Allianz Study examines babyboomers preparation for retirement

Reclaiming the Future

At 76 million strong, the “baby boom” generation represents the largest, wealthiest, and most influential segment of the U.S. population. Yet, this “power generation” will face one of the most pronounced retirement income challenges in history.

The Allianz Reclaiming the Future Study was conceived to be one of the most comprehensive examination of baby boomers’ preparation for and expectations of retirement.

Our study looked at the unique needs, perceptions, and strategies that define this generation’s need to rethink retirement. We also looked into consumer and financial professional attitudes toward annuities, and their role in providing retirement income.

> Download the White Paper (pdf)
> Download the Executive Summary (pdf)

CA implements Web Portal to assist Individual & Small business to identify insurance options

Fact Sheet on Establishing the Web Portal

The Affordable Care Act establishes an internet portal to help individuals and small businesses identify insurance options in their state.

The web portal will help consumers navigate their options in the individual and

small business private market and help them determine if they may be eligible

for a variety of existing public programs, including existing state high risk

pools, new high risk pools, Medicaid, Medicare and the Children’s Health

Insurance Program (CHIP). The new web portal will provide information on: the small business tax credits available for 2010 and beyond; and the Early Retiree Reinsurance Program including instructions on how businesses that provide coverage to non-Medicare retirees age 55 and older can enroll to receive reinsurance payments to stabilize coverage for this at-risk population.

Small Business Tax Credit and Related Tax Information

http://www.irs.gov/newsroom/article/0,,id=223666,00.html

Eligibility Rules

• Providing health care coverage. A qualifying employer must cover at least 50 percent of the cost of health care coverage for some of its workers based on the single rate.
• Firm size. A qualifying employer must have less than the equivalent of 25 full-time workers (for example, an employer with fewer than 50 half-time workers may be eligible).
• Average annual wage. A qualifying employer must pay average annual wages below $50,000.
• Both taxable (for profit) and tax-exempt firms qualify.

Amount of Credit

• Maximum Amount. The credit is worth up to 35 percent of a small business' premium costs in 2010. On Jan. 1, 2014, this rate increases to 50 percent (35 percent for tax-exempt employers).
• Phase-out. The credit phases out gradually for firms with average wages between $25,000 and $50,000 and for firms with the equivalent of between 10 and 25 full-time workers.

Related taxes and tax credits:

http://www.irs.gov/newsroom/article/0,,id=220809,00.html?portlet=6

Group Health Plans and Health Insurance Issuers Relating to Dependent Coverage of Children to Age 26; Interim Final Rule and Proposed Rule

2.37 million young adults might be affected by this provision, or approximately 8% of the 29.5 million young adults in the age group. Approximately 1.83 million are currently uninsured, and 0.55 million are currently covered by their own nongroup coverage. Mid-range estimate: 1.24 million will enroll in 2011, at a cost of $3380 a year.

Federal Register: http://edocket.access.gpo.gov/2010/pdf/2010-11391.pdf

The First Reforms that Will Take Effect

from Families USA: http://www.familiesusa.org/health-reform-central/implementing-the-new-law/implementation-advocates-to.html

Temporary Coverage for Uninsured People with Pre-Existing Conditions
(Section 1101 of the Patient Protection and Affordable Care Act)

Grants for Consumer Assistance Offices or Health Insurance Ombudsman Programs
(Section 1002 of the Patient Protection and Affordable Care Act; Creates Part C, Section 2793 of the Public Health Services Act)

Grants for Rate Review
(Section 1003, as amended by section 10101, of the Patient Protection and Affordable Care Act; Creates Section 2794 of the Public Health Services Act)

Small Business Tax Credit
(Section 1421, as amended by section 10105, of the Patient Protection and Affordable Care Act; Creates Section 45R(d)(3) of the IRS Code of 1986)

Medicaid and CHIP Maintenance of Effort (MOE) Requirements
(Section 2001(b) of the Patient Protection and Affordable Care Act; Amends Section 1902 of the Social Security Act)

Option to Expand Medicaid Before 2014
(Section 2001(a)(4), as amended by Section 10201(b), of the Patient Protection and Affordable Care Act; Amends Section 1902 of the Social Security Act)

