Florida Health Insurance News On John Edwards Health Plan

Kirsten Portrie
insurance news

A future presidential candidate, John Edwards, on Thursday proposed cutting health care costs by overhauling the patent process for breakthrough drugs and requiring health insurance companies to spend at least 85 percent of their premiums on patient care.

The former North Carolina senator offered details of a universal health care proposal he released in February during an appearance at the East Riverside Health Center, a federally funded community clinic.

Edwards' plan would offer cash payments in place of long-term patents for companies that develop certain breakthrough drugs and then reap large profits because of the monopolies those patents provide.

He said offering cash incentives instead would allow multiple companies to produce generic and other versions of those drugs to drive down prices. Campaign officials said the payments could be voluntary for drug companies and would be aimed at spurring the development of drugs that cure diseases.

"Dealing with the health care crisis is about more than just about coverage," Edwards said. "Our health care system is entirely too expensive. We put more money into health care than any country in the industrialized world and we get one of the worst products out in the other end."

He also said his plan would require health insurance companies to spend at least 85 percent of the premiums they collect on patient care, adding that 30 percent of insurance premiums currently go toward administrative expenses and profit. He said New York, Minnesota, New Jersey, Florida already impose similar requirements.

His plan also would require that all Americans sign up for health insurance and would enact various reforms aimed at lowering administrative costs for providers and improving chronic and preventive care for patients. About 47 million people currently lack health insurance in the United States.

Edwards has faced criticism for his universal health care plan, in part because it would raise taxes and could cost $90 billion to $120 billion.

Edwards said his health care proposal would save families up to $2,500 annually.

Edwards said Detroit, where General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler Group spend $16 billion annually on health care costs and are expected to pay $114 billion in future retiree benefits, is indicative of health care ailments felt nationwide.

"These companies and their unions made a promise to workers," he said. "And that promise was that they'd have health care coverage. And now it's time for the government to meet its share of the responsibility of ensuring that those promises are met."

Edwards previously has proposed that employers be required to provide health coverage to workers or pay into a government fund to support insurance and allow workers to choose among plans.

A rival Democratic presidential candidate, Illinois Sen. Barack Obama (news, bio, voting record), has proposed to provide health care to millions of Americans and more affordable medical insurance, financed by tax increases on the wealthy.
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Health News: The Secret To Good Health Is Simple

 I-key Benney

How good is your health?

Most people forget that good health is the greatest asset they can have in life.

They work hard all their lives without taking proper care of themselves
for many years until one day they break down.

Don't wait until you've a nervous break down, to face the reality.

You should balance your activities with the proper amount of rest.

Some of the leading experts in the field of aging now believe that regular exercise along with the proper amount of rest may actually add years to the life span.

Results from a number of tests indicate that speed and muscular strength of many of the elderly can be extended.

Leading authorities agree that this new data is going to shatter many of the myths about aging and physical performance.

The conclusion now is that the performance and ability of the elderly has long been underestimated, diet, proper sleep and exercise along with rest and relaxation are all important factors in preserving our bodies.

Laughter is one of the best things for your mental and physical state.

People are naturally attracted to someone who has a good sense of humor.

You can develop a good outlook and a good sense of humor by associating with and surrounding yourself with pleasant happy people.

Recognize that stress is a killer. A life filled with stress can really wreak havoc on your body causing a number of illnesses such as hear attacks, strokes, asthma, gastric problems, menstrual disorders, ulcerative colitis, angina, irritable colon, increased blood pressure, ulcers, headaches, etc.

There are different types of stress such as mental, emotional and physical.

Emotional stress seems to take the greatest toll on everyone.

All stress is not bad; in fact, life would not be very interesting if it were not met with challenges.

However, too much stress, too often with no effective and appropriate outlet, does not allow the body and soul to recuperate.

You might review a typical week to see if you can identify things that might be making you anxious or causing you stress.

Once identified, stressors can be attacked and eliminated.

Are you a worrier? Chronic worriers don't have more serious problems than others - they just think they do.

Many worriers try to cope by trying not to think about their problems, but this just makes things worse.

Doctors say that chronic worriers feel less anxious if they actually spend a half-hour a day thinking specifically about their problems.

Get plenty of exercise. People who are physically fit look good and feel good.

A good exercise regimen will lengthen your life. Improve your appearance, build self confidence and help delay the aging process.

Remember that you need to do something physical every day.

