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Census Bureau Announces Schedule for Income, Poverty and Health Insurance Statistics and American Community Survey Results

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WASHINGTON, July 31, 2014 /PRNewswire-USNewswire/ -- The U.S. Census Bureau announced today the schedule for the 2013 income, poverty and health insurance statistics from the Annual Social and Economic Supplement to the Current Population Survey, as well as the 2013 American Community... Reported by PR Newswire 12 hours ago.

America's Real Deficits: Jobs and Infrastructure

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Congress is fixated on the federal budget deficit.

This year, the House of Representatives passed a budget to slash funding for infrastructure, Medicaid, the Children's Health Insurance Program, nutrition programs, K-12 education, and science research in the name of deficit reduction. Harsh across-the-board "sequester" cuts remain the law of the land. Just last week, Republicans on the House Judiciary Committee held a hearing on a constitutional amendment to stop the federal government from undertaking deficit spending even during emergency periods of extreme unemployment.

Something is wrong with this picture. America's federal budget deficits have actually shrunk by nearly $5 trillion since 2010. The Congressional Budget Office's projection for the budget deficit this year is considerably smaller than it's been on average over the past 40 years. In short, the economic evidence is clear: This deficit is no longer an urgent issue.

But there are, in fact, deficits that demand America's immediate attention: Consider our infrastructure deficit and our jobs deficit.

According to the American Society of Civil Engineers, our nation needs to invest approximately $2.7 trillion in roads, bridges, water and sewage systems, electrical grids, and ports by 2020. But there's only an estimated $1.6 trillion in public and private financing projected to be available over that period. This $1.1 trillion infrastructure deficit is more than just an outstanding liability on America's balance sheet. If unaddressed, it will mean more frequent power outages, traffic jams, higher prices at supermarkets, and even dangerous accidents like the bridge collapses of recent years.

America's most serious deficit -- our jobs deficit -- stands at more than 6.8 million. This summer, the nonpartisan Hamilton Project at the Brookings Institution calculated that it would take 6.8 million jobs just to bring us back to pre-recession employment levels accounting for the new adult entrants to the labor market. Even according to optimistic projections, it would take us until 2018 to close this gap. This deficit is more than just an economic challenge: It translates into lost homes and health care as well as crushing anxiety and dimmer lifelong career prospects. Our jobs deficit hurts not only the unemployed but also low-wage and middle-wage workers who, in times of high unemployment, lack the bargaining power needed to secure a good income.

Congress can act right now to close both the infrastructure deficit and the jobs deficit. There's no shortage of options:

• I have introduced H.R. 1000, the Humphrey-Hawkins Full Employment and Training Act, to create public trusts -- financed by a minuscule tax on Wall Street speculation -- to enable small businesses and municipalities to hire people to upgrade our infrastructure, strengthen our education and health care systems, address environmental challenges and other key public needs.

• President Obama's American Job Act -- which has recently been reintroduced by Congresswoman Frederica Wilson of Florida -- would create smart incentives for hiring the long-term unemployed, establish a national infrastructure bank, and enable states and localities to re-hire educators, first responders, and researchers whose positions were eliminated due to recent budget cuts.

• This week, I introduced the Bringing Urgent Investment to Local Development (BUILD) Act to re-launch the Build America Bonds program, a proven, cost-effective tool to empower cities and states to undertake infrastructure repairs and other capital projects at lower cost. This market-oriented approach has been endorsed by elected officials and organizations across the political spectrum.

All of these policies would reduce America's infrastructure deficit and jobs deficit. They would also, over the long-run, reduce the federal budget deficits that are still Republicans' main concern. It's most cost-effective to get to work on needed public projects now when interest rates remain low and unemployment remains high. When Americans are trained, working and contributing to the nation's coffers, businesses enjoy more consumer demand and the government is less laden with debt.

It's time for Congress to get serious about infrastructure and jobs--the deficits that really matter to the American people. Reported by Huffington Post 11 hours ago.

A Lesson In Forgetting Social Classes

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"I don't see a war between the rich and the poor. Everyone got something, but who got the most? The fact is that more poor people came out on top. I think some people don't like it when they find themselves seated next to a housekeeper or a secretary on a plane."

