Blue Cross Blue Shield of Michigan has recently agreed to a reduction in its rate hike request for people who buy their own health insurance.  Starting April 1, insurance rates for people who purchase their own health insurance will rise to 9.3% from 7% depending on the type of policy they have.

As a part of the new agreement, rates will increase to 9.3% for 114,000 consumers who pay for their own insurance.  This 9.3% increase will result in an average increase of $30.29 for these consumers.  While this may seem like a lot money, it is substantially less than the 21.3% increase that the insurance company was seeking.

For the 58,000 subscribers who buy group conversion policies, which is insurance offered to someone who used to have insurance from their previous employer, will see their rates increase to 7%.  This increase will result in a monthly increase of $28.61.

The other type of insurance that will be affected by these rate increases are the 25,000 consumers who buy age-related, high-deductible plans.  The monthly increase for these types of insurance policies will range from 7% to 9.3%, and will be dependent on the renewal date.  These rate increases where fairly close to what the insurance company was seeking which was 7.8% to 10.9%.

Even though it seems like the insurance company Blue Cross Blue Shield is raising insurance rates substantially for its subscribers, the fact that these rates were not increased as much as the insurance company wanted will result in large savings for people in Michigan who buy their own health insurance.  In fact, Attorney General Bill Schuette predicts the agreed rate increase will result in $60 million in savings for health insurance subscribers in the state of Michigan.

Everybody wishes they could have cheaper car insurance, but many people do not take the necessary steps to reduce their monthly payments.  While you may think that finding the cheapest policy is the best way to save money on your car insurance, it can be a bad decision to sacrifice quality in the name of cheaper auto insurance rates.  Here are a few tips to help you lower your car insurance rates without having to have a barebones policy.

Purchase multiple insurance policies from the same company – Many insurance companies will offer a discount to their customers who have more than one type of insurance with them.  If you also need homeowners insurance, it is a good idea to get both your auto and homeowners insurance with the same company to take advantage of any discounts they might offer.

Raise your deductible – Raising your deductible, or the amount you need to pay in order to take out an insurance claim, is a great way to lower your monthly payments.  Of course you will have to pay more out of your pocket should you need to cash in on your insurance policy, but if you do not think you will get into any accidents this can be a good way to significantly lower your insurance premiums.

Avoid tickets and accidents at all costs – While this tip may be easier said than done, if you make a conscious effort to limit the number of accidents and traffic tickets you receive, you will be able to lower your auto insurance rates.  Some insurance companies will reward good driving behavior such as never receiving a traffic ticket with lower insurance rates.  Just keep in mind that as soon as you do get a ticket your insurance rates will spike, so make sure to drive as carefully as possible.

In preparation of the mandate that states need to run intertwined health insurance portals, Microsoft has recently released a platform known as Health Insurance Exchange.  Much like a health information exchange, where health care providers are able to exchange electronic medical records, a health insurance exchange serves as an online marketplace for consumers to find the best health insurance plans to meet their needs.

The main health insurance exchange powered by Microsoft is expected to house several different types of exchanges, giving consumers ultimate control when it comes to finding the best health care insurance plans.  Also, the exchange will have applications for enrollment, eligibility, business intelligence, and coordination.

This health insurance exchange will help states focus on different aspects of providing health care to its citizens.  The Microsoft program will free up time and money for states to focus on providing the best possible consumer support, so that people will be assured of finding the best health care plans.  The software will also allow consumers to apply for certain medical plans that they are eligible for based on their medical history.

As a major part of the American Recovery and Reinvestment Act, the Microsoft Health Insurance Exchange program will help streamline a lot of the health insurance industry for both consumers and insurance companies.  With analytic tools built in to the software, this program will allow states to integrate health insurance delivery, quickly determine eligibility, manage enrollment, and offer increased privacy.

It has been a troublesome spring for many North Dakotans as floods have ravaged the state.  To help those seeking to get their insurance questions answered, the North Dakota Insurance Department has released a document addressing such issues as what type of damages are covered by homeowners insurance and how to get assistance if there are problems working with an insurance company or claims adjuster.  The document can be found on the North Dakota Insurance Department’s website here.

