Black Voices Insurance

Doctor Shortage in America: What's the Problem? Dr. Boyce Analyzes

Boyce Watkins, PhD — 2009-11-20T09:25:00 00:00

Filed under: Other

One of the obstacles being faced by President Obama as he works to overhaul the health care system is the shortage of doctors across America. Our country is woefully unprepared for the number of primary care physicians that we will need as the American population ages. The problem is that fewer doctors are interested in doing primary care, since the medicare payments to primary care physicians are lower than those made to specialists. As a result, there's been a 51.8% decline in the number of medical school students going into primary care since 1997.
The American Academy of Family Physicians predicts that by 2020, we will be short 40,000 family physicians relative to what our nation will need by that time. The American Medical Association is one of the primary culprits in the doctor shortage. A 1994 article, as well as many conferences during the 80s and 90s, predicted a 165,000 surplus in the number of doctors by the year 2000. As a result, medical schools agreed to voluntarily restrict the supply of medical students entering their programs. The only problem was that the predicted surplus never occurred. Instead, we got a shortage.

Dr. Elaina George, a prominent physician out of Atlanta, says that the doctor shortage is going to have lasting consequences on the American public.

"In the short term, there will likely be a decrease in access since we will be unable to accommodate the increase in patients," says Dr. George, one of the few black doctors willing to discuss health care reform in public. "In the long term a patient will have to wait even longer to see a specialist."

One great challenge with health care reform is that the previously warped system created a set of special interests who all feel entitled to whatever they were receiving from the broken system. Specialists were overpaid due to their scarcity, and they now refuse to take a reduction in medicare payments to compensate for the shortage in primary care physicians. President Obama has to be strong and force some of these special interests to make the same sacrifices as the American people.

Here are some things that the Obama Administration can do to deal with the doctor shortage in America:

1) Increase medicare and medicaid payments to primary care physicians, and pay for the increase with a reduction in payments to specialists.

2) Increase the number of students enrolled in medical school. It makes no sense that there are strong students who apply to medical school every year, but are then denied because schools have chosen to restrict the supply of doctors to their own benefit.

3) Increase the use of Nurse Practitioners and Physician's Assistants. These individuals are highly trained and can do much of the work of a doctor without unnecessary cost.

4) Do something about malpractice insurance. Keep the limits on malpractice suits high enough to make a difference, but low enough that insurance rates are lower. This will keep doctors from leaving the profession due to the cost of insurance.

By making everyone do their part in the cost of health care reform, we can avoid a situation in which the fat cats get fatter, while the rest of America starves. President Obama already understands that there are tough decisions that need to be made. Hopefully, he and his fellow Democrats will be able to make them.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.

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Black Doctor Takes Major Issue with Obama's Healthcare Plan

Boyce Watkins, PhD — 2009-11-11T21:48:00 00:00

Filed under: Health Care Reform

I have my own opinions on Obama's Health care plan. Generally, I support the idea of health care reform, but I am concerned about the long list of special interest groups who stand in the way of true progress. After securing the needs of health insurance companies, hospitals, and big pharmaceutical companies, the American people are going to fall to the back of the line.

Dr. Elaina George, a prominent Otolaryngologist who runs the Peach Tree ENT center in Atlanta, had a few things to say about the health care plan. While Dr. George speaks for herself, I thought it was interesting to hear what black doctors have to say about Obama's health care plan. Here is what Dr. George has to say about Obama's health care proposals. She is one of many black voices, but she is, thus far, the only prominent black physician speaking out on a regular basis about Obama's plan:

1. No universal health care coverage: 18 million people will not be covered.

2. Choice will be limited: If you don't like your private insurance, you will NOT be able to leave it to go to the exchange where the costs will conceivably be lower.

3. It will cost businesses more: Coverage is mandated and employers will pay taxes of 8% per employee to which that they do not provide health insurance. Will it entice employers to cut their workforce to save money?

4. It will cost individuals more: For those who are not covered by their employer and who can afford to pay health insurance premiums, they will not be able to deduct their costs. This will effectively cost them more in taxes because it will be considered as income.

5. Expansion of Medicaid/CHIP (Child Health Insurance Program) will not translate into access: Most states are struggling to pay for the existing Medicaid enrollees. Up to 17 million people are currently eligible for Medicaid but are not receiving the benefits. In addition to a lack of state funds, there is also the problem of a lack of physicians who take Medicaid. This will likely get worse when millions of people from Medicaid and the child healthcare program (CHIP) are added.

6. Limited control of the high cost of prescription drugs: At the beginning of the debate, the pharmaceutical companies were given a gift. The government agreed not to re-import cheaper drugs from places like Canada. In addition, the pharmaceutical companies only agreed to give a 2% discount off their generic drugs for 10 years. This discount does not apply to the more expensive brand-name drugs.

7. The Cost of the bill is seriously underestimated: The cost of physician reimbursements for Medicare has been stripped out of the bill. This means that approximately 250 billion dollars in costs have been removed by creative accounting.

8. The CBO estimate of cost saving is only partially true: The CBO estimates that the health care reform as set forth in HR 3962 after 10 years will actually cost tax payers and will contribute to the deficit.

Dr. George then had this to say: "The unfortunate thing is that the consequences of this bill will not be fully realized until 2013 well after elections."

Do you agree with Dr. George's assessment?

Dr. Boyce Watkins is a Professor at Syracuse University and author of the book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.

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Is the Swine Flu Reaching a State of Emergency?

Boyce Watkins, PhD — 2009-10-27T10:00:00 00:00

Filed under: Other

There have been recent reports in media that the Swine Flu situation has risen to a state of emergency. Some wonder if this is truly the case, while there are others who argue that the Swine flu has had a powerful effect on children. Black doctors have had a great deal to say about the impact of the vaccine on the African American community. Last week, Dr. Elaina George had a lively debate with Health and Human Services Secretary Kathleen Sebelius on The Michael Baisden Show about the merits of the Swine Flu Vaccine.

I caught up with Dr. George, a Princeton-educated physician, about the alleged state of emergency and she had this to say:

"The numbers of cases of people infected with the H1N1 that have been reported may be inflated. It is hard to confirm the number of cases because since July the states have stopped testing for H1N1 and have stopped counting individual cases at the direction of the CDC.

CBS News produced an investigative report that obtained the lab results of samples obtained from patients with suspected swine flu from 50 states. The results of the tests were "overwhelmingly negative" for both H1N1 and other strains of flu virus. The negative results ranged from 83% in Florida to 97% in Georgia. In other words, these patients did not have the flu in any form. Their symptoms and findings were consistent with the common cold or upper respiratory infection.

It is important to note that these statistics were the last laboratory confirmed results. Since no further widespread confirmatory tests have been done since July, there is no accurate way to determine whether the prevalence of H1N1 has changed. Furthermore, there is no clinical evidence to suggest that the swine flu has mutated to a more severe form since there has been no exponential second wave of infections in states like NY where there were early documented cases last spring.

Two questions still remain. Does the benefit of getting the H1N1 vaccine outweigh the inherent risks such as the neurological effects of Guillain-Barre syndrome? Do the number of cases and the severity make the state of emergency necessary?"

When it comes to the Swine flu, most of us are confused. We can't trust the pharmaceutical companies, who have placed profit maximization ahead of health on their priority lists. It's difficult to trust hospitals and insurance companies. Even worse, these entities now heavily influence our government. It's time for real reform in heath care.

Dr. Boyce Watkins is a Professor at Syracuse University and founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.

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Natural Remedies for the Swine Flu That Everyone Must Know

Boyce Watkins, PhD — 2009-10-24T09:36:00 00:00

Filed under: Other

Most of us are worried about the Swine flu and what it could do to the health of our nation. While most physicians are not speaking to the public, Dr. Elaina George is full of good information. A Princeton-trained physician who has a great deal to say about African American health, Dr. George recently shared some information on how to manage the Swine flu.The audio is below if you want to listen. Enjoy!

