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Tag: Insurance

Ryan says health insurance mandate part of GOP tax talks

Ryan says health insurance mandate part of GOP tax talks

Health
House Speaker Paul Ryan said Republicans are discussing whether their tax plan should include a repeal of the Obama health law's requirement that people have insurance coverage or face a penalty, a step pushed by President Donald Trump but seen by some GOP lawmakers as possibly imperiling a much-needed legislative victory. It would be another shot at further undermining the Affordable Care Act after repeated failures by the GOP-led Congress to repeal and replace the law, as Trump has demanded and Republicans promised would happen after President Barack Obama left office and Republicans ran Washington. The House Ways and Means Committee was set to begin work on the tax rewrite Monday, with the goal of full House consideration next week. The committee chairman, Rep. Kevin Brady, R-Texas, ha...
Why employer-provided life insurance can backfire

Why employer-provided life insurance can backfire

Finance
Employer provided benefits, though well-intentioned, can nonetheless be a minefield for misinterpretation.Take life insurance, for example. It's a popular employer-provided perk that is lulling workers into a false sense of security. A new survey from LIMRA, the research engine for the life insurance industry, says 108 million Americans have life insurance through a group plan while 102 million have coverage through an individual plan they purchased. That's the first time since LIMRA began tracking the issue in 1960 that group coverage is more popular.In most instances, workers merely accept the free life insurance benefit without thinking it through. Nothing wrong with free, but free isn't necessarily enough.Anita Potter, a workplace benefits specialist at LIMRA, says smaller firms tend t...
Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Finance
Insurance firms are facing increasing competitive pressure on all fronts due to the emergence of a number of insurance technology (insurtech) start-ups, according to a report.With the integration of technologies like artificial intelligence, blockchain and drones entering the insurance mix, the sector is being forced to rethink its model.The World Insurance Report, published Wednesday by consulting giant Capgemini and non-profit industry body Efma, found that nearly one third (31.4%) of customers relied on insurtech solutions - either exclusively or in combination with an established insurance company."Customers are seeking more digital touch points for convenience, as customers experience in their daily lives that degree of personalization," Keith Webb, vice president at Capgemini and co-...
Millions who buy health insurance brace for sharp increases

Millions who buy health insurance brace for sharp increases

Health
Millions of people who buy individual health insurance policies and get no financial help from the Affordable Care Act are bracing for another year of double-digit premium increases, and their frustration is boiling over. Some are expecting premiums for 2018 to rival a mortgage payment. What they pay is tied to the price of coverage on the health insurance markets created by the Obama-era law, but these consumers get no protection from the law's tax credits, which cushion against rising premiums. Instead they pay full freight and bear the brunt of market problems such as high costs and diminished competition. On Capitol Hill, there's a chance that upcoming bipartisan hearings by Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., can produce legislation offering some relief. But it...
Most homes in Hurricane Harvey's path don't have flood insurance

Most homes in Hurricane Harvey's path don't have flood insurance

Finance
NOAA: Days of miserable weather aheadMost homes in the path of Hurricane Harvey don't have the flood insurance that owners would need to rebuild if their homes are damaged or destroyed. Standard homeowners insurance policies cover damage from the high winds that are associated with a hurricane, but they don't cover damage from rain or flood waters, such as storm surges or overflowing rivers. But the National Hurricane Center is forecasting up to 35 inches of rain in some locations by the middle of next week due to the storm, which could bring flooding far beyond the Texas coastline. Related: Hurricane Harvey could cause $ 40 billion worth of damage to Texas homes Figures from the National Flood Insurance Program show that only 15% of homes in Harris Country, which includes Houston, have fl...