(Reuters) - The second week of open enrollment in 2015 health insurance plans offered under President Barack Obama's healthcare reform almost matched the pace of the first week, federal health officials said on Wednesday.
Reported by Reuters 1 hour ago.
Enrollment in Obamacare plans for 2015 remains strong
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Crushing The "Lower Gas Price = More Spending" Fiction
Excerpted from Sterne Agee's Chief Economist Lindsey Piegaz report,*Caveats to the equation: lower gas prices = more spending*
Aside from the long-standing issues of minimal income growth and lackluster job creation, *consumers have become accustomed to an end-of-the-year price reprieve at the pump, and in some cases are simply using the increased funds to offset rising utilities and health care costs. *We explore the various facets of this in further detail below:
*1) Consumers have become accustomed to extreme volatility in energy prices. Particularly around this time of year, consumers are increasingly familiar with energy price reprieve from summer gas prices and no longer adjust their long-term spending habits as much, or at all, based on short-term price fluctuations.*
Since reaching a high of $3.69 in June, average gas prices have fallen more than fifty cents a gallon, to a monthly average of $3.17 as of October, and have continued to fall throughout the early weeks of November. While impressive, this four-month decline is hardly unusual. In 2011, retail gasoline prices fell from an average monthly high of $3.91 in May to $3.27 by year-end, a decline of nearly sixty-five cents over seven months.
Then again in 2012, after ratcheting up to $3.85 at the end of September, gasoline prices tumbled more than fifty cents a gallon in just three months, down to $3.31 before turning the corner to 2013. And finally, last year told a similar story of lower energy prices before the holidays, dropping nearly thirty-five cents by the end of the year to $3.28 a gallon.
*In each case, retail spending was hardly robust with an average monthly sales pace of 0.4% over the past four years. *In fact, the largest monthly increase was in September 2012, up over 1%, thanks to a hefty increase in electronics purchases corresponding to the release of the iPhone 5. This September, retail sales saw a similar boost from the release of the iPhone 6.
As consumers increasingly anticipate sub-$3 gas prices to be more common in the coming year, however, according to the NACS, consumers say they are more willing to increase spending in the near term. In other words, as consumers anticipate permanency in price cuts at the pump, they are more inclined to adjust and increase consumption. According to the latest survey of consumer optimism, 21% of shoppers interviewed say they are looking forward to spending more in the coming months, up from just 15% in October. Although,* the survey also found that 65% of Americans plan to spend the same this holiday season, with only 14% pointing to gas prices as a catalyst to potentially spending more.*
*2) Energy prices are going down, perhaps temporarily, but other costs are going up, some permanently. *
While gas prices are aggressively retreating, cost savings at the pump are simply helping to offset price increases in other areas of household spending, particularly utilities and healthcare services. Service expenditures typically account for two-thirds of consumer spending, with the remaining one-third comprised of goods consumption. *The largest component of service expenditure is housing and utilities, and as winter ensues, heating bills rise, diverting even more spending power to household energy consumption. *While some conditions appear to have the consumer on better footing relative to last year’s harsh polar vortex, with winter storms already making their way across the Northeast and Southwest, and temperatures dropping in some areas to the single digits, consumers are already spending their savings from the pump on heating the family house.
*In 2013, consumers ramped up service spending at the end of the year at the expense of goods spending, as Americans enrolled in Obamacare. *The average family shelled out an extra $600 over the winter season to combat one of the coldest and snowiest winters in years. Of course, rising natural gas prices only exacerbated the situation in early 2014, with a high of $6/MMBtu by February. This year, again, consumers may not escape unscathed. *Already natural gas prices have far exceeded levels this time last year, and according to the Farmer’s Almanac, this winter will be colder than normal, “with the coldest periods in late December, throughout January, and in early February.”* Furthermore, snowfall is expected to be above normal in most regions with the snowiest periods in mid-December, and mid-January. *In other words, lower prices at the pump may have translated into an extra $100 for the average family, but many Americans bracing for another terrible winter are hoping for further gas price reprieve, enough to cover higher winter heating bills.*
Behind only housing and utilities, healthcare is the largest component of consumer service spending at 26%, accounting for nearly 18% of total household spending. In part driven by the availability of excellent treatment and the latest technology, and in part by the Affordable Care Act, both healthcare costs and total expenditures are rapidly rising. According to a national online private insurance exchange, health insurance premiums have increased between 39-56% since early 2013. For an average family, that means paying $663 a month, an increase of $230 a month or nearly $3,000 annually. *Over the past three months, a price decline of more than $0.50 a gallon has left consumers with a modest increase of cash in their pocket, ranging between $80-100 assuming the average two-car household fills up each 20-gallon tank at least four times a month. And while a savings of $100 is hardly something to sneeze at, relative to rising healthcare costs 30 times greater, such savings is hardly momentum to ramp up spending when other bills need to be paid.*
*3) Consumer confidence reflects a relatively better holiday season.*
Thinking back to the winter of 2013, it’s hard to argue consumers are not relatively better off this time around. After all, last year’s holiday season was dominated by a government shutdown and an extremely harsh winter weather which, based on personal opinion entirely, was the worst winter in history. This year, while consumers were inundated with negative ads surrounding the mid-term elections, most consumer surveys show consumer sentiment was more widely affected by overall economic concerns such as improvement in the labor market, international risks including the threat of the deadly Ebola virus, and pocketbook issues such as falling gas prices and rising healthcare costs.* Still, as retailers count on just these last few months of the year for up to 40% of their annual revenues, a relatively more confident consumer may not be enough to ensure more “merry” this holiday season. After rising 0.6% in August, an above trend rise, consumer spending has been flat with October’s rise simply offsetting the decline the month prior.*
While consumers may feel on stronger footing relative to the quicksand in Nov/Dec 2013, enough to continue to drive expectations higher, *consumers’ assessment of current conditions remains little changed over the past three months following an initial pop in August as gas prices began their descent.* *In other words, the limited boost in sales in August as a result of increased consumer confidence may have been the extent of the ramp up in spending resulting from a decline in gas prices.*
*4) The labor market remains suboptimal, leading to increased savings.*
Some consumers are increasingly willing to spend now in anticipation of increased spending power down the road. For many Americans, however, unemployment and underemployment have dampened the outlook for future earnings. Despite being more than five years into the recovery, wages remains stagnant, undermining optimism for an increased ability to finance today’s spending with tomorrow’s wages. In the October Employment report, while headline job creation rose 214k and the unemployment rate fell further to 5.8%, average hourly earnings rose 0.1% in October, maintaining a stagnant 2% annual pace.* In fact, average wage increases have remained stubbornly low at a 1.9% annual pace since 2010.*
*With uncertainty lingering and patience wearing thin after five+ years of still lackluster wage growth, consumers are increasing saving for the future, hedging against a continuation of “more of the same.” Thus, for many, extra savings at the pump as a result of lower gas prices are simply being stored away to help supplement spending needs in the future, ramping up savings, not spending.* As of September, consumers increased savings from 5.4% to a 5.6% pace, up from a recent low of 4.3% in November of last year.
