Tens of millions of Americans have lost their jobs in the course of the COVID-19 outbreak, so much so that the U.S. unemployment rate has been in double digit territory since April. But not everyone on unemployment has completely lost a job. Some employees are currently furloughed – not working at present and not getting… Continue reading Less than Half of Furloughed Workers Have Returned to a Job During the Pandemic
Tag: health insurance
New COBRA Rule Provides Laid-Off Workers with More Time to Get Coverage
People who have been laid off or furloughed from their jobs now have significantly more time to decide whether to hang on to their employer-sponsored health insurance, according to a recent federal rule. Under the federal law known as COBRA, people who lose their job-based coverage because of a layoff or a reduction in their… Continue reading New COBRA Rule Provides Laid-Off Workers with More Time to Get Coverage
Aon Launches New Pooled Employer Plan for Retirement Savings
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced the launch of its new Pooled Employer Plan (PEP). Voya Financial, one of the leading retirement plan providers in the U.S., will serve as the recordkeeper for the new plan, which will be available Jan.… Continue reading Aon Launches New Pooled Employer Plan for Retirement Savings
COVID-19 Crisis Could Cost the Insurance Industry $107 Billion
Can small businesses count on insurance checks to replenish their coffers after Covid lockdowns? In most cases, probably not. Business-interruption insurance is typically part of a property policy and requires premises to sustain physical damage before a claim can be made. Since shutdowns have rarely damaged stores or factories, it has proven hard to make… Continue reading COVID-19 Crisis Could Cost the Insurance Industry $107 Billion
U.S. Life, Health Insurers See Most Risk Amid Coronavirus Fallout: Fitch
North American insurers face key vulnerabilities and potentially unforeseen downside risks amid the fallout from the coronavirus pandemic, including outsized investment exposure with market volatility exacerbating potential issuer defaults, increased mortality risk and elevated claims, Fitch Ratings says Fitch revised the life and health insurance sector rating outlooks to negative from stable amid the coronavirus… Continue reading U.S. Life, Health Insurers See Most Risk Amid Coronavirus Fallout: Fitch
Up to 43 Million Could Lose Employer-Sponsored Health Insurance
As unemployment soars, an estimated 25 million to 43 million people will lose their employer-sponsored health insurance coverage in the coming months, according to a new study. Before the COVID-19 pandemic, about 160 million people nationwide under the age of 65 got their health insurance through their jobs. Between March 15 and April 25, 30… Continue reading Up to 43 Million Could Lose Employer-Sponsored Health Insurance
Benefitfocus Launches Platform to Provide Lower Cost Health & Benefit Options for Displaced American Workers
Benefitfocus, Inc., a technology platform provider enabling rapid innovation for employers, health plans and consumers, has activated the next phase of its recently announced “For You” initiative to support employees of customers who have lost their job in these challenging economic conditions. Today the company launched www.benefitplace.com, a new website that makes accessible a variety… Continue reading Benefitfocus Launches Platform to Provide Lower Cost Health & Benefit Options for Displaced American Workers
Health Insurers Warn of Higher Premiums without Coronavirus Funding
America’s Health Insurance Plans (AHIP), the leading trade group for insurance companies, and Blue Cross Blue Shield Association urged congressional leaders in a letter last week to provide temporary “federal risk mitigation programs to support the financial stability of plans that incur extraordinary, unplanned costs in 2020 and 2021 due to COVID-19.” However, some health… Continue reading Health Insurers Warn of Higher Premiums without Coronavirus Funding
United States Seeking Public and Private Solutions to Health Insurance Losses Due to Layoffs
Job Loss During the Pandemic Last week, over 3 million people filed for federal unemployment insurance – the most on record. The present pandemic has forced mass social distancing and the temporary closure of countless businesses. Millions of people are now being laid off of these jobs, or put on furlough until the crisis has… Continue reading United States Seeking Public and Private Solutions to Health Insurance Losses Due to Layoffs
Is Waiving Copays a New Popular Change?
Confronting the Coronavirus The Trump administration has made some major steps to combat the spread of the coronavirus in the United States. Despite the expected partisan criticism, President Trump has reduced travel to the U.S. during the crisis and is working to temporarily cut or eliminate payroll taxes in order to give a boost to… Continue reading Is Waiving Copays a New Popular Change?