Dr. Boyce Watkins is the founder of the Your Black World Coalition and author of the forthcoming book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.

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411 on Health & Life Insurance

Boyce Watkins, PhD — 2009-10-10T00:02:00 00:00

Filed under: Life, Term

Health Insurance Companies causing pain for patients: Are insurance companies limiting the options available to your doctor? That may be the case. While our nation is quick to blame physicians for the state of healthcare, the insurance companies may be a more sensible target for our collective frustration.

What is umbrella insurance? - This type of policy protects you from all the things that your standard insurance plan doesn't cover. Everyone should consider getting umbrella insurance.

How do you keep your insurance if you lose your job? - If you don't know the answer to this question, you need to learn about the COBRA laws. COBRA allows you to keep your old health insurance if you lose your job, and as part of the stimulus package, the federal government pays 65% of the cost.

Term Life Insurance vs. Whole Life - Most people don't know the difference, but you should. Read this article to find out. Personally, many say that term insurance makes the most sense, since it's cheaper and you don't need life insurance for your entire life. The challenge is that you have to get it renewed.

How to save money on life insurance - There are some steps you can take to make sure you have the life insurance that you need, while still keeping the costs down. Read this article to find out what those steps are.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.

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Is the Swine Flu Scare Nothing But Hype?

Boyce Watkins, PhD — 2009-10-07T04:49:00 00:00

Filed under: Interviews, Other

Swine flu season is coming and the world is ducking for cover. Media coverage of this phenomenon (also known as the H1N1 Virus) has me shaking at the sight of a pig or a pork chop. People are dying and there is now talk of a potential pandemic of epic proportions. In response to my own panic, as well as that of the rest of America, drug manufacturers are pushing hard to get the latest vaccines on the market. People are going to be afraid regardless, so why not make a profit in the process, right?

But is all the hype necessary or is the media playing with our heads? If you decide to get the swine flu vaccine, are there questions you should ask your doctor first?

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Swine Flu 411

Ruth Gomez holds a photo of her son, Max, 5, in her Nashville, Tenn. home Oct. 8, 2009. The picture was signed by his kindergarten classmates after he died of swine flu Aug. 31. (AP Photo/Mark Humphrey)

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Swine Flu 411

This Aug. 2009 photo provided by Ruth Gomez shows her son Max Gomez, 5. Max died of swine flu Aug. 31, 2009. (AP Photo)

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TO GO WITH AFP STORY BY IGOR GEDILAGHINE --- Denis Coulombier, who heads the European Centre for Disease Prevention and Control's preparedness and response unit, participes in a daily meeting on October 9, 2009 in Stockholm. Coulombier warned that a second wave of swine flu, officially known as A(H1N1), infections could be expected within weeks. Swine flu is killing fewer people than seasonal flu but is causing greater alarm due to its impact on children and higher healthcare costs, according to Coulombier. AFP PHOTO / OLIVIER MORIN (Photo credit should read OLIVIER MORIN/AFP/Getty Images)

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TO GO WITH AFP STORY BY IGOR GEDILAGHINE Denis Coulombier (R), who heads the European Center for Disease Prevention and Control's preparedness and response unit, takes part in a daily meeting on October 9, 2009 in Stockholm. Swine flu is killing fewer people than seasonal flu but is causing greater alarm due to its impact on children and higher healthcare costs, according to Coulombier. AFP PHOTO / OLIVIER MORIN (Photo credit should read OLIVIER MORIN/AFP/Getty Images)

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TO GO WITH AFP STORY BY IGOR GEDILAGHINE Denis Coulombier (L) who heads the European Center for Disease Prevention and Control's preparedness and response unit, takes part in a daily meeting on October 9, 2009 in Stockholm. Swine flu is killing fewer people than seasonal flu but is causing greater alarm due to its impact on children and higher healthcare costs, according to Coulombier. He also warned that a second wave of swine flu infections could be expected within weeks. AFP PHOTO / OLIVIER MORIN (Photo credit should read OLIVIER MORIN/AFP/Getty Images)

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Brian LaVane, owner of Huntington Stamp and Coin in Huntington, New York, has avoided seasonal flu shots for decades, but now he�s weighing whether to be immunized against H1N1, the swine flu. LaVane poses for a photo in his shop on October 9, 2009. (Daniel Goodrich/Newsday/MCT)

MCT

An employee of Japan's electronics giant Sanyo displays the new air purifier for office use, the Virus Washer, which has a unit with electrolyzed water to disinfect the air of bacteria, viruses and allergens such as pollen in Tokyo on October 13, 2009. Sanyo and the Gunma Prefecture Institute of Public Health and environment research announced that the Virus Washer technology is highly effective for suppressing the H1N1 influenza virus (swine flu). Sanyo will put it on the market on November 1. AFP PHOTO/Yoshikazu TSUNO (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)

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This Aug. 2009 photo provided by Ruth Gomez shows her son Max Gomez, 5. Max died of swine flu Aug. 31, 2009. (AP Photo)

I spoke with my favorite physician, Dr. Elaina George out of Atlanta. In a recent article about the Swine flu, Dr. George says that you shouldn't just automatically assume that the Swine flu vaccine is for you. There may be complications you are not aware of, and you may not be in the right category for use of the vaccine. Here is what Dr. George says that every patient should ask their doctor:

1. Does the Vaccine contain additives such as mercury or squalene?
Dr. George says that these additives are placed in the vaccine to cut down on bacterial contamination. However, mercury has been found to cause autism and squalene is know to cause neurological damage.

2. How can I avoid getting a vaccine that contains Mercury?
By getting your vaccine from a single dose vial, rather than multiple doses containing thiamerisol, you might be a bit safer from the additive.

3. Will getting the vaccine completely protect me from getting the swine flu?
Dr. George states that: "The vaccine comes in two forms -- a nasal form and an injectable form. The nasal form contains live virus that has been altered (attenuated) to be less infectious. The injectable form is made from a killed form of the virus. Because there is an increased risk of actual infection, the live (attenuated) virus should not be given to individuals with compromised immune systems such as pregnant women, HIV patients, those on chemotherapy or children."

4. Is the swine flu more dangerous than the seasonal flu?
Dr. George cites statistics arguing that the H1N1 virus may be far less deadly than the standard flu virus.
The swine flu has had approximately 345,000 cases world-wide with 4,100 deaths. However, there are approximately 40,000 deaths due to the seasonal flu each year in the US. "To date it has been a relatively mild and self-limited infection in both adults ans children," says Dr. George.

5. What are the risks and benefits of taking the vaccine?
Dr. George says that much of the mortality rate from swine flu is largely associated with pneumonia caused by secondary bacterial infections. She goes on to argue that not everyone needs the swine flu vaccine and has been quite vocal in her arguments. She is not saying that everyone is immune from the need for the vaccine, but she is certainly saying that we should not believe the hype. You can hear more from Dr. George in a recent radio interview she did on the swine flu as part of her online podcast, Medicine on Call.

Editor's Note: Please check with your health insurance provider about coverage for swine flu shots.

Dr. Boyce Watkins is a Professor at Syracuse University. Dr. Elaina George is an Otolaryngologist out of Atlanta, GA. To have Dr. Boyce commentary delivered to your email, please click here.

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Are Prescription Drugs America's New Addiction?

Boyce Watkins, PhD — 2009-10-04T04:59:00 00:00

Filed under: Interviews, Other

Most of us think that drugs which come out of a legal manufacturer are going to be safer than those being sold by a dealer on the corner. That was once the case. But with the deaths of Michael Jackson, Heath Ledger and Anna Nicole Smith, it has become clearer by the day that prescription drugs are fast becoming America's new obsession.

