Live Insurance News

South Carolina will not build its own health insurance exchange

June 5, 2015June 4, 2015 S.Vagus

Governor announces that the state will not build and operate its own exchange South Carolina will not be developing its own health insurance exchange, according to Governor Nikki Haley. The decisions is expected to impact more than 154,000 people living in the state, whom currently receive subsidies from the federal government to cover the cost of their health insurance policies. The state already has an insurance exchange, but it is managed by the federal government. Depending on a ruling from the Supreme Court, subsidies offered through the exchange may no…

Insurance claims for Texas storm damage could be in the billions

June 4, 2015June 2, 2015 Julie Campbell

texas flood insurance insurance claims hurricane ike 2008

The industry has predicted that when the spring flooding eases, there will be massive devastation left behind. The spring storms that have been relentlessly tormenting Texas will soon be sending their costs over to insurers as policyholders begin to make their insurance claims for the flooding and other types of damage that have been left behind. The damage estimates have shown that there will be billions of dollars in insured damages. Those estimates include only the types of expense that will likely be covered by insurance claims. The total damage…

Health insurance rates may be going up in Alabama

June 4, 2015June 2, 2015 Nordstrom

Insurers seek rate increases Health insurance premiums for policies sold through the Alabama exchange could be rising by a significant margin. Blue Cross Blue Shield of Alabama, which sells policies through the exchange, is requesting a rate increase averaging 28%. This rate increase would affect individual plans. For the Blue Choice Platinum – Individual plan that the insurer offers, rates could go up as much as 71%. The rate increases are expected to affect some 175,000 people. Average cost of UnitedHealthcare plans could grow by 24.5% Another insurer is also…

FEMA to review rejected flood insurance claims

June 4, 2015June 2, 2015 S.Vagus

FEMA will be reviewing claims associated with Hurricane Sandy The Federal Emergency Management Agency (FEMA) has announced that it will begin reviewing flood insurance games that are related to Hurricane Sandy. In late October of 2012, a powerful storm struck the eastern United States, causing severe damage to properties with its strong winds. The majority of the damage caused by the storm came from flooding, however, and many homeowners found themselves in a difficult situation due to their lack of flood insurance coverage. Homeowners find that their policies do not…

Trends in long term care insurance purchasing are shifting

June 3, 2015May 31, 2015 Julie Campbell

caregiver long term care insurance senior

According to the main industry association, people are choosing lower inflation growth options. The American Association for Long Term Care Insurance (AALTCI) has now reported on the outcomes of its 2014 study that has determined that buyers are significantly changing their buying patterns when it comes to this type of coverage. Previous years had seen customers purchasing choices that gave a 5 percent annual boost to initial benefits. However, according to Jesse Slome, the director of the association, “In years past consumers favored policies that included an option that increased…