Entire country’s health insurance premiums are skyrocketing

Nationwide statistics about health insurance premiums between 2003 and 2010 have shown that every state’s costs have been soaring. The state-by-state analysis was performed by a nonprofit health policy foundation called the Commonwealth Fund. What the research discovered was that within that span of seven years, the family coverage premiums soared by an average of 50 percent. The report about the findings predicted that if premiums continue to rise at the same rate, then the average premium paid by a family will explode to almost $24,000 per year by 2020.…

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How proper insurance planning can save a financial life

Breast cancer awareness month, October, is reminding people of the importance of proper insurance in order to protect themselves, their businesses, and their financial wellbeing in the case that they should receive a cancer diagnosis. Current statistics show that one out of every eight women will receive a diagnosis of breast cancer in their lifetimes, and the impact on their financial lives can be catastrophic. The Macmillan Cancer Support Charity’s data shows that among all cancer sufferers, 36 percent must face a significant decrease in their household income following a…

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A news study shows the costs of health care are rising as well as uninsured rate

A new report from the Commonwealth Fund, a nonprofit organization championing a more efficient health care system, shows that as the costs of health insurance rise, the number of people with health insurance plummets. The report cites growing tensions within the economy as consumers struggle to cope with higher costs of living and widespread job loss. In 2010, the organization estimated that 29 million people did not have health insurance, a number that had been 16 million seven years before. Among those losing health insurance coverage are those with jobs.…

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ACLU files lawsuit over law banning insurance coverage for abortions

According to the ACLU, a Kansas law that bans health insurers from being able to provide coverage for an abortion is unconstitutional. In Federal Court, the ACLU stated that this law prohibits women from receiving coverage even if the fetus has miscarried and “has no chance of survival.” They added that the only reason that the law is in place is to make it harder for women to be able to have and afford abortion care. House Bill 2075 was signed into law on May 25, 2011 by Republican Governor…

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The National Association of Insurance Commissioners withdraws its support of an insurance bill on its way to Congress

Insurance brokers have been rallying behind a controversial bill before Congress. The bill was first introduced last month by Senator Mike Rogers of Michigan. The legislation seeks to remove the sales agent fees from insurers’ administrative costs. Supporters of the bill assert that it will help protect the jobs of agents. Furthermore, by reducing costs, insurers will be able to transfer the savings down to consumers. For insurers, the bill holds such promise that they were hoping that federal insurance regulators would endorse it. Regulators, however, have a much different…

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Excellus of New York files for rate increases, cites soaring health care costs

Excellus Blue Cross Blue Shield of New York has approached state insurance regulators for approval to raise its health insurance rates. The proposal is planned to take effect next year and will impose a 19.5% increase on some of the policies in the state. The company says that the increase is necessary in order to keep up with soaring medical costs. This is the same reasoning that prevails amongst the majority of the nation’s health insurers, but the notion has yet to gain traction amongst lawmakers, who have been tasked…

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