| Blue Chip News: Fundamental Review for Aetna Inc.
Mount Etna is Europe's most active volcano; Aetna is one of the most active health insurance companies in the US. The company operates in three segments. Its Health Care division offers HMOs, PPOs, point-of-service (POS) plans, health savings accounts, and traditional indemnity coverage, along with dental, vision, behavioral health, and Medicare plans. Aetna covers more than 15 million individuals under its health plans, some 13 million dental plan members, and 10 million pharmacy members. Its Group Insurance segment sells life, disability, and long-term care insurance, covering about 15 million people. The Large Case Pensions segment offers pensions, annuities, and other retirement savings products. Shares were down 2% expanding efforts to help consumers purchase health care. BellwetherReport.com is a leading online research firm for international investors looking to get an edge over their portfolio.
BASEBALL NOTEBOOK: Lidle's widow sues insurance firm
The widow of former New York Yankees right-hander Cory Lidle has sued MetLife Inc., claiming she is owed more than $1 million under the Major League Baseball benefit plan. Lidle died in the crash of his small plane Oct. 11 in New York and was covered by the benefit plan of MLB and its players union, which had a life-insurance benefit of $450,000 and an accidental-death benefit of $1.05 million. But the plan, which applies to all players with major-league contracts, contains an exclusion for ''any incident related to travel in an aircraft ... while acting in any capacity other than as a passenger.'' MetLife paid Melanie Lidle $450,000 but ''has refused to pay the entirety of the policy'' despite demands, according to the lawsuit filed in Los Angeles County Superior Court. The family lived in Glendora, Calif., during the offseason.
State got insurers to trim health rates
From the start, proponents of healthcare reform in Massachusetts stressed affordability. If insurance premiums were too high, they warned, many of the state's uninsured residents would resist buying health coverage, no matter what the law said. But when insurers submitted their initial bids to sell plans that cover about 200,000 residents who aren't offered insurance from an employer and who earn too much to qualify for subsidies, many critics deemed them unaffordable. So did Governor Deval Patrick and the Commonwealth Health Insurance Connector Authority, which is charged with implementing the law. "We told the plans, 'Do what you need to do to get some price relief,' " said Jon Kingsdale , executive director of the Connector. "They came way down." Or at least they made significant reductions.
Teachers: School district refusing to bargain
IRONWOOD -- Ironwood teachers, represented by the Michigan Education Association, have filed an unfair labor practice charge against the Ironwood Area School District. MEA representatives will travel to Lansing for a Michigan Employment Relations Commission hearing May 15 to have the group's case heard. The school board will also be represented by its attorneys at the hearing. The teachers' union charges the school district refuses to negotiate its salary increase demands, while the school board contends it has negotiated in good faith, and is unable to -- under a state-imposed deficit reduction plan -- pay salary increases for the 2006-07 school year. Teachers at the district's three schools last negotiated with the school board Oct. 26, but both sides failed to reach an agreement.
Protect yourself financially when starting a business
A recent study conducted by the nonprofit Institute for the Future reports that more of us will turn to self-employment in the future. What I found interesting in the study is baby boomers currently are the fastest growing demographic to go into business for themselves and that's expected to accelerate over the next decade. "They (boomers) have better access to capital, either from their own savings or through their work and personal networks," the study reports. This worries me. Whether it's living off an emergency cash fund while launching a business, raiding retirement funds or tapping home equity, far too many entrepreneurial wannabes empty their piggybanks without thinking through the potential risks they're taking. If you hope to join the ranks of the successfully self-employed, you need to do a lot of advance financial planning.
Life Insurance Finance Association Hosts Webinar to Discuss NAIC ...
