Major Job Cuts Reported at Miami Insurtech HealthCare.com

 

As the economy shows signs of slowing, many tech companies are making difficult decisions to cut costs. While layoffs are never good news, they sometimes become necessary for businesses to adapt in uncertain times. Recently, another Florida tech company was forced to make major job cuts to do just that.

HealthCare.com, the online insurance marketplace based in Miami, announced that it would be letting go of 149 employees. While large in scale, the job cuts were likely a difficult decision for the insurtech's leadership to make. However, with concerns growing about a potential recession, cutting costs had probably become one of the top priorities.

The layoffs were reported in a Worker Adjustment and Retraining Notification (WARN) that HealthCare.com filed with Florida officials. According to the filing, the affected employees worked in various roles and were largely remote workers located across multiple states. Unfortunately, the job cuts were also described as being permanent in nature.

It's worth noting that HealthCare.com had raised a $180 million series C funding round just last December. At that time, the insurtech planned to use the new financing to hire additional employees and further expand its operations. However, the economic outlook changed rapidly over the following months. Rising inflation and interest rate hikes started to impact consumer spending and business confidence.

While HealthCare.com hasn't disclosed the specific reasons behind its decision for job cuts, it's easy to connect the dots. With the economy appearing increasingly unstable and a potential recession looming on the horizon, prudent fiscal management had likely become a top priority. Making permanent reductions to payroll is often one of the first steps companies take to cut costs in tough times. Doing so also helps reduce expenses as revenue projections become less certain.

In addition, HealthCare.com likely saw softening demand and needed to right-size various business functions that had grown rapidly after its large funding round less than a year ago. The insurtech probably had to recalibrate staffing levels across different departments like sales, marketing, customer support and others based on changing market dynamics. While painful in the short-term, the layoffs should help optimize operations and prepare the company for weathering an economic downturn, if one does materialize.

Interestingly, layoffs in the tech sector have become fairly common of late. In just the past month, several high-profile tech companies like Twitter, Amazon, Stripe and others announced major job cuts as concerns about a potential recession increased. These companies are usually well capitalized and successful. Therefore, their layoff decisions often serve as leading indicators of harder times ahead for the broader economy.

Closer to home, Miami insurtech Appgate also made the difficult choice to cut around 22% of its staff just last week. Together, the recent layoff moves by HealthCare.com and Appgate suggest that even fast growing local tech firms are battening down the hatches and minimizing risk as macro headwinds strengthen. Many other companies across industries are likely following suit behind the scenes.

While never an ideal scenario, job cuts are sometimes a necessary part of business in uncertain economic periods. The layoffs announced by HealthCare.com, Appgate and others seem aimed at rightsizing operations and ensuring financial flexibility in case a downturn materializes. With solid management and vision, many affected employees will hopefully find new opportunities soon as well. But these signs of belt-tightening from the tech sector serve as yet another reminder that choppy times may lie ahead. Only time will tell how deep and long-lasting any economic troubles end up being.

In conclusion, the 149 job cuts reported at Miami's HealthCare.com were a difficult decision brought on by growing uncertainties. However, prudent cost-cutting should help the insurtech weather potential economic storms. With experienced leadership and strong products, HealthCare.com seems well positioned to emerge from this challenge and continue innovating in the future. For now, online healthcare will remain a critical need regardless of economic conditions. The road ahead may be bumpy, but with resilience and focus on their mission, HealthCare.com and other local tech companies stand a good chance of maneuvering through turbulence successfully.

 

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Farmers Bails on Florida: 100,000 Homeowners Left High and Dry

 

In yet another blow to Florida homeowners, Farmers Insurance announced this week that it will drop policies for around 100,000 customers across the state. The decision is the latest evidence that state reforms have failed to stabilize the troubled property insurance market.

Farmers said it will not renew home, auto, and umbrella policies covering roughly 26.6% of its Florida customers. The company cited the need to "effectively manage risk exposure" in a statement.

The announcement comes just weeks after another major insurer, Florida Peninsula Insurance Company, announced that it would be exiting the state altogether. This is the latest in a series of departures from the Florida market by insurers, who have been struggling to keep up with rising claims costs.

The state's property insurance market has been under strain for years, due to a number of factors, including the increasing frequency and severity of hurricanes. In recent years, insurers have also been hit with a wave of lawsuits from homeowners who allege that their policies did not adequately cover damage caused by storms.

In an effort to stabilize the market, the Florida Legislature passed a number of reforms in 2021. However, these reforms have not yet had a significant impact, and many insurers are still struggling to make a profit.