-- Dilma Rousseff on July 28 during a debate at Folha de S. Paulo

This sentence reminded me of a poignant episode I experienced three years ago on a flight back from a vacation in Rio Grande do Norte. I'm not much of a talker on planes, but halfway through the flight I found myself sharing some laughs over a TV show with the woman next to me. The laughter brought us together, unleashing a conversation that lasted the remainder of the trip.

The woman, in her 60s, said this was her first plane trip and the first time, after many decades living and working in São Paulo, that she had gone back to visit her family in Currais Novos, a small town in Rio Grande do Norte, a small state in the northeast of Brazil.

Recently retired from a job as a housekeeper, what impressed her most in that small town was the enthusiasm she felt: "There's a party every night, nobody sleeps," she said, smiling from ear to ear.

She told me she lived with her son and daughter, who were both in their 20s, college graduates and financially independent (facts she was very proud of), in a small but comfortable home in the greater São Paulo. She busied herself with odd sewing jobs, but nothing very serious. "I do this because I like being busy," she said.

The conversation kept flowing as easily as if we had known each other for a long time, when suddenly I understood why. That simple yet wise woman, who despite all of the daily hardships, was happy with life and herself. She reminded me of Maria da Gloria, who worked as a housekeeper for my family for many decades.

Maria came to our home shortly after I was born in 1967. There, she settled among an upper middle class family: the father, a lawyer; the mother, a homemaker; and four children, two boys and two girls. At the beginning, we lived in a townhouse in Pinheiros, later in an apartment in Jardins, an upscale neighborhood in São Paulo.

When Maria arrived, Mia, the cook, had already been working with my family since my mother was 15. And, although they were completely different from one another, both became a central part of the family.

It was with Maria, not my mother, whom I liked to study. She was very fast, and all I wanted was to get it over with quickly to go play, listen to music, or read. I would go to her room, sit on her bed, hand her my notebook and, in a matter of minutes, she reviewed the multiplication tables and checked my knowledge of history, Portuguese, or geography. It was all about memorizing things, so I always answered without missing a beat. Thanks to Maria's help, I always got good grades and never needed summer school (except as a teenager, during an existential crisis when Maria wasn't around).

When I was about 15, Maria married the family chauffeur, a handsome and vain man who prohibited her from continuing to work as soon as they left the church. She went away for a few years, moved to a small town, went through hard times, and some years later, after her husband got ill, she reclaimed her right to be independent.

At first, she went back to work for my sister Celina. But when I was 29, as soon as I got back from a stint in London, I moved into my first apartment in São Paulo and asked her to work for me.

So we shared a strong bond for another 15 years. She knew me better than anyone else and did not mind my serious, at times slightly harsh, attitude. She knew it was only skin-deep. I told her she was in charge of running the apartment: "I want nothing to do with it, tell me how much it is and I'll give you the money." And so she took care of everything.

When her two children, a boy and a girl, finished high school, I convinced my father to pay their college tuition. Eduardo majored in business administration, and Marina in physiotherapy.

Because Maria had serious cardiovascular problems, I tried to make her quit smoking, but she kept sneaking a cigarette. I even took her to a top specialist, who warned her about the dangers of smoking, but it was all in vain.

Since I was concerned about Maria's future, I paid for her ​​health insurance. And thus, time went by -- she was always there, constant and unfaltering, despite her increasingly heavy and swollen legs. When she turned 60, Maria went into retirement, but wanted to continue working.

One day she was hospitalized. Her daughter gave me daily updates, but as I was very busy leading the hectic life of a journalist, it took me a few days to go visit her. On a Sunday morning, I woke up early and went to the hospital in Santo Amaro. I found her in great spirits, with a smile on her face; she seemed to have overcome the worst of it.

At night, I got the dreadful phone call. Maria had suddenly worsened and died. She was 63. I had lost my faithful squire, the one I could trust 100 percent. I'm sure she knew that she could also trust me.

The dialogue with the lady on the plane happened about two months after Maria's passing. After a delightful 90-minute chat, capped by an amazing full moon showing itself through the airplane window, I realized that that meeting had touched me deeply.

