Latest news with #insurance
CBS News
2 hours ago
- Health
- CBS News
United Healthcare, Memorial Sloan Kettering set to take contract squabbles to mediation
The clock is ticking on United Healthcare and Memorial Sloan Kettering Cancer Center to reach a contract agreement or thousands of patients could lose coverage for much-needed care. CBS News New York spoke with one impacted woman who said it's a matter of life and death for many. Deadlines to be aware of going forward The current contract is in effect through June 30. If no deal is reached, Memorial Sloan Kettering says it will become out of network for most patients with United Healthcare or Oxford plans. However, New York has a 60-day "cooling off" rule, meaning those with fully insured plans would still have in-network access to MSK hospitals through Aug. 30. That, however, does not apply to physician services and ASO plans, also known as self-funded. As for patients in the middle of treatment, a United Healthcare spokesperson said they may qualify for "continuity of care," which provides continued in-network benefits for a specified period of time. When asked how many patients stand to be impacted if a contract agreement isn't reached, Tracy Gosselin, a senior vice president and chief nurse executive at Memorial Sloan Kettering, said, "We have a little over 19,000 patients currently covered under the contract." Gosselin went on to say, "Cancer is a very expensive disease to battle. You can still be fully covered, but out of pocket expenses could be travel to and from sites, could be different things related to care for your children, and they do add up." "We will remain at the negotiating table as long as it takes" United Healthcare released the following statement on the contract talks with Memorial Sloan Kettering. "Our top priority is to reach an agreement with MSK that is affordable for consumers and employers. We have proposed meaningful rate increases that would continue to reimburse MSK at levels significantly higher than other National Cancer Institute-designated health systems in the New York City metro area," a spokesperson said, adding, "Unfortunately, MSK has refused to move off its demands for a 35% price hike that would increase health care costs by $469 million and directly impact self-insured employers. We will remain at the negotiating table as long as it takes to renew our relationship with MSK. We hope they join us there and provide a proposal people and employers can afford." Memorial Sloan Kettering told CBS News New York that United Healthcare has kept rate increases for hospital services at just 1.6% per year over the past five years, far below inflation and rising costs of care. Memorial Sloan Kettering also said it has taken extensive measures to reduce costs in recent years, including reducing staff. However, it says rising costs continue to outpace United Healthcare's reimbursements and MSK cannot continue to absorb the increases without a sustainable contract. United Healthcare and Memorial Sloan Kettering provided updates on their websites. Please click here and here. Both are encouraging patients to use their services to help navigate the situation. CBS News New York was told mediation is happening on Friday. Both parties have expressed the priority is to reach an agreement. United Healthcare says people enrolled in the Empire Plan are not impacted. "Not having that access to MSK is very scary" As a mother, Sheila Kolt's dream is to watch her children grow up. "Sadly, I do have the BRCA gene. My whole family has had different types of cancer and passed away from cancer," Kolt said. Those risk factors led the 45-year-old to make the difficult decision to have preventative surgeries, including a bilateral mastectomy at Memorial Sloan Kettering, last year. "Thank goodness I did that because when they biopsied the breast tissue after the fact, they found precancerous cells," said Kolt, who now requires monitoring. She recently received a letter from United Healthcare regarding ongoing contract negotiations with Memorial Sloan Kettering, which reads, in part, "If we're unable to reach an agreement, Memorial Sloan Kettering Cancer Center may no longer be part of your health insurance's network beginning July 1, 2025." "It made me feel incredibly sad because MSK saved my life," Kolt said. "That means no coverage at all. I have to find new doctors. I see those bills and I say oh my God, thank God I have health insurance. It's tens of thousands of dollars." Kolt said she just hopes her journey remains at Memorial Sloan Kettering and cancer free. "Not having that access to MSK is very scary. It's very scary," she said. Kolt has also been working on a documentary to share her story and encourage other women to get genetic testing.
Yahoo
3 hours ago
- Business
- Yahoo
Where Will iA Financial Be in 10 Years?
