Bloomberg Businessweek's Joel Stonington has put together an interesting slide show of "the oddest insured things", from Bruce Springsteen's voice ($5.7 million) to the hard-working tongue of a British coffee taster ($16 million).
Arguably the most interesting detail, though, is the fact that one insurer apparently offers insurance in case you are abducted by aliens. Stonington notes that the insurer "is currently paying out on a pair of claims deemed legitimate."
See the link above for the slideshow.
Rabu, 14 September 2011
Group Health seeks rate hike
Group Health Options has requested a 11.6% rate increase for its small employer plans. The rate is currently under review and if approved, would take effect Jan. 1, 2012. Group Health Cooperative filed a 0% rate change for its small employer plans.
Summaries of all individual and small employer plan rate requests and memos detailing our decisions can be found on our new Web page www.insurance.wa.gov/health-rates.shtml.
We're able to post these requests and the entire rate filings thanks to a bill passed last session (HB 1220). For years, we've heard from consumers upset with the rising costs of their health insurance - and rightly so. Health care costs are rising well above the rate of general inflation. Unfortunately, before this new law, all rate requests were considered proprietary.
If someone contacted us for information, we could only say "trust us, we carefully reviewed the rate change, and it's justified." Not a lot of comfort if you've experienced double-double digit increases year after year.
Now - thanks to this new law - you can see what we see: How your company spent your premium. and how much of it went to pay medical claims, cover administrative costs (including salaries) and how much was profit.
Our authority over these rates is still limited. If the company can justify the change and prove that the rate is reasonable in relation to the benefit the plan provides, then we must accept it. But at least now if you're paying more for your health plan, you know why.
Other insurers with pending rate requests for small or individual health plans include: Asuris Northwest Health, Kaiser Foundation Health Plan of the Northwest, Lifewise Health Plan of Washington, Premera Blue Cross, Providence Health Plan, and Regence BlueShield.
Summaries of all individual and small employer plan rate requests and memos detailing our decisions can be found on our new Web page www.insurance.wa.gov/health-rates.shtml.
We're able to post these requests and the entire rate filings thanks to a bill passed last session (HB 1220). For years, we've heard from consumers upset with the rising costs of their health insurance - and rightly so. Health care costs are rising well above the rate of general inflation. Unfortunately, before this new law, all rate requests were considered proprietary.
If someone contacted us for information, we could only say "trust us, we carefully reviewed the rate change, and it's justified." Not a lot of comfort if you've experienced double-double digit increases year after year.
Now - thanks to this new law - you can see what we see: How your company spent your premium. and how much of it went to pay medical claims, cover administrative costs (including salaries) and how much was profit.
Our authority over these rates is still limited. If the company can justify the change and prove that the rate is reasonable in relation to the benefit the plan provides, then we must accept it. But at least now if you're paying more for your health plan, you know why.
Other insurers with pending rate requests for small or individual health plans include: Asuris Northwest Health, Kaiser Foundation Health Plan of the Northwest, Lifewise Health Plan of Washington, Premera Blue Cross, Providence Health Plan, and Regence BlueShield.
Senin, 12 September 2011
Tacoma insurance agent charged with theft
An insurance agent in Tacoma has been charged with theft for misppropriating checks from dozens of policyholders.
Michel Anthony James, an independent contractor working as an agent for State Farm, is believed to have deposited checks from more than 40 policyholders into his own business bank account. State Farm discovered the problems when it audited James' accounts.
Based on a subsequent iinvestigation by Insurance Commissioner Mike Kreidler's Special Investigations Unit, James:
Michel Anthony James, an independent contractor working as an agent for State Farm, is believed to have deposited checks from more than 40 policyholders into his own business bank account. State Farm discovered the problems when it audited James' accounts.
Based on a subsequent iinvestigation by Insurance Commissioner Mike Kreidler's Special Investigations Unit, James:
- failed to apply premiums to policies,
- wrongly withdrew cash from his premium fund account (which is where those policyholder checks were supposed to go),
- failed to refund overpayments to policyholders,
- and violated contractual agreements with State Farm.
Kamis, 08 September 2011
Small-business health insurance tax credits: key deadlines and tips
If you're a small business that provides health coverage for employees -- or wants to -- a couple of key deadlines for taking advantage of tax credits are coming up soon.
From the U.S. Department of Health and Human Services:
From the U.S. Department of Health and Human Services:
If you have up to 25 employees, pay average annual wages below $50,000, and provide health insurance, you may qualify for a small business tax credit of up to 35% (up to 25% for non-profits) to offset the cost of your insurance. This will bring down the cost of providing insurance.
In order to take advantage of these tax credits, you must file by a certain date. Here are two important tax filing deadlines in coming weeks that you should be aware of:
- September 15. Corporations that file on a calendar year basis and requested an extension to file to September 15 can calculate the small employer health care credit on Form 8941 and claim it as part of the general business credit on Form 3800, which they would include with their corporate income tax return.
