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

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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, 11/19/19 - https://DailyInsuranceReport.com 

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'I live on the street now': how Americans fall into medical bankruptcy
Having health insurance is often not enough to save Americans from massive debts when serious illness strikes
The Guardian

According to a study (American Journal of Public Health®) published in February 2019, about 530,000 bankruptcies filed annually are because of debt accrued due to a medical illness. The study found that even the Obama administration’s landmark Affordable Care Act (known as Obamacare) has failed to change the proportion of bankruptcies caused by medical debts, with poor health insurance cited as one of the main culprits.

Republicans and Democrats are currently at loggerheads over Trump administration plans to further weaken Obamacare by making it easier for states to opt out of certain requirements and offer cheaper plans that could further exacerbate the situation. And health insurance has emerged as one of the signature issues of the 2020 election, and the fight for the Democratic presidential nomination with senators Bernie Sanders and Elizabeth Warren promising a total overhaul and Joe Biden and others pledging milder reforms. What all sides admit is that the current system is broken.



How the Best Workplaces Are Winning Over Employees With Parental Benefits
By Ed Frauenheim / Fortune

Amid the shifts in technology and social norms, companies are being called on to update their policies and benefits for new parents.

More than 75% of expecting mothers say they're excited to return to work, but 43% of new mothers drop out of the workforce after having a baby, says Kate Ryder, CEO of Maven Clinic, which provides a host of maternity-related services to organizations. Many women becoming moms struggle with a range of issues, Ryder says, including lack of support and easy access to health services, inflexible corporate cultures, and bosses unaware of the challenges involved in caring for a newborn.

The best organizations are supporting parents—and preserving key talent—by doing more than just offering paid parental leave, Ryder says. They take a holistic view of supporting new moms and dads by offering benefits like career coaching and courses designed to increase leader empathy for employees coming back from parental leaves.



Don’t miss these hidden benefits of open enrollment
Jessica Dickler / CNBC

There are often a variety of benefits available during open enrollment in addition to medical care that should not be overlooked,

Still, nearly three-quarters of working adults will spend 45 minutes or less reviewing their benefits before enrolling, according to recent research by employee benefits provider Unum.

Here are a few of those options that could be particularly worthwhile:

Student loan assistance: Americans are more burdened by college loans than they are by credit card or auto debt.

Pet insurance: Nearly 70% of U.S. households own a pet, according to the American Pet Products Association, and, chances are that 1 in 3 of these pets will need emergency veterinary treatment within any given year.

Mental health assistance: Roughly 1 in 5 adults in the U.S. per year suffer from mental illness, according to the National Alliance on Mental Illness.

Elder care: An aging population, lackluster retirement savings and rising health costs are setting up more adults to become caregivers to their parents.



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THE LINK BETWEEN EMPLOYEE BENEFITS AND THEIR RETIREMENT SAVINGS
BY RASHEEDA CHILDRESS / associations now

Employee retention, especially in a hot job market like we have now, is a primary concern for associations. They want to keep the staff they’ve cultivated, and one way to do that is through benefits. While much has been made of the many benefits available, a recent study finds that some very basic benefits allow workers to be more productive and help them build up another benefit: a robust retirement fund.

The research, published in Community, Work & Family, found that male employees who received six to 10 sick days annually had 30.1 percent more in retirement savings, and those getting more than 10 paid vacation days had 40.7 percent more in their retirement fund than workers who didn’t.



Some 401(k) Participants May Be Exposed to Unnecessary Risk
BY TED GODBOUT / NAPA (National Association Of Plan Advisors)

Even though 401(k) participants are increasingly leveraging target date funds to keep their asset allocations on track, a new analysis by Fidelity suggests that many had stock allocations higher than those recommended for their age group.

As part of its 3Q 2019 analysis of retirement trends, Fidelity Investments compared average asset allocations to an age-based TDF and found nearly a quarter (23%) of 401(k) savers still have a higher percentage of equities than recommended, including 7% who are 100% invested in equity.

Among Baby Boomers, Fidelity notes that the overallocation of stock was even higher, with 37.6% having too much equity, including nearly 8% who are in 100% equities. This is in addition to the 5% of Boomers who have zero exposure to equities in their 401(k).



Sutter to pay $30M settlement in federal whistleblower case
By Lauren Keene

Sutter Health will pay more than $30 million to settle kickback allegations outlined in a federal whistleblower lawsuit in which a Davis law firm played a major role.

Hirst Law Group P.C. represented the whistleblower, Laurie Hanvey, a former compliance officer with Sutter Medical Center in Sacramento. Hanvey filed a lawsuit under the federal False Claims Act accusing Sutter Health of paying kickbacks to Sacramento Cardiovascular Surgeons Medical Group Inc. in exchange for patient referrals.

Terms of the settlement, which was unsealed Thursday, call for Sutter to pay $30.5 million to the federal government; while Sac Cardio, comprising doctors Michael T. Ingram, Robert Kincade and James Longoria, will pay more than $500,000 without admitting the fraud allegations, attorney Michael Hirst said in a news release.



Global Term Life Insurance Market Report 2020-2030: Market Set to Reach $218.23 Billion by 2022 - ResearchAndMarkets.com
BUSINESS WIRE

The global term life insurance market was valued at about $172.86 billion in 2018 and is expected to grow to $218.23 billion at a CAGR of 6.0% through 2022.

The rise in disposable income in emerging countries such as India and China is driving the term life insurance market. Rise in the middle income group supported by increasing employment opportunities is translating to higher disposable income which allows them to invest in term life insurance. Between the years 2001 to 2011, there has been an increase of 15% and 2% in middle income group in China and India respectively, which is expected to grow further during the forecast period. China's per capita income was $4,033 in 2017, an increase of 7.3% compared to 2016.

Lack of awareness about term life insurance is one of the major restraint on the market. In developing countries such as India, number of people opting for term life insurance is low due to lack of awareness. According to a survey conducted by Ph.D. Research Bureau in 2016, around 49% of the population in India is not aware on insurance products due to lack of information, thus restraining the term life insurance market.



  Archives

Monday - 11-18-19 - - White House to Require Hospitals, Insurers to Disclose Actual Healthcare Prices

Tuesday - 11-12-19 - - 137 million Americans are struggling with medical debt. Here’s what to know if you need some relief

Wednesday - 11-13-19 - - Google signs healthcare data and cloud computing deal with Ascension

Thursday - 11-14-19 - - Imagine a world where new moms can expect two years of paid leave after the birth of a child.

Friday - 11-15-19 - - America’s Largest Health Insurer Is Giving Apartments to Homeless People


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