| A Look Into the LTC-linked Annuity Market
The passage of the Pension Protection Act (PPA) has injected new life into the languishing stand-alone long-term care (LTC) insurance market by paving the way for a new breed of products known as the Annuity/Insurance-LTC Combos. A major benefit of PPA is the tax-free funding for LTC benefits bundled as riders with these life insurance and annuity products. Prior to Bush's reform bill, this funding was subject to taxes. But in 2010, the premiums for all new and in-force life insurance and annuity LTC combo policies will no longer be taxable. Instead of depending on the government to shoulder the cost of the nursing home expenses, the tax benefit, along with the Deficit Reduction Act creates an incentive for Americans to consider private LTC insurance for their needs. Combination products increase flexibility and deal with the many needs for annuity values and LTC benefits at a lower cost than single products.
Laid off? Resist panic, get right back into labor pool
So many people are struggling financially, while others are worried about their financial futures. These are actual people with the problems they've faced or the questions they've asked. Shanika -- Single mother, receives child support. Homeowner. College degree. .
When life changes, it's time to change your insurance
NEW YORK - Insurance policies, like shoes, provide the most comfort when they fit well. Yet at least 32 million households in the U.S. own insurance policies that aren't right for them, according to the Insurance Information Institute. In fact, in 2006, 58 percent of homes were undervalued in their policies by an average of 21 percent.But how can you tell if your insurance policy doesn't fit correctly? A good time to test it is when you undergo a major change in your life. For example, if you've recently gotten married or divorced, it may be time to update your homeowners and life insurance policies. You could be eligible for a discount on your auto insurance if you've just tied the knot. And don't forget to update your life insurance protection when you have a new baby - one-third of households with new additions forget to do so.
Flood mitigation means savings for residents
Austin has come along way since the flood of 2004, and it's literally paying off for property owners.The Federal Emergency Management Agency has bumped Austin up to a No. 1 rating in its Community Rating System, making the city one of only two in the United States where property owners can receive a 45 percent discount on flood insurance. The city previously had a No. 5 rating, a 25 percent discount on insurance.City engineer Jon Erichson explained to the city council Tuesday night how the FEMA rating is based on the community's efforts for flood mitigation.The city's first priority in 2006 was flood mitigation, he said, outlining the accomplishments so far, including the Wildwood Park home acquisitions; the railroad property project (Jim's Supervalu, Eagles, Stroup property and B & J Bar); the Ellis ditch project; and the East Side Lake berm construction.A Cedar River Watershed District is also being established, other small projects are happening "all the time," Erichson said, and the local option sales tax was passed in November.For 2007, flood mitigation goals span from completing the Wildwood home acquisition and auctioning them off or knocking them down, and working on the North Main Street area.
Hot Off Mills Buy, Farallon Makes Play for Another REIT
Affordable Residential Communities (NYSE: ARC) confirmed it is in talks with Farallon Capital Management LLC about the sale of its manufactured housing business for $1.84 billion. Farallon, a private firm based in San Francisco that recently teamed up with Simon Property Group to buy The Mills Corp., already owns 10% of ARC's shares. It has proposed a buy-out offer of between $9 and $9.40 per share for the firm's manufactured housing line of business, which represents most of the Englewood, CO, REIT's operating assets. The bid comes in at a discount to what the stock traded for last week. Thursday's closing price was $12.04 per share. News of the offer pushed ARC's stock up to $12.35 per share on Monday. The deal does not include ARC's recently acquired NLASCO insurance operations. The two companies are in an exclusive negotiating period through April 16, 2007.
