Medica, a health organization that provides insurance to Wisconsin and Minnesota, has announced plans to launch a new plan for businesses that will give them an opportunity to rein in soaring medical costs. The new plan will also allow policyholders more freedom in tailoring their plans to better suit their needs. The plan, however, will be more expensive than its counterparts, a fact that does not sit well with some consumers who say the last thing people need in a troubled economy is more expensive coverage options. The insurer has…
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Oregon’s low cost health insurer takes a rate hike
Last week, Oregon-based Regence Blue Cross Blue shield was called upon to answer concerns from regulators regarding proposed rate increase of 22%. The state’s Insurance Division hosted the public meeting, the first of its kind in more than two decades. 200 Oregon residents attended the meeting to hear firsthand the rationalization behind the rate change proposal. They were also given the opportunity to make comment and question company officials regarding the issue. Regence provides insurance customers to 12% of the state’s population. The insurer often provides affordable coverage for those…
Read MoreMissouri insurance rates expected to go up
The past month has been trying for residents of Missouri. Storms late in April sent the Mississippi River on a rampage. Miles of farmland were inundated with water, causing billions in damage and displacing the state’s farmers. Those same storms were accompanied by an outbreak of tornados that tore through much of the region. The now infamous Joplin tornado – the most deadly and destructive tornado in six decades – that sundered a town and left hundreds without homes was the last of the environmental onslaught. Together, these disasters will…
Read MoreHigher reinsurance rates predicted
Despite record losses in the first quarter of 2011 and a hurricane season predicted to be exceedingly active, the reinsurance industry is in good spirits. While several insurance companies are dreading hurricanes reaching land, reinsurers expect that one storm causing extensive losses could mark the turning point of the insurance pricing cycle toward their favor. This would mean that higher reinsurance rates, a fact that would go a long way in helping the industry recover from a disastrous first quarter. Henry Keeling, CEO of Guy Carpenter’s International operations, recently attended…
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