How to Save Money on Health Insurance

If you are paying for your own health insurance, you may be able to save money by switching into a high deductible health plan and using a health savings account. According to research by the trade group America’s Health Insurance Plans, about 8 million Americans were enrolled in a high deductible health plan in 2009. That’s only a tiny fraction of the 253 million insured Americans that year. Here is how to decide if a high deductible health plan is right for you.

Health Savings Accounts (HSAs)
Many people are unfamiliar with HSA-compatible high deductible health plans since they are still a relatively new plan choice. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 created this new opportunity for individuals and employers to fund tax-deductible health savings accounts. Withdrawals from these accounts are tax-free when used for qualified medical expenses. Unlike the medical reimbursement accounts that you may be familiar with, these accounts do not have to be used up each year. The balance can grow tax-free and be used in later years as medical costs arise. However, they are only an option if you are enrolled in an HSA-compatible high deductible health plan.

Coastal insurance bills pass Senate committee after unusual procedure

A  handful  of  coastal  insurance  bills  passed  a  state  Senate  committee  Thursday  afternoon  but  only  after  most  of  them  were  voted  down  by  the  same  committee  in  a  morning  meeting  and  then  resurrected  to  get  a  rare  second  chance  to  advance.

The  unusual  process  drew  criticism  from  a  member  of  the  Senate  Banking  and  Insurance  Committee  and  also  indicated  that  insurance  overhauls  may  again  encounter  difficulty  getting  through  the  full  Legislature.

Moreover,  the  bills  considered  Thursday  were  among  the  least  controversial  ones  suggested  by  Sen.  Ben  Brooks,  R-Mobile.

Bendigo Bank unites financial services

Bendigo  and  Adelaide  Bank  has  moved  all  its  general  and  life  insurance  business  into  a  new  division  called  Bendigo  Wealth.

In  addition  to  insurance,  Sandhurst  Trustees  and  Bendigo  Financial  Planning  will  be  rolled  into  the  new  division.

Insurance  offered  by  Bendigo  includes  home  and  contents,  car  and  landlord  cover  through  CGU,  life  insurance  through  Zurich,  and  business  insurance  through  CGU,  QBE  and  Allianz.

It  also  offers  motorcycle  insurance  through  Swann  and  marine  cover  through  Associated  Marine  Insurers.

Understanding your home insurance policy

Home  insurance  policies  are  long,  complicated  and  written  in  legalese.  But  it  can  really  pay  to  know  what's  in  yours  and  how  it  works.

"Insurance  is  a  complex  product  and  there's  no  harm  and  no  shame  in  not  fully  understanding  it,"  says  Alessandro  Iuppa,  former  president  of  the  National  Association  of  Insurance  Commissioners.  "Most  people  don't  read  a  policy  until  they've  had  a  claim  denied,  and  that's  too  late."

Failed insurer for sale

The  liquidators  of  New  Zealand-based  Western  Pacific  Insurance  have  appointed  a  corporate  adviser  to  sell  the  company,  and  say  the  outcome  will  determine  how  much  can  be  paid  to  creditors  and  claimants.

Western  Pacific  went  into  voluntary  liquidation  on  April  1  after  its  directors  decided  it  could  not  meet  all  its  claims  as  a  result  of  the  Christchurch  earthquake.

Liquidators  Simon  Thorn  and  David  Ruscoe  of  Grant  Thornton  estimate  Western  Pacific  has  unsecured  creditors  of  $NZ3.8  million  ($2.8  million)  and  unsettled  claims  of  $NZ1.9  million  ($1.4  million),  but  warn  both  these  figures  could  rise  as  more  earthquake  claims  are  assessed.

I would be turned down for health insurance

To  a  greater  degree  than  most  insurance  company  chiefs,  Mark  Bertolini  has  encountered  his  own  personal  challenges  with  the  health  care  system.

Bertolini,  the  head  of  insurer  Aetna,  faced  a  tough  time  in  2001  when  his  teenage  son  Eric  was  diagnosed  with  a  rare  form  of  cancer  that  was  considered  incurable.  Bertolini  moved  into  his  son's  hospital  room  for  more  than  a  year  during  treatment.  At  one  point,  his  son's  prognosis  was  so  grim  that  the  family  decided  to  place  him  in  hospice,  a  move  that  meant  signing  "do  not  resuscitate"  orders  and  making  other  difficult  decisions.