Residents that have been dealing with property damage caused by flooding, seepage, sewer backup or power outages should have the following information available when contacting their insurers: policy number, contact information, and a list of damaged items with purchase dates and receipts if possible.   It is also a good idea to photos or video of the damaged property that shows the flood water levels and samples of any damaged goods caused by the floods.

It is also important to note if your primary home or business insurance plan does not cover the damage to your flood insurance carrier.  Also, if you are carrying an insurance policy with the National Flood Insurance Program, you will need to initiate a claim with bother the program and primary policy.  You will need to keep documentation of any claims paid by the primary policy, so it is best to keep records of any correspondence, damage assessments, and claims payments.

If you have any other questions about your homeowners or flood insurance policy that cannot be answered by the North Dakota Insurance Department’s information packet, you can also call 1800-247-0560 to have your questions answered.

A new law passed in the state of Georgia will allow Georgia insurers to offer stripped-down health insurance policies to consumers who do receive coverage from their employer.  Supporters of this new law say that it will help many consumers in the individual health insurance market, namely the self-employed, by allowing for greater competition between insurance companies and lower prices.  Opponents of the new law are fearful that the new law will lead consumers to making choices that provide inadequate insurance for themselves and their families.

More than 350,000 self employed Georgians along with 1.9 million uninsured residents will be affected by this new law.  A study on consumers who purchased their health insurance plans through the online broker eHealthinsurance shows that Georgians that bought their own health care plan for their family paid $392 per month and $163 for an individual plan, both of which are close to the national average.  However, when compared to the consumers in the state of Alabama, which has fewer health insurance mandates, the average family plan costs $291 per month and an individual plan costs only $126.  Being able to purchase health insurance policies from insurance companies in Alabama would save Georgia residents a lot of money, which is why it appears this new law will be so beneficial.

Georgia is just the second state in the country to pass such a law, Wyoming was first.  Wyoming is still implementing the law in its state, and needs to iron out some potential kinks before offering its citizens the chance to purchase insurance from other states.  Many other states around the country will undoubtedly be watching Wyoming to see how successful this type of health insurance practice can be and if they would be willing to extend this service to their citizens.

It appears that the state of Kansas is getting ready to join other states and enact a health care “freedom” law that is designed to block a mandate that was included in last year’s federal health care law that would require most Americans to buy health insurance.  The “health care freedom” law was on Governor Sam Brownback’s desk for his signature, which is expected to come by Friday.  State legislators bundled the measure with other proposed changes in regulations for health care providers and ended up approving the package in the waning hours of their annual session.

The main component of the “freedom” measure says that Kansas residents have the right to refuse to buy health insurance and can pay for medical expenses directly.  Also, the measure states that residents cannot be fined or forced to pay other penalties for failing to buy health insurance as dictated by the federal law that is set to go into effect in 2014.

According to the National Conference of State Legislatures, measured to block the federal health insurance mandate have already been passed in more than twelve states, showing just how unpopular the federal mandate requiring citizens purchase health insurance is with citizens around the country.  However, if the higher courts ultimately uphold the federal health care mandate, all of the states that have passed their own mandate saying their citizens do not need to purchase health insurance will not have the authority to supersede the federal mandate, and citizens will be forced to purchase their own health insurance or face the penalties associated with not doing so.

Currently, the federal law is being looked at by an appeals court in Florida and is ultimately expected to be passed along to the Supreme Court for a final ruling.

Researching a healthcare plan is no one’s idea of fun, but it is something that needs to be done in order to protect you from financial issues down the road.  If you do not take the time to consider your health insurance plan before agreeing to one, you may find out later that you made a large mistake that could have easily been avoided.  In order to help prevent you from making this mistake, here are some tips to keep in mind when considering a new health insurance plan.

Make sure your doctor is in the network:

If you already have a doctor that you have been seeing for several years, you will more than likely want to continue seeing this same doctor.  In order to avoid paying large medical bills for seeing a doctor outside of your insurance plan’s network, find out what network your doctor is in and select one of their plans.  This will save you a considerable amount of money in the long run.

Consider how often you go to the doctor when deciding on a premium:

While it may be tempting to have the lowest copay possible, you will have to pay for this privilege in the form of higher premiums.  If you are someone who only goes to the doctor a few times a year, it might not be worth it to pay the higher monthly premiums in order to receive a low copay.  Compare several different plans to see how much you would really save if you had a really low copay.