"Maria sat beside me on this plane," I thought to myself, looking at the seat next to me during a pause in our conversation. When the plane started descending in Congonhas, my eyes filled with tears. I landed in peace, a contrast to the chaotic city all around me. I was happy to have had one last meeting with Maria da Gloria, a woman I missed so much, albeit in the skin of that other dignified woman.

The Brazilian Labor Party is not my default party of choice. I believe that the economic and social progress made in Brazil is the joint achievement of our young democracy and the members of the Brazilian society. But thank you, Dilma, because your sentence allowed me to recreate that wonderful experience over the skies of Brazil.

Follow Otávio Dias on Twitter: www.twitter.com/OtavioLDias

This article was translated from Portuguese and was originally published on Brasil Post. Reported by Huffington Post 12 hours ago.

What to watch for: Obamacare appeals

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The split decisions surrounding the Affordable Care Act's subsidies reignited the firestorm over the efficacy of Obamacare, but in states like Texas that don't have a state-run health insurance exchange and didn't expand Medicaid, the focus is on the impact of losing the federal tax credits. While it’s too early to tell the exact number of people that could be impacted in Texas, the estimates are still pretty grim. According to the office of the Assistant Secretary for Planning and Evaluation,… Reported by bizjournals 11 hours ago.

Covered California Announces Rates For 2015; Rigorous Negotiations With Health Insurance Companies Keep Rate Increases Low And Choices Robust

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SACRAMENTO, Calif., July 31, 2014 /PRNewswire/ -- The vast majority of Covered California consumers will see low increases in their health insurance premiums for 2015, and many consumers will see no increase or even a decrease. The statewide weighted average* came in at 4.2 percent, with... Reported by PR Newswire 10 hours ago.

Save the Met #weareopera

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In the early 1970's, when I was in my tweens and early teens, my father, who was the Superintendent of Catoctin Mountain Park in central Maryland, created a type of living history center. He located craftsmen from the area who could demonstrate domestic arts that were quickly disappearing: blacksmithing, broom making, shingle shaving, spinning, weaving, candle making... you get the point. Many of these craftspeople lived on the mountain. They had never thought of their work as anything but their trade. Some were quite elderly. I and a couple other area girls worked as apprentices of a sort. The craft center was open to the public and for a number of years would have thousands of visitors per year.

Fast forward to today. I now live and work in the field of opera. Opera has been in the news a lot lately. At the beginning of the summer there was much coverage about a female singer's weight and the importance of physically believable singers. Also in the news was the possible closing of San Diego Opera when their general director and the board made a proclamation that he would close the company with little warning to his employees. Fortunately, the public and the profession came to the front and helped to keep the company open by restructuring and install a new board of directors.

Now the Metropolitan Opera, my home for over 20 years of my 34-year career, is in the final hours of labor negotiations. We have been told there will be a lockout starting at midnight Thursday evening when the fiscal year closes. That is when the contracts for at least 14 unions representing everyone from security guards, custodial staff, to artists and stage technicians, the costume shop, chorus, orchestra and others will expire. Those who are full-time will no longer be paid, their benefits will stop and they must find their own health insurance.

This situation is quite sad for many of us who have worked there. It is the largest performing arts organization in the U.S. The Met has existed since 1880. For many in our country and throughout the world it is known for the Saturday afternoon live radio broadcasts that started on Christmas Day 1941 and has continued. At one time there were only a few opera companies in our country and the Met would tour to major cities.

Things have changed. There are numerous smaller and excellent opera companies in our country. There is innovation, performance spaces that are appealing, opera education and experimental new works and productions. Opera is alive a well.

The Met is unique in that it is the standard bearer for great "Grand Opera" in the truest form. No theater has produced as many operas (over 300 since its inception) or has as many performances per year. The place employs over 3000 people; a proportionately small, talented and experienced administrative staff, and the remaining majority comprised of artists and craftspeople who practice their trade at the highest level in the world.

Well, in this age of virtual reality and greedy corporations, the Metropolitan Opera remains a non-profit organization that exists only to perfect, produce and promote an art form that is over 400-years old and that is unique and grand in every way. It is a living museum. Live performance is hard to quantify because it is so ephemeral. This does not make it less important than, say, a great Picasso. The Met facility allows for the Cecil B. DeMille-type of spectacle that one can see in only a few places. Moreover, there is pure, unadulterated sound produced by the finest chorus, orchestra and soloists in the world.

