Wells Fargo gives staff tough choices for healthcare

Wells Fargo gives staff tough choices for healthcare

Excerpt:

The bank confirmed to Reuters that it's rolling out a new insurance plan next year that will give employees accounts to help cover medical expenses. They can either put their own pretax dollars in the accounts, or pay higher insurance premiums and have the company fund the account.

If employees opt to put their own money into the accounts, they are on the hook for more of their medical expenses if they get sick. If they stay healthy, they benefit from lower premiums.

Comment: Resigned to it ... we know it is going to cost us more.

Demonizing business

Pelosi lashes out against insurance companies

Excerpt:

U.S. House of Representatives Speaker Nancy Pelosi on Thursday ramped up her criticism of insurance companies, accusing them of unethical behavior and working to kill a plan to create a new government-run health plan.

"It's almost immoral what they are doing," Pelosi said to reporters, referring to insurance companies. "Of course they've been immoral all along in how they have treated the people that they insure," she said, adding, "They are the villains. They have been part of the problem in a major way. They are doing everything in their power to stop a public option from happening."

Comment: This is a frequent Democratic tactic. Blame the banks, blame the auto makers, blame white Americans, blame Republicans, etc. It is a favorite Barney Frank and Nancy Pelosi tactic.

Health insurance: A smart approach

New Florida Law Allows Low-Cost Health Policies

Excerpt:

His initiative, which both houses of the Republican-controlled Legislature approved unanimously, enables insurers to create bare-bones policies that the governor hopes will sell for no more than $150 a month. That is about 60 percent less than the average cost of a policy for a single person in Florida, according to state insurance regulators.

The policies would be available to any Floridian 19 to 64 who has been uninsured for at least six months and who is not eligible for public insurance. In a critical provision, insurers would be prohibited from rejecting applicants based on age or health status.

To make the policies affordable, Florida will allow insurers to offer policies that do not include many of the 52 services that standard policies must currently cover, like acupuncture and podiatry. The state added a mandate on Tuesday, when Mr. Crist signed a bill requiring coverage for treating autism.

The low-cost plans have to include preventive services, office visits, screenings, surgery, prescription drugs, durable medical equipment and diabetes supplies.

Some options offered by insurers have to include catastrophic and hospital coverage. But an insurance company could, for instance, choose to limit the number of days of hospitalization it will cover or place a dollar cap on reimbursing certain services.

...
Mr. Crist acknowledged that the low-cost plans would not provide “Cadillac coverage.” But he said he was optimistic that uninsured Floridians would buy the plans after they are able to analyze their costs and benefits, starting early next year.

Comment: Amazing ... let the customer buy a less expensive package! I understand that Crist is on McCain's short list for VP.

Misleading health care claims

Beyond Those Health Care Numbers

Economic View
Beyond Those Health Care Numbers
By N. GREGORY MANKIW
Published: November 4, 2007
The most dangerous claims in the health care debate are those that are true but don’t mean what people think they mean.


Here are three of the true but misleading statements about health care that politicians and pundits love to use to frighten the public:

1. The United States has lower life expectancy and higher infant mortality than Canada, which has national health insurance.
   
2. Some 47 million Americans do not have health insurance
   
3. Health costs are eating up an ever increasing share of American incomes.
   

Comments: A worthwhile read. Brief answers to the above

1. True, but other factors are at play: accidents, homicides (high in some segments of society not present to the same degree in Canada!), and lifestyle choices affecting obesity! National health insurance would not touch any of these factors!
   
2. True, but: a.) includes 10 million illegals that would not have insurance were we to have national health insurance; b.) includes some who would be covered by Medicaid but have not enrolled; c.) includes many who choose not to have insurance (healthy young adults who prefer not to purchase it when it is available to them & wealthy americans (some retired) who choose to self-insure). I personally know people in the "c" category!
   
3. True, but "The reason that we spend more than our grandparents did is not waste, fraud and abuse, but advances in medical technology and growth in incomes. Science has consistently found new ways to extend and improve our lives. Wonderful as they are, they do not come cheap".
   

Conclusion (from the article):

Our health care system is not perfect, but it has been a major source of advances in our standard of living, and it will be a large share of the economy we bequeath to our children. As we look at reform plans, we should be careful not to be fooled by statistics into thinking that the problems we face are worse than they really are.

Preparing for Open Enrollment

Making the Most of Open Enrollment

Excerpt:

WHEN YOU RECEIVE your open enrollment paperwork this year, give it more than a cursory glance. Employers are continuing to shift the burden of health-care costs onto employees, meaning you'll likely be paying more next year to stay healthy. The average worker can expect to spend $3,600 toward premiums and out-of-pocket health-care costs in 2008, an increase of $330 from this year, according to benefits consultant Hewitt Associates.

But the open enrollment period — which typically runs from late October through mid-December — is more than a head's up on cost increases. It's your one shot to review your choice of health-insurance plans, set aside contributions for flexible spending accounts and make any number of other health- and benefits-related decisions that could ultimately save you plenty of money. Think of it as your fiscal physical exam for 2008. Here's how to make the most of it:

Summary points:

1. Anticipate Future Costs
   
2. Increase Your 401(k) Contribution
   
3. Pledge to Stay Healthy
   
4. Opt In to Pretax Accounts
   
5. Take Advantage of Small Perks
   

Comment: I've been on Kathee's healthcare insurance since 1990 ... but next year I will be on my own. With all the kids on their own financially, we can save a few bucks by each of us having our own health insurance (sounds counter-intutitive!). I went to the Open Enrollment seminar yesterday and then last night read through the health care options. COMPLEX! New option for us this year: a high deductable plan with a health care spending account.