Rush Limbaugh, a man who once called for drug addicts to be sent to prison, found himself hooked on Oxycontin, which is considered a form of legalized heroin. College students are also getting in on the act by abusing a drug called Adderall, typically used to treat ADHD symptoms. The drug intensifies the students' ability to study, allowing the student to focus for long periods of time.

My campus, Syracuse University, was the focus of a recent CNN report on the use of Adderall. Given that one of our graduates wrote a best-selling book called "Smashed," about her extensive drinking experience on campus, I was under the impression that alcohol was the only guilty pleasure of our students. But it seems that along with alcohol, there are some other things students might choose to do when they are not taking my class.

Out of concern for my students, I decided to do a bit of research on Adderall, to determine if science is aware of any long-term effects of using a drug that is not meant for people who don't have ADHD. It should also be made clear that Syracuse students are not alone in their use of drugs and alcohol, since over 23 million Americans abuse one or the other. So, I spoke with Dr. Elaina George, a prominent physician out of Atlanta, who had quite a bit to say about the use of Adderall and other prescription drugs as of late.

"Unfortunately, like many other prescription drugs such as Xanax, Valium, and Oxycontin, which have become easy to get on the Internet and on the black market, its ubiquitous use has taken away the fear factor, said Dr. George, who went to Princeton with Michelle Obama. "There is little regard for the potential side effects such as heart problems, stroke, tremors, and addiction."

Has our society become a drug culture, in which the marketing of any old drug on television leads us to believe that the drug is safe? This might be the case, according to Dr. George, who feels that pharmaceutical companies have now been allowed to exploit potential addictions within the American public.

"In fact both prescription drugs and over the counter drugs have been reduced to quick fixes that are used to 'make a problem go away'," says Dr. George. "There is a pervasive feeling that if it is a prescription drug or if it is sold over the counter, then it must be safe. This has been encouraged by the aggressive direct to patient marketing by the pharmaceutical industry."

When it comes to the use of prescription drugs, the bottom line is this: The pharmaceutical industry should be put under control. Their excessive lobbying has given us a pile of legislators who don't have the ability to stand up to the industry as these companies work overtime to replace the pushers on the corner. Additionally, we as Americans should push back against an industry that is teaching us and our children that taking a pill will make everything go away. The pill might get rid of one problem, but it's probably going to create another.

The video about the drug Adderall is below if you'd like to see it:

Dr. Boyce Watkins is a Professor at Syracuse University and a leading African American Speaker. To have Dr. Boyce commentary delivered to your email, please click here.

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Senate Finance Rejects the Public Option on Health Insurance

Boyce Watkins, PhD — 2009-10-01T13:51:00 00:00

Filed under: Life, Term

Liberal Democrats chose not to inject the widely debated Public Option into the healthcare legislation being put together in the Senate Finance Committee. This is going to change up the healthcare reform debate dramatically.

Obama's Ex-Doctor Says Insurers are Screwing up: Many are blaming doctors for the problems in healthcare. However, some argue, like Dr. Elaina George, that the biggest culprits are hospitals, pharmaceutical companies and health insurers.

Has AIG actually recovered economically?: AIG was one of the biggest companies in America, with a wide variety of highly complex business interests that went far beyond insurance. The potential collapse of AIG would have further devastated the economy. How is AIG doing now?

How much should older Americans pay for Insurance? Senior Citizens are the biggest victims of the healthcare debacle here in America. Many older Americans, particularly in the African American community, must make life or death decisions about their healthcare every single day.

A refresher course on the fundamentals of the healthcare debate: Confused about the healthcare conversation going on in Washington? This article will help you figure out how it works. We should all be informed on the nature of this debate, since it's going to affect us all.

Five questions you should ask when buying health insurance: This article tells you how to intelligently choose the health insurance plan that works for you. Many Americans overpay for health insurance or find out when its too late that their health insurance plan doesn't cover everything they need.

Dr. Boyce Watkins is a Finance Professor at Syracuse University, a leading black speaker and author of the forthcoming book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.

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What you MUST Know About Your Property Insurance

Boyce Watkins, PhD — 2009-09-29T08:47:00 00:00

Filed under: Life, Term, Other

Nippets of insurance news you can use:

Things your property insurance doesn't cover: In our last conversation about property insurance, we were surprised by the fact that your property insurance doesn't cover everything you might have thought it did. Many victims of Hurricane Katrina received a painful crash course in the subtleties of property insurance. Don't let that happen to you.
People are starting to go abroad to find affordable healthcare: This might surprise you, but there ACTUALLY ARE real doctors who exist outside the borders of the United States. I am being sarcastic here, but the truth is that the high cost of healthcare has led to many Americans going overseas to get the treatment they need.
Do you really need anything other than Term Life Insurance? Dave Ramsey, a financial expert with whom I do not always agree, argues that you don't need any Life Insurance other than term. The fundamental point he is making is that if you get Term Life (rather than Whole), you are going to save so much money that by the time your Term Life Insurance runs out, the invested proceeds will give you all the financial security you need.

What's the difference between Term and Whole Life Insurance anyway? The statement made above about Dave Ramsey's conclusions makes no sense if you don't take a second to read on the difference between Term and Whole Life Insurance. Take a look at this 2 minute article to understand how they differ.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good." To have Dr. Boyce commentary delivered to your email, please click here.

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President Obama Talks Health Care at Congressional Black Caucus Conference

Boyce Watkins, PhD — 2009-09-27T01:33:00 00:00

Filed under: Other

In an appropriate show of respect, President Barack Obama addressed the Congressional Black Caucus Foundation Conference this weekend. His speech focused primarily on healthcare, which has become the latest battleground for our challenged new leader. In the eyes of the public, Obama is no longer the cool, hip politician he was a few months ago. He is now the guy considered to be too moderate to be liberal, too socialist to be conservative, too black to be white and too white to be "down." Obama can't quite be anything to anyone, which is the price he must now pay for trying to be everything to everyone.

Michelle Obama, as lovely as she is, arrived at the event with the president by her side. The couple, when appearing together, present an inspiring portrait of successful black love. Every black woman in America looks at Michelle and dreams of having her own political Mandingo accompanying her and her children to important social events.

The president did a wonderful job of sticking to the issues during his speech to the CBC. As I hoped he would, Obama educated the audience on the importance of the healthcare debate. I am also hopeful that the Congressional Black Caucus Convention attendees understood the importance of supporting the president's initiatives and being just as passionate on the left as the Republicans have been on the right. For every rally the Republicans hold, we should be holding two. If you believe in Barack Obama and his healthcare plan, you should make sure your voice is heard.

Healthcare reform has taken a back seat in recent days to the conversation about the G-20 summit and Iranian nuclear ambitions. But the fight is still running strong. What's best for the Democrats, however, is that the news shift has slowed the momentum on the Republican side of the isle. Perhaps this is where real work can actually be done.

President Obama's approval ratings have dropped faster than Chris Brown's record sales. He is now hovering around 50 - 55%, and risks losing the strong majority he once held. Among fickle independents, he has dropped into the 40s, likely due to the fact that he is yet another politician who promised to change the world, but couldn't pull it off in 6 months. Funny how we keep falling for the same trick over and over again. Politicians sell us the dream that we eventually buy, but we also demand the dream that the politician is forced to sell us. Obama couldn't have gotten elected with pure substance - he had to use empty terms like "hope" and "change" to get us to jump on board.

But in spite of the disillusionment, there is an optimistic precedent for the president: Both Ronald Reagan and Bill Clinton saw their approval ratings drop into the 40s and were elected to second terms. They are also both remembered as two of the most popular presidents in American history. That's the good news.

