In the St. Louis area, Coventry is seeking the biggest increase: a 21 percent premium hike that it says will affect about 133,500 Missourians. Coventry was acquired by health insurance giant Aetna in 2013.
Covered California’s 13.2 percent average premium increase for 2017, announced two weeks ago, would concern any consumer. But people such as Anguiano, who live in the region made up of Monterey, Santa Cruz and San Benito counties, face increases of up to 28.6 percent, by far the largest among the exchange’s 19 pricing regions.
The Mississippi Insurance Department approved an average rate increase of 43 percent for Humana Insurance Company. It’s one of two insurers selling policies through the Affordable Care Act’s federal exchange in the state.
Cigna and Humana filed to increase last year’s premiums an average of 23 and 29 percent, respectively, on June 10. But in the interim, both insurance companies have told state regulators that the requests would not cover the expected claims, said Kevin Walters, spokesman for the Tennessee Department of Commerce and Insurance.
Blue Cross Blue Shield, in filings with the federal government, is seeking to raise its Affordable Care Act plans by as much as 40 percent, affecting more than 160,000 people, according to the filings.
A national estimate by the Kaiser Family Foundation predicts that premiums for one of the lower-costs plans could rise as much as 9 percent next year, compared to 2 percent this year. In Arizona, those higher premiums could hit more than 100,000 people.
Last week, State Officials from the Department of Financial Services announced that premiums could see a rise of nearly 17 percent for individuals and 8 percent for small group insurers. Blaming, the rising cost of medical care and pharmaceuticals.
in addition to changes in coverage for costly services other cost-saving measures employers plan to implement include: Increasing enrollment in high-deductible health plans with tax-advantaged savings accounts, with more employers moving to full replacement; by 2018, nearly half (49%) of employers offering an account-based plan expect that to be the only choice available to employees
Dr. Johnny Delashaw receives an annual benefit of $663,354 a year — $55,279.53 a month — from the Oregon Public Employee Retirement System, the agency’s latest data show. That’s 24 percent higher than Bellotti’s annual benefit of $536,995, The Register-Guard reported
Back in 2005, just 1,841 retirees pulled down more than $100,000 a year in pension checks from the California Public Employees’ Retirement System. A decade later, membership in the so-called $100K Club had swelled by nearly 20,000 souls.
The state pension funds, with assets of $71.9 billion, have an $83 billion unfunded liability. That pressure has led to higher borrowing costs and a debt rating that is second-lowest among U.S. states, behind Illinois. Over the past decade, New Jersey paid about $24 billion less than it should have into the funds, freeing up cash to close budget shortfalls, spend or ease taxes, according to data compiled by Bloomberg.
With a whopping $213,712 unfunded liability per member in 2015, Dallas’ pension program is far worse than the next large-ish unfunded pension liability per member of $128,576, an unfortunate distinction claimed by the Houston Police Officers’ Pension System. But that was last year, and things have gotten a lot worse in Dallas.
The average Chicago household that now pays $686.04 a year for water and sewer services will pay $53.16 more in 2017 and $225.96 more in the fourth year. Emanuel has ruled out alternatives and blamed the Wall Street rating agencies.
The bloc‘s rules allow for eurozone members to face penalties as high as 0.2 per cent of GDP for higher-than-allowed deficits. That would have amounted to more than 2 billion euros (2.2 billion dollars) for Spain and nearly 200 million euros for Portugal, according to the European Commission.
Cheap oil has slashed the government’s revenues from oil exports, saddling it with a budget deficit that totalled nearly $100 billion last year and forcing it to find new ways to raise money.
“Everyone is thinking about records this week with the Olympics underway, but a record-low discount rate is not something these pensions will be applauding,” said Zorast Wadia, co-author of the Milliman 100 PFI. “The discount rate’s plunge to 3.33% blew away the prior record of 3.41% from January of 2015. Year-to-date, these low rates have contributed to a $186 billion increase in pension liabilities.”
The deficit has ballooned as falling interest rates reduced the money available for payouts, and the figure now far exceeds the German airline’s market value.
Lowering how much pensions assume they can earn from investment of assets could put many in the difficult position of having to cut benefits or ask for increased contributions from workers and state and local governments that sponsor them or risk seeing the amount of assets needed to pay future benefits shrink. The $3.55 trillion of assets now held by public pensions is about two-thirds the amount needed to pay retirees, according to Federal Reserve data.
The $5.4 billion operating budget for the fiscal year that began July 1 is more than $230 million smaller than last year’s spending plan, district officials said. The plan relies on the state providing the district with an additional $215 million for its pension bills, which lawmakers and Governor Bruce Rauner have agreed to shell out only if the state comes up with a plan to restructure its own retirement system.
China’s most coal-dependent province has moved to ease rising pressure on seven of its largest coal miners by extending the maturity on up to Rmb400bn ($60bn) in loans, in a sign of the severity of the bad-debt crisis gripping the country’s depressed coal sector.
The International Monetary Fund predicts gross domestic product will shrink an unprecedented 10 percent this year, while inflation will exceed 700 percent. On July 20, Alejandro Werner, director of the IMF’s Western Hemisphere department, said Venezuela will be home to the “worst growth and inflation performance in the world.”
As earnings stagnate, U.S. companies looking to charge up their stock returns with repurchases are turning to debt markets like no time since the dot-com bubble. Led by Apple Inc. and CBS Corp., S&P 500 constituents have rushed to sell bonds to finance the repurchases of their own stock. The proportion of buybacks funded by debt rose above 30 percent in June for the first time since 2001, data compiled by JPMorgan Chase & Co. and Bloomberg show.
From 2008 to 2013, total household debts dropped by more than $1.5 trillion. But first student-loan and auto-loan balances began to rise, and then mortgages and finally credit cards. Total household debt balances are now $400 billion below their 2008 peak.
Move by SEC to make money-market funds safer is putting stress on a crucial funding source for cities, counties and foreign banks
But analysts warn the bank will face trouble maintaining the current pace of buying in few years’ time as it already holds one-third of the entire JGB market.
The Central Bank of Nigeria granted lenders permission to write off any fully provided non-performing loans without waiting for the full year required by regulations, as authorities seek ways to boost lending and avert a recession in Africa’s biggest economy.
The Bank of New Zealand, one of 55 global central banks that have eased policy since the beginning of 2015 in the face of slowing growth and inflation, is set to cut rates on Thursday, while the ECB is broadly expected to ease in September.
Interest rates on U.K. government debt dropped to a fresh all-time low on Tuesday, as investors continued to digest the Bank of England’s aggressive stimulus package unveiled last week. The yield on 10-year Gilts TMBMKGB-10Y, -6.79% fell 9 basis points to 0.591%, breaking below 0.60% for the first time ever.
Global stock markets rose Tuesday as slack Chinese consumer price figures stoked expectations of more stimulus policies.
Sterling fell to its lowest level in a month on Tuesday after a signal from a Bank of England policymaker that further quantitative easing may beckon for the UK.
“At the moment, the ECB’s self-imposed restrictions would prevent a large expansion of its asset-purchase program. But those limitations can be amended, so should not prevent the ECB from announcing an increase in the pace of its asset purchases in September,” they added.
The ECB started buying bonds issued by euro zone companies – provided that they have at least one investment grade rating and are not banks – on June 8 in a bid to stimulate hiring and investment by lowering borrowing costs for firms.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
Article suggestions for the Daily Digest can be sent to firstname.lastname@example.org. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."