BRUNSWICK -- Several employee policy changes have been implemented at city hall over the past week in an ongoing effort to slash the city's operating budget. After approving more than $500,000 in cuts to the 2009 budget last month, City Manager Robert Zienkowski said city council OK'd several emergency cost-saving measures Monday, starting with a move that will require city employees to pick up a portion of their medical insurance premiums. Effective April 1 all city employees will be required to pay 10 percent of their medical insurance, in addition to any regular deductibles and co-pays. The policy change is expected to save the city approximately $30,000 in 2009, said Finance Director Bill White.
Efforts to lower the cost of city medical benefits will continue in 2010, Zienkowski said, at which time the city is looking to rework its medical plan. In addition to raising co-pays, he said the city is also considering an increase in its deductibles. The changes, Zienkowski says, will be permanent and will not change even if voters approve the proposed 0.5 percent income tax increase on the ballot in May. "We can't continue to operate the way we did 10 to 15 years ago," Zienkowski said. "Moving forward, we're going to have to continue to makes changes based on the economic times in order to be able to provide the level of service the community expects."
Among the policy changes that are temporary, Zienkowski says, is the citywide hiring freeze the city enacted in February. Along with that, he has opted to suspend all out-of state travel until further notice unless employees are willing to pick up 100 percent of their travel costs. Additionally, he said, the city has revoked its employee meal reimbursement policy that allocated employees a daily stipend for breakfast, lunch and dinner when they were traveling in or out of state. It has also eliminated paid vacations for part-time employees hired after March 15. Zienkowski says the city has also implemented a wage freeze for all non-bargaining employees starting in 2010.
news source : http://blog.cleveland.com/
RALEIGH, N.C. _ Nettie Shafer has a house, a car and about $1,000 left in savings. But the 59-year-old divorced bank teller risks losing all if she doesn't find a job with health insurance soon. Shafer, who lives in Raleigh, is on about a dozen medicines, seven of them to prevent a third heart attack. Now, the insurance coverage she retained from her former job at Wachovia has run out _ and the backup she has available covers only a fraction of her medical costs. "I'm still looking for a job, every day," Shafer said. "Something's around the corner. I truly believe that. "A survival job is all I need," she said.
The recession has not only cost thousands of people their jobs, it has also cost them affordable health insurance. People who had employer-sponsored health insurance are, when laid off, usually eligible for up to 18 months of continued coverage under COBRA, the federal law more formally known as the Consolidated Omnibus Budget Reconciliation Act. But COBRA is expensive. Unemployed workers must pay the total premium. The monthly average is more than three times as expensive as what workers with employer-sponsored health insurance pay, according to data by the Kaiser Family Foundation and FamiliesUSA.
That can take a hefty chunk out of unemployment benefits. In North Carolina, the average COBRA premium for a family eats 82.4 percent of an unemployment check, according to data from FamiliesUSA, a consumer advocacy group. Many decide to take their chances and don't sign up for COBRA.At the end of 2008, an estimated 175,000 North Carolinians were out of work and uninsured, according to the N.C. Institute of Medicine. Though this includes people who lacked insurance before they became unemployed, the estimate represents a 75 percent increase since the end of 2007. The fourth quarter was particularly brutal in boosting the state's growing number of unemployed who are at risk of becoming uninsured, said John Quinterno of the N.C. Budget and Tax Center.
news source : http://www.tmcnet.com/
AMSTERDAM -(Dow Jones)- ING Groep N.V. (ING) confirmed Monday that it may pull out of one of its two insurance joint ventures in China.
The South China Morning Post Monday cited the chairman and chief executive of ING Insurance and Investment Management for Asia-Pacific as saying that ING is reviewing the joint venture operations to improve capital allocation and comply with Chinese regulation.
ING spokesman Nanne Bos confirmed Monday that the group is reviewing its position in Chinese insurance business, including pulling out of one of the joint ventures. "We have been looking at this for quite some time, even before the financial crisis started," Bos said, adding that no further announcements will be made at the moment.
news source : http://money.cnn.com/news/
ISLANDERS who fall ill or have accidents in the UK will soon have to pay for their treatment, Health announced today following confirmation that the UK is scrapping the reciprocal health agreement from 1 April.
Health Minister Jim Perchard was notified of the decision by Dawn Primarolo, the UK’s Minister of State for the Department of Health on Friday. Not only does the ruling open the possibility that Islanders will be left with huge bills for medical care if they do not have adequate travel insurance, it also leaves Health significantly out of pocket.
