Insurance

Warren Buffett does his best Axl Rose for Geico

Jami Bernard Mar 19th 2010 @ 6:30PM EST Filed Under: Insurance, Video, Ad Rant

There are plenty of old geezers who wish they could rock out like Axl Rose just once in this lifetime, but Warren Buffett has made it a reality.

Sizzling up the Internet right now is a new ad for Geico that has the normally unassuming tycoon, champion stock-picker and philanthropist joining in an earnest power ballad about the pleasures of working in customer service.

"We're always true to youuuu," he croons, without irony. (That is, aside from the irony of dressing up like the lead singer of Guns 'N' Roses.)

Why Warren Buffett and not all the other 79-year-olds whose voices are better than his and who would also like the chance to sport tattoos and a purple bandana?

Because Buffett is the third-richest man in the world, for one thing. And because Geico is a subsidiary of his company, Berkshire-Hathaway, for another.

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The most expensive (and cheapest) cars to insure

Sarah Coffey Mar 19th 2010 @ 6:00AM EST Filed Under: Insurance, Insurance - Car Insurance, In the News

Perhaps unsurprisingly, the Porsche Carrera 911 GT2 two-dour coupe tops the list of the most expensive 2010 vehicles to insure, according to rankings released this week by Insure.com. The least expensive? The Mazda Tribute 2-wheel drive 4-door utility.

Published annually by Insure.com from data calculated by Quadrant Information Services, the rankings calculate the average premiums paid by customers from six large insurance carriers across 10 postal codes in each state.

Exciting cars to drive, such as the Porsche, cost much more to insure than your boring minivan. Why? Because people like to drive their Porsche fast (duh!) and soccer moms tend to drive that minivan slowly and during the day, when it's easier to see other cars and avoid hitting things.

The least expensive 2010 vehicles to insure:

1) Mazda Tribute 2WD 4 Door Utility, $1070.25
2) Honda Odyssey LX 5 Door 2WD SOHC Van, $1095.26
3) Mazda Tribute 4WD 4 Door Utility, $1103.29
4) Chrysler Town & Country LX 2WD 4 Door 3.3L Wagon, $1119.83
5) Jeep Wrangler X 4WD 2 Door 3.8L Utility, $1124.38
6) Mazda Tribute S 2WD 4 Door Utility, $1128.29
7) Dodge Grand Caravan SE 2WD 4 Door 3.3L Wagon, $1131.06
8) Toyota Sienna CE 4 Door Wagon, $1133.97
9) Hyundai Tucson GLS 2WD 4 Door Utility,$1134.08
10) Kia Sportage LX 2WD 4 Door Utility, $1138.41

The most expensive 2010 vehicles to insure:

1) Porsche 911 Carrera GT2 2 Door Coupe, $2943.78
2) Mercedes S65 AMG 4 Door Sedan, $2863.03
3) Dodge Viper SRT-10 2 Door Coupe, $2851.89
4) Porsche Panamera Turbo AWD 4 Door Sedan, $2837.39
5) Dodge Viper SRT-10 2 Door Convertible, $2815.90
6) Mercedes CL600 2 Door Coupe, $2754.80
7) Audi R8 2 Door Coupe AWD, $2751.55
8) Porsche Panamera S 4 Door Sedan, $2744.78
9) Mercedes SL600 2 Door Convertible, $2715.86
10) Porsche 911 Carrera Turbo 2 Door Coupe AWD, $2706.04

Kaiser Commission study of uninsured shows dismal results

Lita Epstein Mar 18th 2010 @ 4:00PM EST Filed Under: Insurance, Health, Insurance - Health Insurance

UCLA's Center for Health Policy Research surprised everyone when they reported on March 16 that nearly one in four Californians, or 8 million, lacked health insurance during 2008 and 2009. That represents an increase of nearly 2 million in just one year because of the deep recession and mass layoffs.

But California isn't alone in those dismal statistics. Based on data from The Kaiser Commission on Medicaid and the Uninsured, 19 states reported uninsured rates among non-elderly adults above 20%, and four states -- Florida (26%), Louisiana (26.5%), New Mexico (30.5%) and Texas (31.5%) -- reported results above California's 25%. The Kaiser study is based on 2007-2008 data. The 2008-2009 data won't be available until October 2010. So with the deep recession and mass layoffs, we can expect these numbers to be much higher.

Continue reading Kaiser Commission study of uninsured shows dismal results

Health care reform won't make individual health insurance better until 2014

Lita Epstein Mar 17th 2010 @ 2:00PM EST Filed Under: Insurance, Health, Insurance - Health Insurance

If you've shopped for health insurance as an individual, you've likely found it very difficult, if not impossible, to get that insurance unless you are in perfect health. Or once you're over the age of 50, you may find that even if you can get insurance, you won't be able to afford it.

I'm going to take a look at key provisions in the proposed health care reform that will be particularly helpful to those of us who shop in the individual health care marketplace. I've used the comparison tool on health care reform at The Henry J. Kaiser Family Foundation for this story. Even if the bill passes these provisions will not be available until January 1, 2014.