Written by Jitendra Parashar at The Motley Fool Canada The financial sector has been leading the charge on the TSX over the last year, with iA Financial (TSX:IAG) emerging as one of the sector's top performers. After surging 66% in the last 12 months, iA stock now trades around $142 per share and has a market cap of $13.2 billion. At this price, it offers a 2.5% annualized dividend yield. This solid performance might be a reflection of the company's growing asset base, strong earnings momentum, and a business that's executing well across its insurance and wealth management segments. But with IAG stock now priced near all-time highs, the question is whether the company can maintain its current growth trajectory over the next decade. Let's take a closer look at iA Financial stock's key fundamental growth drivers and explore where it could be a decade from now. One big reason for the recent climb in iA Financial stock could be the stable demand for its life and health insurance solutions, as well as its growing wealth management presence. Even on the economic front, things have been supportive for financial stocks. Despite market volatility and concerns over U.S. tariffs and global trade tensions, the Canadian economy has held up reasonably well. iA's exposure to both Canadian and U.S. markets has enabled it to benefit from improving vehicle inventory levels and consumer affordability in the U.S., while also riding the wave of recovery in Canada's wealth and insurance sectors. In fact, its assets under management and administration reached over $264 billion by the end of the first quarter of 2025, reflecting a 15% YoY (year-over-year) jump. That's been a big confidence booster for iA Financial investors. In the first quarter, the financial firm's core earnings grew 19% YoY to $2.91 per share, suggesting that the business isn't just coasting on investor optimism but is also delivering real results. iA Financial recorded gains across all three of its key segments, including insurance, wealth management, and U.S. operations. Its wealth management segment especially performed exceptionally well, with record segregated fund sales surging by 52% from a year ago to cross $1.9 billion. Meanwhile, iA's U.S. operations showed impressive growth last quarter, with the segment's individual insurance sales jumping 62% YoY. And due to its disciplined approach, the company's capital base remains strong with a solvency ratio of 132% and $1.4 billion in capital. At its latest investor event held in February, iA Financial laid out ambitious but achievable goals. Interestingly, the company is targeting over 10% annual growth in earnings per share and an over 17% return on equity by 2027. Also, it expects to keep generating over $650 million in organic capital this year alone, preparing for expansion through smart acquisitions and investments. With its strong balance sheet, consistent dividend, and clear growth roadmap, iA Financial stock looks like more than just a short-term win. If it keeps executing like this, the stock could be trading at a significantly higher level a decade from now – making today's price look like a big bargain. The post Where Will iA Financial Be in 10 Years? appeared first on The Motley Fool Canada. More reading Made in Canada: 5 Homegrown Stocks Ready for the 'Buy Local' Revolution [PREMIUM PICKS] Market Volatility Toolkit Best Canadian Stocks to Buy in 2025 Beginner Investors: 4 Top Canadian Stocks to Buy for 2025 5 Years From Now, You'll Probably Wish You Grabbed These Stocks Subscribe to Motley Fool Canada on YouTube Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 2025 Sign in to access your portfolio
CBS News
5 hours ago
- CBS News
Ryan Ferguson, wrongfully convicted in 2001 Missouri killing, awarded over $43M by judge
A Missouri judge has ordered an insurance company to pay more than $43 million to a man who was wrongfully convicted of murder and incarcerated for nearly a decade. In 2004, Ryan Ferguson was arrested in the 2001 killing of a newspaper sports editor in Columbia, Missouri, and he was convicted the following year. His 2005 conviction was vacated in 2013 after a key witness who had testified against Ferguson said he wasn't involved in the killing. Prosecutors decided against trying Ferguson again. Ferguson took Columbia and a group of police officers to court in 2014 with a federal civil rights lawsuit, and he was awarded $11 million, according to court documents. Ryan Ferguson is photographed Dec. 2, 2010, at the Jefferson City Correctional Center, in Jefferson City, Missouri. Keith Myers/Kansas City Star/Tribune News Service via Getty Images According to insurance trade publication Insurance Business, Ferguson took legal action against the city's insurer, St. Paul Fire and Marine Insurance Company, a subsidiary of Travelers insurance company, because the officers could only pay $2.7 million. Ferguson's fight against the company spent years in state court. The officers also joined the lawsuit, claiming they experienced stress when the insurer wouldn't pay out, according to KMIZ-TV in Columbia. In November, a jury sided with Ferguson, and Judge Cotton Walker awarded more than $43.8 million to the plaintiffs on Monday, according to court documents. "He was thrilled," Ferguson's attorney, Kathleen Zellner, told KMIZ-TV about her client's reaction. "It was close, not entirely comparable, to when I got to tell him that, you know, the appellate court had overturned his conviction and he was going to be released. But this is a close second." The officers will get a percentage of the award, Zellner told the station. CBS News has reached out to Travelers insurance company for comment.