*Conclusion*
*Against the backdrop of three consecutive months of aggressive energy price reprieve, retail sales have fallen short.* With more than a $0.50 drop in the average cost of a gallon of gasoline, anything less than a minimal 0.5% increase in monthly retail sales highlights just how fragile the U.S. economy remains, particularly the consumer sector. While the weakness in October was dominated by a few categories, there was insufficient demand elsewhere to compensate.* Consumers continue to spend, but at a modest level with no sign of further momentum in sight with income growth stubbornly limited, and consumers opting to use savings from lower gas prices to offset rising healthcare and utilities costs.* We are, after all, a consumer based economy, and if the consumer is struggling to go out and spend on goods and services, or if Americans are simply hesitant to ramp up spending, it could be a very un-merry holiday season for retailers. *From the Fed’s perspective, if consumer spending continues to disappoint, headline activity is likely to significantly underperform monetary policy officials’ optimistic forecast of +2% in 2014 and circa 3% in 2015.* Reported by Zero Hedge 1 hour ago.
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Lawmakers fail to act on health insurance exchange
An estimated $270 million in federal funding was left on the table when Illinois lawmakers didn't vote Wednesday on a measure to create a state-run health insurance exchange.
Reported by ChicagoTribune 8 minutes ago.
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Baseball player to be in radio ad for health care
A player for the Frederick Keys baseball team will be featured in a radio ad to urge Maryland residents to enroll in health insurance under the Affordable Care Act.
Reported by WTOP 10 hours ago.
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Industry Leading Small Business HIPAA Compliance Toolkit Now Available for Instant Download from the Healthcare Experts at hipaapoliciesandprocedures.com
hipaapoliciesandprocedures.com offers an incredibly in-depth Small Business HIPAA Compliance Toolkit available for instant download today. Containing numerous sections of well-written information security policies and procedures, training material – and much more – the Small Business HIPAA Compliance Toolkit is a must-have packet for North American Covered Entities (CE) and Business Associates (BA).
Chicago, IL (PRWEB) December 04, 2014
hipaapoliciesandprocedures.com offers an incredibly in-depth Small Business HIPAA Compliance Toolkit available for instant download today. Containing numerous sections of well-written information security policies and procedures, training material – and much more – the Small Business HIPAA Compliance Toolkit is a must-have packet for North American Covered Entities (CE) and Business Associates (BA). Included in the industry leading packet is the following documentation:· HIPAA Information Security Policies and Procedures Manual
· HIPAA Disaster Recovery Plan
· HIPAA Handbook & Reference Manual
· HIPAA Security Awareness Training PowerPoint (PPT) Presentation
· HIPAA Risk Assessment Template
· And much more!
The Health Insurance Portability and Accountability Act now has serious regulatory compliance enforcement provisions, so download the Small Business HIPAA Compliance Toolkit today from hipaapoliciesandprocedures.com. There’s simply no need to spend thousands of dollars and hundreds of operational man-hours on excessive consulting fees, simply download the Small Business HIPAA Compliance Toolkit today from the healthcare experts at hipaapoliciesandprocedures.com. Becoming compliant with HIPAA can be an incredibly challenging and time-consuming process, and it’s why Covered Entities (CE) and Business Associates (BA) can greatly benefit from the industry leading Small Business HIPAA Compliance Toolkit that’s available for instant download today from hipaapoliciesandprocedures.com. Reported by PRWeb 13 hours ago.
Chicago, IL (PRWEB) December 04, 2014
hipaapoliciesandprocedures.com offers an incredibly in-depth Small Business HIPAA Compliance Toolkit available for instant download today. Containing numerous sections of well-written information security policies and procedures, training material – and much more – the Small Business HIPAA Compliance Toolkit is a must-have packet for North American Covered Entities (CE) and Business Associates (BA). Included in the industry leading packet is the following documentation:· HIPAA Information Security Policies and Procedures Manual
· HIPAA Disaster Recovery Plan
· HIPAA Handbook & Reference Manual
· HIPAA Security Awareness Training PowerPoint (PPT) Presentation
· HIPAA Risk Assessment Template
· And much more!
The Health Insurance Portability and Accountability Act now has serious regulatory compliance enforcement provisions, so download the Small Business HIPAA Compliance Toolkit today from hipaapoliciesandprocedures.com. There’s simply no need to spend thousands of dollars and hundreds of operational man-hours on excessive consulting fees, simply download the Small Business HIPAA Compliance Toolkit today from the healthcare experts at hipaapoliciesandprocedures.com. Becoming compliant with HIPAA can be an incredibly challenging and time-consuming process, and it’s why Covered Entities (CE) and Business Associates (BA) can greatly benefit from the industry leading Small Business HIPAA Compliance Toolkit that’s available for instant download today from hipaapoliciesandprocedures.com. Reported by PRWeb 13 hours ago.