Important tips:
- October 17. Sole proprietors who file Form 1040 and partners and S-corporation shareholders who report their income on Form 1040 have until October 17 to complete their returns. They would also use Form 8941 to calculate the small employer health care credit and claim it as a general business credit on Form 3800, reflected on line 53 of Form 1040.
- Even if you've already filed your 2010 taxes, you can still claim the credit. Just file an amended 2010 return.
- Even if you don't have tax liability this year, you can still benefit, since eligible small businesses can carry back the tax credit five years. (It used to be that you could carry back general business credits like this just one year.)
- Businesses that couldn't use the credit in 2010 can claim it in future years.
Rabu, 07 September 2011
Kreidler orders Regence to fix health insurance problems
We just issued a press release about The Regence Group and its subsidiaries here, which have been having ongoing problems with billing and claims, including a computer system error that resulted in more than 6,000 incorrect transactions.
The same error apparently caused Regence to accidentally withdraw money from the bank accounts of people are not even Regence members. (Some of the withdrawals totaled thousands of dollars.) In the process, some Regence members' names and identification numbers were accidentally disclosed to strangers.
Last week, we and insurance regulators from three other states -- Oregon, Idaho and Utah -- met with Regence Group CEO Mark Ganz and other company officials in Salem, Ore. We provided the company with a list of the problems we've noted or that consumers have complained to us about.
For more details, please see the news release link above.
The same error apparently caused Regence to accidentally withdraw money from the bank accounts of people are not even Regence members. (Some of the withdrawals totaled thousands of dollars.) In the process, some Regence members' names and identification numbers were accidentally disclosed to strangers.
Last week, we and insurance regulators from three other states -- Oregon, Idaho and Utah -- met with Regence Group CEO Mark Ganz and other company officials in Salem, Ore. We provided the company with a list of the problems we've noted or that consumers have complained to us about.
For more details, please see the news release link above.
Jumat, 02 September 2011
Need health insurance for your children?
Open enrollment for individual health plans starts Sept. 15 and runs through Oct. 31. If you need health insurance for your child, make sure you enroll early. If you miss this open enrollment period, you'll have to wait until March 15, 2012, unless you meet certain qualifications.
And if you wait until even the beginning of October, your coverage may not kick in until Nov. 1.
Federal health reform prevents health insurers from denying coverage to children because of a pre-existing health condition. However, just like employer-sponsored health plans, insurers can create open enrollment periods. During these times, children under age 19 do not have to complete a health questionnaire and cannot be denied health insurance.
These open enrollment periods apply to all individual health plans. People buying this type of coverage do not get health insurance from their employer or their employer doesn't cover dependents.
Exceptions where you can apply for coverage for your child anytime include after the birth or adoption of a child, or the parent:
Is no longer eligible for a state program such as Medicaid.
Loses coverage due to a divorce.
Loses employer-sponsored coverage (including COBRA coverage).
Moves and their plan is not available where they live.
Need more help understanding the open enrollment periods or think you're not being treated fairly? Send us an e-mail or file a complaint with us.
And if you wait until even the beginning of October, your coverage may not kick in until Nov. 1.
Federal health reform prevents health insurers from denying coverage to children because of a pre-existing health condition. However, just like employer-sponsored health plans, insurers can create open enrollment periods. During these times, children under age 19 do not have to complete a health questionnaire and cannot be denied health insurance.
These open enrollment periods apply to all individual health plans. People buying this type of coverage do not get health insurance from their employer or their employer doesn't cover dependents.
Exceptions where you can apply for coverage for your child anytime include after the birth or adoption of a child, or the parent:
Is no longer eligible for a state program such as Medicaid.
Loses coverage due to a divorce.
Loses employer-sponsored coverage (including COBRA coverage).
Moves and their plan is not available where they live.
Need more help understanding the open enrollment periods or think you're not being treated fairly? Send us an e-mail or file a complaint with us.
Kamis, 01 September 2011
September is National Preparedness Month
We know, we know. National designations like these often fade into the ether. But why not pay attention this time? Recent earthquakes - even if on the other coast - and hurricanes ripping up the eastern seaboard should make us pay attention. Let this be the call to see how prepared you are.
Do you have flood insurance? Should you have it? How about earthquake insurance? We can help you learn more about these types of coverage at www.insurance.wa.gov.
Why not take an part of an evening this month to look at your homeowner policy. And talk to your family about your emergency plan. Don't have one? Well, now's the time. What are you waiting for?
Here's some more help to get you started.
Do you have flood insurance? Should you have it? How about earthquake insurance? We can help you learn more about these types of coverage at www.insurance.wa.gov.
Why not take an part of an evening this month to look at your homeowner policy. And talk to your family about your emergency plan. Don't have one? Well, now's the time. What are you waiting for?
Here's some more help to get you started.
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