The Hartford is giving up on individual annuities, saying it will run-off its individual annuity business and either sell or seek other alternatives for its individual life, financial services and retirement plan segments.

Liam E. McGee

Hedge fund manager John Paulson, whose company, Paulson & Co. owns 8.4% of The Hartford, called for the company to split Feb. 8

Read more…

• 0 Comments

As a growing number of “orphan drugs” are used to treat people with rare diseases, the authors of a new report wonder whether health insurance companies should continue to cover the costs of these expensive medications – some costing up to $300,000 a year for one patient.

The authors of the report, released by The Hastings Center, question whether this money could provide greater overall health benefits if spread out among many patients. The H

Read more…

• 0 Comments

Many middle-income baby boomers are waiting to retire until they are eligible for Medicare, yet more than half admit to knowing little or nothing about the program, a new study says.

More people under age 65 are taking Medicare eligibility into consideration when determining when to retire, according to the study. Exactly 45% of working people age 47 to 64 said they are waiting to retire until they are eligible for Medicare; 24% are still undecided.

Yet 56% of middle-income baby boomers admit to knowing little or almost nothing about the Medicare program; 13% falsely believe Medicare is free, according to a study by the Bankers Life and Casualty Co.

Read more…

• 0 Comments

A: Americans who do not have health insurance by 2014 will face financial penalties. The penalty will be $95 or 1 percent of a persons income, whichever is greater. The penalties are in full swing two years later, with fines increasing. By 2016, the annual penalty for someone who doesnt have health insurance will be $695 a person and $2,085 for a family, or 2.5 percent of income, whichever is greater.

This penalty will increase every year based on cost-of-living costs and will be imposed like a tax. If you don’t pay the penalty, the government could go after your tax refund for payment.

There are some exceptions, however. S

Read more…

• 0 Comments