Daily Insurance Report  
Walt Bernard Podgurski,  Editor,  440-773-1108, 
Walt@DailyInsuranceReport.com

Don't miss the insurance industry daily updates: Subscribe Here for Complimentary Subscription

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, 10/09/18 - www.DailyInsuranceReport.com

The "Daily Insurance Report" is now subscribed to by almost 25,000 insurance industry influencers who receive it Monday - Friday at 5:05 am EDT, and have a quick overview of what is appearing in the media regarding the insurance industry; with an emphasis on life, health, and employee benefits.


Michigan trade groups form new "association health plan" for small businesses
Mark Sanchez / MiBiz

The association health plan created by two trade groups representing small businesses in Michigan offers a new option for employers to consider for their employee health benefits.

TranscendAHP offers fully insured large-group policies from Blue Cross Blue Shield of Michigan and HMO subsidiary Blue Care Network.

The plan’s founders believe “with some confidence” that it will cost 3 percent to 5 percent less in the first year than what small businesses now pay in the small-group market, said Rob Fowler, the CEO of the Small Business Association of Michigan.

SBAM partnered with the Warren-based Michigan Business and Professional Association, also known as MichBusiness, to create the nonprofit TranscendAHP. The two organizations collectively have about 50,000 small business members.

Sole proprietors and small businesses with 50 or fewer employees can apply for coverage that begins Jan. 1, 2019. Insurance agents could begin requesting quotes for clients this week, Fowler said.



Transamerica pays $195 million to settle lawsuit over universal life insurance
Suit alleged the insurer improperly increased monthly costs to avoid guaranteed monthly interest payments
By Ryan W. Neal / InvestmentNews

Transamerica Life Insurance Co. will pay $195 million to settle a class-action lawsuit alleging the company improperly increased the monthly charges on 70,000 universal life insurance policies.

According to Harvey Rosenfield, an attorney with Consumer Watchdog who represented the plaintiffs, Transamerica notified policyholders in 2015 that it was increasing charges by as much as 38% on universal life insurance packages originally sold in the late 1980s and early 1990s.

This meant some consumers entering retirement were forced to choose between losing the policy, which promised monthly interest payments of at least 5.5% annually, or paying the higher premiums, Mr. Rosenfield said.


Sponsored
Common Census Zero PEPM
Zero Per Employee Per Month
Enroll a product from any Zero PEPM carrier and pay Zero PEPM on all products, including medical.
Zero cost per employee per month for benefits
administration when enrolled in select products!

Multiple year Ben-Admin for ZeroPEPM
Watch our 81-second video, or call Daniel Freund: 207.854.5454 X203
daniel.freund@commoncensus.com / https://www.commoncensus.com



4 Ways To Maximize Life Insurance In Retirement Income Planning
Jamie Hopkins, Contributor / Forbes

Life insurance is a fundamental risk management tool for a secure financial lifestyle. Primarily, it functions as an income replacement insurance product during an individual’s working years. In many cases, life insurance is set up to provide financial security for family members or to pay off liabilities in the event of an untimely and premature death. Because the likelihood of the death of the insured occurring during working years is relatively low, but the impact would be devastating, insurance is a perfect fit for the situation. However, many people not only buy term insurance, but they also buy a permanent life insurance product. Permanent life insurance is different than term insurance as it offers the potential of an investment component or cash value in addition to life insurance coverage. Because these insurance products will last for life, past your working years and through retirement, it is important to think about permanent products as assets that can also help support a secure retirement.

While there are a number of ways to utilize life insurance in retirement, let’s just look at four common and beneficial approaches:
1) Retirement Income
2) Non-Market Correlated Asse
3) Pension Maximization Strategy
4) Long-Term Care Planning



The Life Journey of Aetna CEO Mark Bertolini (Part 1/2)
healthgigpod.com

This week we’re talking to Mark Bertolini the CEO of Aetna. He is not your typical CEO. He is committed to practicing mindfulness in his personal life and professional life. He experienced circumstances that put him on a path to understand the benefits of mindfulness and holistic medicine. He has been living an extraordinary life and has changed an entire industry.

Because of his practice, he has affected millions of lives. This CEO, who was a former hippie, manages by walking around slowly and mindfully. He is actively engaged in the national dialogue of healthcare. He promotes measures that increase access, lower costs, and improves the quality of healthcare. He is a strong advocate for consumer centered healthcare.


Sponsored by Spirit Dental Plans
Your clients need Dental Coverage
and we make it easy for you to sell!
Spirit Dental Plans offer benefits that other plans don't:
- $5,000 annual maximums
- No waiting periods on all services including major
- Braces, bridges, crowns, dentures, implants, root canals covered
- For Individuals, seniors and groups 2+
- Choose any dentist

Our agents receive some of the biggest paydays in the industry – because we offer competitive contracts, the biggest bonuses & incentives, and day-1 vested renewals.

651-259-8417 / aimee@directbenefits.com / https://appoint.directbenefits.com/Spirit
Aimee Bortnem: DirectBenefits - - Now Serving over 14,000 Agents Nationwide



You can save a lot of money on health insurance, but should you?

When scouting health insurance, it’s worth keeping in mind the old adage: You get what you pay for.

Short-term, limited duration health plans are generally much less expensive – as much as 50 percent to 80 percent cheaper – than health insurance regulated by the Affordable Care Act, but they cover far less.

“As with all insurance, people should go in with their eyes open and know what they’re buying,” said Alex Azar, Health and Human Services Secretary.

Jill Cornfield / CNBC.com

Not everyone is a fan of Obamacare.

Complaints range from expensive premiums and high deductibles to covered services people don't think they need.

But compare the typical health insurance plan regulated by the Affordable Care Act with a cheaper short-term health plan, and you might just change your mind.

Short-term health insurance is a stripped-down health care plan that doesn't fall under ACA regulations. These plans don't have to cover specific services, such as prescription medication or maternity benefits, and they are of limited duration: just three months.



EaseCentral is giving big enterprise benefits tools to small businesses
By KEVIN TRUONG / MedCity News

San Francisco-based EaseCentral has integrated two major payer partners onto its health plan and HR platform as it looks to modernize the benefits space for small and mid-sized employers. The company recently signed deals with venture-backed health insurance startup Oscar Health and Anthem Blue Cross to integrate their benefit plan options onto the EaseCentral platform.



U.S. pet insurance market to double by 2022, according to market research
The pet insurance market is forecast to grow over 14% per year.
By Jayleen R. Heft / Property Casualty 360

Market research firm Packaged Facts forecasts that the U.S. pet health insurance industry, estimated at slightly over $1 billion in 2017, will nearly double to reach $2 billion by 2022.

The pet insurance market will grow over 14% per year, supported by a number of trends in both this emerging market and competitive ones, according to company experts. Most notably, increased consumer awareness will be crucial to growth.



WeWork taps Lemonade to offer insurance to WeLive members
Jordan Crook / TechCrunch

WeWork has partnered with Lemonade to provide renters insurance to WeLive members.

WeLive is the residential offering from WeWork, offering members a fully-furnished apartment, complete with amenities like housekeeping, mailroom, and on-site laundry, on a flexible rental schedule. In other words, bicoastal workers or generally nomadic individuals can rent a short-term living space without worrying about all the extras. As part of that package, WeLive is now offering Lemonade renters insurance to new and existing members.





   


Contact Us
Walt Bernard Podgurski - - Editor
440-773-1108
Walt@DailyInsuranceReport.com