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Comprehensive HIPAA Toolkit Containing Hundreds of HIPAA Policies and Procedures Templates Now Available for Download from hipaapoliciesandprocedures.com
hipaapoliciesandprocedures.com offers an incredibly in-depth, professionally developed set of HIPAA policies and procedures templates for instant download today. It’s called the HIPAA Security & Privacy Compliance Toolkit (HSPCT), and it’s comes complete with hundreds of HIPAA specific policies, procedures, forms, checklists, training material, provisioning documents, and so much more.
Santa Monica, CA (PRWEB) December 04, 2014
hipaapoliciesandprocedures.com offers an incredibly in-depth, professionally developed set of HIPAA policies and procedures templates for instant download today. It’s called the HIPAA Security & Privacy Compliance Toolkit (HSPCT), and it’s comes complete with hundreds of HIPAA specific policies, procedures, forms, checklists, training material, provisioning documents, and so much more. Developed by North American healthcare and compliance experts, the HIPAA Security & Privacy Compliance Toolkit (HSPCT) includes the following industry leading documentation for ensuring both Covered Entities and Business Associates are compliant with the Health Insurance Portability and Accountability Act:· HIPAA Information Security Policies and Procedures Manual
· HIPAA Information Systems Hardening Checklists
· HIPAA Disaster Recovery Plan
· HIPAA Handbook & Reference Manual
· HIPAA Security Awareness Training PowerPoint (PPT) Presentation
· HIPAA Security Awareness Training Manual & Employee Quiz
· HIPAA Security Rule & Privacy Rule Checklist & Readiness Assessment
· HIPAA Risk Assessment Template
· Essential HIPAA Forms
· Additional HIPAA Policies and Procedures
· And much more!
Now’s the time to become compliant with HIPAA, so download the industry leading HIPAA policies and procedures templates from the healthcare experts at hipaapoliciesandprocedures.com. The HIPAA Security & Privacy Compliance Toolkit (HSPCT) is a must-have for any healthcare organization in today’s information security age. Reported by PRWeb 13 hours ago.
Santa Monica, CA (PRWEB) December 04, 2014
hipaapoliciesandprocedures.com offers an incredibly in-depth, professionally developed set of HIPAA policies and procedures templates for instant download today. It’s called the HIPAA Security & Privacy Compliance Toolkit (HSPCT), and it’s comes complete with hundreds of HIPAA specific policies, procedures, forms, checklists, training material, provisioning documents, and so much more. Developed by North American healthcare and compliance experts, the HIPAA Security & Privacy Compliance Toolkit (HSPCT) includes the following industry leading documentation for ensuring both Covered Entities and Business Associates are compliant with the Health Insurance Portability and Accountability Act:· HIPAA Information Security Policies and Procedures Manual
· HIPAA Information Systems Hardening Checklists
· HIPAA Disaster Recovery Plan
· HIPAA Handbook & Reference Manual
· HIPAA Security Awareness Training PowerPoint (PPT) Presentation
· HIPAA Security Awareness Training Manual & Employee Quiz
· HIPAA Security Rule & Privacy Rule Checklist & Readiness Assessment
· HIPAA Risk Assessment Template
· Essential HIPAA Forms
· Additional HIPAA Policies and Procedures
· And much more!
Now’s the time to become compliant with HIPAA, so download the industry leading HIPAA policies and procedures templates from the healthcare experts at hipaapoliciesandprocedures.com. The HIPAA Security & Privacy Compliance Toolkit (HSPCT) is a must-have for any healthcare organization in today’s information security age. Reported by PRWeb 13 hours ago.
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HealthLink Dimensions Partners with National Insurance Carrier to Provide Emails to Streamline Provider Outreach Initiatives
ATLANTA--(BUSINESS WIRE)--HealthLink Dimensions,LLC a leading provider of healthcare data solutions in the U.S. has contracted with one of the nation’s largest health insurance carriers for their provider communications needs. Healthcare provider data changes constantly, and trying to maintain an accurate database is costly and time consuming. For companies that require up-to-date provider data for operational and marketing initiatives partnering with a database manager like HealthLink Dimensio
Reported by Business Wire 12 hours ago.
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Bipartisan Bill Would Widen Federal Help for Disabled
Filed under: Health Care, U.S. Government, Health Insurance, Social Security, This Built America*Getty Images*
By Hope Yen
WASHINGTON -- Congress is poised to allow Americans with disabilities to open tax-sheltered bank accounts to pay for certain long-term expenses -- the broadest legislation to help the disabled in nearly a quarter-century.
The House was set to vote Wednesday on the bill, called the Achieving a Better Life Experience Act, which stands out in a bitterly divided Congress for its wide support. First introduced in 2006, the legislation now lists an overwhelming 85 percent of Congress as co-sponsors, even after a conservative group criticized it as "decisive step in expanding the welfare state."
In the Senate, where Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., are co-sponsors, the bill was expected to move quickly in the lame-duck session once the House acts. It would be the first time that Congress passed major legislation for the disabled since the 1990 Americans With Disabilities Act.
"This levels the playing field for people less fortunate than we are," said Rep. Ander Crenshaw, R-Fla., the bill's lead House sponsor. "And it demonstrates we can work together when it's something that affects so many people."
*'Freedom to Live Independently'*
Rep. Cathy McMorris Rodgers, the House Republican Conference chairwoman, says her 7-year-old son, Cole, has Down syndrome, and that has made her committed to supporting the bill and other government policies that help people with disabilities achieve "the freedom to live independently."