Sure you can go to a pop/rock concert and see spectacle but you will not hear a pure audio experience, and you certainly will not see a great story line. The Met has a combination of the human voice at its most refined and vulnerable in a live performance, and an entire company of people uniting in teamwork to present a theatrically moving experience that exists on that scale no where else.

I have worked in many theaters in many countries. Never have I worked at a place with a consistently high level of artists and craft, and a place that has so many aspects that all come together thanks to an incredible staff. People who work in the arts do it because they love it. The long hours are a given.

(Side note: Much has been made of the "average" salary for a chorus member being $200,000. Let me point out that average means that half make more than and half make less than this amount. This is not the case. I can assure every donor and every member of the paying public that every person who works in this place earns their wages. The expensive poppy field also is an absurd thing to focus on. Scenic elements are costly, that is just a fact.)

Apparently one of the extreme labor costs that the Met administration finds itself with is overtime pay for union workers. My son's father was a technical director for the time I was married to him (at Houston Grand Opera and the Lyric Opera of Chicago -- both presenters of large scale operatic productions). I knew first-hand of the rules governing employment of the stagehands. I saw him working hard to keep productions under budget. (That is the point of a budget, no?) The benefit of union labor for a company is that it is a known cost. The unions do not ask for overtime. An administration chooses to run up that cost. The union employees expect their base income and reasonable benefits. Anything else is fluff. Such cost has to be taken into consideration by those making budgetary and artistic decisions.

I am not part of the current Met negotiations and I certainly do not know the whole story. What I do know is that in the years I performed there from 1989 to the mid 2000's, someone was watching the clock meticulously so as to not activate overtime costs. Stage rehearsals would stop even if the act was not finished. It was a tight ship. In 2007, I was at the Met for a new work called the First Emperor by composer Tan Dun. It was a fabulous experience working with a Chinese production staff and the renowned film director Zhang Yimou. However, I noticed that set pieces that were elaborately decorated were changed or discarded, and we did work on a Sunday (overtime). I remember wondering how they could spend the extra money. I guess it stuck out to me from years of it being otherwise.

I sure wish more people could see and or understand and appreciate opera. I don't like it that tickets are expensive. I don't like it that opera is seen as an elitist art form. If there was better funding this might not be the case. Our society does not seem to value craft and tradition. Our society seems to value innovation, technical prowess and an increasing dependence on virtual reality for our entertainment. We are a community of short attention spans. Our society seems to value hyped-up PR machine events.

Most people will not bat an eye though at spending good money to see a current pop performer. Many value the talent and tradition of sporting events and will also pay through the nose for the opportunity to observe millionaires play games. No one balks at the fact that although the NFL is a non-profit, the players make a fortune. One might say, "Well, they have a short career." How about dancers? They cannot have a career much past the age of 40. Singers start their careers late and also one have a relatively short window of time to perform optimally in a highly competitive environment. Instrumentalists spend their entire lives -- often from the age of three or four -- practicing hours a day to reach the level to compete for a place in the Metropolitan Opera orchestra.

I do not have any answers but I do know that I do not want to see the art form of grand opera go extinct like the craft and skill of the past. I want it to be accessible. I want the public and the audiences and donors to know that the people who work to perform, create, maintain what you see at the Metropolitan Opera are well worth it.

I am due back at the Met this fall. I want the season to happen as I have been waiting to go back into my "family" fold of artists. (Read my previous entry from a few weeks ago). In writing about the situation I may be putting my employment at risk but I cannot just sit by and watch this happen to my friends, colleagues and the hard working staff of the Metropolitan Opera. Moreover, I cannot abide the art form at this level not being available to the public. If you have attended the Met in the past or would like to in the future, even once, please let the company know your thoughts. Reported by Huffington Post 10 hours ago.

HealthNow CEO talks strategy for businesses under the Affordable Care Act

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David Anderson, president and CEO of HealthNow New York Inc., predicts employers' role in health insurance will be reduced significantly in the next three to five years. But Anderson disagrees with some economists who say businesses will totally eliminate health benefits under the Affordable Care Act, or ACA. That shift away from the employer-based model is a major part of the ACA. The 2010 federal health law is seeking to expand health insurance while overhauling government regulations. For HealthNow,… Reported by bizjournals 9 hours ago.