The decision by Farmers Insurance to drop policies for 100,000 customers is a major setback for the state's property insurance market. It is likely to lead to even higher rates for homeowners, and it could make it even more difficult for people to find affordable coverage.

 

 

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Here are some additional details about the decision by Farmers Insurance:

The affected policies were all issued through Farmers' exclusive agency distribution channel.
The non-renewals will take effect over several months, beginning in August 2023.

Customers who are affected will be notified by mail and will be given the opportunity to purchase coverage from another insurer.
Farmers Insurance is the third major insurer to announce that it will be exiting the Florida market in recent months.
The decision by Farmers Insurance is a sign that the state's property insurance market is still in a state of crisis. It is unclear what the long-term impact of this decision will be, but it is likely to make it even more difficult for homeowners to find affordable coverage.

But what Farmers didn't specify was that sky-high claims costs, excessive lawsuit payouts and high administrative fees are the real drivers forcing insurers out of Florida. Financially struggling companies often have excessive overhead that eats into profits, leaving them vulnerable during storm seasons.

The move comes despite changes passed by Gov. Ron DeSantis and the Legislature meant to shore up the market. But insurance rates continue to climb sharply - up 5% to 9.5% in the first quarter alone, far outpacing the national average of $1,700. Many Floridians now pay over $5,000 annually.

Critics argue the reforms focused on the wrong issues, prioritizing culture war bills over solutions Democrats proposed like a state-run insurer and reinsurance fund.

Farmers' exit leaves 100,000 customers searching for new coverage in a depleted market with few options and astronomical prices. Many vulnerable homeowners will likely struggle to find an affordable policy - if they can find one at all.

For years, Florida homeowners have faced ballooning rates even as insurers raked in massive profits. As more insurers abandon the state, the onus is on DeSantis and lawmakers to finally take meaningful action that addresses the root problems driving the crisis. If not, millions more Floridians risk losing any ability to insure their homes and property.

Floridians deserve solutions that stabilize the market and make insurance policies affordable and accessible again. It's time for Florida's leaders to step up before more insurers bail - and leave even more homeowners high and dry.

Anthony Fauci The Vac Peddler tests positive for COVID-19

 

-Dr. Anthony Fauci tested positive for COVID-19.

Dr. Anthony Fauci after telling people to mask up, wash your hands and get vaccinated
has tested positive for COVID-19, according to the National Institute of Allergy and Infectious Diseases.

Anthony is the US top infectious disease expert and he heads the National Institute of Allergy and Infectious Diseases. According to the agency he has been vaccinated and boosted twice and as of now he has mild symptoms. He will isolate and continue to work from home, according to the the statement.

Fauci who is now 81 was appointed director of NIAID in 1984. He is currently the chief medical advisor to President Joe Biden. Under President Trump he served on the White House task force for COVID-19 and he continues to advise the federal government on its response to the pandemic.

Source

Allstate life insurance unit Sold to Blackstone Group for $2.8 billion

Blackstone Group acquired Allstate life insurance unit for $2.8 billion. Allstate Life Insurance Co. holds about 80%, or $23 billion, of Allstate’s life and annuity reserves. The companies expect to close the deal in the second half of the year.

Allstate Life Insurance posted a net income of $467 million in 2019 but incurred a net loss of $23 million for the first nine months of 2020. The acquisition is subject to regulatory approval and could close in the second half of 2021.

Past deals that involves financial companies, the company wants to
In many deals involving financial buyers, the newcomers aim to profit from investment-management fees and by savvy investments of the premiums paid by customers. Many deals have involved a basic savings product known as a fixed annuity, similar to a bank certificate of deposit.

 

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Happy New Year! 2021

 

Wishing you a very joyful New Year despite these difficult times. We really wish things were different and that we could visit our friends and loved ones! We hope that the new year brings your family much happiness and prosperity, and that in time the world will be a safe place again. Happy New Year! I hope all your endeavors in 2021 are successful.

Merry Christmas! 2020

 

I hope your holiday season is full of peace, joy, and happiness. Merry Christmas! May God's love be with you.

Happy Halloween 2020 to Everyone!!!

Happy Howl-o-ween! No matter were you are on October 31, I’m sure you will wolf down a lot of candy. Wishing you a spook-tacular Halloween, despite the craziness! 

Billionaires' Keeps On Amassing Wealth Even on a Covid19 Pandemic

According to a research done by Swiss bank UBS and PwC (Accounting firm) the world's billionaire has added $10.2 trillion between April and July this year that is more than the $8 trillion at the start of April despite the Covid19 Pandemic where millions of people worldwide lost their jobs or were struggling to get by on government help. This data shows that their wealth increase by 27.5% which is more than the previous peak of $8.9 trillion recorded at the end of 2017.