Withdraw and Re-Draft Act Business Editors/Insurance Writers ATLANTA--(BUSINESS WIRE)--April 6, 2007--In response to the National Association of Insurance Commissioners' (NAIC) decision to re-adopt the changes to the Viatical Settlements Model Act and upcoming National Conference of Insurance Legislators (NCOIL) meetings, the Life Insurance Finance Association (LIFA) will host a webinar on April 17 at 10 a.m. PT to discuss the impact of this model, the potential for adoption in the states and the role of the NCOIL. "The actions taken by the NAIC threaten the existence of many insurance-related businesses and take away consumer rights," said Scott Cipinko, executive director, LIFA. "We encourage all who are involved in the industry to attend the LIFA webinar to learn how this decision could potentially impact the industry and how they might influence future decisions." Cipinko added that the problem is, whether through carelessly overbroad scope or through opportunistic overreaching, most of the proposed remedies offered to the problem of stranger-initiated life insurance are so broad that they end up prohibiting or severely limiting legitimate life insurance premium-finance transactions and thereby harming the consumers they were trying to protect.
Blue Cross Receives State Reprimand, Fine
Arecent investigation revealed just how low a health insurer can go, even the biggest one in California. The Department of Managed Health Care exposed the fact that Blue Cross of California committed scores of state law violations. Health insurance policyholders were dumped by Blue Cross and subjected to severe hardship because they made the mistake of getting pregnant or becoming chronically ill, according to state regulators. Yet, there was no indication that these policyholders did anything to merit such treatment. There were no indications that they lied on their applications to cover pre-existing medical conditions, which would be legal grounds for cancellation, or other offenses. In fact, regulators examined 90 randomly selected cases of policy cancellations and found Blue Cross violations in each one.
SC Senate begins work on state's $7.3 billion budget
COLUMBIA, S.C. South Carolina senators today began dissecting a seven-point-three (b) billion dollar state spending plan. The plan includes a pay raise for state employees, new public school buses and health insurance for more poor children. An 81 (m) million dollar income tax cut for the state's top earners is expected to be a main point of contention throughout the debate. The head of the Senate Finance Committee, which began discussing the plan today, has proposed eliminating the sales tax on groceries. Chairman Hugh Leatherman wants to cut that rate to two cents from three cents on the dollar starting January First. That would take roughly 40 (m) million dollars. The proposal calls for incremental half-cent cuts that would eventually get rid of the tax.
RediClinics Debut in Richmond Inside Wal-Mart Supercenters With ...
HOUSTON, March 29 /PRNewswire/ -- RediClinic LLC announced today that it is opening nine convenient healthcare clinics in leased space inside Richmond- area Wal-Mart Supercenters. Eight of the clinics are already open and the ninth clinic will open in April. RediClinics are in-store facilities that offer consumers easy access to high-quality, routine healthcare services at affordable prices. "We are delighted to introduce the quality, affordability, and convenience of RediClinic to residents of greater Richmond through Wal-Mart Supercenters," said Web Golinkin, chief executive officer of RediClinic. "In connection with our Richmond launch, we are offering $39 sports and camp physicals and our 7 Vital Tests for Women package for just $15 so everyone can experience how easy and inexpensive healthcare can be." RediClinics are staffed by certified nurse practitioners who work with local physicians to diagnose, treat and prescribe medications for common conditions, such as earaches, strep throat and upper respiratory infections.
REMEMBERING YESTERYEAR: Lumberman had roots in NT
Born in Albany in 1860, he was the son of Alfred White, a leading railroad man, and William H. Gratwick's sister, Elizabeth. Alfred White was connected prominently in the 1860s with the Detroit & Milwaukee Railroad. Pendennis White's early boyhood was spent in Detroit. He began his business career at the age of 14, working in a hardware store. In 1879 Pendennis White went to Otsego Lake, Mich., employed by Gratwick, Smith & Fryer Lumber Co. He later became mill and yard superintendent for the firm in North Tonawanda. After two years in this capacity, he was sent by the firm in 1883 to Louisiana. In 1885 Pendennis White established the firm of White & Rider in New York City, and in 1890, the firm became White, Rider & Frost, with offices in New York and North Tonawanda. In 1901, Pendennis White partnered with William H.
Affordable health coverage an option
A couple of months ago, I wrote an article about the purpose of health insurance and the reasons you should have it. The article also discussed the Health Savings Account option, which couples a high-deductible health plan with a tax-favored Health Savings Account bank account to help pay the deductible and other unreimbursed medical expenses. I am still a proponent of higher deductibles in a health insurance plan and in doing what needs to be done to protect yourself against catastrophic loss in the event of a serious illness or accident. Despite the importance of health insurance, a myriad of statistics that seem to come out almost daily in everything from newspapers to insurance publications indicate that between 40 million and 45 million people are uninsured in this great country of ours.
Workaholic Japanese boomers shift gears as homeland grapples with cost
ITO, Japan (AP) - The way Masahiro Shimizu sees it, he and Japan's other postwar baby boomers built the country into an economic powerhouse - and now it's time to enjoy the fruits of their labour. Shimizu will leave his job in the department store business next year, having become one of some 5.4 million Japanese boomer employees who will reach the standard retirement age of 60 over the next three years. The retirement of the boomers, which kicks off in April with the start of the fiscal year, is a signature event for Japan, symbolizing a rapidly aging society, a looming fiscal crunch and the emergence of a roaring "grey economy" fuelled by free-spending retirees. The impact of mass retirements is expected to be limited at first, but the debate - which to some extent mirrors the one in the United States over Social Security and longevity - is in full swing, and the retirement age is already edging upward.
Report on Health Insurer Promised
The Connecticut Insurance Department, needled by the attorney general, said Thursday it will issue findings early next week on its investigation of Assurant Health's denial of claims. The department and Attorney General Richard Blumenthal have received consumer complaints that Assurant unfairly denied health insurance claims by saying they stemmed from medical problems that patients should have known about and disclosed when applying for policies. The department had said it expected to issue the results of its market conduct investigation by the end of February. On Thursday, a Blumenthal press release said the department ``must act now to complete its long delayed audit'' and cited a new South Carolina court ruling that underscores concerns about Assurant, whose companies include Fortis and John Alden Life.
Gran's life is lost to rare brain disease
A grieving daughter spoke of her family's heartbreak yesterday after her mother lost a seven-year battle with a rare brain disease. Grandmother-of-five Shirley Bennett, 77, of Mayfair Gardens, Ponteland, died on Tuesday from heart failure caused by Progressive Supranuclear Palsy. Mrs Bennett, who was recognised in 2000 for her services to the Ponteland community, thought she was suffering from Alzheimer's when she began losing her speech seven years ago. But she was eventually diagnosed with PSP - a neurological condition, which progressively kills the nerve cells controlling speech, balance, movement, vision and the ability to swallow. .
New Data Confirms That Doctors Were Price-Gouged By the Insurance ...
NEW YORK, Mar 28, 2007 (U.S. Newswire via COMTEX) --Americans for Insurance Reform (AIR) announced today the release of Stable Losses/Unstable Rates 2007, a new study that examines fresh insurance industry data to determine what caused the most recent medical malpractice insurance crisis for doctors. The full study can be found at: http://insurance-reform.org. The study by AIR, a coalition of over 100 consumer and public interest groups representing more than 50 million people, finds that the insurance crisis that hit doctors between 2001 and 2004 was not caused by claims, payouts or legal system excesses as the insurance industry claimed. Rather, according to the industry's own data: -- Inflation-adjusted payouts per doctor not only failed to increase between 2001 and 2004, a time when doctors' premiums skyrocketed, but they have been stable or falling throughout this entire decade.
Survey Finds Medicare Part D Failing People with HIV/AIDS
Medicare Part D is creating major drug access problems for people with HIV/AIDS, according to a new informal survey by two leading organizations of HIV medical providers. Bureaucratic roadblocks, exorbitant co-pays, and plans that fail to cover key drugs mean that this new program is failing an especially vulnerable population. .
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