The bad news, at least in terms of political precedent, is that the Democrats were squashed in the 1994 mid-term elections after losing their battle on healthcare reform. If Obama loses his fight, don't be surprised to see yet another Republican Revolution with equally racist undertones. So, as much as I am tempted to give President Obama grief for his abandonment of New York Governor David Paterson, the truth is that I can understand his sense of urgency.

To some extent, I am sure that President Obama felt a bit like Dorothy from the Wizard of Oz as he spoke about healthcare reform at the CBC Convention. With all the hatred he is getting from many Americans right now, there's certainly no place like home. African Americans will always love President Barack Obama.

Dr. Boyce Watkins is a Professor at Syracuse University, a leading Black Speaker and author of the forthcoming book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.

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Dr. Boyce Money: No Property Insurance Can Destroy You Financially

Boyce Watkins, PhD — 2009-09-24T10:52:00 00:00

Filed under: Home

Most of us know very little about the ins and outs of property insurance. Christopher Chestnut is not in that category. As a prominent attorney out of Florida, Mr. Chestnut has taken on multi-million dollar cases and handled some of the most complex lawsuits imaginable. As one of the leading young black attorneys in America, Chestnut has been recognized by President Obama for his outstanding accomplishments.

I spoke to Chris this week about Property Insurance and what it can do to make your life a little simpler. Here is what he had to say:

1) If you rent, make sure you have renter's insurance. Also, make sure your landlord has homeowner's insurance, since renter's insurance only includes the contents that are INSIDE the house

2) Check your landlord's insurance regarding injuries on your rented property. Most people are unaware of the fact that the homeowner is liable in the event that someone is injured on their property. Even if the children across the street climb the fence to get into your yard, you are liable if one of them gets hurt. Find out how your landlord's homeowner's insurance would cover you if someone has an accident.

3) If you renovate your home, make sure that your current policy covers the changes you make to the property. Be sure to notify your insurer in the event that you make major changes to your house. Homeowners typically do not consider the fact that renovations may not be covered under their pre-existing homeowner's policy.

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Home Insurance

GLASGOW, UNITED KINGDOM - OCTOBER 08: A woman walks past a home insurance sign which refers to the current financial crisis on October 8, 2008 in Glasgow, Scotland. The UK government has announced 500 Billion GBP rescue package for the banking system in an attempt to help stabilising the economy. (Photo by Jeff J Mitchell/Getty Images)

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French national Alain Robert, (2nd R) also known as 'Spiderman,' is arrested by police after scaling the outside of the Lloyds Insurance building in central London, on April 2, 2009. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)

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French national Alain Robert, (C) also known as 'Spiderman,' is arrested by police after scaling the outside of the Lloyds Insurance building in central London, on April 2, 2009. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)

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French climber Alain Robert, also known as 'Spiderman,' scales the outside of the Lloyds Insurance building in central London, on April 2, 2009. Alain Robert, famous for his daring unaided ascents of skyscrapers and iconic sites around the world, was arrested once he had climbed back down, police told AFP. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)

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French climber Alain Robert, also known as 'Spiderman' scales the outside of the Lloyds Insurance building in central London, on April 2, 2009. Alain Robert, famous for his daring unaided ascents of skyscrapers and iconic sites around the world, was arrested once he had climbed back down, police told AFP. The 14-storey building, which is 88 metres tall, is home to the insurance group Lloyd's of London. The protest comes as world leaders meet in London for the G20 summit to thrash out solutions to the challenges facing the international community. AFP PHOTO/STRINGER (Photo credit should read STRINGER/AFP/Getty Images)

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LONDON - SEPTEMBER 25: A office worker walks into the Lloyd's Building, the home of the insurance institution Lloyd's of London on September 25 2008 in London, England. Lloyds of London are due to announce their interim results today as US President George Bush calls for the Ameriacn people to support his multi billion dollar rescue plan for the US economy. (Photo by Matt Cardy/Getty Images)

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LONDON - SEPTEMBER 25: A office worker walks from the Lloyd's Building, the home of the insurance institution Lloyd's of London on September 25 2008 in London, England. Lloyds of London are due to announce their interim results today as US President George Bush calls for the Ameriacn people to support his multi billion dollar rescue plan for the US economy. (Photo by Matt Cardy/Getty Images)

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LONDON - SEPTEMBER 25: City workers walk opposite the Lloyd's Building, the home of the insurance institution Lloyd's of London on September 25 2008 in London, England. Lloyds of London are due to announce their interim results today as US President George Bush calls for the Ameriacn people to support his multi billion dollar rescue plan for the US economy. (Photo by Matt Cardy/Getty Images)

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4) Ask questions of your carrier. Don't assume that your common understanding of the language in your contract means that you and the insurer are on the same page.

"For example, make sure you have a clear understanding of what is included in storm coverage in terms of protection against both floods and wind damage," says Chestnut. "This is very important for home owners in coastal areas, such as Florida. Typically, an agent will sell storm damage coverage but not necessarily include both flood AND wind damage protection."

5) If you have young children in the house, check that you fully understand the protection your insurer provides in the event that small children are injured in the home. Mr. Chestnut argues that if a child is injured in your home, you should send a note to your insurer requesting that the claim be resolved as quickly as possible. He argues that this is a good faith effort to show your responsibility to the insurer.

When it comes to property insurance, the bottom line is this: You've got to be educated on your insurance needs so that you aren't bankrupted over one major event. Many Americans go to bed feeling financially secure and wake up in the grips of economic devastation. Don't let that person be you.

For more information about Chris Chestnut visit www.chestnutfirm.com or (888) 374-4448. To have Chris speak to your organization, please call (502) 457-8852.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and the 2007 Black Speaker of the Year. Christopher Chestnut, JD is a prominent attorney in Gainesville, Florida. To have Dr. Boyce commentary delivered to your email, please click here.

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Victoria Rowell Wears Obama Dress to Support Health Care Reform

Alexis Stodghill — 2009-09-22T14:33:00 00:00

Filed under: Other

Wow. When Victoria Rowell wore this "President Obama Dress" dress to the 2009 Emmy Awards, millions of people around the world probably uttered the phrase simultaneously: "What was she thinking?"

The actress who played the iconic character Drucilla Winters on 'The Young and the Restless' released a statement to tell us exactly what inspired this rather unusual gown. It is a personal story that touches on the issues of health insurance and universal access to health care. Rowell told Essence.com:

"Setting the ruffles and caviar dreams aside is but a meager gesture to echo the herculean efforts of a health care reform package long overdue and one which President Obama is introducing for all Americans," Rowell told ESSENCE.com. "I spent 18 years in foster care, enduring inadequate health and dental care and unforgivably, was turned away more than once at a doctor's office. Nationally, 25,000 foster youth annually emancipate from foster care without health coverage," says Rowell. "I emerged from Washington D.C. Health and Human Services as a proud American citizen - an advocate not a victim."

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Victoria Rowell's Obama Dress

(C)AXELLE/BAUER-GRIFFIN.COM 61st Annual Primetime Emmy Awards. Nokia Theatre L.A. Live, Los Angeles, CA. September 20, 2009. Job: 90920A1. www.bauergriffin.com www.bauergriffinonline.com Pictured: Victoria Rowell.

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That Dress!

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Jason Merritt/Getty Images) *** Local Caption *** Victoria Rowell

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images) *** Local Caption *** Victoria Rowell

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images) *** Local Caption *** Victoria Rowell

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images) *** Local Caption *** Victoria Rowell

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images) *** Local Caption *** Victoria Rowell

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images) *** Local Caption *** Victoria Rowell

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images) *** Local Caption *** Victoria Rowell

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LOS ANGELES, CA - SEPTEMBER 20: Actress Victoria Rowell arrives at the 61st Primetime Emmy Awards held at the Nokia Theatre on September 20, 2009 in Los Angeles, California. (Photo by Kevork Djansezian/Getty Images) *** Local Caption *** Victoria Rowell

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Even if her message in wearing this dress was not perfectly clear, now that Rowell has elucidated her meaning, I hope it is one we can all rally behind. Her wearing this dress featuring the president may have seemed questionable, but she used her red carpet moment to promote a cause that is important to the millions of Americans without health insurance. This type of political display shows more tact and grace than those pundits and tea partiers using violent language and lies to get their feelings about health care reform across. This more than excuses a dress that on the surface appears tacky.

