Few homes covered by flood damage from hurricane

Hurricane Irene has homeowners scrambling to review their insurance policies to take a closer look at their coverage, but all too many are discovering that they are not protected from the damage that results from flooding during this type of storm. This is the painful reality that thousands of people are facing as they clean up their flooded basements and work to repair other damage relating to flooding. Coverage for water damage is dependent on the source of the flooding. The typical homeowners policy will cover water and structural damage…

Read More

Standard & Poor’s reports cost of Medicare increasing at its slowest rate in over half a decade

According to data recently released by Standard & Poor’s, over the last year, the revenue increase for hospitals resulting from Medicare patients was about one third over what had been seen from patients who are covered by some form of private health insurance. The S&P Healthcare Economic Index showed that the revenue from Medicare increased by 2.5 percent per hospital patient before June 2011, which is the slowest increase since January 2005, when S&P’s first started to monitor this income. That said, the revenue generated from patients who were covered…

Read More

Ruling in California could help those with mental illnesses obtain higher levels of insurance coverage

California may see new insurance rules regarding coverage and mental health as judges reach a verdict regarding the issue. Earlier this year, Jeanne Harlick of Northern California was denied coverage for her anorexia treatment. Anorexia, an eating disorder, is designated as a mental illness in accordance with Californian law. The denial led Harlick to file a suit against her insurance company, Blue Shield Blue Cross. A panel of judges from the U.S. 9th Circuit Court of Appeals has ruled in favor of Harlick, citing her long struggle with anorexia and…

Read More

Adult sabbatical years lead to four times more travel insurance medical claims

Over the last few years, claims made for medical expenses through travel insurance policies have increased by four times due to a larger number of older adults taking sabbatical years from work and taking exotic vacations. The Association of British Insurers (ABI) has released their data that has shown that the cost of overseas illness rose from approximately $122 million in 2004 to approximately $454 million in 2010. The number of claims rose from 120,000 in 2004, to 337,000 in 2010. According to the ABI, even though the cost of…

Read More

Cadillac Escalade tops the HLDI’s list for the fourth year as most likely to be stolen

For the fourth year in a row, the Highway Loss Data Institute (HLDI) has placed the Cadillac Escalade at the top of its list of vehicles that are most likely to be stolen. The institute has based its rankings on the claims data from auto insurance companies from 2008 and 2009. According to the HLDI, among the vehicles holding the top ten positions with the highest frequency of theft, eight are large vehicles from Ford or General motors, including trucks and SUVs. The remaining two on the list are different…

Read More

Social security’s disability program is almost broke

Aging baby boomers and unemployed workers have swamped the Social Security disability program with claims for benefits, which has sent the system – which was already facing a financial struggle – to the point of near insolvency. Since ten years ago, applications have increased by almost 50 percent, as individuals with disabilities are laid off and cannot find employment within an economy that has dropped almost 7 million jobs. The flood of benefits claims has created an increasing applicant backlog – many of whom must wait two years before their…

Read More

Allstate sues 10 New York area defendants for $5 million in insurance fraud

Allstate Insurance Company has filed a lawsuit against 10 defendants in the New York area in order to help to recover $5 million in fraudulent insurance claims. This is the company’s fourth lawsuit of this nature this year. The complaint includes specific mention of five medical professional corporations, a physician, one corporation, and three individuals who are not physicians. Thirty one fraud lawsuits worth over $170 million in damages have been filed by Allstate in the state of New York since 2003. New York state is a hotbed of insurance…

Read More