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Understanding today’s insurance market and how to get the best deals

Standard Labels to be Applied to Health Insurance Policy Plans

Most insurers and employers will have to spell out plainly the costs and benefits of the health plans they offer starting next year. Why? There was a rule recently released by U.S. health officials announcing a better design informing people of health insurance choices with a standard label, which the Department of Health and Human Services likens to implement with. Among other things, the label will tell customers of their premium, deductibles and out-of-pocket costs, alongside the costs associated with medical events and procedures such as doctor visits including treatments to major illnesses such as breast cancer treatments. Many consumers don’t have easy access to information in plain English to help them understand the differences in the coverage and benefits provided by different health plans.

By making the terms of health insurance plans easier to understand, consumers are less likely to find themselves in health plans that don’t meet their needs. For likely insurers are more concerned that the administrative costs associated with these labels will raise the price of the plans themselves. Insurers support people knowing what they are getting. Their concern is they already have a body of law that tells us what we need to have. The six-page labels follow the recommendations of a group formed by the National Association of Insurance Commissioners that included insurance companies, consumer groups and academics. That is why it is more likely most sectors agreed on the new policy that US Government would like to carry out to its people.

Unitrin Direct to change it’s name to Kemper Auto & Home Insurance.

A legendary Cheap Auto & Homeowners Insurance Company name is back in the headlines. Unitrin Inc. one of the top car insurance companies has taken the Kemper name, and will officially operate as Kemper Corp. with trading on the New York Stock Exchange as the KMPR ticker symbol. The Kemper name seemed to be a permanent fixture in the property/casualty insurance business until 2001-2002 when the company…

Consumer-Direct Health Insurance Plans Reduce Savings

The increased number of consumer-direct health plans (CDHPs) has lead to a sharp reduction in the percentage of claims. CDHPs registered 14 percent growth this year alone which is a mere two-thirds of the rates witnessed in 2010. A study which was conducted by United Benefit Advisors (UBA) reported that CDHPs have more elaborate coverage for employees when compared to Health Maintenance…

Armed Guards Backed By Marine Insurers As Piracy Threat Escalates

A host of marine insurers have come to the support of private armed guards manning merchant vessels in a bid to fight piracy. This is in the wake of increasing attacks, massive losses and the revelation that the trend is likely to escalate in the next few weeks. This was reported on Tuesday by industry officials….

Medical Index Shows Health Care Costs Up By More Than 50 percent

The Milliman Medical Index publication released in May, 2011 indicated that annual health care costs has increased by more than 50 percent since 2002. The publication further indicated that financing health care is nearly 8% percent more expensive today than it was last year. Of greater concern is the fact that in just under a decade, the…

Billions Of Dollars Lost In Form Of Insurance Claims Due To Errors

The American Medical Association (AMA) has discovered significant errors in payments of insurance claims according to their latest National Health Insurer Report Card which was release yearly. In their report, the AMA estimated health insurance carriers pay 20 percent more –about $17 billion –in claims as a result of errors. 2011 has seen the error rate…

Court Shuts Down Christian Stanley Inc.

Chief Executive officer of a California Life Settlement Firm trading as Christian Stanley Inc., reportedly operated a pyramid scheme worth $4.5 million. Details of his expenditure reveal that he used close to $5,000 to register for a dating service, about $21,000 to settle his school loans and splurged a farther $5,000 on fancy shoes. The Securities and…

Ohio Insurance Bureau Makes Proposals For A Job Creation Plan

Although our nations economy is at historic lows and joblessness is at 9%; more jobs could be available in Ohio if a plan proposed by the Ohio Bureau of Worker’s Compensation sees the light of the day. This fiscal growth program seeks to present new Ohio companies with workers’ compensation insurance premium discounts amounting to 50 percent or more. The plan dubbed “Grow…

Top Grades For Ohio Insurance Environment

According to Ohio Lieutenant Governor and Director of the Department of Insurance Mary Taylor, Ohio has earned a top grade for its property and casualty insurance regulatory environment courtesy of the Heartland Institute based on its 2011 report. Property & Casualty Insurance Products encompass many types of insurance products such as Car Insurance, Commercial Auto Insurance…

Three Dates Set For PA’s Health Exchange Program Discussions

Three forums are set to be held in August by the Pennsylvania Insurance Department in a bid to get public opinion on health insurance exchanges. Different locations have been set across the state where the forums will take place. The first one slated for Aug 9 at the Doubletree Hotel Pittsburgh Monroeville Convention Center in downtown Monroeville, Pa. This…

New Homeowners Protection Class Ratings in Florida Cause an Insurance Coverage Dilemma

The Insurance Service Office of Florida’sInsurance Industry has created new Protection Class Homeowners Ratings for those high risk counties in the state of Florida. The Florida Insurance Rating Agency which provides the state’s Insurance Carriers with vital claims statistics, underwriting and actuarial data for setting an insurance company’s policy rates, has made it difficult for those rural Florida residents to acquire Homeowners Insurance Coverage….

Mike Dortch 

Mike Dortch

Mike Dortch is an Insurance veteran, with nearly 20 years of proven experience helping drivers save on buying insurance.

Mike’s Blog, Straight Talk About Insurance, offers advice on getting the best deal.