The JEP has learned that the agreement was extremely profitable for Jersey and will leave Health with a £3.9-million hole in its budget. Health’s finance director, Russell Pearson, has already warned that that could mean Jersey patients suffer. ‘Health and Social Services cannot afford to take a reduction of £3.9 million,’ he said. ‘We would have to prioritise and reduce services to manage that. The Council of Ministers are aware of that impact.’ As of 1 April, Islanders visiting the UK will only be eligible for free treatment in accident and emergency departments.
news source : http://www.thisisjersey.com/
Cutting Car Insurance Costs is tempting when money is tight...but there can be some devastating consequences to doing that. Be careful how you decide to save money and cut costs. Auto insurance is an important asset! (NAPSI)-In times of economic uncertainty, people look for ways to save money--from clipping coupons to limiting meals out. But cutting back on certain things now could mean heftier bills later. That definitely holds true for car insurance--an accident could cost hundreds, and you don't want to be stuck with the bill. Drivers need to stay insured to protect themselves, but there are ways to save real money on your insurance. Here are a few tips from leading car insurer Progressive:
Stay Covered. If finances are tight, you might consider downgrading to minimum-limits, liability-only coverage to save money. But that may not be enough--if you cause an accident, your insurance might not cover all the damages. Carry the right physical damage and liability coverages with sufficient limits to meet your needs so that fender bender doesn't cost you big bucks. If you're considering dropping coverage altogether, you might want to reconsider: Doing that is illegal in most states, and if you drop your insurance now, you'll pay more to get a new policy later because most insurers want to see proof of continuous coverage.
Protect yourself from uninsured and underinsured drivers. You might not be the only one who's looking to save a little dough--other drivers might cut costs by canceling their policy or reducing their coverage. And if one of those drivers hits you, you could be left paying for the damages. Uninsured and Underinsured Motorist coverage can help protect you. Shop around. Rates can vary greatly from company to company, so shop around to find the best deal. A local independent insurance agent can offer more choices and savings because he or she can review multiple options to find the right mix of companies, policies and rates for you. Make sure your policy is up to date. If you've moved, gotten married or bought a home, check with your agent--you may be eligible for lower rates.
Raise your deductibles. According to the Insurance Information Institute, raising your deductibles to $500 could reduce your Collision and Comprehensive costs by 15 to 30 percent. Research before you buy. Before you buy a new car, ask your agent what it will cost to insure. Generally, smaller cars with lower horsepower are less expensive to cover. Check coverages. Owners of older or inexpensive cars could consider dropping Comprehensive and Collision coverages. Doing that can save hundreds of dollars each year. Check for available discounts. Talk to your agent about discounts your carrier provides. You might be eligible for a car insurance discount if you pay in full, are a loyal customer, sign up for paperless billing or list another car on your policy.
For information and to find an agent nearby, visit the Progressive Web site, www.progressiveagent.com. If you've moved, gotten married or bought a home, check with your auto insurance agent--you may be eligible for lower rates.
news source : http://news.carjunky.com/
BANGALORE: Battered by the current economic crisis, the Indian corporate sector is resorting to innovative methods to keep its balance sheet sound. One such method is scrapping of insurance benefits to the employees. Rising medical costs, slowdown and rising premium on employee health insurance policies are being attributed as the reasons, by the industry sources, behind the current decision. It is to be noted that healthcare cost is rising at an annual rate of 15 per cent in all metros and, consequently, premium for health insurance too.
An official of ICICI Lombard, which is the largest health insurance provider for the corporates, confirmed the development, “More than 75 big corporates have already asked for cancellation of group insurance policies.” The official who has to remain nameless, however, declined to name the companies owing to Lombard’s non-disclosure agreement with the companies. Another cost-cutting method that is slightly employee friendly is the co-payment method that has been introduced by the companies. According to this method, the employee will have to share 50 per cent amount. This scheme, however, cannot be availed by freshers among many other allowances that they are denied of owing to recession.
news source : http://www.expressbuzz.com/
BRUNSWICK -- Several employee policy changes have been implemented at city hall over the past week in an ongoing effort to slash the city's operating budget. After approving more than $500,000 in cuts to the 2009 budget last month, City Manager Robert Zienkowski said city council OK'd several emergency cost-saving measures Monday, starting with a move that will require city employees to pick up a portion of their medical insurance premiums. Effective April 1 all city employees will be required to pay 10 percent of their medical insurance, in addition to any regular deductibles and co-pays. The policy change is expected to save the city approximately $30,000 in 2009, said Finance Director Bill White.
