State officials plan to cancel coverage for about 10,500 people participating in the state health insurance exchange because they could not prove that they were citizens or legal residents of the United States.
Reported by NYTimes.com 10 minutes ago.
National Briefing | West: California: 10,500 Could Lose Health Care
↧
↧
Effect of the fall of the Berlin wall: Three hours of life per euro
Each additional euro eastern Germans received in benefits from pensions and public health insurance after reunification accounted for three additional hours of life expectancy, researchers report. From the fall of the Berlin Wall in 1989 through the start of the new millennium, life expectancy in eastern Germany increased substantially, they have found.
Reported by Science Daily 9 hours ago.
↧
Senior Services of Illinois and Consumers Direct Insurance Services is Ready for the Annual Enrollment Period – Let the Medicare Madness Begin
Important Time of Year for Beneficiaries to Consider Changes to Their Medicare Sponsored Health Plans
Riverwoods, Illinois (PRWEB) October 15, 2014
Attention Medicare beneficiaries – the Annual Enrollment Period has begun.
Starting October 15th of each year, Medicare releases its newly offered benefits and limitations for its sponsored plans. The AEP as it is known for short, is the one time of year Medicare eligible individuals enrolled in a standalone Medicare Part D prescription drug plan (PDP) or Medicare Advantage (MA) plan are allowed to review the new benefits and health insurance plan options and decide if a change is necessary.
Senior Services of Illinois, Inc. (SSI) and Consumers Direct Insurance Services, Inc. (CDIS) – independent, authorized senior general agents for Blue Cross and Blue Shield of Illinois, New Mexico, Oklahoma and Texas – are ready for Medicare’s 2014 Annual Enrollment Period (AEP), which runs from October 15th through December 7th.
“We rigorously prepare and organize for the Medicare Open Enrollment Period months in advance,” said Scott Loochtan, President of SSI and CDIS, Inc. “Medicare beneficiaries all over the country anticipate this time of year to review and analyze their health plans so that they can secure the best options to meet their needs in the upcoming year.”
Health needs change from year to year and insurance plans may have also changed its benefits. That’s why it’s important to contact a licensed and certified insurance agent to help review the latest choices. SSI and CDIS’ agents possess the information and expertise that the average person does not by going through a stringent Medicare Part D Prescription Drug Plan (PDP) and Medicare Part C, also known as Medicare Advantage (MA), continuing education and certification process each year in order to assist current and potential clients. This allows them to provide full service Medicare insurance plan solutions while making themselves available in a variety of ways through technology, over the phone or in person appointments.
Individuals who have been on Medicare for a few years know that the AEP is tedious and restrictive, and for those experiencing it for the first time it can be confusing. Although Medicare is inflexible with its time frame there is plenty of time to make the necessary changes before the December 7th end date.
“This is not the time to procrastinate,” noted Loochtan. “Trying to decipher all of this material and information alone can be daunting, and that is why we offer complimentary educational services to make the process that much easier.”
SSI’s and CDIS’ insurance agents are available Monday-Friday from 8:00 A.M. – 8:00 P.M. and weekend availability is also available upon request. To contact one of SSI or CDIS’ agents please use any of the following methods below.
Senior Services of Illinois
http://www.SSIinsure.com
800-806-1220
CDIS of Texas
http://www.CDISofTX.com
855-788-BLUE (2583)
CDIS of Oklahoma
http://www.CDISofOK.com
855-651-BLUE (2583)
CDIS of New Mexico
http://www.CDISofNM.com
855-742-BLUE (2583)
About Senior Services of Illinois (SSI) & Consumers Direct Insurance Services, Inc. (CDIS)
Senior Services of Illinois, Inc. (SSI) and Consumers Direct Insurance Services, Inc., (CDIS), are Independent, Authorized Senior General Agents for Blue Cross and Blue Shield of Illinois, New Mexico, Oklahoma and Texas that were founded in an effort to bridge the gap between education and insurance. Headquartered in Riverwoods, IL, the company has an executive team with over 100 years’ experience that has been providing world-class healthcare guidance to over 20,000 active clients.
*Not connected with or endorsed by the U.S. Government or the Federal Medicare program. Reported by PRWeb 13 hours ago.
Riverwoods, Illinois (PRWEB) October 15, 2014
Attention Medicare beneficiaries – the Annual Enrollment Period has begun.
Starting October 15th of each year, Medicare releases its newly offered benefits and limitations for its sponsored plans. The AEP as it is known for short, is the one time of year Medicare eligible individuals enrolled in a standalone Medicare Part D prescription drug plan (PDP) or Medicare Advantage (MA) plan are allowed to review the new benefits and health insurance plan options and decide if a change is necessary.
Senior Services of Illinois, Inc. (SSI) and Consumers Direct Insurance Services, Inc. (CDIS) – independent, authorized senior general agents for Blue Cross and Blue Shield of Illinois, New Mexico, Oklahoma and Texas – are ready for Medicare’s 2014 Annual Enrollment Period (AEP), which runs from October 15th through December 7th.
“We rigorously prepare and organize for the Medicare Open Enrollment Period months in advance,” said Scott Loochtan, President of SSI and CDIS, Inc. “Medicare beneficiaries all over the country anticipate this time of year to review and analyze their health plans so that they can secure the best options to meet their needs in the upcoming year.”
Health needs change from year to year and insurance plans may have also changed its benefits. That’s why it’s important to contact a licensed and certified insurance agent to help review the latest choices. SSI and CDIS’ agents possess the information and expertise that the average person does not by going through a stringent Medicare Part D Prescription Drug Plan (PDP) and Medicare Part C, also known as Medicare Advantage (MA), continuing education and certification process each year in order to assist current and potential clients. This allows them to provide full service Medicare insurance plan solutions while making themselves available in a variety of ways through technology, over the phone or in person appointments.
Individuals who have been on Medicare for a few years know that the AEP is tedious and restrictive, and for those experiencing it for the first time it can be confusing. Although Medicare is inflexible with its time frame there is plenty of time to make the necessary changes before the December 7th end date.
“This is not the time to procrastinate,” noted Loochtan. “Trying to decipher all of this material and information alone can be daunting, and that is why we offer complimentary educational services to make the process that much easier.”
SSI’s and CDIS’ insurance agents are available Monday-Friday from 8:00 A.M. – 8:00 P.M. and weekend availability is also available upon request. To contact one of SSI or CDIS’ agents please use any of the following methods below.