UBS’s global family office department Josef Stadler said that "Billionaires did extremely well during the Covid crisis, not only ride the storm to the downside, but also gained up on the upside [as stock markets rebounded]." He added that the super-rich were able to benefit from the crisis because they had “the stomach” (or obviously money) to buy more company shares when equity markets around the world were crashing. Global stock markets have since rebounded making up much of the losses. The shares in some technology companies which are often owned by billionaires have risen very sharply.     

The Billionaires are getting even richer despite the pandemic is a sign that capitalism isn’t working as it should. Stadler further said that the "fact that billionaire wealth had increased so much at a time when hundreds of millions of people around the world are struggling could lead to public and political anger."

As of now the richest person in the world according to Forbes is https://www.forbes.com/real-time-billionaires/#50c461003d78  Jeff Bezos, the founder and chief executive of Amazon, with $186bn followed by Bernard Arnault & family which owns the LVMH Moet Hennessy Louis Vuitton at $117bn. Bill Gates of Microsoft comes in third with $115.8bn, Mark Zuckerberg in 4th with $96.8bn and Elon Musk, the maverick founder of electric car company Tesla at 5th place with $87.9bln.

source






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If Your Car is Financed You Need Full Insurance Coverage

State's requires you to meet the minimum liability insurance coverage to legally drive your car, however if you have a car loan you will need to have full insurance coverage:

Liability insurance – helps pay for the other person's expenses in accidents you cause.
Collision insurance – pays for damage to your car regardless of who caused the accident
Comprehensive insurance – pays for damage to your car from flooding, hail, fire, vandalism, falling objects or animal collisions, and also covers theft

If you are unable to have the required full coverage on a financed car it will violate your finance contract and the lender may force you to pay for single interest coverage which protects the bank from loss or damage to personal property that is the collateral for loans. It is expensive and does not provide any coverage for you.

Do you need to match the value of the vehicle for liability coverage for a financed car?

No, liability insurance has nothing to do with the value of your vehicle. It is for repair of another person’s property or for their medical bills if you are found responsible for causing the damage or injuries. The cost for liability insurance is based on a number of different factors that includes the cost of your coverage. The higher your coverage limit, the more you’ll likely pay for liability insurance.


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How To Get Health Insurance If You Are Jobless?

The number of employed people as a percentage of the U.S. adult population plunged to 52.8% in May as the coronavirus pandemic ravage the labor market that resulted to Americans losing their health insurance. It is important to look for health insurance coverage as quickly as possible and you don't want to remain uninsured under a pandemic.

Here’s how to get health coverage while unemployed:

1. Contact your employment's human resources department and ask when your health coverage technically ends.

2. If you have a diagnosed condition, for example cancer, lupus or diabetes, you may be able to get support deciding on and enrolling in a plan with the National Patient Advocate Foundation https://www.patientadvocate.org/connect-with-services/case-management-services-and-medcarelines/

3. If you have been recently laid off and uninsured, you have three options: COBRA https://www.dol.gov/general/topic/health-plans/cobra, the Affordable Care Act subsidized marketplace https://www.healthcare.gov/?gclid=EAIaIQobChMIgbGyk7276gIVBZSzCh1ZsgD4EAAYAiAAEgJb5PD_BwEor a public plan like Medicaid https://www.usa.gov/medicaid or Medicare https://www.medicare.gov/.

COBRA, or the Consolidated Omnibus Budget Reconciliation Act, allows people who work at companies with 20 or more employees to pay to continue their workplace insurance plan for certain periods of time. It comes with a high price about $600 monthly on average since you’re now paying the cost of the entire plan. You have 60 days from the loss of your job to sign up for COBRA. You need to make sure that you have the money set aside for this plan.

ACA marketplace can give you some affordable options. However, there are some plans on the marketplace that will be costly, especially if you’re newly unemployed.

If you don't have money you can still turn to Medicaid. Medicaid has zero premiums in most states, so if cost is a problem Medicaid should be the preferred option. Medicaid eligibility is based on monthly income so even a short-run decline in income should make someone eligible for Medicaid for those months.

If you were on your employer’s plan and are over the age of 65, now might be the time to sign up for Medicare.

4.If your spouse still has a job and the company offers family coverage, you can request to join their group health plan. However, you typically have to do this within 30 days. Depending on where you live, you can access either the federal marketplace or your state marketplace. Losing your job will qualify you for a special enrollment period for either option. The enrollment window here lasts 60 days. 




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