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Walt Bernard Podgurski,  Editor,  440-773-1108, 

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Editorial Mission Statement: The goal of this publication is to provide readers a broad selection of what is being written about the insurance industry and related issues. Some articles may have a “tilt” towards a particular perspective one way or another. Inclusion in this newsletter is not an endorsement of any views or content; but report the various and differing views appearing in media.
  Wednesday, 05/08/19 - https://DailyInsuranceReport.com 

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The "Daily Insurance Report" publishes the life insurance, health insurance, and employee benefits news that matters.

Medicare-for-all’ sponsor says plan would gut 1 million private insurance jobs
Adam Shaw / Fox News

Rep. Pramila Jayapal, D-Wash., the lead House sponsor of the sweeping “Medicare-for-all” health care plan, said this week that her proposed program would force about 1 million employees of private health insurance companies out of their jobs.

She made the remarks during a town hall at American University, while stressing her goal to try and help those "displaced" by a shift to a government-managed health care system.

"We have set aside one percent a year of the total cost of the bill for five years to take care of a transition for employees in the private insurance sector," Jayapal said. "If they are able to retire, that might be one, pension guarantees, job training so they can move into a different system."

The bill, which was introduced in February by Jayapal and Rep. Debbie Dingell, D-Mich., was co-sponsored by more than 100 House Democrats. A number of 2020 Democratic presidential hopefuls have given their support to similar “Medicare-for-all” plans -- including Sen. Bernie Sanders, I-Vt., who introduced a new version last month -- though the proposal has seen skepticism from House Speaker Nancy Pelosi, D-Calif.


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Here’s who will lose their insurance if Obamacare is overturned
Ashley Turner / CNBC

The Affordable Care Act once again faces legal hurdles after President Donald Trump and his administration supported a lawsuit questioning the health-care law’s constitutionality.

Millions of Americans could lose their health care if Obamacare is repealed without an established replacement proposal.

Though Obamacare remains law while it awaits deliberation in the courts, about 25 million Americans may be left uninsured if the law is struck down in its entirety. Here’s who is at risk of losing their health insurance if Obamacare is repealed:

Exchange plans
Approximately 11.4 million Americans enrolled or re-enrolled in an Obamacare exchange plan in 2019. Uccello said she is not sure what would happen to the state exchanges, but people who got their plans on the federal marketplace would almost certainly lose their coverage. States could potentially step in and fund their own exchanges, according to Ben Sommers, professor of health policy and economics at Harvard University, “but that’s not a straightforward process,” he said.

Medicaid expansion
As of now, the federal government pays 90% of the cost in states that have expanded Medicaid, but if Obamacare is repealed, states would no longer receive that funding. Sommers said states don’t have the resources to continue Medicaid expansion without federal funds, which could cause the people now insured through expanded eligibility to lose their coverage. “We’re talking about millions of low income adults that become uninsured,” Sommers said.

Pre-existing conditions
Experts say the health-care system will likely revert to the way it was before Obamacare was enacted and that popular provisions under the law, including protections for people with preexisting conditions and a rule allowing young adults to stay on their parents’ insurance until age 26, would end.

The 8.9 million people who get federal subsidies through their Obamacare plans would also stop receiving funds, making it more difficult for them to afford their premiums.

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Editorial | Alarming data shows public employee pension crisis worsening
EDITORIAL BOARD / Santa Cruz Sentinel

California’s protracted pension problems are getting worse, as expected.

“As expected” because of benefit programs enacted by state and local governments, schools and the public education systems before the scope and ultimate cost of pension liabilities had become a topic of national outrage.

Fortunately, there remain watchdogs like Transparent California, a database where interested parties can track salaries and benefits of public employees.

Late last month, the group released data that reported the number of retirees from the California Public Employees’ Retirement System (CalPERS) receiving pensions of $100,000 or more rose from 14,760 in 2012 to 30,969 in 2018.

The average pension for full-career state employees enrolled in the plan for non-public safety workers was $63,057, according to Transparent California’s records. For retirees enrolled in the plan for public safety members, the average pension in 2018 was $84,197.

Why working into old age may not salvage your retirement
Darla Mercado / CNBC

Working longer allows you to ramp up savings in your 401(k) and hold off on claiming Social Security benefits.
Extending your career isn’t always in the cards, however. Older workers who develop health conditions may exit the workplace earlier than anticipated.
Newly disabled workers in their 50s and early 60s experience an average 50% decline in earnings two years after the onset of their condition, a new study found.

When it comes to shoring up your retirement savings, “work longer” isn’t always the right answer.

But not everyone can continue to punch in — and those who curtail their careers due to health conditions take a hit to their retirement security.

Indeed, 3 out of 4 Americans aged 65 and over have multiple chronic conditions, which can include diabetes, high blood pressure and arthritis, according to the Centers for Disease Control and Prevention.

These ailments threaten older people’s finances when they are forced to cut their hours or stop working altogether.

A recent study from Mathematica’s Center for Studying Disability Policy found that newly disabled workers in their 50s and early 60s see their earnings decline by an average of 50% two years after they develop their condition.