Senior Services of Illinois
http://www.SSIinsure.com
800-806-1220
CDIS of Texas
http://www.CDISofTX.com
855-788-BLUE (2583)
CDIS of Oklahoma
http://www.CDISofOK.com
855-651-BLUE (2583)
CDIS of New Mexico
http://www.CDISofNM.com
855-742-BLUE (2583)
About Senior Services of Illinois (SSI) & Consumers Direct Insurance Services, Inc. (CDIS)
Senior Services of Illinois, Inc. (SSI) and Consumers Direct Insurance Services, Inc., (CDIS), are Independent, Authorized Senior General Agents for Blue Cross and Blue Shield of Illinois, New Mexico, Oklahoma and Texas that were founded in an effort to bridge the gap between education and insurance. Headquartered in Riverwoods, IL, the company has an executive team with over 100 years’ experience that has been providing world-class healthcare guidance to over 20,000 active clients.
*Not connected with or endorsed by the U.S. Government or the Federal Medicare program. Reported by PRWeb 13 hours ago.
↧
Zane Benefits Releases New Information on Switching Employees to Individual Health Insurance
New Information on Signs to Switch Employees to Individual Health Insurance
Park City, UT (PRWEB) October 15, 2014
Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on signs your business should switch your employees to individual health insurance.
According to Zane Benefits, small businesses and nonprofits can't afford to pay the rising costs of group health insurance. Nonetheless, healthcare benefits are an important part of recruiting and retaining the best employees. A major trend is for small businesses and nonprofits to drop their group health insurance to help their employees pay for individual health insurance policies purchased through the Marketplace.
The article contains information on switching your employees to individual health insurance.
Click here to read the full article.
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com. Reported by PRWeb 13 hours ago.
Park City, UT (PRWEB) October 15, 2014
Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on signs your business should switch your employees to individual health insurance.
According to Zane Benefits, small businesses and nonprofits can't afford to pay the rising costs of group health insurance. Nonetheless, healthcare benefits are an important part of recruiting and retaining the best employees. A major trend is for small businesses and nonprofits to drop their group health insurance to help their employees pay for individual health insurance policies purchased through the Marketplace.
The article contains information on switching your employees to individual health insurance.
Click here to read the full article.
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com. Reported by PRWeb 13 hours ago.
↧
hCentive Achieves Federal Web Broker Entity Status
RESTON, Va., Oct. 15, 2014 /PRNewswire/ -- hCentive, the leader in ACA health insurance exchange technology, today announced that the company was awarded a Federally Facilitated Exchanges Web Broker Entity Agreement with the Centers for Medicare & Medicaid Services (CMS). As a...
Reported by PR Newswire 12 hours ago.
↧
↧
Precise Leads’ Back-to-School Campaign Raises Funds for the Kids In Need Foundation
Precise Leads and clients raise money to help underprivileged children get the school supplies they need.
New York, NY (PRWEB) October 15, 2014
Precise Leads, the insurance marketing company, welcomed the fall season by collaborating with its insurance agent clients to benefit the Kids In Need Foundation.
“We’re honored to help raise funds to help underprivileged kids across the nation,” said Precise Leads Co-founder and CEO Antonio Franzese. “Supporting the educational success of our children is an incredibly important cause. As entrepreneurs, parents, and community members, we feel strongly that it’s vital that every child has access to the resources they need to learn.”
Precise Leads and their clients make an effort to support important causes throughout the year, with the company matching a portion of client spend as a donation. Precise has a wide footprint in the U.S., with thousands of insurance agent customers hailing from every state, as well as offices in five states and employees in even more locations throughout the nation. Many in these areas are affected by underfunded schools.
“With such a great response from our clients, it’s clear that this cause resonated with our community,” Franzese added. “We’re all thrilled to contribute to KINF’s important mission of ensuring that every child in America is ready and prepared to learn.”
About the Kids In Need Foundation
The Kids In Need Foundation is a national 501(c)(3) charitable organization on a mission to ensure every child is ready to learn by providing free school supplies nationally to students in need. Since 1995, the KINF has distributed more than $550 million in school supplies, directly benefitting 3.6 million students and more than 120,000 teachers annually. The KINF has earned the Gold GuideStar Exchange Seal, and has consistently received the highest ratings from Charity Navigator.
About Precise Leads
Precise Leads provides insurance leads and sales prospects to insurance carriers, agencies, and individual agents across the country. Founded in 2004, the company’s national marketing campaigns have connected millions of consumers with licensed agents across multiple insurance verticals including health insurance, auto insurance, life insurance, homeowners and renters, Medicare Supplement, Medicare Advantage and more. Precise has offices in New York, Columbus, Denver, Nashville, and Phoenix. Reported by PRWeb 12 hours ago.
New York, NY (PRWEB) October 15, 2014
Precise Leads, the insurance marketing company, welcomed the fall season by collaborating with its insurance agent clients to benefit the Kids In Need Foundation.
“We’re honored to help raise funds to help underprivileged kids across the nation,” said Precise Leads Co-founder and CEO Antonio Franzese. “Supporting the educational success of our children is an incredibly important cause. As entrepreneurs, parents, and community members, we feel strongly that it’s vital that every child has access to the resources they need to learn.”
Precise Leads and their clients make an effort to support important causes throughout the year, with the company matching a portion of client spend as a donation. Precise has a wide footprint in the U.S., with thousands of insurance agent customers hailing from every state, as well as offices in five states and employees in even more locations throughout the nation. Many in these areas are affected by underfunded schools.
“With such a great response from our clients, it’s clear that this cause resonated with our community,” Franzese added. “We’re all thrilled to contribute to KINF’s important mission of ensuring that every child in America is ready and prepared to learn.”
About the Kids In Need Foundation
The Kids In Need Foundation is a national 501(c)(3) charitable organization on a mission to ensure every child is ready to learn by providing free school supplies nationally to students in need. Since 1995, the KINF has distributed more than $550 million in school supplies, directly benefitting 3.6 million students and more than 120,000 teachers annually. The KINF has earned the Gold GuideStar Exchange Seal, and has consistently received the highest ratings from Charity Navigator.
About Precise Leads
Precise Leads provides insurance leads and sales prospects to insurance carriers, agencies, and individual agents across the country. Founded in 2004, the company’s national marketing campaigns have connected millions of consumers with licensed agents across multiple insurance verticals including health insurance, auto insurance, life insurance, homeowners and renters, Medicare Supplement, Medicare Advantage and more. Precise has offices in New York, Columbus, Denver, Nashville, and Phoenix. Reported by PRWeb 12 hours ago.
