While low interest rates are likely to continue to present a challenge well into 2015, a stronger economy presents the property/casualty insurance industry’s best opportunity for growth, according to I.I.I. president Dr. Robert Hartwig. Dr. Hartwig shared his thoughts on the industry’s growth outlook in his Commentary on 2014 First Half Results. There are two...
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Squaring Your Taxes And Your Health Insurance Subsidies
Although April 15 seems a long way off, decisions people make about health coverage can have have big tax implications. I understand that different members of a family can buy different marketplace plans. How does that work with premium tax credits for a husband and wife? How do they get divvied up, and how do...
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The Daily Battle Facing Your Work Comp Claim Adjuster
Workers compensation claim adjusters handle a loss from initial reporting through final disposition. The cost of each claim cost has a direct financial impact on the employer. This makes it imperative that proper claim disposition reaches the most cost effective level possible. The adjuster must accomplish this despite statutory time constraints, state compensation department interface,...
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Use Vocational Coordination When Employees Are Unable To Return to Work
The Need: There are the claims where the employee will not be able to return to the original job they held at the time of injury. This may be due to physical disabilities, environmental conditions, or medical restrictions. As soon as this becomes evident there is need for vocational rehabilitation coordination. All jurisdictions have some...
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Bypassing Pharmacies Boosts Prescription Costs And Other Top News Tidbits
(Edited by The Insurance 411) Bypassing pharmacies boosts workers’ comp prescription costs in Pa. Nearly half of what Pennsylvania’s workers’ compensation program pays for prescription drugs goes to physicians who dispense them directly to patients, bypassing pharmacies, a lucrative practice that is limited by many states and not reimbursed at all by private insurance, Medicare...
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Data Breach Preparedness Plans More Likely to Include Insurance
A second annual survey from Experian and the Ponemon Institute appears to show that more companies are prepared for a data breach, and that cyber insurance policies are becoming a more important part of those preparedness plans. The study, which surveyed 567 executives in the United States, found that 73 percent of companies now have...
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A very busy week…
And only one post…clearly I’ve been slacking. Time to catch up! Workers Comp There’s been much discussion of the implications of the demise of the APAX-Coventry Work Comp Services deal; CWCS staff seem to have mixed views, but most are concerned that parent Aetna will continue its non-investment “strategy”, allowing the business to slowly fade....
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The Vital Need for Unit Stat Claim Reviews
All jurisdictions gather statistical data from workers compensation carriers, TPA’s, and self-insured employers in order to establish the annual experience modification codes. The new code developed is used to calculate the premium due for the renewal of the workers compensation policy. This claim gathering of incurred values is known as the Unit Statistical Reporting program....
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NPR Looks at First Year of Obamacare
In New Jersey in March, Dianna Lopez of the Center for Family Services (right) speaks with Betsy Cruz, of Camden, N.J., about health insurance coverage during an Affordable Care Act information session. Exactly one year ago, the Obamacare insurance exchanges stumbled into existence. Consumers struggled to sign up for its online marketplace — and the...
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Communicate, Communicate, Communicate, With Doctor And Injured Worker
As a business owner, there are times when there is nothing you could have done to prevent an employee injury. According to OSHA information: Every day, more than 12 workers die on the job – over 4,500 a year; Every year, more than 4.1 million workers suffer a serious job-related injury or illness. Running a...
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