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Daily Quote: "Better three hours too soon than a minute too late." - - William Shakespeare
If you are not yet a member, please visit our website at www.workplacebenefits.org. The fees to become a member of The Workplace Benefits Association are waived for one year. If a member decides to renew at the end of one year, the membership fee is only $29.00 per year, however there is no obligation to renew a membership, and no payment information is collected until a member does decide to renew. www.workplacebenefits.org The Members of the Workplace Benefits Association strive to bring an integrated solution through a master plan that involves a standardized employer guide and checklist. This procedure ensures that no important area is overlooked while providing the flexibility for each employer and employee to create an individual solution to their benefits and financial planning. (Proviso - The Workplace Benefits Association does not sell workplace benefits and is not in the business of offering advice) 1. A Holiday Message From InsuranceBroadcasting.com INSURANCE NEWSCAST will only be published two more times in 2006, Wednesday 12/27 and Thursday 12/28. We want to thank you at this year's end for allowing us the privilege of sending you INSURANCE NEWSCAST and being a part of your business day. The message below was written by Bob (Bo) Sacks, and we have selected his eloquent writing as our holiday message, much like you would find a holiday card with words on the inside written by someone else, but expressing your own thoughts and feelings. I SALUTE YOU At the end of every year there is good reason for a moment or two of reflection and review. Most of us have been tutored by society at this time of the year to take a personal inventory and perhaps review the wherefores of our personal circumstances. Some of us make resolutions and perhaps others start restitutions. I feel it very safe to say that in this year of on-going war, industry-wide lay-offs, and the general uncertainties of life, we have all had reassessments forced upon us one way or another. At this time I think many of us are challenging our old calculations and personal observations. It has always been my preference to seek the good or, if not exactly the good, at least the best I can find of any dark situation, be it in my personal or my professional life. History proves that wars come and then they go, that business downturns appear when least expected and retreat just the same, that the winter is cold only to be followed by the beauty of a warm summer’s day. But the most enduring cycle throughout history is of love, family and friendship. That being said, I send you all a big hug
and the hope that you are surrounded by love, family and friendship. Like the author, I hope that your paths are clear of shadows and that you have the time and sensibilities to take a few moments to really stop and look around you. Most of us work too hard and forget the reasons for our energetic professional pursuits. I learned years ago that I was “working to live, not living to work”. I think sometimes we have a habit of forgetting that. Work is a means to keep a safe roof over our heads, food on the table, and to help facilitate the comfort and joy of family and friends. In the end, it is our ability to love and share that love that has any real long lasting meaning. I wish you all peace and sensibility. Bob Sacks And we add to Bob's words our best wishes to you and your families for the holiday season and the new year. InsuranceBroadcasting.com I SALUTE YOU No heaven can come to us unless our hearts find rest in it today. Take happiness. No peace lies in the future, which is not somewhere hidden in this present instant. Take peace The sometime gloom of the world is but a shadow; Behind it, yet within our reach, is joy. Take joy And so, at this holiday time, I greet you, with the prayer that for you, now and forever the days break with peace, and all shadows flee from your path. Fra Giovanni Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. United Health may need to adjust earnings by $660M Minneapolis/St Paul - Tuesday December 19, 5:08 pm ET UnitedHealth Group Inc. said it may need to adjust its historical earnings by about as much as $660 million to fix the accounting for its stock option problems. But shares rose after the insurer predicted that earnings will rise by about 14 percent next year. The company doesn't yet know how large the tax hit for the matter will be, but it will likely be bigger than the $286 million tax adjustment it had initially forecast. A company-sponsored report, released earlier this year found that stock options were probably backdated over several years at the nation's second-largest health insurer. That could trigger tax concerns, because backdated stock options are not eligible for tax deductions. Many companies began using a new method of accounting for stock options this yearUnder that new method, fixing the accounting would result in a charge of $400 million to $600 million for 1994 to 2005 and $25 million to $60 million for 2006, UnitedHealth said. Under the former method of accounting for those expenses, the charge for 1994 to 2005 would range from $1.5 billion to $1.7 billion. Minnetonka-based UnitedHealth (NYSE:UNH - News) has asked the Securities and Exchange Commission to review its accounting for the matter before it finishes restating its earnings. The company is unsure how long the process will take. CEO Stephen J. Hemsley, who took over on Dec. 1 from