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 Finance

Leaked EU Draft Proposes All-Encompassing Laws for Crypto Assets

A leaked version of rules to be issued later this month by the European Commission proposes an all-encompassing set of regulations covering the trading or issuance of digital assets across the 27-nation bloc. 

Europe’s Markets in Crypto-Assets (MiCA) draft legislation provides legal certainty around crypto assets – cryptocurrencies, security tokens and stablecoins – along the same lines as Europe’s Markets in Financial Instruments Directive (MiFID), a legal framework for securities markets, investment intermediaries and trading venues. 

The takeaway is that Europe intends to treat crypto the same as any other regulated financial instrument, which will doubtless provide legal clarity. The unknown is whether that may stifle this nascent and fast-moving space.  

The MiCA proposals begin with a broad definition of crypto assets and a base set of rules that apply to the issuers of those assets and service providers, the latter is more or less in line with the Financial

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Posted in Insurance

Riverside seeks to vacate arbitrator’s health insurance ruling | Education

The Riverside School District could be forced to pay certain uncovered medical expenses for teachers if a judge affirms an arbitrator’s ruling that held it responsible for rate changes that occurred after two insurance companies merged.

The potentially precedent-setting case centers on a dispute over whether the merger of Blue Cross of Northeastern Pennsylvania and Highmark Blue Cross Blue Shield equates to a change in carriers that resulted in a decrease in benefits for union members, which would violate the most recent contract.

The dispute arose in 2017, after a retired teacher complained her out-of-pocket expense for mental health treatment increased because the amount Highmark paid the physician — known as the “allowable rate” — was less than what Blue Cross of NEPA had paid. The contract calls for employees to pay 20% of that fee, which resulted in her cost increasing from $51.80 to $100.48 per visit.

While the

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Posted in Personal

Business Email Compromise – Cipher

We are kicking off Cybersecurity Awareness Month by looking at a pervasive scam technique that criminals have used for years in order to defraud companies and individuals. This scam is known as Business Email Compromise, also referred to by its acronym “BEC.” As a 2020 Cybersecurity Month Champion, Cipher is planning to release informative content throughout the month to educate our audience.

At its heart, BEC relies on the oldest trick in a scammer’s handbook: Deception. The level of sophistication in this multifaceted global fraud is unprecedented, and professional businesses continue to fall victim to the scheme. Cipher has seen cyber criminals target organizations of all size and industry in every U.S. state and nearly every country around the world.

According to the United States Federal Bureau of Investigation, Business Email Compromise is carried out by transnational criminal organizations that employ lawyers, linguists, hackers, and social engineers. Since they started

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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 Finance

The West Live: Federal Finance Minister Mathias Cormann claims WA won’t be off table at National Cabinet

WA Liberal senator Mathias Cormann will join The West Live today to discuss why the Federal Government wants fortress WA to reopen and to create a national definition of a COVID-19 hotspot.

Australia’s longest-serving Finance Minister will join The West Live this morning ahead of a National Cabinet meeting to discuss State border closures and the definition of COVID-19 hotspots.

Prime Minister Scott Morrison is expected to fight to re-open borders at the conference.

Mr Cormann has previously spoken out about the reopening of his home state, claiming WA Premier Mark McGowan’s border decision was politically driven.

The West Australian yesterday revealed Mr McGowan’s already sky-high approval rating had improved from 87 per cent in June to 91 per cent this month, while 92 per cent of sandgropers polled supported his border stance.

While Mr Cormann claims WA’s borders are not going to be left out of the discussion, The

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Posted in Personal

Save or spend? Small business plea to open wallets

a man and a woman posing for a picture

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Spend up large, your country needs you. That’s the message from a survey of small businesses, but it runs counter to most Kiwis’ conservative instinct to avoid ostentatious consumerism, writes Jonathan Milne.

Eddie Rodrigues is grateful for the way his local community has supported the butcher’s shop he and his aunt run. In the tough times this year, they’ve even had calls from locals offering to do delivery runs, for free, to elderly folk who couldn’t leave their homes.

Most of all, he is thankful for the way they have come back with their wallets open. Grey Lynn Butchers shop had to close during the first lockdown – but now they’re trading better than ever.

His message to the community: please keep spending. Your economy needs you.

That’s reflected in a survey of more than 500 small to

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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 Money

No need for central bank digital currency in Australia says Reserve Bank

While other countries may be placing central bank digital currencies — also known as CBDCs — at the top of their agenda, Australia could buck the trend.

According to a local news report on Sept. 17, the Reserve Bank of Australia’s latest payments paper has taken a cautious and sceptical line toward CBDCs as well as private-sector stablecoins.

The RBA does not believe there is currently a strong policy case for issuing a CBDC in Australia, pointing to the success of the country’s efficient, real-time New Payments Platform.

Moreover, while the use of cash for transactions is broadly declining, Australians are not relinquishing banknotes as quickly as other citizens, as for example, are the Swedes.

Amid the COVID-19 pandemic, demand for cash actually saw a significant uptick, the paper stated. RBA has therefore pledged to continue to provide access to banknotes “for as long as Australians wish to keep using

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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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