Yahoo
8 hours ago
- Business
- Yahoo
Slide Insurance IPO: Stock price will be closely watched today as insurtech firm debuts on the Nasdaq
Slide Insurance Holdings is set to debut on the Nasdaq today. The residential insurance company out of Florida will make its initial public offering for $17 per share. Here's everything you need to know about Slide's IPO. Housing market weakness triggers Lennar to offer biggest incentives since 2009 The Trump administration is trying to bring back asbestos How one company is revolutionizing the way we use everyday water Slide is a 'technology-enabled' insurance company for homeowners. Bruce and Shannon Lucas launched Slide in 2022 with coverage options for home, condo, and commercial residential owners. The coastal company has over 5,000 agents across Florida and South Carolina. Slide announced its share price on Tuesday and should list its stock today, Wednesday, June 18. The offer is expected to close two days later, on Friday, June 20. Slide's slock will have the ticker SLDE. Slide will trade its shares on the Nasdaq Global Select Market. Slide's IPO price is $17 per share. That's at the higher end of an estimated target range it announced earlier this month. There will be 24 million shares of SLDE released as part of the IPO. Slide is providing 16,666,667 of these shares, while stockholders are selling the remaining 7,333,333 shares. These selling stockholders are also granting underwriters 30 days to purchase another 3.6 million shares. Slide should receive $283 million in its IPO. According to a filing with the Securities and Exchange Commission (SEC), Slide's total revenue for 2024 increased to $846.8 million, from $468.5 million in 2023. It continues to grow, reporting $281.5 million in revenue for the first quarter of 2025, compared to $199.1 million for the same period in the year prior. The company reported net income of $201 million last year, up from $87 million in 2023. Despite the current economic turmoil, many companies are still proceeding with IPOs—and finding success. Fintech companies Chime Financial and Circle Internet Group had positive results after debuting this month on the Nasdaq and the New York Stock Exchange, respectively. Each saw their stock shoot up to well above their IPO price, a positive sign for upcoming offerings like Slide. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 hours ago
- Business
- Yahoo
What happens to an annuity if your insurance company goes broke?