↧
Health Insurance Agents Can Be Critical Resource in Helping Consumers Make Right Coverage Choices
Texas Association of Health Underwriters: Open Enrollment for Year Two of the Affordable Care Act Begins October 15
Austin, Texas (PRWEB) October 15, 2014
With the open enrollment period for year two of the Affordable Care Act only one month away, consumers will soon begin the now-annual process of confirming whether or not the health coverage choice they made in the previous year remains the best option for themselves, family members and their budgets. For many who didn’t seek assistance in year one, they should consider consulting with a professional insurance agent in year two to not only be essential but also a “no-brainer” since doing so does not increase the cost of coverage.
Barring another marketplace computer crash, year two of enrollment under the Affordable Care Act should present fewer technical challenges, but that doesn’t guarantee a smooth experience for all consumers. Many will still find the complexity of purchasing coverage overwhelming as they evaluate their purchase from year one and in many instances attempt to correct the bad and uninformed decisions they made during their initial enrollment. According to a recent poll conducted by the Associated Press and the international market research firm GfK, 75 percent of Americans still say the health care law is difficult to understand.
Based on the brief amount of time that some consumers spent on their first-year choices, many discovered they need to take a closer and more informed look at their options in year two. An Aflac poll released in September showed that 41 percent of those surveyed said they spent 15 minutes or less considering their options in 2013.
While government-funded navigators are available to help consumers complete the application process and answer general questions industry experts have raised concerns that reliance on inexperienced assisters could put consumers at risk and lead to choices that individuals later regret. The possibility of fraud, the lack of adequate training and navigators’ limited and often nonexistent knowledge of health insurance products raised concerns during year one about the new law, prompting several states, including Texas, to strengthen assister requirements in order to protect consumers.
“While steps such as requiring background checks may reduce the chance of individuals with criminal records becoming navigators, they don’t remove the risk of unscrupulous conduct. On the other hand, an insurance professional will be better able to provide the insight to help consumers choose appropriate coverage,” said Jacqueline St. Hilaire, president of the Texas Association of Health Underwriters.
St. Hilaire continued, “The least expensive plan may not be the best choice for everyone. The most expensive may not cover a particular doctor or procedure that a consumer wants. Understanding these types of details as well as the basics such as deductibles, co-pays and co-insurance are not easily explained by someone who lacks a working knowledge of insurance.”
A Kaiser Family Foundation survey of programs that assisted individuals signing up for coverage in 2013 found that 90 percent of those who offered assistance had been contacted by consumers with post-enrollment questions.
According to St. Hilaire, assisters and new marketplaces may offer access to rates and coverage available in a consumer’s area, but professional insurance agents have provided the same function, with added insight and personalized services for decades.
St. Hilaire and the army of professional agents within the organization she leads are licensed and trained to help consumers and businesses understand the complexities of health insurance and now health reform in the private market as well as through exchanges. Their personal and professional assistance is available to anyone purchasing coverage in the marketplace at no additional cost.
Health insurance agents are required to meet strict state-level exam-based licensing laws and annual continuing education requirements, as well as significant privacy, security and market conduct requirements. They are experienced and trusted with handling consumers’ very private personal and financial information. Many also have advanced training and professional designations reflecting their broad expertise and specialties in educating and advising on how to manage risk and make informed insurance choices.
St. Hilaire explained that many consumers are now realizing that making health coverage choices is not like buying a book or making a hotel reservation online. Benefits are complex and they are critically important to a family’s stability and peace of mind.
“You buy the wrong book and you’re out a few dollars. Make the wrong choice for health insurance and the consequences can be far more significant,” stated St. Hilaire.
Year two enrollment begins on November 15, 2014, and extends to February 15, 2015. For coverage to be effective January 1, 2015, it must be purchased by December 15, 2014. For those who purchased coverage in 2014 and want to change their health plan, they will also need to purchase by December 15, 2014.
Individuals and employers interested in locating a professional benefits adviser in their community who can assist with questions about year two of the Affordable Care Act may go to Find an Agent.
###
Texas Association of Health Underwriters (TAHU) is a state trade association representing licensed health insurance agents, brokers, consultants and benefit professionals who serve the health insurance needs of employers seeking health insurance coverage. TAHU is a state chapter of the National Association of Health Underwriters. Reported by PRWeb 12 hours ago.
Austin, Texas (PRWEB) October 15, 2014
With the open enrollment period for year two of the Affordable Care Act only one month away, consumers will soon begin the now-annual process of confirming whether or not the health coverage choice they made in the previous year remains the best option for themselves, family members and their budgets. For many who didn’t seek assistance in year one, they should consider consulting with a professional insurance agent in year two to not only be essential but also a “no-brainer” since doing so does not increase the cost of coverage.
Barring another marketplace computer crash, year two of enrollment under the Affordable Care Act should present fewer technical challenges, but that doesn’t guarantee a smooth experience for all consumers. Many will still find the complexity of purchasing coverage overwhelming as they evaluate their purchase from year one and in many instances attempt to correct the bad and uninformed decisions they made during their initial enrollment. According to a recent poll conducted by the Associated Press and the international market research firm GfK, 75 percent of Americans still say the health care law is difficult to understand.
Based on the brief amount of time that some consumers spent on their first-year choices, many discovered they need to take a closer and more informed look at their options in year two. An Aflac poll released in September showed that 41 percent of those surveyed said they spent 15 minutes or less considering their options in 2013.
While government-funded navigators are available to help consumers complete the application process and answer general questions industry experts have raised concerns that reliance on inexperienced assisters could put consumers at risk and lead to choices that individuals later regret. The possibility of fraud, the lack of adequate training and navigators’ limited and often nonexistent knowledge of health insurance products raised concerns during year one about the new law, prompting several states, including Texas, to strengthen assister requirements in order to protect consumers.
“While steps such as requiring background checks may reduce the chance of individuals with criminal records becoming navigators, they don’t remove the risk of unscrupulous conduct. On the other hand, an insurance professional will be better able to provide the insight to help consumers choose appropriate coverage,” said Jacqueline St. Hilaire, president of the Texas Association of Health Underwriters.
St. Hilaire continued, “The least expensive plan may not be the best choice for everyone. The most expensive may not cover a particular doctor or procedure that a consumer wants. Understanding these types of details as well as the basics such as deductibles, co-pays and co-insurance are not easily explained by someone who lacks a working knowledge of insurance.”
A Kaiser Family Foundation survey of programs that assisted individuals signing up for coverage in 2013 found that 90 percent of those who offered assistance had been contacted by consumers with post-enrollment questions.
According to St. Hilaire, assisters and new marketplaces may offer access to rates and coverage available in a consumer’s area, but professional insurance agents have provided the same function, with added insight and personalized services for decades.
St. Hilaire and the army of professional agents within the organization she leads are licensed and trained to help consumers and businesses understand the complexities of health insurance and now health reform in the private market as well as through exchanges. Their personal and professional assistance is available to anyone purchasing coverage in the marketplace at no additional cost.