Modeled after tax-free college savings accounts, the bill would affect as many as 54 million Americans with disabilities, amending the federal tax code to allow states to establish the program. To qualify, a person would have to be diagnosed with a disability by a physician by age 26 that results in "marked and severe functional limitations"; those who are already receiving Social Security disability benefits and diagnosed by age 26 would also qualify automatically. Families would be able to set up tax-free savings accounts at financial institutions to pay for expenses such as education, housing, transportation, job training and health care.
The accounts could accrue up to $100,000 without the person losing eligibility for government aid such as Social Security disability payments; currently, the asset limit is $2,000. Medicaid coverage would continue no matter how much money is deposited in the accounts.
The measure is aimed at helping people like Sara Wolff, 31, of Moscow, Pennsylvania, who has Down syndrome. A clerk at a law firm, she cannot work additional hours to save more without losing Social Security benefits and says the death of her mother this past year made her realize the importance of being able to plan for the future.
"Just because I have Down syndrome, that shouldn't hold me back from achieving my full potential in life," Wolff said.
*'Daily Struggles'*
Sen. Bob Casey, D-Pa., the lead sponsor in the Senate, said the measure will provide financial peace of mind to people with disabilities who "face daily struggles that we can't even begin to imagine."
The bill's path hasn't always been smooth. Some lawmakers hedged on cost until it was pared down to $2 billion over 10 years.
Many lawmakers insisted on cuts or revenue increases to offset the cost; the bill's sponsors found the savings in part by increasing the amount of levies on property for tax-delinquent Medicare providers and suppliers and technical adjustments to cap worker's compensation.
The conservative Heritage Foundation remains opposed, saying current asset limits on government welfare benefits are needed to ensure taxpayer aid goes to "those Americans who need them the most." It worries that expanding aid eligibility could lead to additional potential for Social Security fraud and abuse, especially when it comes to mental disabilities, which can be sometimes difficult to diagnose.
More than 100 coalition groups which support the bill disagree, saying ABLE accounts would allow families to save money that is earned on their own. The groups are optimistic after months of petition efforts, calls and personal appeals to lawmakers that families of disabled people will get the support they need.
"We made this our No. 1 priority and have 85 percent of Congress supporting this, which is pretty historic in this political environment," said Sara Hart Weir, interim president of the National Down Syndrome Society.
Permalink | Email this | Linking Blogs | Comments Reported by DailyFinance 11 hours ago.
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RiskIQ Reveals Top Online Threats at NH-ISAC Healthcare Cyber Security Summit
SAN FRANCISCO--(BUSINESS WIRE)--RiskIQ today announced research findings it disclosed yesterday at the NH-ISAC Healthcare Cyber Security Summit on the three leading online threats to customers of health insurance providers.
Reported by Business Wire 10 hours ago.
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Trent Lott Encourages Republicans To Make Technical Fix To Obamacare Subsidies
WASHINGTON -- Former Senate Majority Leader Trent Lott encouraged his fellow Republicans on Thursday to work on a technical fix to the Affordable Care Act to ensure that those purchasing coverage on federally run exchanges would continue receiving subsidies.
The Mississippi Republican said that when he was in office, making clarifying changes to laws after they passed was a routine legislative function. It happened, he said, “almost always.”
“There was always, on a major bill, we’d have technical corrections, right? Almost immediately [we’d correct them]” Lott said, at a breakfast hosted by the Christian Science Monitor.
When he was asked point blank if he would encourage Republicans to work on a technical fix to Obamacare, he responded without hesitation: “Sure, yeah, I would.”
The issue of a technical fix to the health care law has taken on great importance after the Supreme Court decided to hear a case, King v. Burwell, questioning the legality of awarding tax subsidies to those purchasing health insurance on federally run exchanges. The plaintiffs in the lawsuit and their defenders have argued that the law, as written, is unmistakably clear: the tax credits are authorized for coverage purchased on exchanges “established by the State.”
Defenders of the law and those who spent a good deal of time covering it have made the case that the drafters' intent was hardly ambiguous. The subsidies were always envisioned as going to everyone purchasing health care coverage, regardless of whether the state or the federal government had established the exchange.
Should the Supreme Court rule in favor of the plaintiffs, it would dramatically upend insurance markets in 37 states, raising the price of premiums by several thousand dollars for many.
To date, congressional Republicans have had little appetite to clarify the language of the law to remove ambiguity over subsidies. Incoming Senate Majority Leader Mitch McConnell (R-Ky.) recently hinted that he wouldn't lift a finger, and would instead leave it to the Supreme Court to "take it down."
Lott, who appeared Thursday alongside former Senate Majority Leader Tom Daschle (D-S.D.), said he actually could envision lawmakers from both parties coming together around a package of reforms to the health care law that would include elements the president didn’t like (such as the repeal of the medical device tax) and those he did (a clarification of the subsidy issue).
“I would think they should work at that,” he said. “One of the things I’m looking for is who would be the leader in the House or the Senate, Republicans and Democrats, that would try to find a way to do some improvements without demolishing the bill. Is Paul Ryan going to step up and do that? How will Orrin Hatch and Ron Wyden work together?
"That would be an interesting twosome to keep an eye on over the next couple of years," he continued. "I think they could be dynamite, frankly. They could really want to do some good things in the health care area and the tax area. And they might get out of control of their leadership too. “ Reported by Huffington Post 9 hours ago.
The Mississippi Republican said that when he was in office, making clarifying changes to laws after they passed was a routine legislative function. It happened, he said, “almost always.”
“There was always, on a major bill, we’d have technical corrections, right? Almost immediately [we’d correct them]” Lott said, at a breakfast hosted by the Christian Science Monitor.
When he was asked point blank if he would encourage Republicans to work on a technical fix to Obamacare, he responded without hesitation: “Sure, yeah, I would.”