Consumer Watchdog Campaign: Health Insurance Companies Facing Prop 45's Protection Against Rate Hikes Temper Premium Hikes For Covered California… What About Next Year?

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SANTA MONICA, Calif., July 31, 2014 /PRNewswire-USNewswire/ -- Consumer Watchdog Campaign said that the smaller than usual rate hikes announced by Covered California today are good news for consumers and resulted in part from the presence of Proposition 45 on the ballot, which... Reported by PR Newswire 3 hours ago.

Obamacare Prices In California Only Going Up A Little Next Year

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Nearly nine in 10 Californians with a plan purchased through the state's health insurance exchange will see price increases of less than 8 percent next year, the exchange, Covered California, announced Thursday.

The weighted average rate across California will be 4.2 percent higher than this year. The new, estimated rate is calculated by factoring in increases and decreases, as well as the number of consumers in each health plan, according to a press release. The new premiums are preliminary, pending review by other state regulators. Ten health insurance companies will offer plans on the exchange, which is three fewer than this year.

"It's good news for California. It's good news for the Affordable Care Act," said Peter Lee, the executive director of Covered California. The 2015 increases are lower than annual hikes in the years before Obamacare, he said. "We've been seeing consumers facing 10 percent or more in rate increases year over year. This year, 4.2 percent is the average increase," Lee said.

Since the enactment of the Affordable Care Act, California has positioned itself as a national leader in health care reform. The state created its own health insurance exchange and participated in the law's expansion of Medicaid to more low-income residents. And California's uninsured rate was more than halved by the end of the first Obamacare enrollment period that ended this spring, as 3.4 million Californians gained coverage, according to the Henry J. Kaiser Family Foundation. Prior to Obamacare, California had one of the highest uninsured rates in the nation.

"We still are at the starting point, and we know we have a long way to go," Lee said.

The low average price increases for 2015 could quell fears of double-digit rate hikes in the state, but individual consumers' experiences will vary.

Thirteen percent of Covered California users are in health plans that will see price increases of more than 8 percent, and more than 35 percent of users will see rate hikes between 5 percent and 8 percent. Another 35 percent will pay less than 5 percent more, while 16 percent of policyholders have plans with prices that will stay roughly flat, or even decrease, according to Covered California. Average increases differ among the state's geographic areas and based on other factors, including age.

"Averages are meaningless. What's meaningful is to talk about a person's circumstances," Lee said. Consumers facing rate increases who shop around on the exchange during the next open enrollment period, which runs nationwide from Nov. 15 to Feb. 15, 2015, may find a comparable plan at a lower price, he said. Californians can review next year's rates for specific health insurance plans on the exchange's website as of today, he said.

These 2015 rate increases follow a significant one-time bump in prices for coverage on California's individual market last year. That increase was caused by Obamacare's benefit mandates and its prohibition against insurers rejecting consumers based on their health.

According to California Insurance Commissioner Dave Jones, prices rose anywhere from 22 percent to 88 percent from 2013 to 2014, although those rates don't factor in the effect of tax credits that reduce what customers pay. For 2014 benefits, 88 percent of Covered California users received such financial assistance. Jones supports a proposition pending on the ballot that would empower his office to reject insurance price increases, while Covered California's leadership has been skeptical. Lee on Thursday called Jones' findings "misleading and distracting."

California's health insurance premium increases appear in line with preliminary information coming from other states, although some consumers will face significant increases if they remain on their current plans next year. State and federal regulators are reviewing companies' proposed rates. Reported by Huffington Post 7 hours ago.

Notre Dame might appeal case to US Supreme Court

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Notre Dame might appeal case to US Supreme Court The University of Notre Dame might appeal to the U.S. Supreme Court in its challenge to part of the federal health care law that forces it to cover contraceptives in its health insurance for students and employees. Reported by WTHR 7 hours ago.

How strong is Oregon's return on its health care investment?