Health insurance agents are required to meet strict state-level exam-based licensing laws and annual continuing education requirements, as well as significant privacy, security and market conduct requirements. They are experienced and trusted with handling consumers’ very private personal and financial information. Many also have advanced training and professional designations reflecting their broad expertise and specialties in educating and advising on how to manage risk and make informed insurance choices.
St. Hilaire explained that many consumers are now realizing that making health coverage choices is not like buying a book or making a hotel reservation online. Benefits are complex and they are critically important to a family’s stability and peace of mind.
“You buy the wrong book and you’re out a few dollars. Make the wrong choice for health insurance and the consequences can be far more significant,” stated St. Hilaire.
Year two enrollment begins on November 15, 2014, and extends to February 15, 2015. For coverage to be effective January 1, 2015, it must be purchased by December 15, 2014. For those who purchased coverage in 2014 and want to change their health plan, they will also need to purchase by December 15, 2014.
Individuals and employers interested in locating a professional benefits adviser in their community who can assist with questions about year two of the Affordable Care Act may go to Find an Agent.
###
Texas Association of Health Underwriters (TAHU) is a state trade association representing licensed health insurance agents, brokers, consultants and benefit professionals who serve the health insurance needs of employers seeking health insurance coverage. TAHU is a state chapter of the National Association of Health Underwriters. Reported by PRWeb 12 hours ago.
↧
Wonkblog: The Obamacare re-enrollment crunch has officially started for millions
The federal agency overseeing Obamacare's health insurance marketplaces started sending re-enrollment notices Tuesday night to the millions of people who purchased new coverage this year. And they won't have a lot of time to act if they want to get a better deal on health insurance starting in 2015.
Reported by Washington Post 11 hours ago.
↧
Zane Benefits Releases New Information on Preparing for Open Enrollment
New Information on Getting Ready for Open Enrollment 2015
Park City, UT (PRWEB) October 15, 2014
Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on preparing for open enrollment 2014.
According to Zane Benefits, now is the time to start gathering your information to make sure you are prepared for open enrollment 2015. Open enrollment for individual health insurance is a little over a month away now. During open enrollment 2015 individuals can purchase a new individual health insurance policy, or switch policies for coverage that better fits their needs.
The article contains information on what you will need to prepare for open enrollment 2015.
Click here to read the full article.
--
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com. Reported by PRWeb 11 hours ago.
Park City, UT (PRWEB) October 15, 2014
Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on preparing for open enrollment 2014.
According to Zane Benefits, now is the time to start gathering your information to make sure you are prepared for open enrollment 2015. Open enrollment for individual health insurance is a little over a month away now. During open enrollment 2015 individuals can purchase a new individual health insurance policy, or switch policies for coverage that better fits their needs.
The article contains information on what you will need to prepare for open enrollment 2015.
Click here to read the full article.
--
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com. Reported by PRWeb 11 hours ago.
↧
↧
Changes await consumers shopping for insurance on HealthCare.gov
The federal Affordable Care Act health insurance exchange has received a makeover in preparation for the 2015 open enrollment -More-
Reported by SmartBrief 10 hours ago.
↧
EU Watchdog Says Bankers' Allowances Breach Bonus Rule
By Huw Jones and Steve SlaterLONDON (Reuters) - New types of allowance paid to bankers are nearly all in breach of the European Union's cap on bonuses and must be changed by the end of the year, the EU banking watchdog said on Wednesday, raising the prospect that banks will have to bump up basic pay or risk losing top staff.
The sight of bankers pocketing hefty sums at a time when many people are hit by pay freezes and high unemployment across Europe prompted the EU to cap the bonuses of bankers earning more than 500,000 euros ($630,000) a year.
Bonuses cannot be more than basic pay, or twice that amount if shareholders approve.
With banks having to be bailed out by taxpayers in the financial crisis, the world's toughest curb on bankers' pay aims to restrain the reckless who hope that bigger risks mean bigger rewards.
EU financial services chief Michel Barnier, who asked the European Banking Authority (EBA) to compile the report, said allowances sent a very bad signal to society that banks have not learnt from the financial crisis or adapted their cultures.
"Compliance with both the letter and the spirit of the law is a prerequisite to restore trust and stability in our banking system," Barnier said.
PwC, a consultancy, said the ruling was at the most severe end of industry expectations and that the vast majority of big banks in the EU will need to change their pay policies.
Sources at UK banks said they would see how UK regulators apply the ruling, and it was unclear if bonuses covering 2014 performance and to be paid in 2015 are affected.
The EBA's board vote that ruled the allowances illegal and set a deadline for changes was not unanimous, the watchdog said.
"LEAST WORST"
The Bank of England, an EBA board member and whose Prudential Regulation Authority had endorsed the allowances as a "least worst" alternative to a cap, declined to say how it voted or whether it would apply the new EU guidance.
Barnier said that in principle bonus payments handed out next year will be affected, adding that the European Commission and the EBA will decide if enforcement action is needed.
Wednesday's ruling will mainly hit bankers in London, where regulators gave allowances the green light as the British government challenges the bonus cap in the EU's top court.
Lawyers already predict a scramble to revise pay contracts to meet the deadline as the bonus cap comes into effect on handouts due in early 2015.
Barclays, HSBC and Standard Chartered have said they are among those paying allowances or planning to, and sources said most other major banks are too, including JPMorgan and Goldman Sachs. About 10,000 bankers receive the allowances, according to industry estimates.
Under the EU law, remuneration must either be classified as variable and part of a bonus, or fixed. Banks say allowances come under fixed pay and are essential to retain staff in the face of global competition from New York and Singapore.
EU policymakers argued they are simply a ploy to circumvent the bonus cap and asked the EBA to investigate.
"The EBA have called a spade a spade," said John Thanassoulis, professor of financial economics at Warwick University. "They have come down hard against this trick."
But he said banks would create more risks by increasing basic pay, leaving them potentially unable to cut costs quickly in a downturn.
Andrew Tyrie, chairman of the British parliament's Treasury Committee, which oversees the Treasury and the Bank of England, said the EU bonus cap was fundamentally flawed.
"It will encourage banks to increase fixed pay rather than embed incentive structures that improve standards,” he said.
The British Bankers' Association, which represents UK and overseas banks, said any move that increased fixed costs and reduced pay flexibility was "counterintuitive,” and Britain's Institute of Directors said the bonus cap was the wrong tool to reform bankers' pay.
"Encouraging banks to increase fixed pay, whether salary or one of these allowances, was clearly not the intention of the cap, and yet this is exactly what happened," said Oliver Parry, corporate governance adviser at the Institute of Directors.
