Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.insur From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: insur Tue, Mar 10 1992 Date: Tue, 10 Mar 92 05:44:45 EST Message-ID: 03-10 0000 DECISIONLINE: Insurance USA TODAY Update March 10, 1992 Source: USA TODAY:Gannett National Information Network COSTS OF DYING ARE HIGH: One in every seven health-care dollars being spent each year is on the last six months of someone's life, according to Wall Street Journal columnist Nicola Clark. Clark found that nearly a quarter of New York's St. Luke's Hospital's annual budget of $450 million is devoted to critical care. During a recent visit, 11 of the 18 beds at the intensive care unit were filled by people over age 65. LAST YEAR CAN BE COSTLY: According to a recent study by the Health Care Financing Administration, 28% of the nation's Medicare budget is spent in reimbursements to people over age 65 in their last year of life. The bulk of that is spent in the final 30 days. BUSH SAYS HE HAS PLAN SET: President Bush Monday denied Democratic lawmakers' suggestions that he's delaying sending Congress a bill containing his proposed health-care reforms because he hasn't figured out a way to pay for them. "That's crazy," said Bush. The adminstration has listed possible options for financing the heart of Bush's package, but it hasn't chosen among them. PROP 103 SUIT REJECTED: U.S. District Judge Charles A. Legge Monday ruled that it would be inappropriate for a lawsuit challenging the constitutionality of California's Proposition 103 to be heard in federal court before first being heard in state court. The suit was filed against California Insurance Commissioner John Garamendi by three insurance companies. CONSUMERS TO DIVEST DIVISION: Consumers Financial Corp. said Monday that it intends to discontinue writing new individual life insurance business and to sell its unprofitable Individual Life Insurance Division. The company added that Consumers may act as a general agent for this business, receiving commission income instead of acting as a direct underwriter. DOW CORNING READY FOR LAWSUITS: Dow Corning Corp. said Monday it has $250 million in insurance to cover possible costs that might arise from claims relating to its silicone gel breast implants. "We do feel we are adequately covered," Dow Corning treasurer John Westcott said in a telephone interview. CONFLICT OVER LIABILITY COVERAGE: A spokesman for silicone implant maker Inamed Corp., said Monday that the company does not have product liability insurance. But in a 1990 Securities and Exchange Commission filing, Inamed said "a self-insurance reserve is maintained in amounts the company believes to be reasonably sufficient to cover the cost of anticipated claims." MINNESOTA PASSES HEALTH BILL: A bipartisan group of legislators in Minnesota took what they called a major first step toward making health care more affordable and accessible. Central to the compromise are provisions that would create a state-subsidized program for the uninsured - dubbed the "Health Right Plan" - and would provide tax deductions of premium costs for farmers and other self-employed individuals. BILL WOULD CUT WORKERS' COMP: A bill designed to cut workers' compensation costs in Minnesota by 15.1% was approved by the Senate Employment Committee. The measure, sent to the Senate floor on a voice vote with no audible dissent, is expected to save Minnesota businesses $180 million annually, according to Sen. Florian Chmielewski, committee chairman and chief author. AMERICANS SMOKE LESS: Fewer Americans are smoking, but they may be getting fatter, found the government's annual Behavioral Risk Factor Surveillance survey. In 1990, 23% of Americans smoked, down from 27% five years earlier. But the percentage of Americans classified as overweight was around 23% in 1990, up 2 points from 1987, the first time the survey asked the question. VA HOSPITALS HOLDING BACK: Veterans hospitals vastly underreport adverse drug reactions to the Food and Drug Administration, which uses the information to monitor drug safety, auditors have found. Doctors at the nation's 172 VA medical centers gave their inpatients more than 1.77 billion doses of medicine over five years, but reported a mere 192 drug reactions to the FDA. Estimated reactions: 7,000. S&P AFFIRMS LUTHERAN RATING: Standard and Poor's has affirmed Lutheran Brotherhood's and Lutheran Brotherhood Variable Insurance Products Co.'s triple-`A' claims-paying ability ratings. With over $7.0 billion in assets, Lutheran Brotherhood is the second largest fraternal benefit society in the USA. Insurance Editor: Michele Coleman. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM