April 3, 2013 |
What's most impressive about our highly dysfunctional heathcare system is that we're always finding clever new ways to make it worse. The latest such move comes on the Medicare front, where lawmakers had been trying to rein in costs by modestly lowering the amount that large insurers would be paid for managing Medicare Advantage plans, which are a private-sector version of the government program. The Obama administration had proposed a 2.3% reduction in payment for the plans, arguing that insurers were making plenty of profit as it was. But after the insurance industry unleashed its lobbyists and started throwing its considerable political muscle around, it ended up not with a pay cut from the Centers for Medicare and Medicaid Services, but a 3.3% increase . I have no idea what the correct reimbursement rate should be. But I do know that, as the baby boomers age, Medicare represents a cash cow for insurers with Medicare Advantage plans.
December 19, 2013 |
Honda, Subaru and Volvo are making strides protecting the occupants of their cars, while big manufacturers such as General Motors are lagging behind, the Insurance Institute of Highway Safety said Thursday as it gave 22 vehicles its top safety rating. Between its Honda and Acura lines, Honda landed six of the top spots. To earn the “Top Safety Pick Plus” endorsement, vehicles had to rate as good on four crash tests and have good or acceptable performance on a small overlap crash -- where the front corner of a car hits an object.
May 10, 1991 |
The insurance industry, stepping up its support for the no-fault auto insurance bill backed by Gov. Pete Wilson and the Consumers Union, plans to spend $1.2 million on advertising to increase pressure on four key state senators to vote for the measure at a legislative hearing scheduled for this month. "In a state as big and diverse as California, that's actually a very small amount," said Robert Gore, spokesman for the Assn. of California Insurance Companies, on Thursday.
CALIFORNIA | LOCAL
July 2, 1995
I find it very disturbing that [Robert T.] Heineman (Letters, June 21) fails to mention that he is a Farmers' Insurance agent. However, his fatal flaw is the same as most of the insurance industry. He fails to mention over how many years the $3 billion in earthquake premiums were collected. Heineman is forthright in mentioning the industry has paid out $20 billion over 25 years. I have read many reports from insurance companies and the insurance industry which state they are losing money.
May 12, 1996
Don Stewart, 70, insurance industry advocate and organizer who fought to extend coverage to minorities. Stewart began his career as an agent for Farmer's Insurance before founding his own agency in Pasadena in 1963. He developed that into the American Agents Alliance, a statewide cooperative of independent agents that lobbies on political and regulatory issues affecting the insurance industry.
December 1, 2002
Re "New Law Aids Victims of Terrorism," Nov. 27: President Bush signed the terror insurance bill, saying that "should terrorists strike America again, we have a system in place to address financial losses and get our economy back on its feet as quickly as possible." This would ensure that insurance companies and real estate developers do not suffer overwhelming financial losses in a catastrophic terror event. Would that he sign a similar bill for the more than 40 million Americans who do not have health insurance, who may suffer overwhelming medical bills in a catastrophic event and who do not have a system in place to address their financial losses.