former CEO William McGuire (who stepped down after the stock scandal) apologized for the stock options mess at the conference, according to media reports. The company also gave its financial projections, reiterating that it expected to earn $4.14 billion to $4.16 billion for 2006 on revenue of $71.5 billion. For 2007, UnitedHealth said it estimates earnings of $4.7 billion to $4.75 billion on revenue of about $79.5 billion. Analysts had expected earnings of $3.42 per share on revenue of $77.9 billion, according to Thomson First Call. Shares of UnitedHealth were up $1.01, or 2 percent, to $51.41 in midday trading. Published December 19, 2006 by the Minneapolis/St Paul Business Journal Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Fitch: Insurance Industry's Loss Reserves Position Shows Continued Improvement CHICAGO--(BUSINESS WIRE)--Fitch Ratings, in a report released today, discusses its observations of the property/casualty insurance industry's loss reserve position at year-end 2005 after completing an extensive analysis of reserves and underwriting experience for the industry and the insurers in Fitch's rating universe. 'Analyzing loss reserves and reserve adequacy are key components in evaluating property/casualty insurers' financial strength,' said James Auden, Senior Director, Fitch Ratings. 'Loss reserves constitute the largest liability on an insurer's balance sheet and represent an actuarial estimate based on statistical analysis and human judgment. As such, a degree of uncertainty surrounds loss reserve estimates.' Fitch believes that the industry's loss reserve position has improved considerably in the last four years as reserves for recent hard market accident years were set at more prudent levels, while reserves established during the last soft market that developed deficiently are largely paid and represent an ever smaller percentage of total reserves. Fitch also believes that reporting requirements and management's obligations under the Sarbanes-Oxley legislation passed in 2002 are having a positive overall effect on the industry's reserving practices. Conclusions in the report include:
For a copy of the special report released today, 'Property/Casualty Insurance Reserve Adequacy: Hard Market Improvements and the SOX Effect,' please visit the Fitch Ratings web site at www.fitchratings.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Health Care Amendment Files Amicus Brief Fight Continues to Protect the People's Right to Amend the Constitution by Initiative BOSTON, Dec. 20 /PRNewswire-USNewswire/ -- Today ten Massachusetts voters joined the Committee for Health Care for Massachusetts in an amicus brief in the Doyle case being heard by the Supreme Judicial Court. The Doyle case, like the suit filed last month by the Committee, concerns the General Court's duty to vote YES or NO on every amendment sent to them by the people. "The proponents of the two initiative amendments -- one to ban same sex marriage and the other to guarantee access to affordable, comprehensive health coverage -- do not agree on much," according to Donald K. Stern, Partner at Bingham McCutchen LLP and former U.S. Attorney for Massachusetts, who is handling the Health Care Amendment case, "but they share a belief in the paramount importance of the issue before the Court today." "What is at stake," he continued, "is the right of the voters to use the initiative process to place a constitutional amendment before the people -- a right guaranteed by Article 48 of the Massachusetts Constitution. In our view, the Legislature must vote up or down and if it fails to act the court should ensure that this guaranteed right of participation remains intact." In 2003 the Health Care Amendment's supporters gathered over 71,000 signatures. In July 2004 the Legislature approved the Amendment by a 153 to 41 vote -- over three times the 50 votes needed for a citizen petition. Over the objection of 76 legislators, the July 2006 Constitutional Convention ducked a vote by sending the Amendment to a "special" study committee. That committee has not met. The Constitutional Convention reconvenes January 2nd. Barbara Roop, Committee Co-Chair said, "We hope the Court will make crystal clear what it has said many times before -- that the Legislature's constitutional duty is to take "final action" on initiative amendments and that procedural votes to recess, adjourn or send an amendment to a phantom study committee don't meet that standard." The Amendment makes the Legislature and Governor responsible for enacting the laws needed to guarantee every resident access to afford able, comprehensive health and mental health care coverage. It does not, however, specify any particular approach to reform. Dr. John Goodson, Committee Co-Chair, commented, "The Amendment's supporters have done what the state constitution requires of them to put an amendment before the people. Now we're looking to the Legislature to do their part." "That vote would ensure that the reforms it boldly enacted this year to expand access to those most in need would become the first giant step toward universal access to the highest quality care at a price we can all afford." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. S&P Equity Research Forecasts 10% Total Return for the S&P 500 in 2007 U.S. Equity Markets Should Benefit From Investment-Led Economic Growth, Earnings Driven by International Sales and Attractive Valuations NEW YORK, Dec. 19 /PRNewswire/ -- Despite many of the major U.S. equity indices setting multi-year, or all-time, highs in 2006, Standard & Poor's Equity Research Services sees multiple factors driving the market higher. These and other comments were made last week during its 2007 Investment Outlook Teleconference, "Gridlock, Goldilocks and Global Equities." Including dividends, Standard & Poor's Equity Research Services predicts a 10% total return for the S&P 500 in 2007. We expect the primary drivers for the anticipated return to be economic expansion led by investments rather than housing and consumer spending; continued corporate earnings growth, driven by expanded international sales and a weak U.S. dollar; as well as what we see as currently attractive valuations for the broad U.S. markets. "We believe 2007 will be a good year, not as good as 2006, but one strong enough to provide investors with a 10% total return," said Sam Stovall, Chief Investment Strategist, Standard & Poor's Equity Research Services. "In addition to such factors as attractive valuations and the strong potential for an economic soft landing, history shows us that the third year of a President's term has provided the best annual returns for any in the four-year presidential cycle." To capitalize on this trend, Standard & Poor's Equity Research recommends investors overweight the Financial Services and Industrials sectors in their portfolios. Standard & Poor's Equity Research believes the current pace of mergers and acquisitions and leveraged buyouts should continue over the next 12 months, particularly in the banking industry, buoying the sector. Industrials will likely benefit from continued consolidation in the transportation group, as well as strong overseas sales and exposure to faster growing foreign economies. "With 41% of revenues for S&P 500 companies coming from overseas, and with some sectors having above-average overseas exposure, like Industrials, investors need to be cognizant of the growth that international sales is having on U.S. companies," said Alec Young, International Equity Strategist, Standard & Poor's Equity Research Services. " Add to that the weakening U.S. dollar and international sales become an even more important driver of sales and profit growth." To listen to a replay of the teleconference please click here: https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings& and use the following login info: Conference ID#: PG2403890 and Passcode: SANDP or U.S. and Canada residents can dial 1-866-403-7095. The international replay number is 1-203-369-0567. The replay will be available until December 21, 2006. About Standard & Poor's Equity Research Services As the world's largest producer of independent equity research, Standard & Poor's licenses research to over 1,000 institutions for their investors and advisors, including 19 of the top 20 securities firms, 13 of the top 20 banks, and 11 of the top 20 life insurance companies. Standard & Poor's team of approximately 110 experienced U.S., European and Asian equity analysts use a fundamental, bottom-up approach to assess a global universe of more than 2,000 STARS and non-STARS covered equities across more than 120 industries worldwide. Follow Standard & Poor's equity analysts' U.S. market commentary each day at http://www.equityresearch.standardandpoors.com/ www.standardandpoors.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. NYSE Group approves Euronext merger, eyes Asia NEW YORK, Dec 20 (Reuters) - NYSE Group Inc. (NYX.N: ) shareholders on Wednesday approved a $14 billion plan to merge the New York Stock Exchange with Paris-based Euronext, a major step in the Big Board's drive to become global. Shareholders gave overwhelming approval for the deal, and NYSE Chief Executive John Thain said Asia is the next logical place for the Big Board to expand. Thain, speaking at NYSE Group's annual meeting, said opportunities exist for deals to expand in Asian countries such as China. These transactions need not be acquisitions, he said. NYSE approval clears the way for combining the multinational European exchange operator with the largest U.S. stock exchange, forming the first trans-Atlantic bourse. Euronext shareholders approved the plan on Tuesday. The combination poses an alternative to the London Stock Exchange, which has rejected attempts to be acquired by Nasdaq. NYSE Euronext will have a combined market capitalization of about $27 billion. NYSE Group Chairman Marshall Carter told reporters after the annual meeting that companies do not have to come to New York to raise capital because they can do that in Asia. He also said NYSE Group is well along in a multiple-step process transforming the former non-profit into a diversified, multi-asset exchange that is now in globalization mode. Investors like the strategy. NYSE Group shares have doubled in price this year. About 99.7 percent of NYSE Group shareholders who voted approved the proposed combination with Euronext, according to preliminary results. More than 75 percent of eligible shares were voted. Remaining hurdles for the Euronext deal include definitive approvals by European market regulators and the Dutch Finance Ministry, and approvals by the U.S. Securities and Exchange Commission and French authorities. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. HRmarketer.com Reports Fourth Consecutive Record Year of Membership Growth in 2006 Company Also Reports Record Revenue for Newly-Formed Marketing Services Group Capitola, CA – December ##, 2006 – HRmarketer.com, the no. 1 marketing and media visibility service in the human resource industry, has reported another record year for sales and membership growth in 2006. The company also reported record sales growth for its recently formed Marketing Services Group, which offers marketing PR and other support to human resource suppliers such as SEO and social media work, media relations, research / white paper development and other lead-generating activities. Since its debut in 2002, HRmarketer.com has realized over 54 consecutive months of sales growth. More than 450 human resource and employee benefit service providers have joined HRmarketer.com, making it the largest and most popular marketing and public relations service in the human resource industry. “There are other broad-based marketing and media relations tools out there, but none so comprehensively focused on the human resource and employee benefit marketplace as HRmarketer.com,” says Kevin Grossman, chief operating officer for HRmarketer.com. “HR suppliers understand that if they are to grow in this market, they must partner with a firm that knows the market and that offers the tools and resources to reach that market. Year after year, that partner is HRmarketer.com.” The company’s recently formed Marketing Service Group also realized record sales growth in 2006. Nearly 20 HR and employee benefit suppliers now contract with HRmarketer’s Marketing Service Group for their media relations, lead generation, SEO and other marketing outreach initiatives. Elrond Lawrence, who leads HRmarketer’s Marketing Services Group, notes that HRmarketer is uniquely equipped to deliver such services to HR and employee benefit suppliers. “Our HRmarketer team not only has decades of successful marketing and media relations experience in the HR industry, but they benefit from having access to HRmarketer.com and the knowledge of how to fully leverage it for our clients to increase their publicity, site traffic, sales leads and search engine rankings. This frees the team to focus on execution and strategy, rather than editorial calendar research, maintaining media lists and other administrative tasks that bog down many PR agencies. This advantage also saves companies a considerable amount of money on their monthly retainer.” HR suppliers interested in trying a unique, cost-effective and highly focused alternative to traditional marketing and PR can contact HRmarketer.com for a free marketing consultation. About HRmarketer.com HRmarketer.com is a service of Fisher Vista LLC, a marketing and information services firm focusing exclusively on the human capital industry. Through its Marketing PR services, the company services hundreds of human resource and employee benefit service providers, helping them generate publicity, website traffic, sales leads and improved SEO. www.HRmarketer.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Workplace Options Poll Shows U.S. Employees Prioritize Health During the Holidays WPO offers ten tips to healthy holiday eating, gift giving and mental well-being. Raleigh, NC – December 20, 2006 -- Workplace Options, the largest provider of work-life employee benefits in America, has announced results from their special holiday poll conducted through WPO’s Advantage™ Website. The poll, available to U.S. employees who have access to WPO’s Advantage™ web site through their employer or employee assistance plan (EAP) asks employees how they will keep their health in focus over the holidays. The results indicate that most people will rely on healthy eating and exercise to avoid weight gain over the holidays. Specifically, 46% said they would sneak in some form of exercise and 16% plan to give active gifts to loved ones such as exercise equipment, biking gear and even dance lessons. Of the same group, 70% of respondents said they would skip second helpings and holiday sweet treats. Unfortunately, a whopping 21% said good health will not be on their minds this holiday season and will wait to use their New Year resolutions to address the unhealthy side affects of the holidays. “Results from our poll show that a majority of the workforce know what is good for their bodies and are aware of the importance of a healthy lifestyle,” said Alan King, president of Workplace Options. “Taking action is the next step to achieve healthy results, even if it does mean waiting for the a New Year to put resolutions in place. That is a good starting point.” In addition to monthly poll results, WPO offers health advice on their customer web site that covers healthy eating, gift giving and mental well-being including these ten tips for a healthy holiday:
About Workplace Options Workplace Options (WPO) is America’s largest provider of work-life services. WPO’s market leading products are recognized for their innovative web delivery, flexibility and affordable pricing. Through its emindhealth division, WPO offers network management solutions that help EAP’s run their businesses more profitably and efficiently. WPO’s United Kingdom division, Employee Advisory Resource (EAR), is a premier provider of work-life services in Europe and offers EAP clients access to an expansive network of behavioral health providers throughout Europe and the World. Learn more at www.workplaceoptions.