Broker tips: Home Retail, Biffa, Resolution, easyJet, BAE
LONDON (SHARECAST) - Home Retail Group hit a new high today after Citigroup upgraded the Argos owner to 'buy' from 'hold' and raised its price target to 500p from 450p. The broker attributed its move to a more favourable risk/reward valuation, adding that possible bid speculation could at the very least reduce downside. It noted that the company was on the receiving end of a provisional offer prior to the demerger of GUS into Home Retail and Experian effective last October. Biffa tumbled though as the waste management company warned of bottom end full year revenue and profits, prompting Merrill Lynch to repeat its sell recommendation. The group, which blamed the news on reduced second half profits at the collection division, is on a pricey valuation of 11.2 times EV/EBITDA for 2007/8, said the broker.
Kan. Legislature Advances Bill to Help Poor Buy Insurance
Thousands of poor Kansans would get the state's help in paying for health insurance under a proposal endorsed earlier this week in both the House and Senate, as legislators moved closer to finishing a modest package of health care initiatives. The proposal would create a new program eventually providing $77 million a year in benefits to about 24,000 adults by 2012. While the program's details aren't spelled out, supporters expect the state to spend about $3,200 per person. The House approved, 117-5, a bill creating the new program. The Senate gave its own bill first-round approval on a voice vote and planned to take final action Tuesday. Both measures had bipartisan support. The House bill tied the new program to proposals to allow the state to make no-interest loans to help small businesses form associations and start health plans, and allow more Kansans to set aside money tax-free to cover health expenses.
Private Medicare plan struggling to stay out of receivership
Universal Health Care Insurance Co. Inc., a St. Petersburg-based private Medicare plan provider, is continuing legal efforts to hold off a threat of receivership, while trying to meet a state demand that it increase its financial surplus by about $150 million. Universal has about 80,000 policyholders in its Any, Any, Any Plan, which has been the target of actions by the Florida Office of Insurance Regulation since February. Universal denies that it is insolvent and has stated that it will continue to pay claims for its members while trying to resolve its problems with the OIR. Should Universal go into receivership, members would be able to enroll in other private Medicare plans or, at worst, simply revert to traditional Medicare. Currently, "Universal is not in receivership," said Nina Banister, spokeswoman for the state Department of Financial Services.
Ideal Micro Practices, the New Old Fashioned Family Docs
I've been reading a lot about new models of primary care that are emerging from the near-collapse of our health care system. One such new paradigm, called Ideal Micro Practices, has really gotten me excited. I think I just might be bold enough to do it one day. Pioneered by Dr. Gordon Moore, IMP's are slowly popping up across the country, powered by family doctors with a hunger to rediscover that which often escapes them today - taking good care of people. From The Wall Street Journal: After eight years as a staff doctor at a hospital-owned medical practice, Gordon Moore began to really dislike his job. To increase revenue, the hospital pressured him to see more than 30 patients a day, usually for 15 minutes each. Many patients couldn't get appointments for weeks. Dr. Moore determined it took 19 separate actions and 253 feet of corridor-walking to order a prescription refill.
Multiple Insurance Plans May Be Needed After 65
4/2/2007 - Thinking about insurance is rarely high on individuals list of things to do. As individuals retire or age into Medicare, their insurance situation can change dramatically. There are a multitude of options open to those with Medicare can be very different than a previous insurance situation. The terms are different, the prices are different, the products offered are dramatically different.
The purpose of this column is to give those who are eligible for Medicare or soon to be eligible for Medicare some understanding of their insurance options and how it could impact their health and finances.
These questions and answers are meant as a guide to help you understand the complex questions you are now thinking about. Each individuals specific situation may create a different solution.
New dental clinic hires its dentist
MACOMB - A dentist has been hired to provide professional services at the McDonough County Community Dental Center, scheduled to open in Macomb this summer.Laura Fauchier will receive her DDS degree this June from the University of Iowa Dental School, and will move to Macomb with her family. She is scheduled to begin seeing patients in July.A native of Cedar Rapids, Iowa, Fauchier has completed dental rotations at the Broadlawns Medical Center Dental Clinic in Des Moines, Iowa, and the Dental Health Center at St. Luke's Hospital in Cedar Rapids, Iowa. .
