>SEATTLE, May 11 /PRNewswire/ –Milliman, Inc., one of the premier global consulting and actuarial firms, announced today that average total medical spending for its “typical American family of four” reached $18,074, an increase of $1,303 over last year. The total-dollar increase is the highest in the history of this study.
The Milliman Medical Index (MMI) tracks the changes in average yearly healthcare costs when the family of four is covered by an employer-sponsored preferred provider organization (PPO).The Milliman study provides not only a total cost number for this family but also the share of costs between employers and employees.
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Tthe percentage of medical services to injured workers delivered by network physicians jumped sharply immediately after Medical Provider Networks (MPNs) were introduced into the workers’ compensation system in 2005, a new California Workers’ Compensation Institute (CWCI) study shows. The research also reveals that both the network utilization rate and the percentage of workers’ compensation medical dollars paid to network providers have continued to climb over the past five years.
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Using first-year medical service data from 891,918 California workers’ compensation claims with 2004-2009 injury dates, CWCI measured the percentage of injured worker outpatient medical services rendered by network providers before and after MPNs began operations in January 2005.
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Allstate announced it has launched a recruitment campaign throughout the West to attract exclusive agents for 30 offices in Utah, 50 offices in Arizona, 40 offices in Nevada and 30 offices in New Mexico. Targeted areas within Utah include the Salt Lake City metropolitan area, Ogden, Provo and Logan. In Arizona, targeted areas include the Phoenix metropolitan area, Tucson, Flagstaff and Yuma. In Nevada, targeted areas are Las Vegas metropolitan area, Reno and Carson City.
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>CARMEL, Ind. — Insurer Conseco Inc. said Tuesday its shareholders approved a name change to CNO Financial Group Inc., a switch company leaders believe will help distinguish the holding company from its main insurance units.
The new name, which includes the company’s stock ticker symbol, establishes “a unique identity that investors will recognize and that all our stakeholders will be able to keep separate from the identities of our principal insurance companies,” CEO Jim Prieur said in a statement.
The company sells Medicare supplement, long-term care, and life insurance policies, as well as annuities and other products.
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American International Group Inc. Chief Executive Robert Benmosche told employees he is confident a $35.5 billion deal to sell its Asian life insurance unit would move forward, a source familiar with the matter said.
Benmosche made the comments about the deal with Britain’s Prudential Plc at a meeting in New York Monday, said the source, who declined to be named because the meeting was not public.
Benmosche’s comments come as the American International Assurance deal, the largest ever in the insurance sector, has run into rough weather, with Prudential facing delays in getting regulatory approval.
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AIG, which is nearly 80 percent-owned by the U.S.
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> AVON, Conn.–(BUSINESS WIRE)– Voluntary critical illness sales have increased significantly over the past two years after several years of slow or no growth. In fact, the line doubled from 2007 to 2009, according to an Eastbridge study. New voluntary critical illness sales for 2009 were about $225 million. Still, critical illness sales only account for about four percent of the industry’s overall sales and continue to be outpaced by cancer sales. < Full Article…
Stubbornness, aggressive behavior and forgetfulness could be clues that an aging motorist may need to curb their driving, according to the Insurance Information Network of California.
IINC is advising the insurance industry that identifying early warnings could save a life. In 2008, more than 4,600 seniors aged 70 years and up died in auto accidents, and according to the Insurance Institute for Highway Safety, motor vehicle crash deaths increase dramatically for drivers older than 70 years of age.
“In California, more than 2.5 million seniors carry driver’s licenses — and that number is expected to balloon in the coming years,” said IINC Executive Director Candysse Miller.
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>New 2010 Survey from Profit Sharing/401k Council of America Shows Resilience of 403(b) Sponsors and Participants
DES MOINES, Iowa–(BUSINESS WIRE)– Despite a potentially crushing recession and a spate of complex new regulations, the 403(b) retirement plan system appears to be healthier than ever.
Findings of the just-released 2010 403(b) Plan Survey from the Profit Sharing/401k Council of America (PSCA) indicate that plan sponsors are adjusting well to the new regulations imposed by the IRS —and that participation and retirement account balances remain high. <
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