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Big “I” Lauds Bush Signing Of Health Savings Account Bill Improvements will help increase usage of HSA plans WASHINGTON, D.C., Dec. 20, 2006—The Independent Insurance Agents & Brokers of America (the Big “I”) celebrated the holidays with an important victory, as President George W. Bush signed H.R. 6111, the Tax Relief and Health Care Act of 2006, into law today. In one of the last acts of the 109th Congress, the Senate and House both passed H.R. 6111 before adjourning. The bill, sponsored by outgoing House Ways & Means Committee Chairman Bill Thomas (R-Calif.), included a number of provisions that will improve the operations of Health Savings Account (HSA) plans. The reforms are expected to help increase usage of these plans among small business owners, self-employed individuals, and workers who currently do not receive health care coverage on the job. “Passage of this bill is an important win for insurance consumers,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations. “We strongly support improvements to health savings accounts, to provide more options for individuals and families to cover their medical expenses, and we appreciate President Bush signing it into law. We are grateful that Congress made a point of passing this important legislation before finishing its work for the year, and we thank Chairman Thomas for his leadership on this issue, as well as his longtime service in Congress.” The bill’s provisions include the following: 1) It allows HSAs to be funded with one-time transfers from Individual Retirement Accounts (IRAs), enabling individuals to benefit from the tax advantages provided by HSAs when paying for medical expenses. 2) It allows individuals to make the maximum annual contribution to HSAs at any point in a given year; previously, they were only allowed to make prorated contributions based on their enrollment dates. 3) It allows individuals to contribute amounts that equal the annual contribution limit, regardless of their plans’ deductible limits; previously, they were only allowed to contribute amounts equaling their deductibles. 4) It allows funding for HSAs to come from a health reimbursement arrangement (HRA) or a flexible spending account (FSA) in the form of a one-time rollover. 5) It allows employees with lesser earnings to receive higher contributions from their employers into HSAs. HSA funding is tax-deductible, tax-deferred while growing and available for tax-free usage for medical expenses. Annual contributions in 2007 are capped at $2,850 per individual and $5,650 per family. “This important legislation will expand health coverage options for many Americans,” says Tom Koonce, Big “I” assistant vice president for federal government affairs. “We appreciate the fact that the President and the Congress made a point of enacting this vital legislation before adjourning, and our members are very pleased this important law is on the books.” Founded in 1896, IIABA (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com. Cliston L. Brown L-45-06 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Make Medicare Right for You - A Guide to the Open Enrollment Process- NEWARK, N.J., Dec. 20 /PRNewswire/ -- Medicare's new open enrollment season wraps up at the end of this month - Dec. 31. Even the millions of seniors who already signed up for a plan should take time to compare plans to see if a new one is a better fit. This year's subscribers will notice a couple of differences. First, it is easier comparing plans to find the one that covers prescriptions and costs the least. Also, there is an increasing focus on prevention and wellness programs in addition to traditional disease treatment. "Medicare offers health care and prescription drug options to 43-million Americans," said Robert Fusco, President, New Jersey Association of Long Term Care Pharmacy Providers. "With so many coverage options, it is understandable that some Medicare beneficiaries are intimidated by various facets of choosing a plan. It is important for seniors, to compare medications as well as check to see if medications require prior authorization. Choosing the right plan is an important step in improving adherence as well as preventing costly hospitalization." Fortunately, the plan changing process has been streamlined on the Medicare Web site - www.medicare.gov, with the changes to the "Plan Finder" option. The Plan Finder helps users navigate the many aspects of choosing the right plan, such as: cost, benefits, physician/hospital choice, convenience, prescription drugs, pharmacy choice, and quality of care. How to Use the Web Site: Before going to medicare.gov, create a list of all prescriptions and dosages, as well as Medicare number - if applicable. Once at the Web site, click the "Compare Medicare Prescription Drug Plans." This leads to a screen where you'll click on a gray box labeled "Find and Compare Plans." Two search options are available: a general search based on prescriptions; a personalized search based on a Medicare claim number. Both lead to the same page. Additionally, provide your ZIP code to sort for plans with pharmacies in the area. Next, enter prescriptions and prescribed dosage. An alphabetical list of the most common drugs and dosages is provided to expedite this process. Now, click Compare Plans. This lists plans, starting with the lowest cost. For best results, click on "More Information" then "View Plan Details." At the bottom of this page a bar chart illustrates monthly expenses over time. This is very important, because some plans start with an inexpensive monthly cost - then expenditures jump drastically when the plan hits the uncovered portion called the "donut hole." The final step is signing up. Instructions on how to contact each plan are provided. Also new from Medicare this year is an educational campaign designed to raise awareness of the more than one dozen preventive services covered by the agency. These important services available through Medicare include a one-time "Welcome to Medicare" physical exam, cardiovascular screening to check cholesterol and other blood fat levels, cancer tests, shots, bone mass measurements for osteoporosis, diabetes screenings, as well as supplies, and glaucoma tests to screen for eye diseases. "It is important for a number of reasons to pick the plan that best meets your needs," said Marc Cohen, MD, is Chief of the Division of Cardiology, and Director of the Cardiology Fellowship at the Newark Beth Israel Medical Center, and a professor of medicine at the Mount Sinai School of Medicine. "Plans which improve medication availability and adherence will improve the quality of life for seniors. As a result, health care can focus on preventive medicine, saving billions of dollars, while enabling all of us to live longer, healthier lives." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. BlueCross BlueShield of Tennessee Becomes First Health Plan to Purchase TriZetto’s Real-Time, Point-of-Service Solution Health Plan, Providers, Members to Benefit from Real-Time Financial Settlement NEWPORT BEACH, Calif.--(BUSINESS WIRE)--The TriZetto Group Inc. (NASDAQ: TZIX) announced that BlueCross BlueShield of Tennessee has become the first health plan to purchase the company’s real-time patient liability and point-of-service claims adjudication solution, Provider POS Direct™. The solution enables healthcare providers to determine and share with patients the exact cost of a procedure prior to the delivery of care. It also provides the option of real-time financial settlement among the patient, provider and health plan before the patient leaves the provider’s office, which can increase satisfaction and reduced administrative expense. BlueCross BlueShield of Tennessee serves 2.3 million members and is the largest insurer in the state. The health plan expects to implement Provider POS Direct by the end of the year to a very limited pilot group of providers. www.trizetto.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Travelers Offers 10 Percent Discount on Auto Insurance for Hybrid Drivers in Georgia Insurance Discount Available Countrywide in 44 States HARTFORD, Conn.--(BUSINESS WIRE)--Georgia hybrid owners can now join others across the country to take advantage of a 10 percent discount(a) on auto insurance offered by Travelers, the company announced today. The move makes Georgia the 44th state to receive the hybrid discount, as Travelers has steadily rolled it out state-by-state this year. www.hybridtravelers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Health Net of California Reminds Reporters: Clock Ticking on Medicare Enrollment WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Medicare-eligible Californians have less than two weeks left to choose a new Medicare medical plan. “It is critical that Medicare-eligible individuals assess their health needs before the end of the year,” said Krista Bowers, Medicare Officer for Health Net of California. “After December 31, 2006, individuals may change their Medicare plan only if they stay with the same type of plan they already have." In choosing the right plan, Bowers suggests that Medicare-eligibles consider “the 4 Cs:” Cost, Copayments, Convenience and Coverage. Start by looking for reasonable costs for monthly premiums and deductibles, along with low copayments for particular prescriptions. Then, “Think about convenience,” Bowers stated. “If your plan does not have an agreement with your favorite pharmacy, you will have to spend time traveling to a different drugstore.” She noted that Health Net takes steps to make its plans user-friendly, for instance by eliminating deductibles and paperwork, offering mail-order delivery, and providing 24-hour “health coaches.” Coverage is key because every Medicare plan does not cover every medication. “If there are prescription drugs that you currently take, or expect to take, make sure they are covered,” said Bowers. “Otherwise, you could wind up with a plan that does not pay for the medications you need.” www.healthnet.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Hub International Accelerates Leadership Position in Transportation Insurance HUB To Acquire Transportation Specialist Coburn Insurance CHICAGO--(BUSINESS WIRE)--Hub International Limited (NYSE:HBG) (TSX:HBG) plans to accelerate its penetration of the transportation insurance market by acquiring Vermont-based Coburn Insurance Agency, Inc. (“Coburn”). The $9 million revenue broker has entered into a letter of intent with Hub International Transportation Insurance Services Inc. (HUB Transportation). The proposed transaction will result in the formation of one of the nation’s largest transportation insurance speciality practices, with an emphasis on trucking. HUB International recently expanded its transportation practice in October with the acquisition of Kaufman and Kaufman, a $9 million revenue brokerage based in Salt Lake City. With the acquisition of Coburn, HUB’s transportation practice will have annualized revenue of approximately $25 million from more than $200 million in premiums, with strong operations in both the eastern and western United States. The combined strength of the operations will provide HUB with increased accessibility to insurance markets and will position the organization as the provider of choice for transportation risks across the US and Canada. www.hubinternational.