Check to see if your drugs are covered by the insurance plan:

If you are already on a certain medication and looking to change health insurance providers, you will want to make sure that your medication is covered by the new insurance company before making the switch.  Each insurance provider will have different preferred drugs that they will cover, so ensuring that your medication is on the new provider’s list will save you from having to pay higher amounts for your medication.

California Health Insurance company, Aetna, recently agreed to lower their proposed insurance rate hikes to 12.2%, which is down from their original plan of 17.9%.  Aetna becomes the third California health insurance company to reduce their insurance rate hikes after postponing their increases for sixty days at the request of the California state insurance commissioner.  Roughly 65,000 Californians will be affected by this latest insurance rate increase, but the rate reduction will help save these consumers $6.7 million in premiums.

Aetna said that approximately 31,000 policy holders will see their rates adjusted by the end of September.  The rest of the insurance consumers will see their rates increase in the following months.  Aetna joins Anthem Blue Cross and Blue Shield of California to become the third major insurance company to lower their planned insurance rate hikes.  Anthem Blue Cross lowered its July 1^st insurance increases for 600,000 consumers due in large part of the pressure put on them by state insurance commissioner Dave Jones and his office.  Jones also effectively lobbied for Blue Shield California to lower its proposed insurance rate hike for May 1^st.

This recent announcement by Aetna to lower their proposed insurance rate hikes is a good sign for consumers that the state’s insurance commissioner is looking out for their financial well being, but Aetna warned that further insurance rate hike limitations could hamper its ability to do business in the state of California.  Unfortunately, the rising costs of healthcare need to be addressed somewhere, and that usually comes at the expense of the consumer.

Paying for own health insurance can be a stressful endeavor, especially as insurance companies continue to raise their premiums.  However, enrolling in a high deductible health plan and using a health savings account could be a good way to help you save money on your health insurance bills.  A health savings account is a fairly new health insurance option, which is why so many people do not know about them.  Created by the Medicare, Prescription Drug, Improvement, and Modernization Act of 2003, health savings accounts offer both individuals and employers an opportunity to fund tax-deductible health savings accounts and use that money in the event medical attention is needed.  Health savings accounts do not need to be used up each year, which allows them to grow over time and saves you money in the long run since they are tax deductible.

When considering switching to a high deductible health savings account for your health insurance, you will want to compare several different health insurance plans.  This will allow you to ensure that you are in fact saving money by making the switch.  Also, taking a look at the amount of medical bills you incur over the course of a year will help you decide which plan is right for you.  If you do not make many trips to the doctor in a typical year, a health savings account might be ideal for you as you can dip into the account to pay your medical bills the few times you do have to go to the doctor each year.  If you have a lot of medical bills, a more comprehensive health insurance plan might be right for you, so it is important to figure out how much money you will need your insurance plan to cover each year rather than just looking at how much money you will pay for your health insurance each month.

While it has been long thought that insurance companies would never give consumers a discount, Progressive is changing the way the industry works by allowing its customers to receive up to a 30% discount just for using its driving monitoring system known as Snapshot.  Snapshot is a program that involves consumers plugging a computerized transmitter into their car so that the insurance company can monitor their driving habits and award discounted prices accordingly.  Once the insurance company collects a driver’s information, they will then assess the safety level of the person’s driving habits and award insurance discounts if the driver is deemed to be a safe driver and therefore less likely to get into an accident.

When using the electronic transmitter in your vehicle, Progressive will provide you with charts, graphs, and analysis on your driving, so that you can see what areas you need to improve.  While the Snapshot program is a great way for many drivers to receive a discount on their auto insurance if they are safe drivers, Progressive insists that the driving analysis program cannot lead to increased rates.

So far, the Snapshot program has been a success for Progressive and is active in thirty three states across the country and one out of every four drivers that is offered the possible discount install the device in their car.  Progressive expects the program to become more popular as younger, tech savvier consumers learn of the program and want to become eligible for a possible discount.  Other insurance companies are also planning their own programs to follow suit with Progressive.  State Farm, GMAC, and Allstate have all said they are working on their own equivalents to the Snapshot program pioneered by Progressive.