“People don’t think about disability being a possibility; they think about short-term medical bills,” said Josh Nelson, a certified financial planner and founder of Keystone Financial Services in Loveland, Colorado.

Iowans' Ideas: At MidWest One bank, helping with student loans an employee benefit
Cathleen J. Weber / The Gazette

Hire and retain excellent employees.

This is one of the operating principles that was a driving force behind MidWestOne Bank implementing a new benefit program that helps employees pay down their student loans quicker through direct contributions from the company.

Americans have approximately $1.4 trillion in student loan debt and research has shown the pressure of student debt is causing today’s workforce to delay marriage and home purchases and start a family, among other issues.

Though employees under the age of 30 are more likely to have student loan debt, people between the ages of 30 and 39 have the most student loan debt outstanding. This burden is widespread, according to research done by the Federal Reserve Bank of New York.

As part of the benefit, MidWestOne employees receive student loan contributions of $50 to $100 per month, based on their employment status and years of service. To qualify for the program, an employee must work a minimum of 28 hours per week and be employed for at least 30 days.

Employer contributions are applied toward principal repayment, helping employees pay down debt faster.

Root Insurance adds 400 hires to job projections, now aiming for 940 in Columbus
Carrie Ghose / Columbus Business First

Billion-dollar startup Root Insurance is adding workers so fast it's outgrowing the downtown office tower it moved into just five months ago.

The digital auto insurer has upped its hiring projections by 400 jobs. That brings the company's projected employee count to an estimated total of 940 spread among multiple Columbus sites, according to City Council

Benefits agency acquires HR firm
Rachel Watson / grbj.com

An employee benefits agency has acquired a human resources consulting and training firm.

Kalamazoo-based Rose Street Advisors acquired HRM Innovations, also based in Kalamazoo, according to Rose Street this week.

Founded in 2009, HRM Innovations designed customized HR systems for companies of all sizes and provided training programs on leadership and HR-related topics, compensation planning and executive placement services.

With roots dating to 1940, Rose Street Advisors takes a “comprehensive approach” to consulting on employee benefits, life insurance, investment management and retirement plan strategies. It is a member firm of M Financial Group.

National Alliance Teams Up With FEI

Orlando Florida, May 7, 2019 – The Financial Engineering Institute is pleased to announce their selection as the preferred provider of accounting and consulting services for The Financial Engineering Institute’s (FEI) network of over 2,200 wealth management firms.

“We are excited to add the BDO Alliance USA to our Expert Sourcing Team,” said FEI President and Managing Partner, Nick Gregory, ChFE, CEBA, ChFWA. “Accounting and consulting services are a necessity when it comes to comprehensive financial management. BDO Alliance USA’s national presence and the experience and knowledge of their member firms make them a natural fit for our team.”

BDO Alliance USA Executive Director, Michael Horwitz, added, “To achieve the wealth management goals of a family or business and remain fully compliant, you have to assemble a great team. We are honored to join FEI’s Expert Sourcing Team.”

With this announcement, the BDO Alliance USA joins an arsenal of best-of-breed expert sourcing firms to provide services to FEI’s network of wealth management firms, investment and insurance advisors and attorneys across the nation. The result is the fusion of advanced knowledge, experience, services, and products with sound engineering principles to create a synchronized hub for family and business wealth building.

The BDO Alliance USA is a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals. The BDO Alliance USA presents an opportunity for these firms, by accessing the resources of BDO USA, LLP and other Alliance members, to expand services to their clients without jeopardizing their existing relationships or their autonomy. The BDO Alliance USA was developed to provide Member firms with an alternative strategy for gaining competitive advantage in the face of a changing business landscape. The Alliance represents an opportunity for BDO to enhance relationships with reputable firms that share a mutual business understanding. The BDO Alliance USA is a subsidiary of BDO USA, LLP, a Delaware limited liability partnership. For more information, visit https://www.bdo.com/about/bdo-alliance-usa .

The Financial Engineering Institute (FEI), headquartered in Orlando, FL, serves over 2,200 wealth management firms, investment and insurance advisors and Attorneys across the nation. FEI helps these professionals harmonize the complex wealth of families and businesses through the organization’s WealthEngineeringTM Process. FEI is also the governing body and grantor of the Chartered Financial Engineer (ChFE) professional designation. For more information about The Financial Engineering Institute, visit www.thefei.com or call 407.878.3520.


Monday, 05/06/19 - Two Men Charged in Insurance Investment Fraud Scheme that Caused Hundreds of Millions in Victim Losses

Tuesday, 05/07/19 - Health insurance deductibles soar, leaving Americans with unaffordable bills

Wednesday, 05/01/19 - Joe Biden promises to 'finish the job' by expanding Obamacare

Thursday, 05/02/19 - Does It Makes Sense to Buy Hybrid Long-Term Care Insurance?

Friday, 05/3/19 - Trump Administration Files Formal Request to Strike Down All of Obamacare

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Walt Bernard Podgurski - - Editor