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Oregon is in the top 25 percent of states when it comes to getting good health in return for money spent on health care, a new study has found. Oregon ranked 11th in the United States for health care return on investment, according to an analysis conducted by the personal finance social network WalletHub. The high ranking is attributable both to the quality of Oregon’s health care and the moderate cost of health insurance here, said WalletHub CEO Odysseas Papadimitriou. “It seems to do well… Reported by bizjournals 7 hours ago.

Universal Medical ID Launches My Interactive Health Record Globally

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Personal health record allows people to take charge of their health and keep medical records close at hand.

Houston, TX (PRWEB) July 31, 2014

Universal Medical ID has expanded access to My Interactive Health Record (MyIHR) to customers in Australia. The service is also available in the United States, Canada and the United Kingdom. The online personal health record allows people to create a central record that houses all health and medical information, including contact information, emergency contacts, health insurance, medical conditions, allergies, medications and more.

MyIHR is a valuable tool for anyone who wants to keep personal medical information organized. And MyIHR can be a central depository for important medical documents for the whole family. Parents can enter information about their children’s health and medications, and even upload immunization records.

Taking charge of personal medical records can help prevent medical errors when talking to a doctor or pharmacist, especially if the person sees multiple specialists. MyIHR is helpful for anyone who has multiple chronic conditions, is taking multiple medications, or has an extensive medical history.

The secure online portal is easy to access and use anywhere there is an internet connection. Once in the system, it’s simple to navigate between tabs to see general information, medications, conditions, etc. Anyone who has access to the USER name and PIN can view the file, but only the private password allows the file to be changed.

MyIHR can even work in tandem with a medical ID during an emergency. The unique USER name and PIN engraved on the ID allow emergency medical professionals to access extended medical history and records by calling the 24/7 toll-free phone number or visiting the website.

For information about My Interactive Health Record, visit http://www.myihr.com.

About Universal Medical ID
Universal Medical ID provides simple, inexpensive, yet vital tools to help ensure patients receive the best care and live safe, fulfilling lives. We serve the medical community and the public at large by offering a wide selection of medical ID jewelry that, in an emergency, allow medical professionals to give prompt, precise treatment. Founded in 1994 by Rick Russell, president and CEO, Universal Medical ID is based in Houston, Texas, USA, and is 100% employee owned. Reported by PRWeb 7 hours ago.

Medicare Is in Better Health Than You Might Think

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Filed under: Health Care, Insurance, U.S. Government, Health Insurance, Social Security

*Ocskay Bence/Shutterstock*

Millions of retirees rely on benefits from Social Security and Medicare for their financial survival after they quit working, but many policymakers have concerns about their long-term financial sustainability. Earlier this week, the trustees in charge of these critical programs issued their annual reports on their financial condition.

In the gloomy Social Security Trustees' report, little has changed since last year: The trust is expected to empty in 2033, after which the program will be able to pay just around 77 percent of its scheduled benefits.

However, the Medicare Trustees Report had some surprisingly positive news. The Medicare Trustees now expect that the program will be able to keep operating as is until 2030. That's four years longer than they expected in last year's report. Medicare trustees cite several factors to explain the good news.

*1. People Spent Less on Health Care*

The financial stability of any insurance program covering medical costs depends generally on two things: how much revenue it brings in and how much it has to pay for covered services. For a long time, the analysts at the Centers for Medicare and Medicaid Services have predicted that the demographic shift created by the imminent retirement of baby boomers would lead to much greater enrollment in Medicare, further stressing a system already dealing with rising health costs.

Yet the Medicare trustees reported that spending on the hospital services provided by Medicare was lower than expected. That was the primary factor that caused Medicare's long-term deficit to fall by more than 20 percent. Moreover, Medicare now expects that future growth in covered costs will be slower than initially predicted, at least over the next several years.

In the long run, Medicare trustees still believe that the program's expenditures will outpace the rate of economic growth as well as average workers' earnings. That's a major part of the reason why Medicare still faces a long-term threat.

*2. Affordable Care Act Kept Some Costs in Check*

When the Affordable Care Act became law, its proponents largely focused on how it provided insurance coverage to millions of previously uninsured Americans. Yet also included in the act were provisions that saved costs for Medicare recipients, and that has contributed to Medicare's health.

Medicare trustees highlighted ACA provisions that slowed the rate of increase in Medicare payments to health-care providers. By essentially making hospitals, doctors and other professionals accept smaller payments for Medicare-covered patients, Medicare reaped savings from its bargaining power.

