Money is money — but it’s a whole lot easier to receive a bunch of it with a check or even cash, than entirely in loose change. That’s how one California man said an insurance company paid him $21,000 in a legal settlement, dropping off more than 16 five-gallon buckets filled with coins. [More]
The good news is that Healthcare.gov, the health insurance marketplace for states that haven’t set up their own exchanges, is now up and functional. Well, the front end is working. Now that eligible people in need of insurance are able to log in and sign up, the next step is for the site to send their information over to the health insurance companies. That’s where things might go very wrong. [More]
It’s horrifying enough to lose a loved one in a car accident, but to then be told you’re on the hook to fix said vehicle, well that’s just a nightmare scenario. The daughter of a woman who was struck by a car and killed while walking home says the driver’s insurance company, PURE, tried to go after her for more than $6,000 in repairs to the 2012 BMW.
Insurers have to maintain a safety net of money to protect themselves from unforeseen market conditions, but a new study from Consumers Union says that some Blue Cross Blue Shield insurers took it too far, preferring to focus exclusively on stockpiling cash at the expense of customers. Two of the worst cases have stockpiles 5 to 7 times higher than state solvency requirements, yet continue to hike premiums each year instead of using the, uh, surplus surplus to offset customer costs.
So you suspect your health/auto/home insurer is run by the devil, but you’re not sure whether the alternative you’re considering is any better. Kiplinger Finance has posted a helpful article on how to find the complaint ratio of an insurer via the National Association of Insurance Commissioners’ website. Update: here’s how to file your own complaint.
Here’s a dart to deflate the feel-good dreams of universal health care — those nefarious, profiteering insurance companies are actually hoping it passes.