WRONGLY CLASSIFIED
The EBA report said the vast majority of the new role-based allowances are being wrongly classified as part of fixed pay.
It found 39 banks that cover the bulk of European banking paying "role based" or "market value" allowances, with the vast majority of role-based allowances breaching EU law.
For a role-based allowance to be part of fixed pay, it must be permanent for that specific job, pre-determined, non-discretionary, non-revocable and transparent to all staff.
In "most cases", however, this type of allowance was discretionary and affected the bonus cap, EBA said.
The EBA gave the nod to routine allowances for specific purposes such as childcare, regular pension contributions, travel and health insurance.
Additionally, "market value" allowances paid to every employee working outside their home country to cover higher costs were also acceptable.
"Whereas findings in the report showed that most of the allowances, which were the subject of the EBA investigation, did not fulfill the conditions for being classified as fixed remuneration, namely with respect to their discretionary nature, which allows institutions to adjust or withdraw them unilaterally, without any justification," EBA added.
These role based allowances were found not to be included in basic pay, were not pensionable, often granted for only a year and with a written acceptance they can be withdrawn.
The EBA said banks using allowances that don't comply must rewrite their remuneration policies by Dec. 31 so that the allowances are properly classified in time for bonus payouts due in early 2015.
National regulators should also take "all the appropriate supervisory actions" to make sure allowances comply with EBA guidance, the watchdog said.
Jacqui Hatfield, a lawyer at ReedSmith, said the ruling clarifies that an allowance for a particular role and that cannot be changed or clawed back should still pass muster.
Some 14.4 billion pounds ($22.9 billion) was paid in bonuses in Britain's financial sector in the year to April 2014, up 3 percent from the year before but down from more than 18 billion pounds in 2007/08.
The average bonus per employee was 13,300 pounds ($21,250) in the financial sector last year, compared to 1,500 pounds($2,400) across the whole UK economy, the Office for National Statistics said.
(1 US dollar = 0.7904 euro)
(1 US dollar = 0.6283 British pound)
(Additional reporting by Carmel Crimmins in Dublin; Editing by Giles Elgood)
Join the conversation about this story » Reported by Business Insider 7 hours ago.
↧
The kingdom of 10,000 meeting rooms can't even do meetings right
In response to Danger of Centralized Government: CDC Failed To Do Its One Job:
Not only did the CDC fail to send forth those teams in hazmat suits, but according to the nurses' union, they didn't even distribute information on Ebola protocols adequately. There's a big finger-pointing war going on between the nurses and CDC right now, started when the hapless CDC Director, Dr. Tom Frieden, took a stab at blaming the first "Ebola nurse" for getting herself infected by not following protocol. The nurses say there weren't any protocols. Here's some of what National Nurses United co-president Deborah Burger complained about to CNN:
A nursing supervisor faced resistance from hospital authorities when the supervisor demanded that Duncan be moved to an isolation unit, the nurses said, according to the union.
After expressing concerns that their necks were exposed even as they wore protective gear, the nurses were told to wrap their necks with medical tape, the union says.
“They were told to use medical tape and had to use four to five pieces of medical tape wound around their neck. The nurses have expressed a lot of concern about how difficult it is to remove the tape from their neck,” Burger said.
“There was no one to pick up hazardous waste as it piled to the ceiling,” Burger said. “They did not have access to proper supplies.”
“There was no mandate for nurses to attend training,” Burger said, though they did receive an e-mail about a hospital seminar on Ebola.
“This was treated like hundreds of other seminars that were routinely offered to staff,” she said.
Now, some of this might be laid at the feet of individual health care workers. It remains astonishing that the second Ebola patient actually took a plane flight while under "voluntary Ebola watch," and was at least mildly symptomatic on the return trip, just as it was astonishing for Dr. Nancy Snyderman to blow off Ebola watch because she really wanted a bowl of soup.
But a great deal of what the nurses' union is saying should be independently verifiable - i.e. there will be records to prove it. It sounds like the dropping of some insanely huge balls by CDC. Even if they weren't blowing smoke with these political arguments about budget cuts, Washington is the kingdom of 10,000 meeting rooms, the land of pens and phones. Agencies rack up incredibly high bills for travel, much of which looks fishy under careful scrutiny. And someone nobody was able to organize seminars and get Ebola protocols out there - not even to hospitals located near international airports?
I'll take a strong stand on the ground directly opposite Democrats' silly whining about "budget cuts" and sequestration crippling the CDC: *what cripples Big Government is having too much funding.* Every damn branch of the gigantic federal system is over-funded, and when they're not busy absconding with the money in the form of plump bonuses and crazy public-sector union benefits, they're blowing the cash on silly crap designed to increase each agency's power, influence, and seeming importance. Everyone wants to look under-funded when next year's budget is written, so they go on wild spending binges. Not only is this a ripoff of the taxpayer, but it makes each agency less effective at dealing with its core mission, because they can barely remember what the core mission is. They distract themselves into incompetence.
Liberals are going to severely regret trying to pin Ebola on "Republican budget cuts," because they've opened the floodgates for a tidal wave of stories about the nonsense CDC, NIH, and the entire Department of Health and Human Services spend money on. (Does anyone remember the smartphone app they came up with a few years ago that reminded people to drink water when it's hot outside?) Right now there are stories about CDC asking people who were on the flights with the new Ebola patient to call in. HHS has an army of well-compensated bureaucrats working for it: go find them, you lazy incompetent fools.
I contend that the one and only way to keep any part of the government mind focused upon its duties is to slash its budget to the bone. We can start by repealing the bill that poured trillions of dollars into HHS, granted it vast new powers, and filled the in-boxes on every desk with a thousand new directives, only to result in the biggest example of managerial ineptitude in the history of American government: the Affordable Care Act. Stated simply, if you want the Department of Health and Human Services to focus on health, don't let it waste billions of dollars and man-hours fooling around with health insurance. Reported by Breitbart 7 hours ago.
Not only did the CDC fail to send forth those teams in hazmat suits, but according to the nurses' union, they didn't even distribute information on Ebola protocols adequately. There's a big finger-pointing war going on between the nurses and CDC right now, started when the hapless CDC Director, Dr. Tom Frieden, took a stab at blaming the first "Ebola nurse" for getting herself infected by not following protocol. The nurses say there weren't any protocols. Here's some of what National Nurses United co-president Deborah Burger complained about to CNN:
A nursing supervisor faced resistance from hospital authorities when the supervisor demanded that Duncan be moved to an isolation unit, the nurses said, according to the union.
After expressing concerns that their necks were exposed even as they wore protective gear, the nurses were told to wrap their necks with medical tape, the union says.
