Health insurance companies will have to give their customers estimated out-of-pocket costs for prescription drugs and disclose to the public the negotiated prices they pay for drugs, under an unexpected new Trump administration rule. The administration said those requirements, part of a broader rule issued Oct. 29 forcing health plans […]
insurers
When are Medicare secondary payers? Insurers, claims, rules, and more
Medicare beneficiaries do not have to rely exclusively on Medicare for their healthcare coverage. People can use other insurance plans to allow them access to more services and lower their healthcare spending. If someone has two different forms of coverage, the primary payer covers most costs, and the secondary payer […]
Law to shield businesses that spread COVID-19 could benefit insurers, limit consumers
TORONTO — A new bill in Ontario could make it harder for consumers to sue a business that was involved in the transmission of COVID-19, lawyers say. © Provided by The Canadian Press Bill 218, which Ontario Attorney General Doug Downey has dubbed the Supporting Ontario’s Recovery Act, proposes protecting […]
Home workers won’t need to tell insurers of changes until the end of the year, industry confirms
Insurers have extended Covid-19 support for millions of home and motor policyholders to the end of the year. The Association of British Insurers (ABI) announced today that the measures, previously due to expire at the end of the month, will now be in place until at least December 31. They mean […]
Insurers Expect Few Clashes Between EU and UK Over Capital Rules | Investing News
LONDON (Reuters) – Separate reviews in the European Union and Britain of capital requirements for insurers are likely to produce a similar set of rules for cross-border firms, insurers said on Tuesday. Since the capital rules were introduced by the EU in 2016, markets have evolved, with central banks pushing […]
Insurers pledge to support mental health sufferers with clearer language in policies
Insurance companies have unveiled plans to revamp their approach to customers suffering with mental health problems. This follows concerns that insurers were incentivising customers to omit mental health conditions from applications by charging much higher premiums to customers declaring everyday stress. There were also fears that online application processes were too […]
‘Loyalty penalty’ to be ended as insurers told to charge existing customers same as new ones
The plans will save consumers an estimated £3.7bn over 10 years – Dominic Lipinski/PA The “loyalty penalty” for home and motor insurance will be ended under regulator plans for existing customers to be guaranteed the same deal as new ones. The Financial Conduct Authority (FCA) this morning announced plans to […]
HSBC Life, AIA, BOC Life among Hong Kong insurers expanding online sales channels, medical products as pandemic causes worst slump on record
Hong Kong insurance companies are developing more online sales channels and introducing more medical and retirement products to boost sales as the sector is poised for its worst slump on record, according to industry players. Mainland Chinese, until now huge spenders on Hong Kong insurance policies, spent only HK$839 million […]