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Encompass Insurance Joins Insurance.com Lineup CLEVELAND--(BUSINESS WIRE)--Insurance.com announced today that Encompass Insurance has joined their auto insurance comparison platform. “We’re pleased to have Encompass Insurance as part of our lineup,” reports Dave Roush, CEO of Insurance.com. “They join a dozen other companies such as Drive Insurance from Progressive, Safeco, The Hartford, Travelers, Liberty Mutual and more.” Insurance.com has over a dozen of the nation’s leading auto insurance companies on their comparison platform, where consumers answer one set of questions and get up to four competitive insurance quotes. They can then purchase their www.insurance.com/auto.aspx [car insurance policy online], or over the phone with in-house licensed insurance agents. Encompass Insurance has more than 1.2 million customers in 42 states, and has written more than $1.7 billion in personal insurance, making it one of the largest personal insurance brands in the United States. www.encompassinsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Bush Administration Move to Cut Medicaid Payments to Pharmacies Threatens Patient Access Misguided Rule Forces Struggling Pharmacies to Bear More than 90% of Medicaid Cuts with Remainder Coming from Drug Manufacturers WASHINGTON, Dec. 20 /PRNewswire-USNewswire/ -- Millions of Medicaid patients' easy access to their life-sustaining drugs may ultimately be destroyed, if the Bush administration succeeds in reducing payments to pharmacies for generic drugs. The Association of Community Pharmacists Congressional Network (ACP*CN) urges the administration to rethink this move. As part of the Deficit Reduction Act of 2005, Centers for Medicare and Medicaid Services (CMS) proposed reducing Medicaid prescription drug costs $8.4 billion over the next 5 years. More than 90% of the cuts will come from reducing Medicaid reimbursement to pharmacies for generic drugs and the remainder will come from price concessions by drug manufacturers. "The federal government seems determined to annihilate the best medication delivery system in the world with its latest ill-conceived cost savings plan," said Mike James, VP Government Affairs, ACP*CN. "Pharmacies are already losing money on every Medicare D prescription they dispense and now CMS wants to financially cripple us even more with Medicaid cuts that will likely force pharmacies to no longer accept Medicaid or worse -- close their doors. The administration's relentless pursuit of policies such as these make it impossible for pharmacies to properly treat patients in today's healthcare environment," concluded James. Last week CMS announced it would delay the changes scheduled to take effect next month and allow the public to comment on the proposed rule change within 60 days. Medicaid is a joint state-federal program that pays healthcare coverage for 55 million low-income Americans. Historically, Medicaid has been the largest public payer of prescription drugs in the country. In 2005, the average cost of a generic drug was $29.82 compared to the average cost of a branded drug which was $101.71. CMS' proposed new rule discourages the use of generics and does nothing to tame soaring branded drug costs to Medicaid. Faced with the reality of losing money on every generic prescription it dispenses to Medicaid patients, many pharmacies will choose not to be Medicaid providers. This will have dire effects on patient access, particularly in rural parts of the country where one pharmacy serves an entire town and the next pharmacy may be miles away in the next town. In every town in America, pharmacies provide care to patients 24 hours a day, 7 days a week without an appointment. Lawmakers' unwillingness to ensure fair pharmacy reimbursements for Medicare and Medicaid prescriptions will have the long-term effect of killing off pharmacy providers and leaving patients out in the cold without medication. Is it the intent of the administration to deprive access to very people they are supposed to be helping? www.acpcn.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Partners Advantage Insurance Services and Loyalty Performance Insurance Marketing Merge to Form the Premier National Marketing Organization for Insurance Professionals LOS ANGELES, Dec. 20 /PRNewswire/ -- Partners Advantage Insurance Services, Inc. ( www.partnersadvantage.com ) and Loyalty Performance Insurance Marketing ( www.loyaltyperformance.com ), two market leaders catering to the world of insurance and financial professionals, announced Dec. 18 at their annual meeting that they will bring together their collective resources to create the industry's most comprehensive insurance marketing organization. The new company, which will be called Partners Advantage Insurance Services, Inc., will be headquartered in Colton, California, and will offer a vast array of insurance carriers, resources and services to insurance and financial professionals. "The combined resources of these two companies are tremendous," said Partners Advantage Insurance Services founder and President, Scott Tietz. "Combined, the new PAIS offers more than 5,000 active agents access to 40 of the highest rated carriers in the industry and the most comprehensive web tools on the Internet. Our services and marketing programs will provide an unparalleled resource for every licensed insurance professional." In addition to its next-generation marketing programs and Internet portal, the new PAIS has a strong focus on agent support and service. Equipping agents with revolutionary marketing concepts and an online portal making forms, software, carrier contracting, and sales ideas available 24 hours a day, 7 days a week allows the independent agent to dramatically increase productivity and expand the carriers they can offer. www.partnersadvantage.