Post Content

Joseph G. Murphy, Commissioner of InsurancePosted by:
Commissioner Joseph G. Murphy, Division of Insurance

When insurance benefits broker Steve Walsh meets with business clients to discuss changes in their health insurance premiums, he knows the decision goes beyond how much a company should pay for health coverage.

At today’s hearing on small-business health insurance costs in Boston, Walsh testified about one of his clients, a country club trying to cover a 36 percent increase in costs. The owner feels he is barely getting by financially, and was considering raising membership rates in order to cover the increase in health premiums. However, the owner knows many of his members are in a difficult spot in terms of their renewals, and an unexpected increase may cause them to drop their membership. So he decided to not raise membership rates, and hope for the best.

Boston hearing This is the kind of story we hear consistently, about businesses being faced with difficult decisions on their future because of increasing health insurance premiums. Also at today’s hearing, we heard from Jude Silber (in photo left, with Jon Hurst of the Retailers Association of Massachusetts), who runs two businesses in Harvard Square, Motto and MDF. She said, “I can’t do it anymore,” as she discussed trying to keep up with health insurance increases for her seven employees.

We also heard today from a number of trade organizations and other stakeholders in our state’s health insurance market, including one carrier. While we heard some different viewpoints on how to go about fixing health insurance, everyone acknowledges that changes have to be made.

Last month, Governor Patrick unveiled his plan to support small businesses and create jobs. Part of that plan includes reforming health insurance. The Governor has acknowledged that small businesses and families need relief from these big increases now, and we are hearing from all sides of the issue in these sessions that change is certainly needed.

Written By:

Recent Posts

Foreign Currency Exchange posted on Aug 20

Traveling to a foreign country presents various challenges for travelers, but perhaps none is more misunderstood than foreign currency exchange.  Not only must travelers be mindful of exchange rates when converting funds, but the means through which money is exchanged can also result in costly   …Continue Reading Foreign Currency Exchange

Scam Log Analysis: July 2015 posted on Aug 18

Scam Log Analysis: July 2015

The Massachusetts Office of Consumer Affairs and Business Regulation compiles publicly available scam, identity theft, and fraud complaints from around the Commonwealth via police logs, news outlets, and other sources, as well as through the Office’s Consumer Information Hotline. Below is a quantitative analysis of   …Continue Reading Scam Log Analysis: July 2015

Looking for an Apartment? Check Out Part 1 of our Smart Renting Series posted on Aug 13

Deciding where to rent, especially in a new location, can be an especially difficult decision for any potential renter, particularly when he or she does not know how or where to look. Below are some factors for apartment searches to consider. UNDERSTAND WHAT YOU CAN   …Continue Reading Looking for an Apartment? Check Out Part 1 of our Smart Renting Series