“They were told to use medical tape and had to use four to five pieces of medical tape wound around their neck. The nurses have expressed a lot of concern about how difficult it is to remove the tape from their neck,” Burger said.
“There was no one to pick up hazardous waste as it piled to the ceiling,” Burger said. “They did not have access to proper supplies.”
“There was no mandate for nurses to attend training,” Burger said, though they did receive an e-mail about a hospital seminar on Ebola.
“This was treated like hundreds of other seminars that were routinely offered to staff,” she said.
Now, some of this might be laid at the feet of individual health care workers. It remains astonishing that the second Ebola patient actually took a plane flight while under "voluntary Ebola watch," and was at least mildly symptomatic on the return trip, just as it was astonishing for Dr. Nancy Snyderman to blow off Ebola watch because she really wanted a bowl of soup.
But a great deal of what the nurses' union is saying should be independently verifiable - i.e. there will be records to prove it. It sounds like the dropping of some insanely huge balls by CDC. Even if they weren't blowing smoke with these political arguments about budget cuts, Washington is the kingdom of 10,000 meeting rooms, the land of pens and phones. Agencies rack up incredibly high bills for travel, much of which looks fishy under careful scrutiny. And someone nobody was able to organize seminars and get Ebola protocols out there - not even to hospitals located near international airports?
I'll take a strong stand on the ground directly opposite Democrats' silly whining about "budget cuts" and sequestration crippling the CDC: *what cripples Big Government is having too much funding.* Every damn branch of the gigantic federal system is over-funded, and when they're not busy absconding with the money in the form of plump bonuses and crazy public-sector union benefits, they're blowing the cash on silly crap designed to increase each agency's power, influence, and seeming importance. Everyone wants to look under-funded when next year's budget is written, so they go on wild spending binges. Not only is this a ripoff of the taxpayer, but it makes each agency less effective at dealing with its core mission, because they can barely remember what the core mission is. They distract themselves into incompetence.
Liberals are going to severely regret trying to pin Ebola on "Republican budget cuts," because they've opened the floodgates for a tidal wave of stories about the nonsense CDC, NIH, and the entire Department of Health and Human Services spend money on. (Does anyone remember the smartphone app they came up with a few years ago that reminded people to drink water when it's hot outside?) Right now there are stories about CDC asking people who were on the flights with the new Ebola patient to call in. HHS has an army of well-compensated bureaucrats working for it: go find them, you lazy incompetent fools.
I contend that the one and only way to keep any part of the government mind focused upon its duties is to slash its budget to the bone. We can start by repealing the bill that poured trillions of dollars into HHS, granted it vast new powers, and filled the in-boxes on every desk with a thousand new directives, only to result in the biggest example of managerial ineptitude in the history of American government: the Affordable Care Act. Stated simply, if you want the Department of Health and Human Services to focus on health, don't let it waste billions of dollars and man-hours fooling around with health insurance. Reported by Breitbart 7 hours ago.
↧
4 Questions to Ask Before Renewing Health Coverage
4 questions to ask before renewing health insurance on the overhaul's public exchanges
Reported by ABCNews.com 7 hours ago.
↧
↧
Why the debate over Kentucky’s ‘HealthCare.gov’ site matters
Kentucky's Republican senior senator, Mitch McConnell, is taking a bit of heat over a Web site. As part of his closely-watched race against Democrat Alison Grimes for that Senate seat, the Senate minority leader said Monday night that while he'd like to see Obamacare scrubbed from the face of the Earth, he's fine with the continued existence of Kynect, Kentucky's unfortunately named but nonetheless popular health insurance exchange site.
Reported by Washington Post 7 hours ago.
↧
BCBS of Alabama remains dominant health insurer despite waning market share
The market share for Alabama's dominant health insurer has been shrinking in recent years, but Blue Cross and Blue Shield of Alabama by far has the most control over Alabama's health insurance market than insurers in other states. Blue Cross and Blue Shield of Alabama accounts for 84 percent of the 2014 statewide market, which is down from the 86 percent share it held last year and its 88 percent share in 2012, according to numbers from the American Medical Association. UnitedHealthCare is the…
Reported by bizjournals 7 hours ago.
↧
Healthcare Workers Worldwide Revolt as Ebola Threat Zeroes In
The news that health workers fighting against the Ebola outbreak in Liberia are threatening to strike over long hours and unsanitary conditions should come as no surprise, given the high toll the healthcare community has had to pay for this virus. In Ebola-infected countries, from Sierra Leone to Spain, fear and unpreparedness have triggered a backlash among the medical community.The Associated Press reports that Liberian health workers are demanding extra hazard pay just as the already deteriorated situation in the country worsens, arguing that the government is not doing enough to repay workers who risk their lives fighting to keep Ebola victims alive. Health workers covered by the National Health Workers Association are demanding $700 a month in hazard pay, which they claim the government agreed to but never paid. Currently, most make less than $500 a month in hazard pay. The government has refused to budge. It has, instead, attempted to expedite medical training for students to replace health workers if they begin to strike, according to members of the association.
The calls to protest and strike triggered the nation's largest such protest at, predictably, the largest Ebola treatment facility in the country: Island Clinic, run by the World Health Organization. According to the nation's Observer publication, health workers at Island Clinic staged "an angry protest over the weekend when health workers and support staff staged a demonstration to demand their benefits and salary arrears." The protest was large enough for President Ellen Johnson Sirleaf to send a representative to quell the uproar, though the Observer notes that intervention by the opposition party finally served to calm the public.
The strike, for now, has been averted, with healthcare workers imposing, rather, a "go-slow" action--a partial strike in which workers leave for half the day, though many do not return at all. Speaking to Front Page Africa, multiple healthcare workers noted not only that they were not receiving the promised increase in pay from the government, but that they had not received any money at all, nor were they covered by health insurance, despite working in the vicinity of Ebola patients every day.
Unlike healthcare workers in Spain and the United States--nations where the virus has spread from patient to medical professional--workers in Liberia must worry about failings in their protective gear, as well as deliberate attacks on behalf of Ebola patients who refuse to believe medical workers do not carry the virus themselves. Scratchings are common in some Ebola wards, where workers risk "being attacked by a belligerent Ebola patient that sinks their nail into the suit and scratch you, thereby [making] direct contact, which is the way one can get infected with the deadly virus." One worker, Eric Jacobs, told Front Page Africa that a friend of his who worked as a hygienist recently died: "One of the patients scratched him, tore his [protective equipment] and that’s how he got infected. What will become of us?”
In addition to ill treatment from the government, Liberian medical personnel who have come into contact with Ebola are routinely mistreated by their communities--evicted by landlords horrified of the virus and shunned by family members who want to survive. Others believe it is the health workers who are killing Liberians, not the Ebola virus itself.
That the Liberian government has managed to staff Ebola facilities with health workers at all is no small feat. Health workers, noting the dangers of coming into contact with Ebola patients, began fleeing medical facilities in July, when only 12 cases of medical staff dying of Ebola had been recorded in Liberia. An estimate of at least 233 healthcare workers have died of Ebola worldwide since the current outbreak began.
The panic gripping the medical community of Liberia is not unique to that country. In Sierra Leone, burial teams most-prominently went on strike, alleging that they were not getting paid at all to handle toxic Ebola remains. Health workers in the nation also went on strike this month, leaving remains to decompose on the streets of Freetown; that strike has since, for now, been resolved.
Even outside the continent of Africa, health workers facing the threat of Ebola have exhibited increasing concern over whether their governments have their best interests in mind. In Spain, the first country to diagnose a native Ebola contamination outside of Africa, health workers are protesting the government, alleging they are insufficiently protected. Medical workers at Carlos III Hospital in Madrid, where Teresa Romero, the nation's first Ebola patient, is being treated, threw their used gloves at Prime Minister Mariano Rajoy in protest and yelled, "Out!" as the head of state approached the facility. More than 200 workers organized a separate protest calling for Minister of Health Ana Mato to resign.
In the only other country outside of Africa in which someone has contracted Ebola from a contaminated patient, the United States, airport workers feel insecure after Liberian Thomas Eric Duncan arrived in Texas from Monrovia and tested positive for the disease. Workers at LaGuardia Airport in New York City staged a protest to demand safer working conditions, as many experts have come to the consensus that current screening for Ebola at airports does little to prevent an outbreak. In another incident, a doctor in Atlanta arrived to that city's Hartsfield-Jackson International Airport wearing a full HAZMAT suit, protesting the insufficient protections provided medical personnel.
As the outbreak continues to spread in affected areas--and threatens to surface elsewhere around the world--healthcare workers on the front lines will require of every nation their utmost protection. Half the hundreds of medical personnel involved in the fight have died, according to figures almost unanimously considered conservative estimates, and many more continue to remain dangerously close to the active virus. Reported by Breitbart 6 hours ago.
↧
Are You Making the Most of Your Employee Benefits?
Dear Readers,
Do you usually ignore the Open Enrollment period for your employee benefits? While it's easy to feel that once you've signed up everything is covered, times and benefits change. So each year, usually in the fall, most employers offer the opportunity to modify your choices. To make sure you're not missing out, here's a list of benefits you should review -- and why.
*Health insurance -- Do you have the right coverage at the right price?*
You never want to be complacent about health care, so double check that you have the most comprehensive and cost-effective insurance coverage your employer offers. Here are some things to look for:
· What are your current choices? For example, you may be able to choose between a PPO, which usually offers more flexibility, and an HMO, which often is lower cost.· As you compare plans, pay attention to what is -- and isn't -- covered. (Preventive care? Prescription drugs? Physical therapy?) Is there a network that affects your choice of doctors?· On the cost side, look beyond the premium. While a lower-cost plan may catch your eye, it's important to compare annual deductibles (the amount you pay before insurance begins), co-payments (a fixed amount you pay for a service), co-insurance (the percentage of covered costs you're responsible for after you meet the deductible), and out-of-pocket maximums (the most you'll have to pay before insurance pays 100 percent). A lower premium might actually mean higher out-of-pocket expenses.· Re-examine your family needs. Has anything changed? A new baby? A health issue? You can use last year's health care expenses as a guide, but it's smart to look ahead as well.· Do you have dental and vision coverage? They're generally a good deal.· Consider a health savings account (HSA) or flexible spending account (FSA), if available. Both allow you to set aside pre-tax dollars to cover future medical expenses. (Realize, though, that all but $500 of your FSA contributions are 'use or lose' each calendar year.)· Finally, coordinate with your spouse. If you have a choice between employer plans, choose carefully. You might even be able to mix and match. For instance, one plan may offer low-cost vision coverage that the other doesn't.
Another thought: If you work for a small company, the options available through the Affordable Care Act may actually offer more. So be sure to do your research and look at all the choices available to you, through your employer or otherwise.
*Life insurance -- How much do you need at this point in time?*
Group life insurance is a good news/bad news story. On the plus side, as an employee your basic coverage is generally free or low-cost, and you're not required to undergo a physical exam to qualify. Signing up is a no-brainer.
On the down side, the basic coverage is probably not sufficient -- especially if you have a partner or young children who depend on you for financial support. In that case, compare the cost of purchasing supplemental group coverage to a private policy. Your group rates will likely be lower, but the policy may not be portable -- that is, you may not be able to take it with you if you leave your job.
To quickly estimate how much insurance you need, use the 4 percent rule. A $1 million policy can generate about $40,000 a year in income. A $2 million policy can generate about $80,000 a year. Calculate your family's needs, add up your savings and purchase enough insurance to fill the gap.
*Disability insurance -- What will you do if you can't work?*
Just in case you're thinking that disability insurance is a waste of money, you should know that over 1 in 4 of today's 20 year-olds will become disabled before they retire. In other words, unless you are confident that you will be fine without an income for an extended period of time, you need to have disability insurance.
As you review your choices, check to see if your company offers just short-term (up to two years) coverage, or long-term as well. Although long-term coverage will add to your expense, it can be a great addition to your long-term financial health. Group rates are generally very attractive for both.
*Long-term care insurance -- Will you need it?*
Long-term care insurance premiums are a long-term commitment if you start paying them too young. If your company offers long-term care insurance, check the premiums at different ages, the terms of the coverage and the portability of the policy. The most cost-effective time to purchase a policy is between ages 50 and 65.
*Dependent care, domestic partner benefits, group legal services -- Are they available?*
Large companies with robust employee benefits packages may offer even more. Check to see if your company package includes:
· *A Dependent Care FSA* -- Similar to an FSA for health care, this allows you to set aside pre-tax dollars up to a maximum of $5,000 per year per family. One caveat: A couple is only eligible if both spouses work, are looking for work, or going to school full-time.· *Partner benefits* -- Some companies offer health insurance to domestic partners.· *Group legal services* -- An employer may also offer basic legal services for a low monthly cost.
While we're talking about Open Enrollment, I want to remind anyone with Medicare that October 15 to December 7 is your window of opportunity to make changes to Medicare Advantage plans and prescription drug plans.
Yes, it's a lot of detail, but think of it this way: A benefits tune-up this fall can be the best foundation for your finances all year round.