So to Victoria I say: Kudos for a creative, personal and meaningful display. Rowell was successful in bringing attention to Obama at a critical time. Let's help her spread her message about supporting the president in his health care reform battle. Send this article to your friends to get the word out on the meaning of Victoria Rowell's Obama dress -- and more importantly call your local representative to express your true feelings on health insurance, care and access. And do it with style and grace!

Via Bossip

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45,000 U.S. Deaths Caused By Lack of Insurance? We Need to Do Something Now

Alexis Stodghill — 2009-09-18T12:51:00 00:00

Filed under: Other

A Reuters story posted yesterday serves up a shocking statistic: "Nearly 45,000 people die in the United States each year -- one every 12 minutes -- in large part because they lack health insurance and can not get good care, Harvard Medical School researchers found in an analysis released on Thursday."

These are human lives lost forever due to the inefficient and greed-infused management of our health care system. Suddenly, those resistant Republicans and Tea Party protesters seem like more than just vociferous, empty-headed ranters. Their tactics are also stalling improvements in health care access that could easily save people. This amounts to basically co-signing on each death that occurs every 12 minutes from a victim's lack of medical access.

They say statistics can lie, but facts don't. And the harsh face of death is the fact that this horrible statistic reveals. The rate of 45,000 people per year puts the health care industry's poor organization among the top ten causes of death in U.S. every year. TOP TEN.

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Obama & Health Care

US President Barack Obama (L) shakes hands with members of the audience after delivering remarks on health care reform at the University of Maryland in College Park, Maryland, September 17, 2009. Thousands of people turned out Thursday, some waiting for hours from before sunrise, to hear President Barack Obama speak about his proposed health care reforms. TOPSHOTS/AFP PHOTO/Jim WATSON (Photo credit should read JIM WATSON/AFP/Getty Images)

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AFP

Obamas Health Care Fight

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Security personnel escort a man after he shouted against US President Barack Obama's healthcare reform while Obama spoke during a rally on healthcare at the Comcast Center in College Park, Maryland, on September 17, 2009. Thousands of people turned out Thursday, some waiting for hours from before sunrise, to hear President Barack Obama speak about his proposed health care reforms. TOPSHOTS/AFP PHOTO/Jewel SAMAD (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

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FILE - In this May 11, 2009 file photo, President Barack Obama, center, speaks about health care in the State Dining Room of the White House in Washington. It was a watershed moment in this year's health care struggle: Leaders of the insurance, hospital and other medical industries stood with President Obama and promised steps to save $2 trillion over the next decade. From left: Cedars-Sinai Health System President Thomas Priselac; Merck CEO Richard Clark; Kaiser Permanente CEO George Halvorson; Obama; American Medical Association President J. James Rohack; SEIU Healthcare chair Dennis Rivera; and Edwards Lifesciences CEO Michael Mussallem. (AP Photo/Charles Dharapak, FILE)

President Barack Obama greets the crowd at a rally on health care reform, Thursday, Sept. 17, 2009, at the Comcast Center at the University of Maryland in College Park, Md. (AP Photo/Charles Dharapak)

A man shouts from the audience while President Barack Obama delivered remarks during a health care rally at the University of Maryland in College Park., Md., Thursday, Sept. 17, 2009. The man was later removed by police. (AP Photo/Rob Carr)

A police officer talks with a man who shouted while President Barack Obama, as he delivered remarks during a health care rally at the University of Maryland in College Park, Md., Thursday, Sept. 17, 2009. The man was later removed from the audience. (AP Photo/Rob Carr)

President Barack Obama arrives at a rally on health care reform, Thursday, Sept. 17, 2009, at the Comcast Center at the University of Maryland in College Park, Md. (AP Photo/Charles Dharapak)

President Barack Obama delivers remarks during a health care rally at the University of Maryland in College Park, Md., Thursday, Sept. 17, 2009. (AP Photo/Rob Carr)

President Barack Obama talks on his cell phone in a loading area at the Comcast Center at the University of Maryland in College Park, Md., Thursday, Sept. 17, 2009, before he spoke at a rally on health care reform. At left is aide Reggie Love. (AP Photo/Charles Dharapak)

COLLEGE PARK, MD - SEPTEMBER 17: US President Barack Obama hugs cancer survivor Rachel Peck during a rally at University of Maryland Comcast Center on September 17, 2009 in College Park, Maryland. President Obama is trying to rally support for his health care insurance reform plan. (Photo by Mark Wilson/Getty Images) *** Local Caption *** Rachel Peck;Barack Obama

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The sorry state of American medicine has gone from underserving people to actually killing them through neglect. Anyone who attacks a leader attempting to alter this reality needs to quiet themselves unless they intend to address this fact seriously and bring a better plan.

President Obama's plan is modest, merely seeking to give the underinsured options to join plans that are already in place. It may cost more in the short term, but most experts agree that the long term financial cost of letting things remain the same can't be worse.

Is anyone measuring the cost in human lives?

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Insurance Company Ordered to Pay $10 Million for Revoking Policy of HIV-Positive Teen

Alexis Stodghill — 2009-09-18T12:21:00 00:00

Filed under: Other

From The Huffington Post: "The South Carolina Supreme Court has ordered an insurance company to pay $10 million for wrongly revoking the insurance policy of a 17-year-old college student after he tested positive for HIV. The court called the 2002 decision by the insurance company 'reprehensible.'

"That appears to be the most an insurance company has ever been ordered to pay in a case involving the practice known as rescission, in which insurance companies retroactively cancel coverage for policyholders based on alleged misstatements - sometimes right after diagnoses of life-threatening diseases"

In the current health care debate, do common practices such as this spur you to get behind efforts at industry reform? Leave your thoughts below.

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Obama & Health Care

AFP/Getty Images

AFP

Obamas Health Care Fight

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President Barack Obama arrives at a rally on health care reform, Thursday, Sept. 17, 2009, at the Comcast Center at the University of Maryland in College Park, Md. (AP Photo/Charles Dharapak)

President Barack Obama delivers remarks during a health care rally at the University of Maryland in College Park, Md., Thursday, Sept. 17, 2009. (AP Photo/Rob Carr)

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Read the full story on The Huffington Post.

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Financial Lovemaking: Couple Divorces to Save Money

Boyce Watkins, PhD — 2009-09-17T09:31:00 00:00

Filed under: Advice, Other

Imagine that you are deeply in love with your soul mate, entering your twilight years together. You then get several pieces of news from your doctor: One of you has breast cancer and the other has intestinal bleeding. As if that weren't bad enough, you then find out from your insurer that they are only going to cover 10% of the cost of your expensive surgeries, even though you've paid your insurance premiums and been a good citizen.

If you've ever have a bad day, just remember that Mary McCurnin and Ron Bednar have had worse. Not only have their financial woes threatened the couple's physical health, the problems have also undermined the couple's ability to maintain their marital vows, since they are now filing for divorce so they can afford to pay their medical bills.Mary and Ron have experienced something that threatens the financial livelihood of millions of Americans: the risk of getting sick and being underinsured. While we know about the 50 million Americans without health insurance, most of us are unaware that there are another 25 million Americans who are underinsured. Medical costs are dramatically inflated, so even middle class Americans with two working adults in the household could be instantly bankrupted in the event of a serious health problem. Most of us don't read the fine print on our insurance contracts and don't realize that there are typically limits on the dollar amount of coverage you can receive during your lifetime. So, if you find yourself getting one surgery after another, you may see your savings and home equity disappear.