Annuities are often marketed as a safe and reliable source of income, especially in retirement. They come with the promise of steady payments — a sort of paycheck replacement designed to offer peace of mind to risk-averse retirees. But what happens if the insurance company backing your annuity goes broke? While insurance insolvency is rare, it can happen. Here's everything you need to know if your annuity company goes broke. Annuity companies operate under strict regulations. They're required to hold substantial reserves to cover their obligations, including annuity payments. Despite these safeguards, life insurance companies can face insolvency. Insolvency occurs when an insurance company can no longer afford to pay out claims and doesn't have enough assets to cover its liabilities. Insurance companies can face insolvency for different reasons, including economic downturns, poor investment strategies, fraud or mismanagement. New to annuities? Annuities are complex and a bit different than other financial products. Learn how annuity fees and commissions work and the common annuity terms that every investor should know. If the insurance company issuing your annuity goes belly up, your principal and future payments aren't insured by the federal government, the way deposits of up to $250,000 are at FDIC-insured banks. Or the way the Securities Investor Protection Corp (SIPC) provides up to $500,000 to investors if their brokerage firm fails. While there's no federal safety net for annuities, state insurance guaranty associations offer some protection to policyholders. If an insurance company becomes insolvent, these associations can step in to cover some or all of your annuity benefits. Insurance is regulated at the state level, so federal laws like bankruptcy statutes typically don't apply to insurance companies. Instead, when an insurer becomes insolvent, the state insurance department intervenes and assumes control of the company. Liquidation is the last resort. It's only used when rehabilitation or other corrective measures fail to stabilize the company's finances. The process involves shutting down the business and selling its assets to pay off outstanding claims. Policyholders will be notified of the liquidation and provided with instructions on how to file a claim against the company's estate. Guaranty associations often take over from here. Guaranty associations are nonprofit organizations established by state law to protect policyholders from significant financial losses if their insurer becomes insolvent. When an insurance company fails, these associations step in to cover eligible claims that the insurer would have otherwise paid. All insurance companies are legally required to participate in these associations and contribute funds. Not all claims are covered though, and there are limits on how much an association will pay per claim. Maximum coverage varies by state, with $250,000 being a common limit for annuities. The amount of protection you qualify for is based on the present value of your future annuity benefits, according to the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA). Learn more: Pros and cons of annuity investing If you learn that your annuity provider is in financial trouble, don't panic. Follow these steps. Verify the situation: If you receive a notice of receivership or liquidation from your insurance provider, confirm the status of your insurance company by contacting your state's department of insurance or the NOLHGA. Contact your guaranty association: Reach out to your state's guaranty association if you have questions about your specific situation. Here is a list of each state's guaranty association, along with contact information. Keep good records: Make sure you have all relevant documentation for your annuity on hand, including account balances, payment schedules, premiums paid and contract terms. Consult a financial advisor: Seek advice from a financial advisor who can help you navigate the insolvency process — it's complex. A fee-only financial advisor can also assess the impact on your retirement plan and help you explore alternative investment options. Be patient: The time it takes for a guaranty association to process and pay a claim varies, but payments typically start as soon as possible after an order of liquidation is issued. Sixty to 90 days can be common but be prepared for delays. In most states, if your benefits exceed the guaranty association's coverage limits — say you owned a $700,000 immediate fixed annuity and your state only covers up to $250,000 — the remaining amount turns into a claim against the insolvent insurer's estate. When the company's assets are sold off, you might get a slice of that back, however, it could take years. Though unlikely, if the insolvent company's estate doesn't have any assets, the guaranty association coverage is the only payout you'll receive, regardless of your account balance. Learn more: Annuity mistakes you do not want to make Insurance company failures are uncommon. These companies must comply with strict reserve requirements and file regular audits with state insurance regulators. Insurer insolvency rates have declined dramatically since the early 1990s, and in recent years, there's only been one or two cases per year on average, according to the National Organization of Life and Health Insurance Guaranty Associations. While rare, an annuity issuer failing can be a nightmare for policyholders. In 2019, four insurance companies owned by now-convicted fraudster Greg Lindberg — Southland National Insurance Corp., Colorado Bankers Life Insurance Co., Bankers Life Insurance Co. and Southland National Reinsurance Corp. — were placed under state rehabilitation by the Superior Court of Wake County, North Carolina. Roughly 70,000 holders of annuities totaling $2.2 billion were unable to withdraw their money for over four years as regulators worked to unwind the complex financial scheme and Lindberg delayed a liquidation through court appeals. That proved problematic for victims because state guaranty associations don't pay out until the company is in liquidation. Many who lost access to their money — either temporarily or forever — were retirees or risk-averse investors who bought annuities. Annuity policyholders of Colorado Bankers and Bankers Life only began receiving partial payments in September 2023. So while insurance company failures are less common now, for annuity owners even one failure can feel like too many if it's their insurer that goes bust. While the thought of your annuity provider going broke sounds alarming, the chances of it happening are low. If it does happen, protections are in place to safeguard your money. State guaranty associations provide an important safety net, ensuring annuity holders recover some or all of their funds. Sign in to access your portfolio
