's more than three times what households with lower incomes will have to pay.
ObamaCare: Another Way to Redistribute Income and Wealth - The New American