Private insurance companies to begin participating in Louisiana’s Citizens Property Insurance Corp

Private insurers are getting ready to start taking over Louisiana’s Citizens Property Insurance Corp. The state-run insurance agency has fared well in the past four years, experiencing periods of growth throughout 2007 and 2008. The state’s Department of Insurance is looking to “depopulate” the program, however, in an attempt to lower insurance rates for the majority of policyholders. To this end, regulators are inviting private insurance companies to begin selling policies through Citizens. Regulators believe that these policies will bring higher quality service to consumers. Part of the success behind…

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Florida to build an independent insurance exchange exclusively for small business

Amidst ongoing controversy surrounding the federal health care laws, Florida has opted to take its own approach on a mandated insurance marketplace. The law requires that all states have a working health insurance exchange in place by 2014. The exchanges are meant to be an online insurance marketplace where consumers can find affordable policies. Florida stood in opposition for the federal health care law since it was passed in 2010, and state legislators have expressed their discontent for the exchange initiative in the past. Now, the state is attempting to…

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Study shows employer-sponsored health insurance is becoming more costly, maybe due to federal insurance mandate

A new study from the Kaiser Family Foundation, a non-profit health care organization, has uncovered a startling trend concerning the cost of employer-sponsored health insurance. The study shows that the cost of health insurance for employers has been rising at a rapid pace this year, which runs contrary to reports citing moderate increases to insurance rates. Exactly why rates are currently soaring to new heights is unknown, but researchers from the foundation speculate that it may be due to the federal insurance mandate which requires all people to have health…

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Oregon Senate approves board nominees to oversee the state’s health insurance exchange

Oregon has advanced closer to establishing its own health insurance exchange as the state’s Senate approves of nine people to serve as board members for the exchange. The nine were chosen by Governor John Kitzhaber based upon their backgrounds in the health care, insurance and legislative fields. The state Senate unanimously approved the Governor’s nominees showing that the state’s Legislature is well on its way to forming an exchange that will help residents find affordable health insurance coverage. Governor Kitzhaber believes that part of what will make the exchange successful…

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Two former insurance executives appointed to Florida’s Citizens Property Insurance to help solve some of the company’s problems

As Florida continues to struggle with controversial rate increases from the state-backed Citizens Property Insurance, Governor Rick Scott has appointed two insurance professionals to serve as board members for the company. These two former insurance industry executives will serve as a catalyst for change in the company. Governor Scott has said that he wants to reduce the coverage of Citizens, enabling competition with private insurance companies. Now that Citizens board of directors is populated with members with extensive histories in the industry, Scott’s goal may now be attainable. Citizens new…

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Louisiana Governor seeks insurance advisor to aid in privatization of state employee program

The Louisiana Governor, Bobby Jindal, has been working to privatize the health insurance program for state employees. The decision comes from an apparent need for the state to have more control over the program that what is currently in place. The program will also benefit from being populated by a number of prestigious private insurance companies. Jindal’s efforts have been successful thus far, and he is now seeking an advisor from among the insurance industry to help manage the new program. Jindal is looking to fill one advisory spot in…

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Insurers profit from medicare funds

Medicare News

Private insurance plans tailored to accommodate Medicare recipients are making massive profits by using advance government payouts. The Medicare program regularly sends money in advance, much of which has no immediate need, and insurers are using the funds to secure investments, according to an investigation report by the Department of Health and Human Services. Those in the  financial world are familiar with this practice called, “playing the float”. The HHS inspector general estimated that private Medicare plans obtained some $380 million from these investments with money used from the government…

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