Looking for answers to your retirement questions? Check out Carrie's new book, "The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions."
Read more at http://www.schwab.com/book. You can e-mail Carrie at askcarrie@schwab.com. This column is no substitute for an individualized recommendation, tax, legal or personalized investment advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager.
COPYRIGHT 2014 CHARLES SCHWAB & CO., INC. MEMBER SIPC. (1014-6476) Reported by Huffington Post 6 hours ago.
Do you usually ignore the Open Enrollment period for your employee benefits? While it's easy to feel that once you've signed up everything is covered, times and benefits change. So each year, usually in the fall, most employers offer the opportunity to modify your choices. To make sure you're not missing out, here's a list of benefits you should review -- and why.
*Health insurance -- Do you have the right coverage at the right price?*
You never want to be complacent about health care, so double check that you have the most comprehensive and cost-effective insurance coverage your employer offers. Here are some things to look for:
· What are your current choices? For example, you may be able to choose between a PPO, which usually offers more flexibility, and an HMO, which often is lower cost.· As you compare plans, pay attention to what is -- and isn't -- covered. (Preventive care? Prescription drugs? Physical therapy?) Is there a network that affects your choice of doctors?· On the cost side, look beyond the premium. While a lower-cost plan may catch your eye, it's important to compare annual deductibles (the amount you pay before insurance begins), co-payments (a fixed amount you pay for a service), co-insurance (the percentage of covered costs you're responsible for after you meet the deductible), and out-of-pocket maximums (the most you'll have to pay before insurance pays 100 percent). A lower premium might actually mean higher out-of-pocket expenses.· Re-examine your family needs. Has anything changed? A new baby? A health issue? You can use last year's health care expenses as a guide, but it's smart to look ahead as well.· Do you have dental and vision coverage? They're generally a good deal.· Consider a health savings account (HSA) or flexible spending account (FSA), if available. Both allow you to set aside pre-tax dollars to cover future medical expenses. (Realize, though, that all but $500 of your FSA contributions are 'use or lose' each calendar year.)· Finally, coordinate with your spouse. If you have a choice between employer plans, choose carefully. You might even be able to mix and match. For instance, one plan may offer low-cost vision coverage that the other doesn't.
Another thought: If you work for a small company, the options available through the Affordable Care Act may actually offer more. So be sure to do your research and look at all the choices available to you, through your employer or otherwise.
*Life insurance -- How much do you need at this point in time?*
Group life insurance is a good news/bad news story. On the plus side, as an employee your basic coverage is generally free or low-cost, and you're not required to undergo a physical exam to qualify. Signing up is a no-brainer.
On the down side, the basic coverage is probably not sufficient -- especially if you have a partner or young children who depend on you for financial support. In that case, compare the cost of purchasing supplemental group coverage to a private policy. Your group rates will likely be lower, but the policy may not be portable -- that is, you may not be able to take it with you if you leave your job.
To quickly estimate how much insurance you need, use the 4 percent rule. A $1 million policy can generate about $40,000 a year in income. A $2 million policy can generate about $80,000 a year. Calculate your family's needs, add up your savings and purchase enough insurance to fill the gap.
*Disability insurance -- What will you do if you can't work?*
Just in case you're thinking that disability insurance is a waste of money, you should know that over 1 in 4 of today's 20 year-olds will become disabled before they retire. In other words, unless you are confident that you will be fine without an income for an extended period of time, you need to have disability insurance.
As you review your choices, check to see if your company offers just short-term (up to two years) coverage, or long-term as well. Although long-term coverage will add to your expense, it can be a great addition to your long-term financial health. Group rates are generally very attractive for both.
*Long-term care insurance -- Will you need it?*
Long-term care insurance premiums are a long-term commitment if you start paying them too young. If your company offers long-term care insurance, check the premiums at different ages, the terms of the coverage and the portability of the policy. The most cost-effective time to purchase a policy is between ages 50 and 65.
*Dependent care, domestic partner benefits, group legal services -- Are they available?*
Large companies with robust employee benefits packages may offer even more. Check to see if your company package includes:
· *A Dependent Care FSA* -- Similar to an FSA for health care, this allows you to set aside pre-tax dollars up to a maximum of $5,000 per year per family. One caveat: A couple is only eligible if both spouses work, are looking for work, or going to school full-time.· *Partner benefits* -- Some companies offer health insurance to domestic partners.· *Group legal services* -- An employer may also offer basic legal services for a low monthly cost.
While we're talking about Open Enrollment, I want to remind anyone with Medicare that October 15 to December 7 is your window of opportunity to make changes to Medicare Advantage plans and prescription drug plans.
Yes, it's a lot of detail, but think of it this way: A benefits tune-up this fall can be the best foundation for your finances all year round.
Looking for answers to your retirement questions? Check out Carrie's new book, "The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions."
Read more at http://www.schwab.com/book. You can e-mail Carrie at askcarrie@schwab.com. This column is no substitute for an individualized recommendation, tax, legal or personalized investment advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager.
COPYRIGHT 2014 CHARLES SCHWAB & CO., INC. MEMBER SIPC. (1014-6476) Reported by Huffington Post 6 hours ago.
↧
↧
Blue Cross and Blue Shield of Illinois continues sustained statewide education effort on the Affordable Care Act
CHICAGO, Oct. 15, 2014 /PRNewswire-USNewswire/ -- Blue Cross and Blue Shield of Illinois (BCBSIL) today announced that it is continuing its statewide education efforts it began over a year ago in advance of the inaugural enrollment period for Illinois' Health Insurance Marketplace. ...
Reported by PR Newswire 6 hours ago.
↧
Blue Cross Offers Many Affordable Options for Medicare Customers
BOSTON--(BUSINESS WIRE)--(Click to Tweet) — Blue Cross Blue Shield of Massachusetts (Blue Cross) has announced its broad suite of Medicare options for the 2015 open enrollment period. Blue Cross is the nation's top-ranked Medicare PPO plan and is among the highest-rated Medicare HMO plans in the country, according to the National Committee for Quality Assurance Health Insurance Plan Rankings 2014–2015i “We have a number of affordable options that fit any budget,” said Ken Arruda, Executive Dire
Reported by Business Wire 6 hours ago.
↧
HTMS, an Emdeon Company, Launches Coverage Scout™ on the Cusp of Health Insurance Marketplace Open Enrollment
NASHVILLE, Tenn., Oct. 15, 2014 /PRNewswire/ -- HTMS, an Emdeon company, is pleased to introduce Coverage Scout™, an algorithm-based analytics program that can help all types of healthcare stakeholders calculate health plan rates and federal subsidies through its...
Reported by PR Newswire 6 hours ago.
↧
