Daily Insurance Report - Walt Bernard Podgurski

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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.
  Tuesday, 06/18/19 - https://DailyInsuranceReport.com 

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These 6 Companies Found Unique Ways to Help Employees Pay Off Their Student Loan Debt
With the national student debt at an all-time high, these companies have taken it upon themselves to help their workers dig out.
By Ivan De Luce / Business Insider

National student debt is at an all-time high of nearly $1.6 trillion.

While many companies provide student-loan assistance, some businesses have found more creative ways of keeping their employees out of debt.
Some of these policies include trading vacation days for student-loan relief and offering special signing bonuses.

Here are six companies that are taking a unique approach to alleviating their workers' student debt.

Unum, a Tennessee-based insurance company, lets its US employees trade unused vacation-day wages for student-loan payments.

Connelly Partners, a marketing services company, gives new employees a $1,000 signing bonus to be used toward their student loans.
Aside from a standard student loan assistance program, Connelly Partners gives new employees a $1,000 signing bonus to pay their student loans.

Healthcare company Abbott Laboratories has a 401(k) match program tied to student-loan payments.

Private bank First Republic lets its employees reap student loan benefits for their children.

Education tech company Chegg allows workers to get company stock to pay off their student loans.

Financial services company Credit Suisse gives an interest rate reduction to employees refinancing their student loans with SoFi.

Top Trump health official warned against controversial ObamaCare changes in private memo

A top Trump administration health official warned against controversial changes that could undermine ObamaCare in a private memo last year that was released by House Democrats on Friday.

One of the three changes was later finalized by the administration, despite the warning from Centers for Medicare and Medicaid Services Administrator Seema Verma in the memo. And the other two have not yet been proposed but remain under consideration.

The first change was a proposal to alter an index that is used to calculate how much money ObamaCare enrollees get in subsidies to help afford coverage, resulting in cuts.

Verma warned in the memo that the change would cause “coverage losses, further premium increases, and market disruption.”

But the administration went ahead with the change in early 2019 anyway. Administration estimates project that the move will save the government about $1 billion per year in lower subsidy payments, but will result in 70,000 people dropping coverage.

Trump says he will roll out new health care plan in next couple of months

President Trump said he'll be rolling out a new health care plan in a couple of months, saying it will be a key focus in his 2020 reelection campaign.

"We're going to produce phenomenal health care, and we already have the concept of the plan," Trump told ABC News in an interview aired Sunday night.

"We'll be announcing that in two months, maybe less," he added, when prompted for specifics.

Trump said "we almost had health care done," adding that ObamaCare "is a disaster," but "we've made it serviceable."

Healthcare tax for citizens, free healthcare for noncitizens
By JON COUPAL / Los Angeles Daily News

If there was any question whatsoever as to whether California has gone completely off the rails, proposals in the new state budget should remove all doubt. Perhaps the most egregious of these involve changes in state law as they relate to health care.

As of this writing, those proposals have yet to be adopted by both houses of the legislature – which is constitutionally required to pass the budget bill by June 15th every year – but statements by legislative leaders have caused a great deal of angst among the taxpayer public.

If it passes, California would be one of only four states imposing a tax on those who won’t or can’t obtain the kind of health insurance coverage the government requires. The state-imposed mandate would parallel the federal mandate which, in 2016, amounted to $695 per adult or 2.5 percent of yearly household income, whichever was higher. The tax is projected by Newsom to generate about $1 billion over three years.

Adding insult to injury, a portion of that $1 billion generated would go to provide healthcare coverage to people living in the country illegally. Currently, full-scope Medi-Cal benefits are provided to illegal immigrants up to the age of 19. This proposal, estimated to cost about $100 million, would extend that eligibility to the age of 26.

3 Key Facts About California’s ‘Medicare for Illegals’ Plan

The State of California is about to pass a new healthcare plan that attempts to support and expand Obamacare, partly by providing free health care to some adult illegal aliens.

The new plan is covered in a budget passed last week, as Politico reported Sunday. It has been the top priority of the new government of Governor Gavin Newson, whose first act as governor was to propose using Medi-Cal, the state’s Medicaid program, to cover “young undocumented adults.”

There are three things to know about the forthcoming plan.
1. California will become the first state to provide free health care to illegal alien adults.
2. California will restore the individual mandate in Obamacare.
3. Even California can’t afford “Medicare for All.”

Fordham Mandates Health Insurance Plans For All Undergraduate Students

Starting next fall, Fordham will offer a new group plan underwritten by the health insurance company, Aetna.

On May 6, the Office of Student Affairs announced that all Fordham undergraduate students will be required to have health insurance coverage in order to attend classes. University Health Services (UHS) confirmed that one in five Fordham undergraduates students remain uninsured or seriously underinsured. Previously, Fordham’s Student Health Insurance Plan was mandated only to graduate and international students, with undergraduates having the option to enroll in the plan only last year. The new policy will go into effect in fall 2019.

USI Insurance Services Acquires Employee Benefit Concepts, Inc.

USI Insurance Services (“USI”), a world leader in insurance brokerage, risk management and employee benefit consulting, today announced the acquisition of Buffalo, New York-based Employee Benefit Concepts, Inc. Founded in 2004, Employee Benefit Concepts is one of the largest employee benefit consulting and human capital management firms in western New York. Terms of the transaction were not disclosed.

Commenting on the announcement, Christopher J. Fiorello, president, Employee Benefit Concepts, shared: “This partnership marks an exciting milestone for our firm. By joining forces with USI, our clients will continue to have the opportunity to work with the talented team of local experts that we have assembled, and have access to an expanded suite of industry-leading tools, solutions and expertise available through the USI ONE Advantage®, a unique platform that delivers innovative risk management and employee benefit solutions with bottom-line financial impact. We will continue to work closely with our previous payroll and HR services colleagues, who will maintain normal business operations under the existing EBC brand.”

Hub International Acquires California-Based Foster & Parker Insurance Agency, Inc.

Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Foster & Parker Insurance Agency, Inc. (Foster & Parker Insurance). Terms of the transaction were not disclosed.

Foster & Parker Insurance is a full-service independent insurance agency located in Madera, Oakhurst, and Rancho Cordova, California. Foster & Parker Insurance specializes in home, auto, business, farm, and life & health insurance and risk management solutions. Steve Barsotti, President of Foster & Parker Insurance and staff, will join Hub California. According to Mr. Barsotti, "Working with Hub will allow us to provide significantly more markets, services and resources to our clients."




Wednesday, 06/12/19 - Colonial Life leads voluntary benefits industry in sales growth – again

Thursday, 06/13/19 - I Sold Aetna To Fix A Broken Healthcare System. Here’s Why.

Friday, 06-14-09 - Florida Company Sued Over Sales of Skimpy Health Plans
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Walt Bernard Podgurski - - Editor