Changes to Community Benefit Requirements for Nonprofit Hospitals
(Section 9007, as amended by Section 10903 of the Patient Protection and Affordable Care Act; Amends Section 501(r)(5) of the Internal Revenue Code of 1986)

Other Reforms That Go into Effect Later This Year:

http://www.familiesusa.org/health-reform-central/implementing-the-new-law/implementation-to-do-other.html

Rescissions (Section 1001 of the Patient Protection and Affordable Care Act, Section 2301 of the Health Care and Education Reconciliation Act of 2010; Creates Section 2712 of the Public Health Services Act): The federal health reform law protects against unfair rescissions of health plans, which typically occur only after an enrollee submits expensive claims for care. The law states that rescissions may occur only in cases of fraud or intentional misrepresentation and that insurers must provide advance notice to policyholders if they intend to rescind their plans.

Internal and External Appeal Rights (Section 1001, as amended by section 10101, of the Patient Protection and Affordable Care Act; Creates Section 2719 of the Public Health Services Act)

Whopping cough (Pertuussis) is now an epidemic in California since 50 years

Dr. Mark Horton, director of the California Department of Public Health (CDPH) is urging Californians to get vaccinated now.He warned that the state is on pace to suffer the most illnesses and deaths due to pertussis, also known as whooping cough, in 50 years.

“Whooping cough is now an epidemic in California,” Horton said. “Children should be vaccinated against the disease and parents, family members and caregivers of infants need a booster shot.”

As of June 15, California had recorded 910 cases of pertussis, a four-fold increase from the same period last year when 219 cases were recorded. Five infants — all under three months of age — have died from the disease this year. In addition, 600 more possible cases of pertussis are being investigated by local health departments.

Pertussis is cyclical. Cases tend to peak every two to five years. In 2005, California recorded 3,182 cases and eight deaths.

Pertussis is a highly contagious disease. Unimmunized or incompletely immunized young infants are particularly vulnerable. Since 1998, more than 80 percent of the infants in California who have died from pertussis have been Hispanic.

The pertussis vaccine is safe for children and adults. Pertussis vaccination begins at two months of age, but young infants are not adequately protected until the initial series of three shots is complete at 6 months of age. The series of shots that most children receive wears off by the time they finish middle school. Neither vaccination nor illness from pertussis provides lifetime immunity.

Pregnant women may be vaccinated against pertussis before pregnancy, during pregnancy or after giving birth. Fathers may be vaccinated at any time, but preferably before the birth of their baby. CDPH encourages birthing hospitals to implement policies to vaccinate new mothers and fathers before sending newborns home. CDPH is providing vaccine free of charge to hospitals.

Others who may have contact with infants, including family members, healthcare workers, and childcare workers, should also be vaccinated. Individuals should contact their regular health care provider or local health department to inquire about pertussis vaccination.

A typical case of pertussis in children and adults starts with a cough and runny nose for one-to-two weeks, followed by weeks to months of rapid coughing fits that sometimes end with a whooping sound. Fever is rare.

How Much Money Does The United States Spend on Health Care?

Health care cost predictions are doubling in the next 10 years.

According to the Centers for Medicare and Medicaid Services Office of the Actuary, spending on health care reached $2.2 trillion in 2007. National health care spending has been predicted to reach $2.6 trillion by 2010 and could exceed $4 trillion by 2018.

Health care costs and premiums go hand-in-hand. If costs go up, so do your premiums.

Do You Know Where Your Health Insurance Premium Goes?

Every months you spending money on your health insurance. Here is a quick overview where your money goes and how much the profit of health insurance is.

On average, 87 cents of every premium dollar you pay is spent covering medical care and services that members receive like doctor visits, hospital costs, prescription drugs and more according to a PriceWaterhouseCoopers medical cost trend report for 2009. Another 10 cents funds services we provide like claims processing, enrollment and billing and provider credentialing. That leaves 3 cents of every premium dollar for profits. Kaiser Health news has reported that the combined annual profits of the top 10 health insurers are equal to just two days work of national health care expenditures or just 0.5% of the estimated $2.5 trillion the nation spent on health care in 2009.