If you don't use your joints, quite simply they'll tighten up with age to create the stooped, bent and worn out appearance we so often associate with old age.

Studies have shown that people with arthritis experience less pain if they continue to keep their joints flexible.

As one gets older, the bones tend to get brittle which is why it is common for senior citizens to break bones and especially their hips when they fall.

Eating right, getting proper sleep and learning to relax are all very valuable in maintaining a healthy body and mind.

And keep in mind that eating healthy foods and avoiding those high in fats, sodium and cholesterol will help to decrease your risk of heart disease, high blood pressure and associated problems.

May these good health news and insights help you to live a longer, healthy and happy life.

Warmly,

I-key Benney, CEO
I-key, a Millionaire CEO from New York City is the creator of "Mscsrrr: Millionaire Secret Cash System", (online currency trading [http://www.forexmillionaire.com]), program which has helped thousands of ordinary people from all over the world to attain financial security and shining success during the past 2 yrs.

Mscsrrr Millionaire Secret Cash System helps you to generate $1,500+/Week for life, from home or office, part time or full time. No large investment or hassles. Win $1000-$2000 free “cash”…

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Special Update - Is AIG Worth It?

Keith J Springer
 Is AIG Worth It?

The markets are showing another vote of no confidence today, with rising concerns on more bank problems and ANOTHER AIG bailout. The federal government announced yet another new plan to save A.I.G., the third since September. So far the government has thrown $150 billion at the company, in loans, investments and equity injections, to keep it afloat. It has softened the terms it set for the original $85 billion loan it made back in September. More money for AIG is infuriating, leaving everyone asking whether it is worth it. Unfortunately, it is.

After the mess of the fall of Lehman, which was far less enmeshed in the global financial system than A.I.G., the government must act. Most of A.I.G. operates the way it always had, like a normal, regulated insurance company, but one division, its financial practices unit in London, had derivative specialists who devised new and clever ways of taking advantage of Wall Street's insatiable appetite for mortgage-backed securities. Unlike many of the Wall Street investment banks, A.I.G. didn't specialize in pooling subprime mortgages into securities. Instead, it sold CDS or Credit Default Swaps.

These exotic investments are a form of insurance for the securities. In effect, A.I.G. was saying if, by some remote chance those mortgage-backed securities suffered losses, the company would be on the hook for the losses. Why would Wall Street and the banks go for this? Because it shifted the risk of default from themselves to A.I.G., and the AAA rating made the securities much easier to market. What was in it for A.I.G.? Lucrative fees, naturally. But it also saw the fees as risk-free money; surely it would never have to actually pay up. Like everyone else on Wall Street, A.I.G. operated on the belief that the underlying assets, specifically housing, could only go up in price.

When a company insures cars or homes against fire, floods or earthquakes, it has to put money in reserve in case a flood happens. But because credit-default swaps were not regulated, and were not even categorized as a traditional insurance product, A.I.G. didn't have to put anything aside for losses. So when housing prices started falling, and losses started piling up, it had no way to pay them off. Not understanding the real risk, the company grievously mispriced it.

The banks have been brought down because they simply bought A.I.G.'s credit-default swaps. The swaps meant that the risk of loss was transferred to A.I.G., which made the bank portfolios look absolutely risk-free. Which meant minimal capital requirements, leading the banks to increase their leverage and buy yet more assets.

This practice became especially rampant in Europe. That lack of capital is one of the reasons the European banks have been in such trouble since the crisis began. (see my Critical Economic and Market Commentary, 2/28/09). At its peak, the A.I.G. credit-default business had a "notional value" of $450 billion, and as recently as September, it was still over $300 billion. (Notional value is the amount A.I.G. would owe if every one of its bets went to zero.) And unlike most Wall Street firms, it didn't hedge its credit-default swaps; it bore the risk, which is what insurance companies do.

Currently, the government has to keep them going and cannot let A.I.G. fail. If the company defaulted, hundreds of billions of dollars' worth of credit-default swaps would "blow up," and all those European banks whose toxic assets are supposedly insured by A.I.G. would suddenly be sitting on immense losses. Their already shaky capital structures would be destroyed. A.I.G. helped create the illusion of regulatory capital with its swaps, and now the government has to actually back up those contracts with taxpayer money to keep the banks from collapsing.
I hope this helps clarify the issue du jour.

Cheers -Keith
916-925-8900

P.S. Many people are searching for answers and a Financial Planner that actually know what he is doing. If you know of anyone that could use our services, I would welcome the introduction.

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