While health spending in the U.S. is expected to climb to $2.6 trillion in 2009, the number of people without health insurance is expected to surge from 45 million to about 54 million, according to the Congressional Budget Office, as reported by the Associated Press.
The $2.6 trillion breaks down to $8300 for each person in the nation and calculates out to about 18% of the U.S. economy.
As the nation's legislators seek to expand health insurance coverage, they are also looking to make big changes in the system in an effort to slow overall health care costs.
Some changes being considered are changing the method of paying health care providers and altering tax policy vis-a-vis health insurance payments.
Thursday, February 12, 2009
Monday, February 9, 2009
More Openness on Fees
New York State Insurance regulators are considering opening a window on the details of compensation agents and brokers receive from insurance companies. Contingency fees are included in the package under study.
The regulation would require agents and brokers to inform their clients in writing of the total compensation to the producer involved in an insurance transaction.
The broker or agent would have to inform the client if there were any incentive payments from insurers that might influence decisions on placing policies. If requested, producers would be required to provide a client with details of payments actually received for a policy the producer recommends.
The proposed regulation is in the early discussion stage with insurance industry groups and consumers. It is expected to be subjected to a formal comment period and to be adopted by the end of 2009.
The regulation is similar to one approved by insurance regulators in New Jersey late last year.
The regulation would require agents and brokers to inform their clients in writing of the total compensation to the producer involved in an insurance transaction.
The broker or agent would have to inform the client if there were any incentive payments from insurers that might influence decisions on placing policies. If requested, producers would be required to provide a client with details of payments actually received for a policy the producer recommends.
The proposed regulation is in the early discussion stage with insurance industry groups and consumers. It is expected to be subjected to a formal comment period and to be adopted by the end of 2009.
The regulation is similar to one approved by insurance regulators in New Jersey late last year.
Monday, February 2, 2009
Social Security Hit Hard
A big surge in new disability claims has swamped the Social Security Administration, according to a report in the magazine Government Executive.
The magazine was told by the SSA that its disability claims caaseload had increased by 10% recently, more than the agency had expected and budgeted for.
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