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Walt Bernard Podgurski,  Editor,  440-773-1108, 

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Editorial Mission Statement: The goal of this publication is to provide readers a broad selection of what is being written about the insurance industry and related issues. Some articles may have a “tilt” towards a particular perspective one way or another. Inclusion in this newsletter is not an endorsement of any views or content; but report the various and differing views appearing in media.
  Monday, 05/20/19 - https://DailyInsuranceReport.com 

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The "Daily Insurance Report" publishes the life insurance, health insurance, and employee benefits news that matters.

‘Sham’ Sharing Ministries Test Faith Of Patients And Insurance Regulators

Lewis and the others had enrolled in what Aliera officials claimed was a health care sharing ministry (HCSM) — faith-based co-ops in which members agree to pay one another’s medical bills.

But Washington insurance officials this week said the firm doesn’t meet the definition of a sharing ministry and described Aliera’s products as a “sham” aimed at misleading consumers. Other states, including Texas and New Hampshire, are poised to take similar action.

Insurance Commissioner Mike Kreidler on Monday ordered Aliera, which operates Trinity Healthshare Inc., both of Delaware, to halt operations in Washington, alleging the firm was selling health insurance illegally and engaging in deceptive business practices.

Aliera falsely represented itself as a sharing ministry, which would be exempt from insurance regulations, an investigation found. Though he wouldn’t name them, Kreidler said he’s investigating two additional firms over similar concerns.

“They don’t have the direct affiliation with a particular religious group, a church, a pastor,” Kreidler said. “These appear to be ones that come in with an opportunity here to make money.”

ICMG Annual Conference

Orlando, Florida, January 29-30, 2020
ICMG's Annual Conference has a history of offering networking events where executives from insurance and financial product manufacturers and distributors meet and successfully develop business partnerships. Our next conference will be no exception!

Those that have attended for several years know the ICMG Annual Conference is the place to network and get deals done. If you're looking for a new product, someone to design a new product for you, or you're looking for distribution for new or existing products, chances are you can find what you're looking for at the ICMG Annual Conference.

WHO ATTENDS: Senior level executives and decision-makers from insurance carriers, fraternal, and financial organizations, marketing organizations and distributors, operational and sales support providers, and others involved in creating business relationships and strategic alliances.

See More and watch the video to get a feel of what you can expect at an ICMG Annual Conference!

Benefits of cross-selling are too big for RPAs to ignore
Demand for new revenue sources points to relationships
Fred Barstein

At the recent InvestmentNews RPA Aggregator Roundtable and think tank, leading advisers almost unanimously agreed that cross-selling wealth management services within their 401(k) and 403(b) plans was a big opportunity. Why the focus and why now?

Part of the reason for the shift, as Fielding Miller, CEO at CAPTRUST explained, is that his advisers' participant fees are dwarfing plan fees. While asset-based fees for Triple F services (fees, funds and fiduciary) have been declining with many advisers moving to a flat-fee arrangement, the interest by plan sponsors to help employees with financial education and advice has grown with most sponsors willing to pay advisers extra for those services.

So the demand is there as well as the need for RPAs to shift revenue sources. But what's different now?

RPAs can no longer afford to ignore the relationships they enjoy within their DC plans whether it's the C-Suite, HR contacts or the employees. It's partly why benefit firms like Hub International are buying up retirement practices like Sheridan Road to leverage the relationships to cross-sell benefits. Some benefit firms already in the business, like NFP, get it, while others still struggle with cross-selling.

Voters happy with their healthcare, survey finds, highlighting risks of sweeping reform plans
Kimberly Leonard / Washington Examiner

Voters perceive the U.S. healthcare system as deeply flawed, even as the majority of them report they're satisfied with what they have, according to a survey released Wednesday by RealClear Opinion Research.

The poll, which surveyed 2,000 people, found that 72% of voters are largely happy with the overall quality of their healthcare, with 20% rating is as "excellent," 52% rating it as "good," 22% rating it as "fair," and only 6% rating it as "poor."

The results suggest that candidates risk running afoul of public opinion by calling for sweeping overhauls of the healthcare system, such as the 'Medicare for all' plan backed by many Democratic presidential candidates.

