We’re in the midst of a beautiful Colorado summer, and the words to John Denver’s Rocky Mountain High (one of our official state songs) were running through my head over the weekend. So this week’s Cavalcade is a tribute to all the beauty that Colorado has to offer. I’m including a few photos we’ve taken over the years, so not only will you learn all sorts of new stuff about risk and risk management, but you’ll get a virtual tour of Colorado at the same time. Enjoy!
I’ve arranged the cavalcade roughly by topic, but I wanted to start off with an article from Jon Coppelman of Workers Comp Insider. It’s the story of flight data recorders, invented by David Warren, who lost his own father in a plane crash when he was a child. Warren never profited financially from his invention, but it’s safe to say that all of us who travel by air are better off because of his work.
Healthcare
The Healthcare Economist, Jason Shafrin, shares some interesting data about healthcare utilization in conjunction with Medicare Part D. Not surprisingly, the availability of Part D has resulted in an increased demand for prescription drugs. Although that increased utilization is partially offset by a decreased usage of other non-pharmaceutical medical services. But the most intriguing aspect is that “gaining prescription drug coverage was associated with worsening health.”
Evidence based medicine has had plenty of air time recently, and is often touted as a way to reduce health care costs and improve the quality of care. But Jaan Sidorov of the Disease Management Care Blog reminds us that succession – the idea that an observable outcome must have been caused by a specific intervention – isn’t always accurate in a system as complex as health care delivery. There are many factors that have to be accounted for, and it’s difficult to point to any single intervention as the cause of a particular outcome.
Health Business Blog’s David Williams explains a new technology that allows hospitals to create an online patient portal that is linked to the patient’s medical information. Once the patient signs in, the website generates ads and content based on the patient’s specific medical information, much the way Amazon makes recommendations based on your previous purchases. As David points out, there is some room for problems here. Not to mention the increased utilization that could result from specifically targeted pharmaceutical and medical device advertising.
Brian from Business Risk Management tells us about the actuaries who discovered the mistake in Anthem Blue Cross Blue Shield’s initial CA rate increase request, and how correcting the problem lowered the rate increases from an average of 25% to an average of 14%.
InsureBlog’s Bob Vineyard gives us his take on health insurance for children starting this fall: scarce and expensive. There is no way that it’s going to be a simple or cheap process for all children to gain access to guaranteed issue health insurance (especially in the absence of any mandate requiring all children to have coverage). There has been confusion around this part of the law for months, and it’s reasonable to assume that other states will follow suit in terms of setting up new plans for children or ceasing to offer child-only coverage for the time being.
The Notwithstanding Blog addresses President Obama’s alleged hostility towards consumer directed health plans. It’s true that consumers tend to want the latest and greatest in health care, which leads to over-utilization. We here at the Colorado Health Insurance Insider are big fans of HSA qualified policies and consumer directed health care in general, but we recognize that it has it’s limitations.
Offshore Drilling And Risk Management
Claire from the Insurance Industry Blog discusses the potential for litigation surrounding the health of workers who are involved in the Deepwater rig disaster clean-up efforts. If we recall the health problems that arose for rescuers and demolition crews after 9/11, it makes sense that something similar could happen this time too. Hopefully all possible precautions will be taken to protect the thousands of people who are working to save the Gulf.
In keeping with the oil rig theme, and with a fascinating discussion of managing unthinkable risk , we have an article from Actuary Info called “the LORD and Risk Management”. Check it out. I know you’re curious.
Life And Long Term Care Insurance
Miranda from Budget Life reminds us that funeral costs can be a burden on loved ones when you die, and that they are one more reason to have at least some life insurance in place, or a reserve of funds to pay for the funeral. She also gives us a look at some of the most expensive funeral options out there… want to be made into a diamond? For 25 grand, you can do just that.
Free Money Finance explains four scenarios that increase the chances you’ll eventually need long term care (and thus long term care insurance unless you’ve got some other way of paying the often very steep bill that can go along with long term care).
Liability, Auto, And Business Risk Management
If you’re an uninsured motorist in the UK, you better get some insurance soon. Car Insurance Blogger tells us about a new system in the UK that is linking the Motor Insurance Database with the Driver and Vehicle Licensing Agency, automatic plate recognition systems, and police national computers to track down uninsured motorists. I wonder how feasible such a system would be here? Probably a bit more complex, given that we have 50 states, all with their own laws concerning auto insurance, and their own licensing system.
Attorney Nina Kallen takes her daughter’s camp to task for not having liability insurance. It sounds like the camp is covering it’s legal bases by having the parents sign a waiver releasing the camp from liability if something happens to one of the kids, but I’d say that Nina’s right in this situation… liability insurance is a good idea.
Being in the health insurance industry, we tend to think of pre-existing conditions in terms of medical issues. But an article by Tred R. Eyerly about a flawed construction project illustrates how pre-existing conditions can cause nasty litigation between P&C carriers as well.
Nancy Germond writes about the various insurance policies that you may need if you’re starting a new business. The example she uses is a roofing business, but a thorough discussion with an experienced insurance agent is a must when starting any kind of business.
Risk Management In Investing
Should you buy gold as a means of diversifying your assets? The Silicon Valley Blogger explains how adding gold to your portfolio can be helpful as a risk management tool, and also provides several avenues people can use to buy gold.
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