The issue of a technical fix to the health care law has taken on great importance after the Supreme Court decided to hear a case, King v. Burwell, questioning the legality of awarding tax subsidies to those purchasing health insurance on federally run exchanges. The plaintiffs in the lawsuit and their defenders have argued that the law, as written, is unmistakably clear: the tax credits are authorized for coverage purchased on exchanges “established by the State.”
Defenders of the law and those who spent a good deal of time covering it have made the case that the drafters' intent was hardly ambiguous. The subsidies were always envisioned as going to everyone purchasing health care coverage, regardless of whether the state or the federal government had established the exchange.
Should the Supreme Court rule in favor of the plaintiffs, it would dramatically upend insurance markets in 37 states, raising the price of premiums by several thousand dollars for many.
To date, congressional Republicans have had little appetite to clarify the language of the law to remove ambiguity over subsidies. Incoming Senate Majority Leader Mitch McConnell (R-Ky.) recently hinted that he wouldn't lift a finger, and would instead leave it to the Supreme Court to "take it down."
Lott, who appeared Thursday alongside former Senate Majority Leader Tom Daschle (D-S.D.), said he actually could envision lawmakers from both parties coming together around a package of reforms to the health care law that would include elements the president didn’t like (such as the repeal of the medical device tax) and those he did (a clarification of the subsidy issue).
“I would think they should work at that,” he said. “One of the things I’m looking for is who would be the leader in the House or the Senate, Republicans and Democrats, that would try to find a way to do some improvements without demolishing the bill. Is Paul Ryan going to step up and do that? How will Orrin Hatch and Ron Wyden work together?
"That would be an interesting twosome to keep an eye on over the next couple of years," he continued. "I think they could be dynamite, frankly. They could really want to do some good things in the health care area and the tax area. And they might get out of control of their leadership too. “ Reported by Huffington Post 9 hours ago.
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UMI Reviews the Acquisition of InterGlobal by Aetna Insurance in Dubai
UAE Medical Insurance reviews how InterGlobal's integration with Aetna Insurance has progressed and what this means for all parties involved, in Dubai and worldwide.
Dubai (PRWEB) December 04, 2014
UAE Medical Insurance recently witnessed the acquisition of Interglobal by Aetna insurance in Dubai in April of 2014. Six months later, UMI has reviewed the progress of the integration and what this means for both clients and distributors working with Aetna moving forward.
The acquisition occurred on the 23rd of April, 2014 when Aetna announced "...that it has completed its acquisition of United Kingdom-based InterGlobal from a group led by its majority shareholder Alchemy Partners".
Considered one of the global health insurance giants, Aetna certainly dominates market shares in their domestic markets but in UMI’s opinion, the insurer may still have lacked the growth it desired in the SME and corporate IPMI market, where much of the action occurs internationally and not just on US soil. This is not the first time Aetna has made an acquisition on this scale and Goodhealth was purchased by the insurer 10 years ago, most likely as an attempt to kick-start Aetna’s progression into the IPMI market.
InterGlobal appears to have been groomed for sale for several years now when the venture capital specialist 3i initially bought into the company in 2006. However, due to several issues which occurred as a result of the 2008 global financial shockwave, 3i made their exit. Since then InterGlobal’s management team have been extremely successful at restructuring their book of business, enabling them to strengthen their financial footing and enter some unique markets such as China and the UAE. With Aetna searching for ways to grow in the IMPI sector, the purchase of InterGlobal at this time was undoubtedly beneficial for both parties involved.
Compared with previous acquisitions made by global insurance giants, Aetna appears to have taken a particularly humble approach and UMI has witnessed a slow but careful assimilation of the InterGlobal brand into Aetna. Several of InterGlobal’s senior figures have taken up similar positions with Aetna, InterGlobal’s CEO Les Carter for example, has maintained this position in the Aetna team. It would seem that Aetna are by no means taking this acquisition for granted and are certainly maximising the value of the InterGlobal organisation, not only in terms of Gross Written Premium and clients but also in terms of the specialists expertise, market understanding and knowledge.
Moving forward in terms of claims management, InterGlobal products will not be completely removed from the market but replaced by Aetna’s, who have thoroughly researched which of the InterGlobal products are successful and how to improve their own product development. This combination of Aetna’s financial strength and InterGlobal’s expertise will likely lead to clients not only experiencing better service, but more stable policy plans for the foreseeable future.
As the economies of Asia, Africa, South America and India continue to grow, so does the population of High Net Worth’s and therefore the opportunities within the IPMI business. Acquisitions are always a risk for large stakeholders such as Aetna, but entering the IPMI market at this time is undoubtedly a smart way to expand beyond domestic business and UMI is positive of the opportunities this acquisition will bring for both its clients and others involved in the industry. Reported by PRWeb 8 hours ago.
Dubai (PRWEB) December 04, 2014
UAE Medical Insurance recently witnessed the acquisition of Interglobal by Aetna insurance in Dubai in April of 2014. Six months later, UMI has reviewed the progress of the integration and what this means for both clients and distributors working with Aetna moving forward.
The acquisition occurred on the 23rd of April, 2014 when Aetna announced "...that it has completed its acquisition of United Kingdom-based InterGlobal from a group led by its majority shareholder Alchemy Partners".
Considered one of the global health insurance giants, Aetna certainly dominates market shares in their domestic markets but in UMI’s opinion, the insurer may still have lacked the growth it desired in the SME and corporate IPMI market, where much of the action occurs internationally and not just on US soil. This is not the first time Aetna has made an acquisition on this scale and Goodhealth was purchased by the insurer 10 years ago, most likely as an attempt to kick-start Aetna’s progression into the IPMI market.
InterGlobal appears to have been groomed for sale for several years now when the venture capital specialist 3i initially bought into the company in 2006. However, due to several issues which occurred as a result of the 2008 global financial shockwave, 3i made their exit. Since then InterGlobal’s management team have been extremely successful at restructuring their book of business, enabling them to strengthen their financial footing and enter some unique markets such as China and the UAE. With Aetna searching for ways to grow in the IMPI sector, the purchase of InterGlobal at this time was undoubtedly beneficial for both parties involved.
Compared with previous acquisitions made by global insurance giants, Aetna appears to have taken a particularly humble approach and UMI has witnessed a slow but careful assimilation of the InterGlobal brand into Aetna. Several of InterGlobal’s senior figures have taken up similar positions with Aetna, InterGlobal’s CEO Les Carter for example, has maintained this position in the Aetna team. It would seem that Aetna are by no means taking this acquisition for granted and are certainly maximising the value of the InterGlobal organisation, not only in terms of Gross Written Premium and clients but also in terms of the specialists expertise, market understanding and knowledge.
Moving forward in terms of claims management, InterGlobal products will not be completely removed from the market but replaced by Aetna’s, who have thoroughly researched which of the InterGlobal products are successful and how to improve their own product development. This combination of Aetna’s financial strength and InterGlobal’s expertise will likely lead to clients not only experiencing better service, but more stable policy plans for the foreseeable future.
As the economies of Asia, Africa, South America and India continue to grow, so does the population of High Net Worth’s and therefore the opportunities within the IPMI business. Acquisitions are always a risk for large stakeholders such as Aetna, but entering the IPMI market at this time is undoubtedly a smart way to expand beyond domestic business and UMI is positive of the opportunities this acquisition will bring for both its clients and others involved in the industry. Reported by PRWeb 8 hours ago.
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The New Health Care: Big Changes in Fine Print of Some 2015 Health Plans
A ProPublica analysis found that many health insurance plans offered in the federal marketplace are changing their benefits heading into 2015.
Reported by NYTimes.com 6 hours ago.
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The 10 Hottest Jobs In Healthcare For 2015
If you're looking for a new job and want to make an impact on the lives of others, you should consider a career in healthcare — one of the fastest-growing industries in the US right now.
According to the US Bureau of Labor Statistics (BLS), an expected 5 million new healthcare jobs will be created by 2022 — and whether you want to work behind the scenes in labs or directly with patients in hospitals, there's something for everyone.
To help narrow down your options, CareerCast, a career guidance website, recently compiled a list of the hottest heathcare jobs for 2015.
Earlier this year, CareerCast evaluated factors like income, outlook, environmental factors, stress, and physical demands for 200 professions across a wide variety of industries, salary ranges, and skill levels. Using data from the BLS, the Census Bureau, trade associations, and other sources, CareerCast was able to determine the best and worst jobs in the US.
It then sorted the results by industry and pulled the 10 best jobs in healthcare, below:
"Job prospects across the entire healthcare sector are expected to grow through the next decade as more Americans gain access to health insurance and providers add staff to meet the demand," says Tony Lee, publisher of CareerCast, in a press statement.
Many of the top jobs in healthcare require either an associates or bachelor's degree, and some, like pharmacist, require residencies and apprenticeships after completing pharmacy school.
*SEE ALSO: 16 Awesome Career Choices That Most College Kids Have Never Heard Of*
Join the conversation about this story » Reported by Business Insider 7 hours ago.
According to the US Bureau of Labor Statistics (BLS), an expected 5 million new healthcare jobs will be created by 2022 — and whether you want to work behind the scenes in labs or directly with patients in hospitals, there's something for everyone.
To help narrow down your options, CareerCast, a career guidance website, recently compiled a list of the hottest heathcare jobs for 2015.
Earlier this year, CareerCast evaluated factors like income, outlook, environmental factors, stress, and physical demands for 200 professions across a wide variety of industries, salary ranges, and skill levels. Using data from the BLS, the Census Bureau, trade associations, and other sources, CareerCast was able to determine the best and worst jobs in the US.
It then sorted the results by industry and pulled the 10 best jobs in healthcare, below:
"Job prospects across the entire healthcare sector are expected to grow through the next decade as more Americans gain access to health insurance and providers add staff to meet the demand," says Tony Lee, publisher of CareerCast, in a press statement.
Many of the top jobs in healthcare require either an associates or bachelor's degree, and some, like pharmacist, require residencies and apprenticeships after completing pharmacy school.
*SEE ALSO: 16 Awesome Career Choices That Most College Kids Have Never Heard Of*
Join the conversation about this story » Reported by Business Insider 7 hours ago.
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A.M. Best Special Report: U.S. Health Stock Performance Slips in Third Quarter
OLDWICK, N.J.--(BUSINESS WIRE)--The Health insurance stock index population tracked by A.M. Best suffered a slight pullback in the third quarter of 2014, reporting an aggregated decline of -0.6% compared with the 3.3% gain by S&P 500 for the same period. As of Sept. 30, 2014, however, the stocks still posted a 16.2% year-to-date gain stemming from strong gains in the first half of the year. The report titled, "U.S. Health Stock Performance Slips in Third Quarter; Still Strong Year-to-Date,”
Reported by Business Wire 7 hours ago.
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Obama officials tout more carriers, better prices in Texas health insurance exchange
Reported by DallasNews 6 hours ago.
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HealthCare.gov average premiums going up in 2015
[...] the same officials say most current customers can still save money if they are willing to shop around a competitive marketplace. In a report released Thursday, the Health and Human Services Department says premiums for the most popular type of plan will go up an average of 5 percent in 35 states where the federal government is running the health insurance exchanges.
Reported by SeattlePI.com 6 hours ago.
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Average Obamacare Health Premiums to Rise in 2015
Filed under: Health Care, Family Money, Personal Finance, Healthcare Industry, Health Insurance*HealthCare.gov via AP*
By RICARDO ALONSO-ZALDIVAR
WASHINGTON -- Many HealthCare.gov customers will face higher costs next year, the Obama administration acknowledged Thursday in a report that shows average premiums rising modestly.
However, officials said millions of consumers who are currently enrolled can mitigate the financial consequences if they are willing to shop around for another plan in a marketplace that's becoming more competitive.
Premiums for the most popular type of plan will go up an average of 5 percent in the 35 states where the federal government is running the health insurance exchanges, said a report from the Health and Human Services Department.
However, the administration says about two-thirds of current customers can still find coverage comparable to what they have now for $100 a month or less if they shop around. That estimate takes into account the tax credits that most consumers are entitled to, which cover about three-fourths of the cost of premiums on average.Double-digit premium increases were common for people buying their own insurance before the passage of President Barack Obama's health care law.
The modest average increases the administration reported Thursday mask bigger price swings from state to state, and even within regions of a state. Some are still seeing double-digit hikes. But others are seeing decreases. And most are somewhere in the middle.
On the whole, administration officials say the market is more stable.
"In today's marketplace, [insurers] are competing for business," Health and Human Services Secretary Sylvia M. Burwell said in a statement. "Returning customers may find an even better deal if they shop and save."
The report said about 90 percent of customers will have a choice of three or more insurers this year, with each company usually offering a range of plans. That's a notable improvement from last year, when 74 percent of customers had similar options.
The most popular coverage is known as the lowest cost silver plan and will go up 5 percent next year.
Another key plan, the second-lowest cost silver, will go up an average of 2 percent.
Obama's health care law offers subsidized private health insurance to those who don't have coverage on the job. Online markets called exchanges provide different options in each state.
Permalink | Email this | Linking Blogs | Comments Reported by DailyFinance 5 hours ago.
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Horizon Blue Cross Blue Shield of New Jersey to Hold “Insure-A-Thon” to Help Consumers Get Health Insurance
The company’s second Insure-A-Thon begins this weekend with extended hours at Horizon Connect in Moorestown.
Newark, NJ (PRWEB) December 04, 2014
If you need health insurance coverage beginning January, 1, 2015, Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) is helping you get covered with extended hours during an Insure-A-Thon starting this weekend and continuing through December 15. In order to be covered on January 1, 2015, you must enroll by December 15, 2014.
“With the deadline to purchase health insurance right in the middle of the busiest shopping time of the year, Horizon wanted to make the purchase of health insurance as easy and convenient as possible for consumers,” said Joseph Albano, Vice President of Consumer and Dental Markets for Horizon BCBSNJ.
At the Horizon Connect Center, located in the East Gate Square Shopping Center in Moorestown, individuals can walk in to get answers and understanding of all their health insurance needs. Normal operating hours for Horizon Connect are Monday through Friday, 9:00 am to 7:00 p.m., and Saturday, 9:00 a.m. to 4:00 p.m. Horizon Connect will be open for the following extended hours, beginning this weekend to kick-off the Horizon Insure-A-Thon:
Saturday, December 6: 9:00 a.m. – 6:00 p.m.
Sunday, December 7: 9:00 a.m. – 6:00 p.m.
Friday, December 12: 9:00 a.m. -- 9:00 p.m.
Saturday, December 13: 9:00 a.m. – 9:00 p.m.
Sunday, December 14 9:00 a.m. - 12 midnight
Monday, December 15 9:00 a.m. - 12 midnight
Refreshments and special promotions will also be offered to Horizon Connect visitors during the Insure-A-Thon.
For more information about the Horizon Connect Center, or to schedule an appointment with a center agent, individuals should call 1-855-702-6663 or visit connect.HorizonBlue.com. Open enrollment ends December 7, 2014 for Medicare recipients. For everyone else, enrollment ends February 15, 2015.
Insure-A-Thon Center:
Individuals who want to purchase health insurance and determine if they qualify for financial assistance can call the Insure-A-Thon number of 1- 800-224-1234 to speak with a Horizon BCBSNJ sales agent. Agents will be available during extended operating hours beginning December 7:
Sunday, December 7 – Thursday, December 11: 8:00 a.m. – 10:00 p.m.
Friday, December 12 – Monday, December 15: 8:00 a.m. – 12 midnight
Horizon Connect mall locations:· Woodbridge Center -- 250 Woodbridge Center Drive, Woodbridge, NJ.
· The Outlet Collection / Jersey Gardens -- 651 Kapkowski Road, Elizabeth, NJ.
· Newport Center Mall -- 30 Mall Drive West, Jersey City, NJ.
· Willowbrook Mall -- 1400 Willowbrook Mall Rd. Wayne, NJ.
The mall locations feature partitioned space where consumers can meet with Horizon BCBSNJ agents in a semi-private setting to ask questions about health coverage, review their eligibility for financial assistance, and receive help with selecting a policy, on-line through Horizon BCBSNJ’s sales portal or through the Federally Facilitated Marketplace (Marketplace).
Extended mall hours include:
Sunday, December 7 – Thursday, December 11: 11:00 a.m. – 8:00 p.m.
Friday, December 12 – Saturday, December 13: 11:00 a.m. – 12 midnight
Sunday, December 14 – Monday, December 14: 10:00 a.m. – 12 midnight
The mall locations will feature special promotions and activities during the Insure-A-Thon, and will be staffed with additional agents, including bilingual agents, to assist consumers.
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About Horizon Blue Cross Blue Shield of New Jersey
Horizon Blue Cross Blue Shield of New Jersey, the state’s oldest and largest health insurer is a tax-paying, not-for-profit health service corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon BCBSNJ is leading the transformation of health care in New Jersey by working with doctors and hospitals to deliver innovative, patient-centered programs that reward the quality, not quantity, of care patients receive. Learn more at http://www.HorizonBlue.com. Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association serving more than 3.7 million members. Reported by PRWeb 5 hours ago.