But there were also findings suggesting the public is open to change. When voters were asked about the "overall quality of healthcare other Americans receive today." It found 39% rated it as "fair," 16% said it was "poor," 34% said it was "good," and 10% rated it as "excellent."

"Despite the fact that a significant amount of Americans are satisfied with the quality of the care that they receive, there is concern about the care that others receive and there is concern about the cost of that care," Della Volpe said.

Letters: Current system wouldn’t work without subsidies from private insurance
Modern Healthcare

The article “Employer health plans pay hospitals 241% of Medicare” stated that private employer-sponsored health plans paid hospitals 2.4 times Medicare prices, on average, for the same services at the same hospitals in 2017, according to a RAND Health study of prices across 25 states.

And thank goodness they do. Private health insurance is subsidizing the care delivered to vulnerable populations (the elderly under Medicare and the impoverished through Medicaid, etc.). The cost of delivering services to Medicare and Medicaid patients often exceeds the payment for providing that care. Without employer-sponsored plans, the ability to deliver the quality of care we aspire to deliver would become impossible.

Susan Collingwood
Assistant dean
Dr. Kiran C. Patel College of Allopathic Medicine, Nova Southeastern University
Fort Lauderdale, Fla.

Fielding Miller talks recruiting, 401(k) evolution and fumbles
CAPTRUST CEO discusses acquisitions and recruiting in the retirement space, and his biggest concerns
Greg Iacurci / InvestmentNews

CAPTRUST, a Raleigh, N.C.-based advisory firm with more than $300 billion in client assets, is the largest of the so-called RIA aggregators focused on the retirement market. InvestmentNews sat down with CEO Fielding Miller to discuss his business, the market outlook and where it's all headed.

Greg Iacurci: What does the acquisition landscape look like right now?

Fielding Miller: The market is pretty strong in terms of firms looking to either monetize or fold in with other firms. I think there's a lot of movement.

We're involved on both the retirement adviser side and the wealth management side. And there's been a big shift in our strategy to focus more on the wealth side. Starting back in 2006 is when we decided we wanted to become a national firm. We felt like we had a competitive advantage in the retirement space, so that's how we built out our branch system. We went out and bought retirement advisers. Now, we're going into those same markets and buying wealth RIAs and putting them together.

JPMorgan Chase to Acquire InstaMed to Expand Capabilities in Healthcare Payments
JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) today announced its plan to acquire InstaMed, a leading U.S. healthcare technology company that specializes in healthcare payments. The acquisition will expand the bank’s suite of payment services designed specifically for healthcare consumers, providers, and payers. InstaMed’s secure, centralized platform alleviates a number of challenges in the healthcare payments industry, with particular focus on eliminating paper, improving the consumer financial experience, and reducing costs to collect payments.

Haven, the Amazon-Berkshire-JPMorgan health care company, has already lost its No. 2 executive
Jordan Valinsky / CNN Business

The No. 2 executive at Haven, the health care company backed by Amazon, JPMorgan and Berkshire Hathaway, has left nine months after joining the fledgling firm.
Chief Operating Officer Jack Stoddard departed April 30 for personal reasons, a Haven spokesperson confirmed. The company hasn't named his replacement.
"Jack played an important role in the early stages of Haven, but we understand his decision to leave the company for family reasons," a spokesperson told CNN Business. "We want to thank him for all of his contributions."

Stoddard joined Haven in September 2018 from Comcast, according to his LinkedIn. Prior to that, he held various roles at other healthcare companies, including UnitedHealth (UNH) Group.


Monday, 05/13/19 - A lawsuit alleges that more than 100 generic drugs were included in a price-fixing scheme

Tuesday, 05/14/19 - Washington State to Offer Public Health Insurance Plans, Regardless of Income, by 2021

Wednesday, 05/15/19 - BREAKING: Georgia Insurance Commissioner indicted in fraud case

Thursday, 05/16/19 - RAND Study: Hospitals Charging The Privately Insured 2.4 Times What They Charge Medicare Patients

Friday, 05/17/19 - Does 'Medicare for All' end private insurance? Depends which candidate you ask

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Walt Bernard Podgurski - - Editor