Still, the Medicare trustees aren't certain that those trends can continue. Lower compensation rates could have an impact on the willingness of health-care professionals to serve Medicare patients, and any disruption could force lawmakers to consider boosting reimbursement rates back to higher levels in the future. The trustees argued that it's therefore likely that Medicare's future costs could easily be higher than its current projections, especially if policymakers can't come to consensus on how to resolve issues.

*3. Medicare Won't Simply Disappear in 2030, or Even 2050*

Many people mistakenly believe that Medicare will cease to exist when it runs out of money. But what "insolvency" means to the Medicare trustees is that the program won't have enough tax revenue to pay 100 percent of the benefits that its recipients are entitled to under the law.

The report says that in 2030, when Medicare is scheduled to run out of money, tax revenue will still be sufficient to pay 85 percent of expected benefits. By 2050, that figure could fall as low as 75 percent.

Yet even at that reduced level, Medicare would still be able to go a long way toward covering medical costs. Even now under current law, Medicare only covers a portion of most expenses, leaving recipients to cover the balance out of their own pockets or through supplemental insurance. A future failure of Medicare to pay all of its obligations would cost Americans more, but even in a worst-case scenario in which lawmakers couldn't agree to a solution, Medicare wouldn't simply disappear.

*Cautious Optimism Rules*

Even though Medicare's Trustees Report was largely positive, you still need to make contingency plans in considering what you'll do after you retire. With medical costs being one of the most challenging expenses retirees face, the future health of Medicare will be essential to the well-being of older Americans for decades to come.

You can follow Motley Fool contributor Dan Caplinger on Twitter @DanCaplinger or on Google+. For more on boosting your retirement income see The Motley Fool's free report outlining a simple strategy to help ensure a more comfortable retirement for you and your family.

 

Permalink | Email this | Linking Blogs | Comments Reported by DailyFinance 51 minutes ago.

Welltok names new C-level officers

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Welltok Inc., a Denver health-optimization company, named two new C-level officers Thursday. Brian Ancell has been added as president and chief operating officer, and Linda Fenton was named chief financial officer, both reporting to Chairman and CEO Jeff Margolis. Ancell most recently spent 17 years with Premera Blue Cross, a health insurance company based in the Seattle area, where he serves as executive vice president and, before that, senior vice president. Fenton was a principal at SpringBoard… Reported by bizjournals 5 hours ago.

Health-Law Opponents Seek Supreme Court Review

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A group of individuals who challenged health insurance subsidies tied to the Affordable Care Act moved to get an appeal in front of the Supreme Court. Reported by Wall Street Journal 2 hours ago.

Best Auto Insurance Prices Issued by CA Insurers Now Featured at Insurer Portal Online

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Some of the best auto insurance prices that companies in California are quoting are now viewable at http://quotespros.com/auto-insurance.html. The Quotes Pros company has added these new rates online.

Los Angeles, CA (PRWEB) July 31, 2014

Motorists in the state of California now have a way to evaluate the best coverage options for insurance on the Internet. The Quotes Pros website is now promoting some of the best auto insurance prices issued by CA agencies this year inside of its search tool at http://quotespros.com/auto-insurance.html.

The rates that are attached to each policy represent the annual costs for a number of exclusive coverage policies that are made available to the public. The popular forms of coverage like liability or full coverage are included in the best prices that can be explored or sorted by agency.

"The database that we've constructed for drivers to access in California and in other states works by zip code to uphold privacy levels for motorists," said a Quotes Pros company source.

The issued pricing that is based on city and location in the U.S. is tabulated by active insurers that are entered into the Quotes Pros database. A person who requires policies like SR22 or collector insurance that must be customized can still find pricing for these plans in the system.

"The immediate research for pricing that our website tool offers can save a person a tremendous amount of time and money when researching insurance agencies," the source included.

The Quotes Pros company was founded in 2012 and has updated its system to be more user friendly this year. The search and sort by zip code function is the newest improvement for drivers. Special rates for life and health insurance are also available to view at http://quotespros.com/life-insurance.html.

