With news similar to the General Motors report (See "Things Get Worse", below) growing by leaps and bounds in these troubled times, many a group policyholder is wondering what would happen if their employer were to end its group disability income insurance program.
Not all policies are the same, but in general, the answer is that for those who have been adjudicated as disabled and are receiving benefits, the insurer would have to continue to pay. But, for those whose claim has not been adjudicated when insurance is terminated by an employer, the insurance company would not have to pay.
In any event, insureds should realize that in an economic downturn, insurance companies are most likely to get tougher on claims and it is most important for claimants to get their life, disability income and long term claims filed and prosecuted correctly.
If you have any questions on this issue, call Attorney Mike Quiat at 800-797-5575 for a fast answer or contact him by e-mail at http://www.uqur.com/.
Wednesday, November 12, 2008
Things Get Worse
With the economic slowdown ramping up, health insurance hardships are on the rise. About 100,000 General Motors white collar retirees have learned that their premium GM medical benefits program is to come to an end at the end of 2008.
The company, fighting to stay alive, is trying to stem a $2 billion a month loss and the termination of these benefits are part of that savings program. Factory retirees are not affected because of union contracts.
The company, fighting to stay alive, is trying to stem a $2 billion a month loss and the termination of these benefits are part of that savings program. Factory retirees are not affected because of union contracts.
Friday, November 7, 2008
Metro Area Insurance Costs Rising
Employer-sponsored family health insurance costs are going up faster than paychecks in both New Jersey and New York, according to Families USA, a national non-profit organization dedicated to affordable, high quality health care for all Americans.
While health premiums for NJ families rose 71% between 2000 and 2008, median income rose only about 15%. For NY families, premiums went up almost 81% while worker pay increased only 11% from 2000 to 2007. Nationally premiums rose about 74%, while median income grew about 14.5%.
Employer contributions to employee health insurance also increased during the period but not as fast as the amount workers were asked to pay.
For more information, http://www.familiesusa.org.
While health premiums for NJ families rose 71% between 2000 and 2008, median income rose only about 15%. For NY families, premiums went up almost 81% while worker pay increased only 11% from 2000 to 2007. Nationally premiums rose about 74%, while median income grew about 14.5%.
Employer contributions to employee health insurance also increased during the period but not as fast as the amount workers were asked to pay.
For more information, http://www.familiesusa.org.
Subscribe to:
Posts (Atom)
