Wearing a fitness tracking device could earn you cash from your health insurance company. At first, this sounds lucrative for the people who participate, and good for the companies, who want healthier insurance customers. But it’s not quite so simple.
Employer-provided health care benefits costs are expected to increase modestly around the globe in 2019, according to the 2019 Global Medical Trends Survey of medical insurers published in November 2018 by Willis Towers Watson (WTW). Insurers blame the high cost of medical technology and the overuse and overprescribing of services as major factors in escalating costs and caution that soaring pharmacy costs will become a significant factor over the
Broker APRIL UK in July 2018 announced that it is closing its private medical insurance (PMI) plans to new business and will be withdrawing from the UK PMI market. The announcement has been made following the decision by its insurance partner to stop bearing risks of its private medical insurance portfolio. As far as we know, the insurance partner in question is Malta-based Axeria Insurance, another member of the
Health insurance start-up Oscar Health in June 2018 announced it would sell Affordable Care Act (“Obamacare”) health insurance policies in six new markets as of 2019, adding three U.S. states – Florida, Arizona, and Michigan as well as three large metropolitan areas in Ohio, Tennessee, and Texas. Oscar offers individual products as well as a small group health plan targeted at small businesses of up to 100 employees, “Oscar
AXA in June 2018 announced it had sold its UK whole-of-market intermediary, The Health Insurance Group (THIG), to U.S. private equity firms Highbridge Principal Strategies and Madison Dearborn Partners. Acquired by AXA in 2008, The Health Insurance Group provides individual and corporate health and well-being products. Highbridge Principal Strategies and Madison Dearborn Partners already own several UK broking brands, including The Ardonagh Group. A “whole of market intermediary” is
U.S. health insurance start-up Oscar Health in March 2018 raised $165 million in a funding round led by Founders Fund to finance its expansion plans in four to five cities a year. This funding round was led by Brian Singerman and Founders Fund and includes 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, Thrive Capital, and others. Oscar Health claims it has generated an underwriting profit
U.S. employer premiums rose an average of 6.6 percent in the first three fiscal quarters of 2017, according to the 2017 United Benefit Advisors (UBA) Health Plan Survey released on 26 October. This is a significant increase from the five-year average increase of 5.6%. Two states, Connecticut and New York, saw stunning increases of 24% and 14% respectively, while some states, such as Arizona and Washington, saw decreases of
Earnings rose in 2016 for the U.S. health insurance industry, with net income for those companies filing a health annual statement rising by 46% to $13.1 billion compared with $9.0 billion in 2015. This, according to an A.M. Best special report titled, U.S. Health Insurance Industry Earnings Up in 2016. The report notes that net income was supported by a second year of improving underwriting income, which is owed
Healthcare reform in the U.S. provides for a steady stream of commentary, and it is sometimes useful to repeat some basic truths about … insurance.
Coverage of pre-existing conditions in the U.S. health insurance market – what is at stake in the 2017 healthcare reforms? Pre-existing conditions became the focus of debate on the American Health Care Act, which was narrowly passed 217-213 by the House of Representatives.
Basic tenets of the U.S. healthcare system are often misunderstood abroad, especially in countries that have extensive social security systems in place. Here is what they are and why they came to be.
Cigna’s global expatriate segment, Cigna Global Health Benefits Europe (Cigna GHB), in February 2017 announced the promotion of Frank Indestege to Market Development Director, Europe. His new duties at Cigna GBH will include responsibility for business development projects and strategic partnerships across Europe. His remit will include identifying product and partnership needs for strategic markets, notably France, Germany, and the Nordic territories. Indestege, who holds a Master’s degree in
Expatriates and Emiratis in the United Arab Emirates have seen changes to their health insurance programs as of July 1, 2016. These changes will affect only those under the Abu Dhabi Basic Plan who seek treatment at a private hospital under the Thiqa plan for Emiratis, expatriates, and their families. Procedures at government hospitals are unaffected. Thiqa, the Arabic word for “trust,” is a UAE national insurance initiative delivered
The National Center for Health Statistics (NHCS) in May 2016 reported that the percentage of Americans without health insurance has dropped below 10%, mostly due to provisions in the 2010 Affordable Care Act (ACA) that give federal premium subsidies to low-income individuals to help them underwrite the cost of health insurance. In many cases, the insured pay little or no money to be included under health plans available in
Just when U.S. employers were getting the hang of program rules under the Affordable Care Act (ACA) and HIPAA, the Equal Employment Opportunity Commission (EEOC) in May 2016 has added new regulations on to workplace wellness programs. These regulations, issued under the Americans with Disabilities Act (ADA) and the Genetic Information Nondiscrimination Act (GINA), are additional to the requirements already necessary for compliance with ACA/HIPAA wellness programs. These rules
According to Aon Hewitt’s 2016 study of medical trend expectations of employer-sponsored medical plans in 90 countries, the cost of employer-sponsored medical plans is continuing to rise as in previous years and still significantly outpace global inflation. Average Medical Trend Rates by Region 2015 2016 Medical trend rate Annual general inflation rate Medical trend rate Annual general inflation rate Asia Pacific 10.4% 4.2% 9.4% 3.2% Europe 5.7% 1.6% 5.9% 1.6%
Depending on health insurance plans is a common reality in Brazil. According to figures released by the Brazilian Geography and Statistics Institute (IBGE) in June, 27.9% of the population had some type of health insurance plan in 2013, and more than one-third of the monthly payments were made by the policyholder’s employer. If we consider that this data is from 2013, we can assume that the total amount of private health insurance purchased by companies for their employees is even higher today.