AM Best Places Rating of Community Health Plan Under Review
OLDWICK, N.J.--(BUSINESS WIRE)--April 6, 2007--A.M. Best Co. has placed the financial strength rating (FSR) of B (Fair) of Community Health Plan (CHP) and its insurance subsidiary, Community Health Plan Insurance Company (CHPIC) under review with negative implications. Both companies are domiciled in Saint Joseph, MO. This rating action reflects the deteriorated level of capitalization at both CHP and CHPIC due to underwriting losses sustained in 2006. Capitalization has historically been thin at both entities; however, current levels do not meet A.M. Best's threshold for the current rating level. Additionally, commercial membership has declined substantially having lost several major group accounts, and earnings have been weak over the past several years.
Partially offsetting these weaknesses is the explicit support the companies receive from the parent, Heartland Health (HH), a financially stable non-profit integrated health care delivery system.
Journalists Acknowledge Their Own Battles in War on Cancer at NCCN ...
HOLLYWOOD, Fla.--(BUSINESS WIRE)--Mar 15, 2007 - News reporting prompts patient deaths when misleading "breakthroughs" are reported. Conversely, lack of media attention enables the all-but-silent shutdown of almost 100 clinical trials because of budget cuts at the National Institutes of Health. These two self-criticisms - and others - sprang up from a rare, candid look at how journalists cover cancer in a roundtable at the National Comprehensive Cancer Network's 12th Annual Conference. Sam Donaldson, moderating the journalists' dialogue, personified the strict newsman applying rigorous standards to coverage. But Donaldson, ABC News veteran correspondent and anchor, is also a melanoma survivor. He illustrated the mindset of the patient hungry for word of the latest scientific advance.
ING Introduces ROP Term Life Insurance
MINNEAPOLIS, March 14 /PRNewswire-FirstCall/ -- ING has introduced ING Return of Premium Term life insurance. Issued by ReliaStar Life Insurance Company, ING Return of Premium Term offers individuals valuable death-benefit protection from term life insurance with the ability to get all of their premiums back at the end of the policy's term (excluding flat extras). "This type of term insurance appeals to people who are concerned about buying a product they think they may never need," said Jim Gelder, president of ING Life Distribution. "At the end of the level term period, they get back what they've paid for the policy. For many people, it is like buying a home versus renting an apartment." Like traditional term life insurance, return of premium term life insurance offers a fixed death benefit with a level policy premium for a pre- determined period of time, typically 15, 20 or 30 years.
Senate Judiciary Committee holds Highmark-IBC hearing
The U.S. Senate Committee on the Judiciary was conducting a hearing Monday in Philadelphia on the proposed merger of Highmark Inc. and Independence Blue Cross, according to Scott Hoeflich, spokesman for Sen. Arlen Specter, who is the ranking member of the committee. Joe Frick, president and CEO of Philadelphia-based Independence Blue Cross; Dr. Kenneth Melani, president of CEO of Downtown-based Highmark; and state Sen. Don White, a Republican from Indiana County, were among the people invited to testify at the hearing, according to the U.S. Senate Committee on the Judiciary Web site. .
Event Brief of Genworth Financial Schedules Conference Call to ...
GNW reported that with the shift to discontinued operations in US Mortgage Insurance business, 2006 net operating diluted EPS changes from $2.89 to $2.81 and operating ROE changes from 11.3% to 11.0%. When GNW established its 2007 outlook, it laid out a two-year goal of achieving $150-200m of overall expense efficiency with $50-75m of that falling through the bottom line over that same period. PRESENTATION SUMMARY S1. Business Realignment Actions (P.K.) 1. Realignment Review: 1. The primary driver was to better position GNW for future growth and to enable Co. to become the financial security co. of choice for consumers and distributors. 2. While cost and efficiency actions will be among the key catalysts for earnings growth in 2007, long-term strategic focus is on driving faster, more efficient, and sustainable organic growth across best-performing business platforms.
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