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If You're in Deep Debt Trouble ...

Make at Least the Minimum Payments

While you are working on debt relief, do everything you can to keep making the minimum payments on your credit cards. Of course, we'd love for you to pay MORE than the minimums each month so you can pay your credit cards down faster. But at least make your minimum payment so you don't get hit with huge penalties and interest. Perhaps most importantly, it will keep your credit debt in the hands of your credit card company rather than having it turned over to a collections agency.

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If Youre in Deep Debt Trouble ...

It's a sure sign of the times: millions of Americans are having a hard time keeping their heads above water. Credit card delinquencies are up 18% in the last three months. People are walking away from their homes because they can't make the mortgage payment. What about you? Is your stomach in knots when the mail arrives or the phone rings? Find out the steps you can take today to begin digging yourself out of this debt trouble. Personal finance experts Ken and Daria Dolan of Dolans.com walk through your options.

Mouse over the photo at left, and use the arrows to click through our gallery and see the Dolans' expert suggestions for dealing with debt trouble.

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Try to Negotiate ...

If making even the minimum payments on your loans is getting to be too much for you, it's time to go directly to your creditors and try and negotiate. You can negotiate for a lower minimum, lower interest rate or different payment terms. Trust us: Your creditors want to get paid -- they may not like having to reduce your payments (and they may even put a nasty mark on your credit report), but you stand a good chance of getting at least one or two of your creditors to make a reduction. Just remember to be polite and non-confrontational when you call ... and tell them what you CAN pay every month. If the rep you're talking to isn't a help, ask to speak to her supervisor.

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Consider Credit Counseling

If you're getting nowhere with your creditors directly, then it's time to contact a credit counseling service. A good credit counseling service will help you create a personal spending budget. Most also offer debt management services in which they'll contact and negotiate lower payments and interest rates with all of your creditors. (Plus another benefit is you only need to write one check to the service and they'll distribute the payments for you.) There are both private and non-profit organizations in this arena, but beware -- there are some shady characters in this field. We suggest starting with the National Foundation for Credit Counseling (NFCC.org), a non-profit that includes the longstanding and reputable Consumer Credit Counseling Service.

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Consolidate Your Debt

If you're constantly robbing Peter to pay Paul every month -- juggling payments on car loans and credit cards -- then debt consolidation might be the best answer for you. With it, you can roll all of your balances into one big loan. It'll reduce your monthly debt, plus it should reduce the amount of time it takes to pay it all off. There's one catch: Your credit needs to be decent in order to get a debt consolidation loan, so if you have a lot of credit dings and dents due to spotty payments, this may not be an option for you.

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Settle if You Can

If you're way past due on a credit account, you may be able to make an offer your creditor can't refuse. This is especially true if the account is so delinquent that it's already been turned over to a collection agency. In this case, call your credit card company and offer to settle your debt by making a reduced one-time payment that will clear up the debt for good. This is only in the event you can't pay the account off in full and have no hope of doing so in the near future. Settling your debt can prevent a lawsuit and even the resale of your debt to another creditor. Offer 50 to 70 cents for every dollar you owed -- so offer to pay $500-$700 on a $1,000 debt. Debt settlement will show up on your credit report, so your score may suffer, but you'll do far more damage by having an open delinquent account on your record.

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Bankruptcy as a Last Resort

When you've exhausted all other options we discussed and you don't see any other way out, bankruptcy may be your last resort. Bankruptcy certainly isn't something to jump into lightly. It will ruin your credit for several years, and will even affect your ability to rent a home and secure a new job! If, after doing some numbers-crunching, you determine it'll take you longer than FIVE years to pay off everything you own, then you may want to go the bankruptcy route. But before you do...

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Bankruptcy Options

If bankruptcy is your only answer, keep in mind you have two options. Chapter 7 allows you to wipe out most, if not all, of your debts while Chapter 13 works out a realistic repayment plan under court protection. As appealing as Chapter 7 might sound, keep in mind that your income might be too high for you to qualify for it. With Chapter 7, not all debts are excused. You don't get to skip out on Uncle Sam, nor will you be free and clear of any outstanding child support or alimony payments. Also, a Chapter 7 bankruptcy will stay on your credit report for 10 years, as opposed to Chapter 13, which will be removed after 7 years.

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Communication Is Key

As you try to get out from under your debt, the single most important thing you need to do is keep the lines of communication open with your creditors. Evading phone calls from creditors and collection agencies and tossing out reminder notices will only get you in deeper trouble. Instead, address these phone calls and letters directly and promptly. Be open and tell them your situation -- e.g. you lost your job, you're going through a divorce, etc. -- and make sure they know your main goal is to work on repaying them in some form. Remember: The more upfront you are with your creditors, the less likely you'll be harassed. You'll also stand a greater chance of working out a reasonable repayment plan directly with them.

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Know Your Rights!

Speaking of harassing creditors, we want you to be fully aware that you DO have rights when it comes to how your creditors "work" with you. No matter how much hot water you're in, you're protected by the Fair Debt Collection Practices Act. Your creditors can't contact you before 8am or after 9pm. They also can not call you at your place of employment unless you give them permission. Debt collectors are also barred from falsifying who they are, or making false threats (like telling you that you will be arrested or will lose your home if you don't pay up). To find out more about your rights, check out the FTC Web site.

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Dr. Elaina George, a Physician in Atlanta, had this to say:

"Stories like this highlight the fact that the insurance companies have made money on the misery of Americans. For an insurance company to only pay 10% of the bill is outrageous," said Dr. George, who recently spoke on this issue with Michael Baisden. "Unfortunately, this story is not unique. The insurance industry has been very successful at gaming the system. The various companies along with their subsidiaries have cornered health care delivery. They are involved with everything from the codes your physician uses to document your visit, to the electronic transfer of information for billing from the doctor's office to the insurance company, to what medications your doctor will be allowed to prescribe for you, to what medical care you will be allowed to receive."

To read more of Dr. George's comments on this topic, please click here.

The couple decided that divorce was the only way to pay the bills because Mary realized that she could get access to her deceased husband's social security if she was a single woman. Additionally, the couple's homes are both nearing foreclosure and they are bumping into the "gray wall" when it comes to trying to find employment. Times are tough, they are entering into an uncertain retirement, and the thing that matters to them the most is being threatened: their love for one another.

When it comes to Mary and Ron's tragic story, the bottom line is this: Health care certainly needs an overhaul, and Obama can't give the health care system the medicine it needs. The system is now a horrible mess of special interest groups who all earn their piece of the profit pie on the backs of the American consumer. No matter what happens with health care reform, we are all best advised to read the fine print on our insurance policies, save our money, invest for the future and engage in preventative health measures to reduce the likelihood of getting sick. These actions may not exclude you from risk, but there is something to be said about minimizing it.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good." To have Dr. Boyce commentary delivered directly to your email, please click here.

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Michael Baisden and Dr. Elaina George Explain Health Care Reform

Boyce Watkins, PhD — 2009-09-16T16:03:00 00:00

Filed under: Interviews

Although many Americans have seen and heard the insane debate over health care, almost no one understands what's going on. This is doubly true for the African American community, who is affected greatly by this debate and its outcomes. Most black bloggers aren't talking about it and black doctors are too busy to inform the community.

Michael Baisden got with Dr. Elaina George, a prominent black physician in the Atlanta area, to break down the public option, health care and all related issues in the interview below.During the interview, Dr. George and Baisden answer some important questions:

- What is the public option anyway? Why do most Americans not understand it?
- Can anyone get the public option?
- Can I choose my doctor if I have the public option?
- What are health insurance companies doing the manipulate health care reform?
- Is there anything in the legislation designed to reduce the high cost of drugs?

