According to the Washington Post, the failing economy is having a negative effect on how some states are dealing with Medicaid.

Lower tax revenue and higher unemployment rates are forcing some states — the article specifies Maryland, Virginia and the District of Columbia — to lower payments to hospitals and nursing homes, eliminate coverage for some treatments, and force some recipients out of the insurance program completely.

The article further states that President-elect Obama might be receptive to boosting Medicaid as a way to help spur the economy.

President Bush gave seniors a bit of a break by signing a law that states they do not have to make withdrawals from their retirement accounts in 2009, based on the fact that many of those accounts have lost significant value recently.

However, that does NOT mean withdrawals can be avoided for 2008; withdrawals must be made by Dec. 31 from their 401(k), IRA and 403(b) accounts.

The number of people who aren’t carrying car insurance is growing, according to several reports, as people continue to struggle to find money to cover all of their expenses. Insurance provider Insurance.com recently said about 40% of customers who have applied for coverage online had allowed their previous policy to lapse. Two years ago that number was less than 10%.

One person who shouldn’t have that problem is New York Giants wide receiver Plaxico Burress, who makes $7.85 million a year to play football.

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The tolerant, understanding and peaceful-protest folks at PETA (People for the Ethical Treatment of Animals) are at it again! And this time, they are mixing insurance with their usual shenanigans. Read the rest of this entry »

According to an article on IFAwebnews.com, the fire sale of AIG (American International Group) companies has begun.

The holidays provide a unique opportunity to give gifts, something I can’t otherwise offer, what with being a journalist and all. So in recognizing this special chance, I offer the following gifts to various insurance and financial service professional interests, wrapped neatly in old issues of Insurance & Financial Advisor (hey, wrapping paper isn’t cheap).

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According to an article on IFAwebnews.com, a leading Democrat U.S. representative says that a debate on health care reform might be waged during 2009, but doubts a vote could be held before 2010.

In the Senate, Sens. Kennedy and Baucus, along with others, have said they will introduce legislation in early 2009.

But Rep. Pete Stark (D-Calif.), who heads the Health Subcommittee of the U.S. House Ways and Means Committee, said that they will take the time to allow lots of comments from various groups, because, after all, nobody likes insurance companies, and he would like to get all the ammo he needs.

Pennsylvania Insurance Commissioner Joel Ario missed the boat in allowing mega-size insurer Conseco to shirk its responsibility in honoring long-term care insurance policies that it sold through a subsidiary, Senior Health Insurance Co. of Pennsylvania.

According to an article in the Wall Street Journal, Ario allowed the insurer to place a chunk of its LTC policies into a non-profit trust after the firm determined the policies were a “drag” on its earnings. Conseco cited pricing and required capital infusion as the need to “dump” the policies. Read the rest of this entry »

Dave Ramsey is making a boatload of money with his website, and his financial advice talk show on the Fox Business channel (cable TV) and shows on XM and Sirius Radio, as well as books, etc.

But earlier this year, while on Fox Business, he slammed those who sell life insurance products other than term, saying that anything other than term is “garbage” and “a rip-off.” Here’s the link to the 3-minute clip.

What do you think about Mr. Ramsey’s comments? Please write your opinion below.

I really don’t want to get on an Obama-bashing kick. Truly, I don’t. In a few weeks, the man will be sworn in, and President Barack Obama will be given my due respect as the leader of our nation.

But some of his recent developments are making me a bit uneasy. Read the rest of this entry »