That  experience,  Bertolini  says,  later  helped  guide  him  to  make  changes  to  hospice  policy  at  Aetna  to  make  it  easier  for  families.  His  son  survived  --  with  the  help  of  a  kidney  transplant  in  2007  from  Bertolini  --  and  is  now  25  and  studying  particle  physics.

Lumley liability cover ‘a natural progression’

Lumley  has  boosted  its  online  platform  by  launching  a  new  management  liability  product.

The  new  product  is  geared  towards  the  SME  market  and  can  either  be  used  as  part  of  Lumley’s  commercial  business  package  or  as  a  stand-alone  policy.

It  will  cover  such  exposures  as  directors’  and  officers’  liability,  employment  practices,  statutory  liabilities  and  legal  expenses.

Florida legislators approve property insurance bill

A  bill  Florida  homeowners  fear  would  lead  to  higher  homeowners  insurance  premiums  has  passed  a  Senate  committee,  and  it  will  head  to  a  vote  before  the  floor  soon.

Florida  lawmakers  voted  in  support  of  Senate  Bill  408,  a  controversial  piece  of  legislation  that  supporters  say  would  attract  private  insurance  companies  to  the  state  and  encourage  them  to  offer  lower  premiums.  Many  private  homeowners  insurance  companies  have  lamented  that  they  can't  compete  with  the  low  rates  offered  by  the  state-run  Citizens  Property  Insurance  Corporation.  The  legislation  also  seeks  to  reduce  that  agency's  dominating  influence  in  the  Florida  homeowners  insurance  landscape,  a  model  some  lawmakers  say  is  not  sustainable.

Bring everybody to the table on insurance issue

THE LACK of affordable homeowners insurance in south Alabama is a growing and expensive problem. By creating a commission to study coastal insurance -- as he did last week -- Gov. Robert Bentley demonstrates that he understands how important the issue is to the region and the entire state. The commission will be a prelude to a special legislative session later this year.

No one has been named to the commission yet, but here’s hoping the governor will cast a wide net and appoint a variety of participants. In fact, gubernatorial spokeswoman Jennifer Ardis offered a phone number for anyone interested in serving -- 334-242-3300.

EQC model isn’t perfect, but a viable option

New Zealand Earthquake Commissioner Giselle McLachlan says the scheme’s model “isn’t perfect” but could be a viable option for Australia as it investigates ways to insure against natural disasters.

Speaking at an Australian and New Zealand Institute of Insurance and Finance function in Melbourne on Friday, she said although there are a number of issues with the Earthquake Commission (EQC) model, including the need for higher levies, it achieves its purpose.

Property rates rocket in Queensland as market retracts

Commercial and industrial property-owners in Far North Queensland are taking a battering from insurers who are increasing rates, excesses and deductibles.

Underwriting agencies and brokers have told insuranceNEWS.com.au of rate increases of around 40% for commercial property risks above the 25th parallel – which is at the level of Rockhampton – as well as cyclone and storm deductibles of up to $50,000.

Paul Lynam, CEO of Australia’s largest Lloyd’s coverholder, SRS, says there are some “horrendous rate increases” for commercial property being pushed through in Far North Queensland as well as “fairly hefty increases right along the east coast”.

State Laws Drive Up Homeowners Insurance Costs in Texas

The homeowners’ insurance bills of $1,500 per household that will arrive in Texas mailboxes over the next few weeks aren’t much fun to pay. After all, homeowners’ insurance does its purchasers good only when something unpleasant happens: a fire, theft, hurricane, slip-and-fall accident, etc. But largely because of the state’s vulnerability to coastal hurricanes, Texans pay some of the highest average homeowners’ insurance rates in the country.

To date, government regulations intended to lower property insurance rates, often passed through the legislature with the enthusiastic support of both political parties, haven’t worked. In fact, rates have soared in their wake.

Offers free life insurance to low income families

Hard working families are getting a break on life insurance. MassMutual was issuing life insurance policies for free at the Eastfield Mall Saturday, 50,000 dollars worth of term life insurance policies.

These policies are being given to lower income families who have children under the age of 18. It's called the LifeBridge Program.