Click the interview below to hear the conversation in more detail.

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Obama & Health Care

WASHINGTON - SEPTEMBER 16: (AFP OUT) U.S. President Barack Obama speaks at the Congressional Hispanic Caucus Institute (CHCI) dinner September 16, 2009 in Washington, DC. Obama spoke about Sotomayor and his health care plan at the event. (Photo by Dennis Brack-Pool/Getty Images) *** Local Caption *** Barack Obama

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Health Care Debate

FILE-This Sept. 15, 2009 file photo shows Rep. Joe Wilson, R-S.C., speaking to reporters on Capitol Hill in Washington. The House voted to admonish Wilson over his "You lie" outburst to President Barack Obama during the president's health care speech to Congress.(AP Photo/Harry Hamburg,File)

PARIS, September 16, 2009 (AFP) - AFP photo coverage advisory - PART II --ASIA (cont'd) -- TOKYO: Political developments in Japan a day after Democratic Party leader Yukio Hatoyama was elected prime minister. KUALA LUMPUR:State-linked investment firm Temasek Holdings releases its annual financial results. AFGHANISTAN: Situation following presidential elections --AMERICAS-- BRAZIL: Visit of US Trade Representative, Ron Kirk. COLLEGE PARK, MD: US President Barack Obama holds a public rally on health care. WASHINGTON: US President Barak Obama holds a Medal of Honor ceremony to posthumously award Army Sgt. 1st Class Jared Monti for his heroic actions in combat in Afghanistan. WASHINGTON: US First Lady Michelle Obama attends the opening of FRESHFARM, a new farmers� market. WASHINGTON: US Treasury Secretary Tim Geithner will hosts event to discuss emerging trends and new actions to combat fraud against consumers in the housing markets. WASHINGTON: US Health and Human Services Secretary Kathleen Sebelius delivers remarks at a Joint Center for Political and Economic Studies briefing on "Health Equity: A Moral and Economic Imperative!" WASHINGTON: Press briefing by US Secretary of Defense Robert M. Gates and Vice Chairman, Joint Chiefs of Staff, Gen. James E. Cartwright. BALTIMORE: Putting Baltimore Back to Work Job Fair. UNITED NATIONS: Briefing with United Nation Secretary General Ban Ki-Moon. NEW YORK: Fashion Week. LOS ANGELES: Emmy show announcement HAITI, PORT-AU-PRINCE: Situation as develops --SPORTS-- FOOTBALL: South American Cup: Lanus FC - River Plate in Buenos Aires. FOOTBALL: Europa League and UEFA Cup matches GOLF, SAN DIEGO: LPGA Golf. EQUESTRIAN: Super League CSIO in Barcelona CYCLING: 18th stage of the Tour of Spain. BASKETBALL: European Championships (Photo credit should read AFP/AFP/Getty Images)

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Former President Jimmy Carter speaks during his 28th annual town hall meeting at Emory University in Atlanta, Wednesday, Sept. 16, 2009. Carter answered questions from Emory students on the topics of President Barack Obama, health care reform and the Middle East. (AP Photo/Paul Abell)

Former President Jimmy Carter waves to the crows as he is introduced at the 28th annual town hall meeting at Emory University in Atlanta, Wednesday, Sept. 16, 2009. Carter answered questions from Emory students on the topics of President Barack Obama, health care reform and the Middle East. (AP Photo/Paul Abell)

HONG KONG - September 17, 2009 (AFP) - AFP photo coverage advisory PART II Tel: (852) 2829 6206 Duty editor: Antony Dickson --AMERICAS-- BRAZIL: Visit of US Trade Representative, Ron Kirk. COLLEGE PARK, MD: US President Barack Obama holds a public rally on health care. WASHINGTON: US President Barak Obama holds a Medal of Honor ceremony to posthumously award Army Sgt. 1st Class Jared Monti for his heroic actions in combat in Afghanistan. WASHINGTON: US First Lady Michelle Obama attends the opening of FRESHFARM, a new farmers� market. WASHINGTON: US Treasury Secretary Tim Geithner will hosts event to discuss emerging trends and new actions to combat fraud against consumers in the housing markets. WASHINGTON: US Health and Human Services Secretary Kathleen Sebelius delivers remarks at a Joint Center for Political and Economic Studies briefing on "Health Equity: A Moral and Economic Imperative!" WASHINGTON: Press briefing by US Secretary of Defense Robert M. Gates and Vice Chairman, Joint Chiefs of Staff, Gen. James E. Cartwright. BALTIMORE: Putting Baltimore Back to Work Job Fair. UNITED NATIONS: Briefing with United Nation Secretary General Ban Ki-Moon. NEW YORK: Fashion Week. LOS ANGELES: Emmy show announcement HAITI, PORT-AU-PRINCE: Situation as develops --SPORTS-- FOOTBALL: South American Cup: Lanus FC - River Plate in Buenos Aires. FOOTBALL: Europa League Hapoel Tel Aviv v Celtic. GOLF, SAN DIEGO: LPGA Golf. CYCLING: 18th stage of the Tour of Spain. (Photo credit should read AFP/AFP/Getty Images)

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WASHINGTON - SEPTEMBER 16: (AFP OUT) (L-R) Singers Marc Anthony and Jennifer Lopez watch President Barack Obama and First Lady Michelle Obama during the Congressional Hispanic Caucus Institute (CHCI) dinner September 16, 2009 in Washington, DC. Obama spoke about Sotomayor and his health care plan at the event. (Photo by Dennis Brack-Pool/Getty Images) *** Local Caption *** Sonia Sotomayor;Jennifer Lopez;Marc Anthony

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WASHINGTON - SEPTEMBER 16: (AFP OUT) (L-R) Supreme Court Justice Sonia Sotomayor, singers Marc Anthony and Jennifer Lopez watch President Barack Obama and First Lady Michelle Obama during the Congressional Hispanic Caucus Institute (CHCI) dinner September 16, 2009 in Washington, DC. Obama spoke about Sotomayor and his health care plan at the event. (Photo by Dennis Brack-Pool/Getty Images) *** Local Caption *** Sonia Sotomayor;Jennifer Lopez;Marc Anthony

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Dr. Boyce Watkins is a Finance Professor at Syracuse University and the author of the forthcoming book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.

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The Odd Relationship Between Insurance Companies and Doctors

Boyce Watkins, PhD — 2009-09-13T22:17:00 00:00

Filed under: Interviews, Other

One of the things missing from the healthcare debate in the black community is how insurance companies are going to pay their part of the bill. The insurance industry has proven itself to be financially careless, as evidenced by the financial troubles of AIG and other major companies. How has this impacted doctors, particularly African American Physicians?

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10 Things Your Pharmacist Won't Tell You

It seems that doctors are prescribing a lot more medication than they used to. In 2007 pharmacists filled 3.8 billion prescriptions, up from 3.3 billion in 2002. Click through our gallery to see SmartMoney's 10 things your pharmacist won't tell you.

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10 Things Your Pharmacist Wont Tell You

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1. "I'm overworked and stressed out . . ."

It seems that doctors are prescribing a lot more medication than they used to. In 2007 pharmacists filled 3.8 billion prescriptions, up from 3.3 billion in 2002. Michael Negrete, CEO of the Pharmacy Foundation of California, says that some physicians may actually be prescribing drugs unnecessarily, say for the flu. "It's easier and quicker than explaining to a patient why they don't need an antibiotic," Negrete says.

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2. ". . . .which means I'm more error-prone."

At first it was a bit of a mystery: When Daniel Hawkins of Danville, Calif., took the penicillin he was prescribed, he became violently ill. But days later it was discovered that he had mistakenly been given Zoloft, an antidepressant. It may sound like an isolated incident, but it happens all the time. In California alone, there were 433 complaints of prescription error filed with the state Pharmacy Board in 2007. Those inside the pharmacy industry blame such mix-ups on long hours, tough working conditions, and a shortage of qualified personnel.

