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 Wed, Apr 1 1992 Date: Wed, 1 Apr 92 05:43:26 EST Message-ID: 04-01 0000 DECISIONLINE: Insurance USA TODAY Update April 1, 1992 Source: USA TODAY:Gannett National Information Network BILL WOULD MONITOR PLANS: Reps. William Hughes, D-N.J., and Sherwood Boehlert, R-N.Y., introduced a bill Tuesday to strengthen government oversight of employer-pooled health-benefit plans. It would target businesses that are pooling funds and contracting with entrepreneurs offering health benefits for employees at reduced rates. (For more, see special Legislation package below.) STUDY DONE ON CANCER COSTS: Families can spend as much as $20,000 in just three months to care for a cancer patient, new research shows. Insurance may cover hospital and doctor bills, but other costs mount once the patient is sent home. A three-month study of 190 middle-class cancer patients and family care-givers shows average out-of-pocket expenses were $659 per family; the range was $60 to $3,380. MAJORITY DEPLETED SAVINGS: The average loss of income from time taken off work in caring for a cancer patient was $363; range, zero to $13,592, a Michigan State University survey shows. Average total family costs were $4,571; range, $60 to $20,754. That includes $10 an hour for time spent taking care of a patient. Also, 60% of family care-givers depleted their savings. INSURERS SUPPORT TAGS ON ADS: Radio, TV and print advertisements for alcoholic beverages should have health messages like those required on cans and bottles, a coalition of health care organizations says. More than 100 medical groups, insurance companies and churches support a bill requiring the messages. A Senate subcommittee, chaired by Sen. Richard Bryan, D-Nev., holds a hearing on the bill Thursday. QUALITY OF JOBS DECLINING: Those who've lost jobs this recession are less likely to find work than at any time since 1983, when the jobless rate was 9.6%, according to the study by Harvard economist James Medoff. February's jobless rate: 7.3%. Medoff also found that the quality of available jobs has declined on such issues as pay, pension and health-insurance benefits since 1979. TRUST TO REPURCHASE STOCK: Arizona Land Income Corp., an independent real estate trust, Tuesday said that the receiver appointed to manage the affairs of Farm & Home Life Insurance Co. has approved a transaction for the company to repurchase 75,000 shares of its Class A common stock held by Farm & Home. Farm & Home's affairs have been managed by a receiver since July 3. S&P RAISES INSURER'S RATING: Standard & Poor's Tuesday raised the claims-paying ability ratings of National Life Insurance Co. and its subsidiaries Vermont Life Insurance Co. and Champlain Life Insurance Co. to double-`A'-minus from single-`A'-plus. National Life's capital base improved during 1991 to $248 million due to retained earnings from operations and a sharp reduction in unrealized capital losses. MRI CUTS DOWN ON SURGERY: Magnetic resonance imaging, often used in sports medicine, has reduced the need for surgery in many cases. MRI "gives you much less exploratory surgery," says Dr. Anton Hasson of Loma Linda (Calif.) University Medical Center. It also reduces recuperation. MRI is less invasive than arthroscopy, in which an incision is made in the joint and a lens inserted for a "scope." SPECIAL PACKAGE ON LEGISLATION: SOME WORKERS LEFT WITH BILLS: While some multiple employer welfare arrangements have successfully provided health benefits, a recent congressional study found that since 1988 nearly 400,000 MEWA-covered workers have been left with about $123 million in medical bills because of fraud in the health insurance industry. The legislation is intended to protect citizens from fraudulent insurance providers. MEWAS NOT PROPERLY MONITORED: Hughes and Boehlert - the chairman and ranking Republican of the Aging Subcommittee on Retirement Income and Employment, respectively - said that loopholes in federal law have made it difficult for the government to identify, monitor and regulate MEWAs. Their legislation would clarify the governments' authority to monitor and enforce registration and certification of MEWAs. SERIES OF BILLS COMING: Hughes indicated the legislation is the first in a series of bills he intends to introduce in Congress this year to strengthen the monitoring of the nation's nearly 1 million pension plans. He pointed out that because government auditors do not have access to many pension plan records nearly $800 billion in pension plan assets escaped government scrutiny last year. MANY FUNDS HELD IN BANKS: Julian De La Rosa, inspector general of the Department of Labor, recently told Hughes' subcommittee that 46% of the nation's $2 trillion in private pension-plan assets are not examined for violations of federal pension laws. The reason: They are held in banks or insurance companies. (End of package.) 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