Today’s News: Obama Fights Insurers over Rates, Long Term Care Costs Steadily Increase and Adults Text and Drive More than Teens
The fight for affordable health insurance is long from over as President Barack Obama fights with insurance executives to keep costs low. Those with long-term care insurance could expect to pay more sooner than later as the costs associated with care increase and in auto insurance news, it appears that adults are more likely to increase their rates after participating in the reckless act of texting and driving as teens.
Obama Fights Insurers over Rates
Recently, Obama told health insurance executives that he wants them to put (and keep) a lid on big rate increases to keep costs low for policyholders.
Today’s News: Employer Health Costs to Increase, The Hartford Changes Life Underwriting Process and Most Affordable Auto Insurance State Revealed
A new report shows that employer health care costs are set to increase in 2011, The Hartford has changed the way life insurance policies are underwritten and the most affordable states for auto insurance have been revealed.
Employer Health Costs to Increase
Companies offering health plans to employees will likely see a jump in costs of about 9 percent in 2011, according to a recent report released by PricewaterhouseCoopers. As a result of this increase, says the report, most employees will end up paying higher health insurance deductibles with employers trying to offset their mounting costs. The report noted that by 2011, more than 50 percent of employees will have deductibles of $400 or more.
Republican Attempt To Repeal Individual Mandate
The United States House of Representatives voted 187 to 230 to defeat a Republican proposal to repeal the individual health insurance mandate in the new health reform law, the PATIENT PROTECTION AND AFFORDABLE CARE ACT OF 2010 (PPACA). Twenty-one Democrats joined 166 House Republicans in voting against the requirement that most Americans purchase health care coverage beginning in 2014.
Representative Dave Camp (R-MI) – the senior ranking Republican on the powerful House Ways and Means Committee – offered the proposal as a procedural motion to an unrelated bill. Despite the proposal’s failure, some Republican members believe they scored political points by forcing a vote on the new health reform law. Howev
Today’s News: States Sue Gov’t Over Health Overhaul, Senate Votes Down NFIP and Smokers Pay More for Insurance
The government is in the process of battling state attorneys who say it does not have the Constitutional right to force people to carry health insurance while a study has found that Kansas smokers are likely to pay more for their coverage. In other insurance news, Senate has voted to not renew the National Flood Insurance Program for the time being.
States Sue Government Over Health Overhaul
The federal government is preparing to respond to at least 20 state attorneys that have filed suit against it to stop it from requiring all Americans to carry health insurance.
According to current health care reform law, nearly all legal residents who do not carry health coverage will be required to pay a penalty of at least $695 per person annually or 2.5 percent of income starting in 2014.
2011 HSA Limits Remain Unchanged
The IRS has just issued Revenue Procedure 2010-22, which outlines the 2011 cost-of-living contribution and coverage adjustments for HSAs, as mandated under Code Section 223(g). The limits for 2011 are unchanged from 2010.
HDHP Minimum Deductible
You must still have coverage under an HSA-qualified “high deductible health insurance plan” (HDHP) to open and contribute to an HSA. Fed