Category: Business

Posted in Business

COVID-19 Health Innovation Collaborative Attracts Ideas from Across U.S. to Address Health Pandemic Challenges

Solutions aim to address gaps in pandemic response

JACKSONVILLE, Fla., Oct. 13, 2020 /PRNewswire/ — GuideWell Mutual Holding Corporation (GuideWell), the parent to a family of forward-thinking companies focused on transforming health care, announced 13 health-tech companies from across the nation will showcase solutions that address some of the major challenges of the current health pandemic today at the GuideWell COVID-19 Health Innovation Collaborative Showcase. A virtual substance abuse support system and an AI-powered COVID-19 symptom attestation platform are among the concepts and prototypes that will be featured.

GuideWell Mutual Holding Corporation (PRNewsfoto/GuideWell)
GuideWell Mutual Holding Corporation (PRNewsfoto/GuideWell)

All of the ideas focus on increasing the scope and scale of resources to reduce the complex stress factors COVID-19 is having on our country’s health care system. 

“Overcoming the health care challenges associated with COVID-19 requires out-of-the-box thinking from some of the brightest minds,” said Camille Harrison, senior vice president and chief operating officer

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Posted in Business

Health insurance hike for small business OKd, but full impact of COVID-19 unknown

The full impact of COVID-19 on future health insurance premiums has yet to be seen, but at least in New York for 2021, state regulators approved a 4.2% average rate increase for the small group market, the second lowest in a decade.

That is a break considering insurers requested an average rate increase of 11.4% in the small group market, which covers employers with 1 to 100 employees.

Still 4.2% is an average across the multiple carriers and plans throughout New York State with some plans seeing higher increases on top of increases small businesses have already endured over the years, say experts.

“The concern is, on the surface, the increases are incremental, but that’s on top of prior year increases,” says Gregg Pajak, president and founder of WizdomOne Group Family of Companies, an Islandia-based risk and investment management firm.

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Posted in Business

Courts siding with insurance firms over business interruption claims | Business

A growing number of U.S. courts are ruling against employers who’ve filed insurance claims for business interruption coverage stemming from government-ordered coronavirus shutdowns.

The Insurance Information Institute reports insurers have won more than a dozen cases since May, with judges ruling that the policies only kick in if a property sustains physical damage. The business owners had argued that the coverage should have started when local or state governments issued stay-at-home orders that hampered their ability to operate.

A couple of Charleston-area cases are still pending in federal court. Black Magic Cafe says its losses started on March 17, when Gov. Henry McMaster ordered a temporary halt to dine-in services at South Carolina restaurants.

The historic Calhoun Mansion at 10 Meeting St., now known as The Williams Mansion, sued its insurer after a McMaster executive order shut down museums.

Charleston cafe takes on insurance firm in fight over coronavirus claims

A bill that would have required insurance carriers

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Posted in Business

We Like Our Health Insurance And Working From Home

Jan Dubauskas is the Vice President of

We have experienced a lot of change throughout the course of the pandemic that has required us to reconsider our priorities and become nimble in the way we work and how we reach out to our clients. Many were skeptical that these changes would lead to similar productivity. However, as we prioritize our health during the pandemic, working from home has become important, and many (24%, according to CNBC) have adapted so well that they want to keep doing it.

When we first started working from home, the primary concern for many was to set up an office, retain camaraderie, and continue meeting with clients. During the spring, as I watched as annual springtime conferences got canceled or sent to an online format, I keenly felt the void previously filled by those intense social interactions. It seemed that with a bit

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Posted in Business

New financial benefits give small business employees early wage access

Mandatory quarantines and business closures during the coronavirus pandemic have taken a particularly large financial toll on small businesses, forcing many employers to reduce wages and health coverage.

Sixty-five percent of small businesses said they were either extremely concerned or very concerned about how the coronavirus will affect their business, according to a survey by Freshbooks. In addition to financial pressure, small business employers are also tasked with providing benefits that will support struggling employees.

“COVID-19 just exacerbated what was going on in the market and put even more pressure on small companies and their employees,” says Emily Ritter, head of product marketing at Gusto, a payroll and employee benefits platform for small businesses. “Employees across America are living paycheck-to-paycheck and the stress of that can be expensive for households.”

Gusto has launched a new set of health and financial wellness benefits to provide employees with early access to

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Posted in Business

How to choose a health insurance plan for a small business

Running a small business has a lot of demands, including everything from perfecting your products to fixing an overflowing toilet. But one of the trickiest parts can be finding the right health insurance for you and your employees.

Under the Affordable Care Act, companies with 50 or more full-time employees or the equivalent in part-time employees have to provide health insurance to employees and their dependents or pay a fine, $3,860 per employee in 2020. Consequently, 83.1% of American workers were offered insurance in the first quarter of 2016.

Smaller businesses with fewer employees, however, are exempt. So, should your small business provide insurance? That depends on several factors, like can you afford it and do your employees need it?

If you hire mainly high school or college students who are covered under their parents’ insurance, you probably don’t need to induce them to work with health coverage. But if

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Posted in Business

Health cover premium to rise from October

Health insurance premium is set to increase from October as companies factor in the changes mandated by regulator IRDAI on standardisation and a clutch of related regulations.

The regulator in a bid to cut down on the complexities of health insurance policy documents and make certain aspects of coverage more easier for the policyholder to understand has come out with a set of guidelines, and products not in conformity with the rules cannot be offered and promoted from October 1, 2020.

As a part of the changes, insurers can introduce EMI payment options in their health insurance products on a certification basis. Additionally, in a bid to standardise exclusions across all health insurance products, the regulator has come up with codes for each exclusion and the definition or wordings for these exclusions.

Earlier the exclusions and their wordings were different across insurers. From October, there will be parity in terms

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Posted in Business

Health Insurance Guys: How to combine Medicare part A and B | The Health Insurance Guys

Once you have the document, you can sign up for a Medicare Supplement or a Medicare Advantage Plan and you will be accepted. As for your husband, he will first have to take the document to Social Security in order to enroll himself in Medicare Part A and B.

Al: Now the only way the Part B penalty comes into play is if, for some reason, your husband does not enroll in Part B in a timely fashion.

The penalty for not signing up is 10% for each 12-month period that goes by when he could have had B but didn’t sign up. And, yes, if he goes 24 months, the penalty is 20%. The amount is added on to the regular Part B premium forever.

The enrollment period for late people is only January 1 to March 31 each year, and Part B coverage doesn’t begin until July 1

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Posted in Business

Global Healthcare Insurance Market Set For Rapid Growth, To Reach Value Around USD 2,030.1 Billion By 2026

Zion Market Researchhas published a new report titled “Healthcare Insurance Market by Provider (Private Providers and Public Providers), by Product (Disease Insurance, Medical Insurance, and Income Protection Insurance), by Provider Network (Preferred Provider Organizations (PPOs), Point Of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), by Type (Lifetime Coverage and Term Coverage), and by Demographics (Minors, Adults, and Senior Citizens): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the globalhealthcare insurance marketwas valued at approximately USD 1,010.3 billion in 2017 and is expected to generate revenue of around USD 2,030.1 billion by the end of 2026, growing at a CAGR of around 7.9% between 2018 and 2026.

Medical spending makes poor often vulnerable and results in huge amounts of household spending. Health insurance eliminates or reduces out-of-pocket spending on healthcare solutions and ensures financial risk protection. Government plays a prominent role in deciding

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Posted in Business

Gusto launches salary-early service for small business clients

  • Gusto has launched free earned wage access for employees of its small business clients.
  • The feature will be a welcomed benefit for small business employees, as conventional short-term finance options are expensive.
  • Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Fintech industry with the Fintech Briefing. You can learn more about subscribing here.

The US-based fintech has launched a free earned wage access product—which gives employees access to their wages between paychecks—for its small business customers, per Business Insider.

Top Reasons US Consumers Adopt Fintech Solutions

Gusto has launched free earned wage access for employees of its small business clients.

Business Insider Intelligence

Gusto aims to help small businesses manage all benefits for employees; its existing product suite includes access to health and dental insurance, a digital wallet and debit card, payroll functions, as well as access to certified HR experts. The fintech currently has 100,000 small business customers and is valued at $3.8

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