Continue reading Health care reform won't make individual health insurance better until 2014

Homeowner aftershock: Insurers jack up earthquake insurance rates

Lita Epstein Mar 11th 2010 @ 5:30PM EST Filed Under: Insurance, Insurance - Home Insurance

Following the devastating earthquakes that hit Chile and Haiti, some insurance companies are hiking rates on earthquake insurance by as much as 200%. A recent Los Angeles Times article reported that California-based GeoVera Insurance Company nearly tripled one customer's premium, from $2,500 to $7,100 a year.

The question is: Are insurers playing on homeowner's fears that an earthquake may devastate their lives, too? Or are they trying to prevent their own financial disaster from occurring?

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People getting less health care coverage for more money

Lita Epstein Mar 11th 2010 @ 4:30PM EST Filed Under: Insurance, Health, Insurance - Health Insurance

Consumers who must buy insurance are getting less comprehensive coverage and paying more for the insurance. That's the conclusion of a new study by The Henry J. Kaiser Family Foundation.

The foundation found this phenomenon is not only true in the individual health insurance marketplace, but also in the small business marketplace, where more employers are offering very high deductible plans. The foundation found that high deductible plans increased from 16% in 2006 to 40% in 2009.

People with individual health insurance not only pay higher premiums, but they also pay a larger share of their total medical costs. Based on the study, people who had individual insurance between 2004 and 2007 paid 52% of their health expenses. Those with employer-based coverage only paid 30% of their health expenses.

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Health insurers, under fire, take 'very positive' step on literacy

Andy Miller Mar 8th 2010 @ 11:00AM EST Filed Under: Insurance, Saving Money, Health, Insurance - Health Insurance

If nothing else, the health care reform debate has produced a reliable punching bag: the insurance companies.

Lawmakers, consumer groups, and journalists (me included) have inflicted a flurry of blows upon insurers' collective chin -- for their huge rate increases, for dropping people from coverage and for the endless family nightmares dealing with pre-existing conditions.

It's only fair, though, to acknowledge when the industry does the right thing -- in this case, helping to tackle the nation's significant problem with health literacy.

An estimated one in three Americans has trouble reading, understanding, and acting on medical information and instructions. People with health literacy problems have difficulty filling out medical forms, managing a chronic disease and understanding how to take medication correctly.

This lack of understanding translates into big money. One estimate puts the avoidable costs from literacy problems at more than $100 billion a year.

Continue reading Health insurers, under fire, take 'very positive' step on literacy

Bipartisanship out for health bill, "nuclear option" likely

Lita Epstein Feb 26th 2010 @ 12:00PM EST Filed Under: Insurance, Health, Insurance - Health Insurance

nuclear option for health bill forced by bipartisanship

After a very public display of partisanship at President Barack Obama's health care summit on Thursday, the public clearly saw that no real attempt at bipartisanship is possible on the health bill. If the Democrats want to pass health care legislation this year they most likely will need to use what's commonly called the "nuclear option," but officially called, in Senate terms, "reconciliation" to solve differences between bills passed by the Senate and House. Generally these bills cannot include provisions that are "extraneous" to taxing and spending.

The reconciliation process allows the Senate to vote on a simple majority and prevents the use of a filibuster. Democrats lost their filibuster-proof majority after Sen. Scott Brown won the Massachusetts election in January. Now the Republicans have 41 votes and can use the filibuster process to stop any vote on health care.

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Don't get caught up in a discount health scam

Lita Epstein Feb 12th 2010 @ 5:00PM EST Filed Under: Insurance, Fraud, Identity Theft, Insurance - Health Insurance

As millions of people lose their employer-based health insurance after being laid off, they seek desperately to find affordable health coverage. Unfortunately many people get caught up in discount heath schemes rather than real health insurance coverage.

California is taking the lead on cracking down on these discount health and dental plan frauds with a plan to seek new licensing regulations. Right now in California, consumers have lodged complaints against more than 150 unlicensed discount health and dental plans over the last four years. State regulators want to rein in these plans that officials say frequently overstate benefits, offer little if any savings and promise access to doctors who aren't part of the system.

Not all discount plans are bad. California state officials identified two major health insurers with units in California, for instance, that have not been the subject of any consumer complaints to state regulators. The two -- Vital Savings, a product of Aetna, and OptumHealth Allies, an arm of UnitedHealth Group -- do not offer insurance but provide access to discount services to thousands of members.

So considering a discount plan is not necessarily a bad thing, but be sure you understand the difference. Discount plans are not health insurance. They only offer a discount if you use the physicians or other medical facilities that are part of the plan. One of the biggest problems I've found with these discount cards is that most physicians do not accept the plan and that a list of physicians provided by the plan often is not up to date. If you can't afford health insurance and are considering a discount plan instead, get a list of providers and call them those you may want to use to be sure they recognize and still accept the plan before you sign up.

Continue reading Don't get caught up in a discount health scam

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