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Ohio National Adds Two New Whole Life Insurance Products to Portfolio Cincinnati – Ohio National is strengthening its already competitive whole life insurance portfolio with the addition of Prestige Xcel and Prestige Max – both based on the 2001 CSO mortality table. Prestige Xcel gives policyholders strong, long-term benefits in both cash value and death benefit. Its high level of dividends can provide added death benefit, higher cash values or reduce premiums. Prestige Xcel is designed for both the personal and small business marketplace. Prestige Max is designed to provide substantive cash flow after the premium-paying period through dividends and a preferred loan option. Max is a high-premium policy that is paid-up at age 65, or 10 years after issue.www.ohionational.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. NEW YORK LIFE INTRODUCES NEW VARIABLE ANNUITY THAT OFFERS GROWTH POTENTIAL AND LONGEVITY INSURANCE NEW YORK, N.Y., December 19, 2006 — New York Life Insurance and Annuity Corporation (NYLIAC) announced today the introduction of the LifeStages Longevity Benefit Variable Annuity, which offers the tax-deferred growth potential of a variable annuity plus a stream of lifetime income for purchasers who live a long time and need protection against outliving their financial resources. The new product is a response to the increasing realization that longevity can present a major financial risk in retirement. Today, there is a greater than 50 percent chance that one person who is part of a 65-year-old couple will live past age 90[1]. NYLIAC’s newest variable annuity product gives consumers the ability to accumulate retirement assets now, while simultaneously building an extra source of income for the future. The product also features an up-front premium credit[2] and offers a wide array of investment options that can help customers grow and diversify their retirement savings. "Americans are living longer today, and their retirement needs and concerns have changed significantly,” said Corey Multer, vice president. “Growing one’s retirement nest egg is essential, but so is having a plan for making sure that nest egg lasts throughout retirement. The LifeStagesÒ Longevity Benefit Variable Annuity offers an innovative way for policyholders to maximize their growth potential now while feeling more secure that they’ll have an additional stream of lifetime income in the future if they are fortunate enough, as many of us will be, to live beyond their average life expectancy.” Customers select the age at which they want their extra Longevity Benefit income payments to start – 75, 80, or 85. The longer policyholders wait before their additional lifetime income payments begin, the larger those payments will be. www.newyorklife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day" Sponsored By:
21. Fortune’s Fortress: A Primer on Wealth Preservation for Hedge Fund Professionals Timely and revealing, Fortune’s Fortress: A Primer on Wealth Preservation for Hedge Fund Professionals, comes as a long overdue response to the needs and unique challenges faced by hedge fund professionals. Recently cited in the Wall Street Journal’s December 16th cover page story, “The Atlas of New Money,” and a feature publication at MARHedge’s 13th Annual Conference on Hedge Fund Investments, the book seeks to drill down and analyze the largely private world of the hedge fund manager on a personal level. The collaborative work of 4 renowned authorities- Russ Prince, President, Prince & Associates, Arthur A. Bavelas, CEO, Resource Network LTD, Edward Renn, Principal, Withers Bergman LLP, and Mindy Rosenthal of MARHedge-Fortune’s Fortress polled the buying habits of 294 managers with a median net worth of $61.7 million. The findings suggest that hedge fund managers are not just juicing the art market, but are increasingly in need of financial services to manage their rapidly growing prosperity. Fortune’s Fortress is a primer focused on:
While Fortune Fortress is a limited release publication, it may be ordered in limited quantities by visiting www.resourcenetworkltd.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Infinity Property & Casualty to Create 500 Local Job Opportunities Company’s New Operations Center Will Benefit Birmingham Region BIRMINGHAM, Ala.--(BUSINESS WIRE)--Birmingham headquartered Infinity Property and Casualty Corporation announced the latest phase of its growth plan, which promises to benefit the region’s economy and create new jobs. Assisted by incentive packages from the city of Birmingham, Jefferson County and the state of Alabama, the national personal auto insurance provider will consolidate several operating units from around the country and locate them in Birmingham. The company’s new national operations center will include a 250 person call center to be located within an 112,000-square-foot Liberty Park office building. This operations center is projected to house a total of 600 employees by the summer of 2007, bringing the total number of Birmingham-based jobs to 1,100, out of Infinity’s 2,100 nationwide workforce. There are a potential 500 new job opportunities which will be created in the Birmingham location with the consolidation. www.infinityauto.com Contacts for Infinity Insurance Rebecca Hart or Lynlee Hudlow, 205-803-0000 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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