About QuotesPros.com

The QuotesPros.com company helps to issue prices and other information concerning different insurance coverage plans that are supplied by known agencies. The company website has been designed to continue offering free access to price data. The QuotesPros.com company has added auto, life renters, business, health and individual coverage plans to its sortable database system to introduce consumers to low pricing. Reported by PRWeb 2 hours ago.

Obamacare Subsidy Case Could Be Reviewed By Supreme Court

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July 31 (Reuters) - The U.S. Supreme Court has been asked to review a case about whether the federal government can subsidize health insurance for millions of Americans, a party involved in the lawsuit said on Thursday.
The petition requests the U.S. high court decide the issue after two lower U.S. court rulings created uncertainties last week regarding the legitimacy of subsidies for individuals enrolled on federally run exchanges under the Affordable Care Act, or Obamacare.
The Competitive Enterprise Institute, which is coordinating and funding the cases, filed the petition, according to the not-for-profit's website. (http://bit.ly/1tA8r5x)
The twin appeals court rulings, handed down by three-judge panels in Washington, D.C., and Richmond, Virginia, fell in line with partisan disagreements over healthcare reform. Two judges appointed by Republican presidents decided against the administration in the District of Columbia and three judges appointed by Democrats ruled in favor in Virginia.
The U.S. Court of Appeals for the District of Columbia Circuit ruled in a 2-1 decision that the language in the Affordable Care Act dealing with subsidies shows they should only be provided to consumers who purchase benefits on exchanges run by individual states.
However, plaintiffs in the D.C. Circuit case, known as Halbig v. Burwell, claimed that Congress did not intend to provide subsidies through federally operated marketplaces.
While the Supreme Court has broad discretion over which cases to take, a split among lower courts can be a big factor in its deciding whether to hear an appeal.
The Supreme Court upheld the Obamacare law on constitutional grounds in 2012 but allowed states to opt out of a major provision involving Medicaid coverage.
Analysts estimate that as many as 5 million people could be affected if subsidies disappear from the federal marketplace, which serves 36 states through the website HealthCare.gov. (Reporting by Narottam Medhora and Amrutha Penumudi in Bangalore; Editing by Lisa Shumaker) Reported by Huffington Post 1 hour ago.

Obamacare subsidy case could be reviewed by U.S. Supreme Court

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(Reuters) - The U.S. Supreme Court has been asked to review a case about whether the federal government can subsidize health insurance for millions of Americans, a party involved in the lawsuit said on Thursday. Reported by Reuters 2 hours ago.

Justice Department Seeks Appeal In Case That Struck Down Crucial Part Of Obamacare

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WASHINGTON (AP) — The Justice Department asked a full federal appeals court Friday to take up a case that has endangered subsidies helping millions of low- and middle-income people to afford their health care premiums under Obamacare.

Last week, a divided three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit said financial aid can be provided only in states that have set up their own insurance markets, or exchanges. Two judges nominated by Republican presidents formed the majority over a dissent from a Democratic appointee.

In an appeals court filing Friday, the Justice Department said that if last week's ruling is ultimately sustained, the decision will impose a severe hardship on millions of people who are receiving tax credits through federally facilitated exchanges.

The Justice Department said the disruption threatened by the panel majority's "erroneous interpretation" presents a question of exceptional importance warranting consideration by the full court. A majority would have to agree to the Justice Department's request.

The department also noted that a three-judge panel of the 4th U.S. Circuit Court of Appeals in Richmond unanimously came to the opposite conclusion last week, ruling that the Internal Revenue Service correctly interpreted the will of Congress when it issued regulations allowing health insurance tax credits for consumers in all 50 states.

On Friday, the Justice Department asked all the judges on the Washington court to consider the case.

If the full court does so, the balance would shift — with eight Democratic nominees and five Republican nominees hearing the case.

There are 11 judges on the appeals court. Two judges on the case last week are judges with senior status and would sit with the full court. One was nominated by a Republican president and the other by a Democratic president. Reported by Huffington Post 3 days ago.

Oregon's move from Oracle-developed site to Healthcare.gov on track

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Oregon's effort to transition its health insurance exchange from a problem-wracked website originally developed by Oracle to the federal Healthcare.gov platform is going according to schedule and expectations, state officials said this week. Reported by Computerworld 3 days ago.
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