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Associated Press, Jan. 18, 2010Healthcare
The Community Living Assistance Services and Support (CLASS) Act, now contained in healthcare reform legislation moving through Congress, would automatically enroll employees at participating companies in a voluntary long-term care (LTC) insurance plan run by the federal government. The proposed program is designed to shift the financial burden of an aging U.S. population away from Medicare.
Most Americans need some sort of "nudge" before they will purchase LTC insurance, and auto-enrollment in 401(k) retirement savings plans has successfully boosted enrollment to more than 90% at some companies. However, if the LTC program's auto-enrollment feature isn't enough to compensate for low enrollment numbers, the resulting increase in premiums could spell disaster.
Huffington Post, Oct. 12, 2009Healthcare
"Cadillac" health plans a smooth ride or a bumpy road?
A brief by Milliman Inc., the world's largest independent actuarial and consulting firm, notes that high-cost plans have as much to do with the beneficiary's geographic location, profession, age, gender and health status as with the richness of benefits.
With regard to geography, Milliman uses the example that a typical employer-sponsored plan for a family of four in Miami in 2009 is $20,282. In comparison, the cost of plan for a similar family in Phoenix is less than $15,000. Given that the medical costs have grown between 7 percent and 10 percent over the last few years, it is possible that benefits in some geographic areas could exceed the tax trigger by 2013.
The New York Times, Oct. 12, 2009Healthcare
Congress is split on effort to tax costly health plans
A proposed tax on high-cost, or "Cadillac," health insurance plans has touched off a fierce clash between the Senate and the House as they wrestle over how to pay for legislation that would provide health benefits to millions of uninsured Americans.
Insurance Risk & Capital, July 15, 2009Life & Financial
IASB proposals may not help insurers
Proposed changes to the reporting of the value of financial instruments run the risk of actually increasing earnings volatility for insurers.
The International Accounting Standards Board (IASB) yesterday published proposals to improve financial instrument accounting and address how financial instruments are classified and measured.
FamiliesUSA.org, May 31, 2009Healthcare
Hidden health tax: Americans pay a premium
How much do the uninsured pay for care, and how much is left unpaid? Families USA engaged Milliman, Inc., to analyze federal Medical Expenditure Panel Survey (MEPS) data and data from other federal and private sources to answer these questions. Based on these data, Milliman estimated the total value of care provided to the uninsured at $116 billion in 2008. Of this, the uninsured paid about 37% themselves, with about $43 billion uncompensated after counting other sources. (Millimans' report starts on page 15 of the linked report.)
Miami Herald, May 19, 2009Healthcare
Average Miami family pays $20,000 in health costs
A Miami area family of four with an employer-based preferred provider organization plan averaged $20,282 in healthcare costs in 2008, almost 21 percent higher than the national average, according to Milliman, a national consulting report.
The Milliman Medical Cost Index called the Miami numbers ''the most interesting dynamic illustrated here,'' with the city exceeding the $20,000 mark, the first city in our study to climb so high.''
Star Tribune, May 18, 2009Healthcare
Medical care fees shift to workers
Americans with employer-sponsored health insurance can expect to pay a bigger share of health care costs this year than ever before—41 percent, up from 38 percent in 2006, according to a major national study released Monday.
CNNMoney.com, May 18, 2009Healthcare
Insured workers pay more for health care
American workers have seen an average increase of 10.6% over the past year in the amount they spend on health care services, according to health care consulting firm Milliman's fifth annual Milliman Medical Index (MMI).
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