Newark, NJ (PRWEB) December 04, 2014
If you need health insurance coverage beginning January, 1, 2015, Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) is helping you get covered with extended hours during an Insure-A-Thon starting this weekend and continuing through December 15. In order to be covered on January 1, 2015, you must enroll by December 15, 2014.
“With the deadline to purchase health insurance right in the middle of the busiest shopping time of the year, Horizon wanted to make the purchase of health insurance as easy and convenient as possible for consumers,” said Joseph Albano, Vice President of Consumer and Dental Markets for Horizon BCBSNJ.
At the Horizon Connect Center, located in the East Gate Square Shopping Center in Moorestown, individuals can walk in to get answers and understanding of all their health insurance needs. Normal operating hours for Horizon Connect are Monday through Friday, 9:00 am to 7:00 p.m., and Saturday, 9:00 a.m. to 4:00 p.m. Horizon Connect will be open for the following extended hours, beginning this weekend to kick-off the Horizon Insure-A-Thon:
Saturday, December 6: 9:00 a.m. – 6:00 p.m.
Sunday, December 7: 9:00 a.m. – 6:00 p.m.
Friday, December 12: 9:00 a.m. -- 9:00 p.m.
Saturday, December 13: 9:00 a.m. – 9:00 p.m.
Sunday, December 14 9:00 a.m. - 12 midnight
Monday, December 15 9:00 a.m. - 12 midnight
Refreshments and special promotions will also be offered to Horizon Connect visitors during the Insure-A-Thon.
For more information about the Horizon Connect Center, or to schedule an appointment with a center agent, individuals should call 1-855-702-6663 or visit connect.HorizonBlue.com. Open enrollment ends December 7, 2014 for Medicare recipients. For everyone else, enrollment ends February 15, 2015.
Insure-A-Thon Center:
Individuals who want to purchase health insurance and determine if they qualify for financial assistance can call the Insure-A-Thon number of 1- 800-224-1234 to speak with a Horizon BCBSNJ sales agent. Agents will be available during extended operating hours beginning December 7:
Sunday, December 7 – Thursday, December 11: 8:00 a.m. – 10:00 p.m.
Friday, December 12 – Monday, December 15: 8:00 a.m. – 12 midnight
Horizon Connect mall locations:· Woodbridge Center -- 250 Woodbridge Center Drive, Woodbridge, NJ.
· The Outlet Collection / Jersey Gardens -- 651 Kapkowski Road, Elizabeth, NJ.
· Newport Center Mall -- 30 Mall Drive West, Jersey City, NJ.
· Willowbrook Mall -- 1400 Willowbrook Mall Rd. Wayne, NJ.
The mall locations feature partitioned space where consumers can meet with Horizon BCBSNJ agents in a semi-private setting to ask questions about health coverage, review their eligibility for financial assistance, and receive help with selecting a policy, on-line through Horizon BCBSNJ’s sales portal or through the Federally Facilitated Marketplace (Marketplace).
Extended mall hours include:
Sunday, December 7 – Thursday, December 11: 11:00 a.m. – 8:00 p.m.
Friday, December 12 – Saturday, December 13: 11:00 a.m. – 12 midnight
Sunday, December 14 – Monday, December 14: 10:00 a.m. – 12 midnight
The mall locations will feature special promotions and activities during the Insure-A-Thon, and will be staffed with additional agents, including bilingual agents, to assist consumers.
###
About Horizon Blue Cross Blue Shield of New Jersey
Horizon Blue Cross Blue Shield of New Jersey, the state’s oldest and largest health insurer is a tax-paying, not-for-profit health service corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon BCBSNJ is leading the transformation of health care in New Jersey by working with doctors and hospitals to deliver innovative, patient-centered programs that reward the quality, not quantity, of care patients receive. Learn more at http://www.HorizonBlue.com. Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association serving more than 3.7 million members. Reported by PRWeb 5 hours ago.
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Healthcare.gov average premiums going up in 2015
Premiums for the most popular type of plan will go up an average of 5 percent in the 35 states where the federal government is running the health insurance exchanges.
Reported by nola.com 4 hours ago.
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Brown Looking to Allow Illegals Access to Medi-Cal
According to Gov. Jerry Brown’s top policy aide, Brown wants to let illegal immigrants protected by Barack Obama’s new executive amnesty become eligible for state-funded Medi-Cal coverage. Nancy McFadden, speaking Wednesday at an event run by the leftist Public Policy Institute of California, implied that one hurdle to Brown’s action would be the cost, according to the Los Angeles Times: “We’re still evaluating, but the president’s recent action on undocumented immigrants could perhaps open a door for more coverage of more people under Medi-Cal. We’re looking at that. That, of course, is going to cost money.’’
McFadden pointed out that Medi-Cal has 2 million more Californians drawing from it than in 2012, but argued that providing healthcare coverage for more Californians would enable people to escape poverty. The increase in Medi-Cal enrollment just happened to occur as ObamaCare was implemented.
At present, the Times notes, illegal immigrants cannot access subsidized health insurance from ObamaCare and are also ineligible for Medicaid, known as Medi-Cal in California. If Brown’s plan succeeds, over one million illegal immigrants in California could reap the benefits of Medi-Cal.
The AP reports that California is expected to spend more than $17 billion on Medi-Cal in 2014, up 3.5 percent a year ago, according to the Legislative Analyst's Office. Up to 2.6 million illegal immigrants live in the state.
Joe Guzzardi, a spokesman for Californians for Population Stabilization, said, according to the AP: "There are millions of Californians who don't have health care insurance or have to pay for their health care insurance out of their own pockets. So it seems unfair to have legislation that provides for people who came to the United States unlawfully to be rewarded with a health care plan.” Reported by Breitbart 3 hours ago.
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