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3. "I don't understand all my merchandise."

With so many people taking an interest in alternative medicine these days, most pharmacies sell profitable herbal remedies right at the prescription counter. This setup encourages customers to make impulsive herbal purchases while picking up their prescriptions. But many pharmacists are woefully uninformed about the complications that can develop when various drugs get taken in tandem. Even if your druggist sees you purchasing, say, the memory enhancer ginkgo biloba as you pick up a prescription for the blood thinner Coumadin, studies have shown that he may fail to recognize that the two taken together increase your risk of internal bleeding and stroke.

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4. "My drug-swapping could make you sick."

Pharmacists will sometimes switch up a patient's medication from one manufacturer's make to another without ever asking permission. And most of the time, it's fine. But there are times when this practice can be dangerous, particularly in the case of epilepsy patients and some people on thyroid or heart medication.

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5. "Frankly, your private records aren't all that private."

While the Health Insurance Portability and Accountability Act (HIPAA), first enacted by Congress in 1996, has helped to better protect patients' privacy over the years by ushering in a host of confidentiality laws, there are still some ways that information about your health and medication history can get disseminated without your knowledge. For example, drug companies are still paying pharmacists to access customers' personal information for consumer marketing so that they can send out refill reminders or information about a new drug brand to patients.

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6. "I can be pretty sneaky sometimes."

It's certainly not true of all pharmacists, but some have been known to resort to underhanded tricks in order to beef up their profit margins. Jim Sheehan, an associate U.S. attorney based in Philadelphia, experienced this firsthand when he was on vacation in Florida and came down with strep throat. A local pharmacist there inspected Sheehan's prescription for antibiotics from a nearby urgent-care center and offered the following choice: Pay cash for the medicine and get it immediately, or run it through Sheehan's insurance company and wait half an hour since he was from out of state.

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7. "Paying out-of-pocket? The price of your prescription just went up."

The pharmacy business should be all about uniformity. Go from drugstore to drugstore, and your prescription should have the same name, dosage, and instructions for use. But that's not always the case when it comes to the cost of medication: A recent comparison of pharmacies found little consistency in the price of prescriptions. Why? There are differences in the cost of doing business -- rents vary, as do other fixed expenses.

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8. "This medication is stale."

Most people don't think that underworld crime figures can come between them and their Celebrex. Well, they haven't heard of Anthony "Tony Ripe" Civella. In 1991 Civella was convicted of buying $1 million worth of discounted drugs that were supposed to go to nursing homes -- where large quantities of medication are purchased at bulk prices and used quickly -- but instead found their way to retail pharmacies (at a tidy profit for Tony Ripe). The problem is called "drug diversion." In a typical case, crooked druggists buy diverted medication at reduced prices and in quantities far bigger than they're legally allowed to handle; by the time the last of the shipment reaches consumers, the pills are long out of date.

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9. "I don't just sell drugs. I make them."

Say your five-year-old needs a medication that comes only in pill form. If you think he'll do better with a liquid, you can ask your pharmacist to make the conversion himself -- right there at the store. It's called "compounding" -- a traditional practice in which pharmacies combine, mix, or alter ingredients to create unique medications that meet specific needs of a patient -- and when done right, it's perfectly safe. But some pharmacists compound drugs that already exist -- such as injectable morphine or hormonereplacement- therapy meds, for example -- because it's cheaper.

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In the conversation below, Dr. Elaina George, a prominent Otolarygologist out of Atlanta, GA speaks with Delores Jones about the relationship between insurance companies and doctors. Some of this information might surprise you. Click below to listen.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good." To have Dr. Boyce commentary delivered to your email, please click here.

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Barack Obama Got Gangsta with His Critics: Good for Him

Boyce Watkins, PhD — 2009-09-10T10:04:00 00:00

Filed under: Advice, Other

The other day, I mentioned that it was time for President Obama to get tough with his critics. Their below-the-belt attacks on the Beltway were getting to the point of embarrassing our great nation. We were reverting to 1920s lynch mobs and watching behavior that fell short of the threshold of human decency.

Well, when you're confronted with a monster, you sometimes have to become one. And last night, the president was a monster.I applaud his firm approach when dealing with his critics. President Obama stood tall and strong, showing the vision of a great president. He also confronted Republican lies and misinformation directly. From a political standpoint, the speech was a mobilizer, which is called for when the opposition refuses to work with you and consistently pushes to dismantle your agenda. The right wing does not like this president, and they are using dirty tools of American racism and distrust of black men to win their fight with Obama.

The battle was further energized by the ridiculous outburst by South Carolina Republican Jim Wilson, who shouted "You lie!" in the middle of the President's speech. Sorry Joe, bad move. Sometimes your enemies can be your greatest allies, and in this case, Obama needs to send Wilson a Thank You card. His actions were yet another spread of icing on the cake of energy that the president created with his stellar performance before Congress.

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Insurance Protection Against Disasters

Your Drunk Friends
If you've just hosted a rollicking party but one of your guests left drunk and caused an accident, the finger of blame could point at you. In most states, you can be held responsible for his actions and find yourself in court. If a civil claim is filed against you, your home insurance pays for your legal representation and any damages the court awards -- up to the limits of your policy. It's important to have adequate liability coverage. Most insurance agents recommend buying liability coverage between $300,000 and $500,000.

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Insurance Protection Against Disasters

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Family Grave Markers
If a grave monument on a family plot has been vandalized or otherwise damaged, such as struck by lightning, it may be covered, depending on your insurance company. Many companies provide up to $5,000 for damage to a grave marker, including headstones, monuments and urns, according to III. However, policies generally exclude damage resulting from a catastrophe, such as a hurricane. There's no additional charge for this coverage.

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Your Naughty Dog
Say your normally mild-mannered tail-wagger has a bad day. One of your neighbor's children wants to play but your pooch isn't in the mood and responds negatively. The bite causes the child an injury that requires hospitalization. Your neighbor sues you, seeking reimbursement for the child's medical bills. Depending on what breed of dog you own, where you live and your insurance company, home insurance may have you covered. Some home insurers have lists of breeds and crossbreeds they will not insure; other insurers consider such breeds on a case-by-case basis, or charge more for certain "biting" breeds such as pit bulls. Check your policy or call to see if you have coverage.

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Stolen Gifts
We've all stashed purchases in our car in a mall parking lot and gone back in for more shopping. But car insurance does not cover personal possessions that are stolen from your vehicle. Fortunately, theft of personal property is covered under your home insurance. You'll need to file a police report and pay a deductible to make a theft-related insurance claim. If your receipts are stolen along with your gifts, you will need to document your purchases, perhaps by obtaining duplicate receipts from the stores.

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Flat Tires, Lock Outs and More
A number of things can go wrong with your car. Maybe you hit a pothole on your way to work and suffer a flat tire. Perhaps you mindlessly locked your keys inside your car. It's possible that your gas gauge malfunctioned and you ran out of gas. If you added roadside assistance coverage to your car insurance policy, you're covered for most of these things. For example, Progressive's Emergency Roadside Assistance coverage includes towing, flat-tire changes, battery jumpstarts, emergency fuel and fluid delivery and locksmith service. Roadside assistance coverage is optional and relatively cheap.

Those Reckless Friends
If you loan your car to a friend for a few hours and he crashes it, your own insurance policy will come to your rescue. (It doesn't matter whether or not your friend is insured, because your policy kicks in on your car.) Your policy insures your vehicle plus "you, any relative and anyone else using your car if the use is with your permission." Even if your friend has his own car insurance, your insurance will pay for damage caused to others and, if you carry collision insurance, for damage to your car. However, you'll have to pay your deductible for any collision claim.

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Bad Checks, Fake Cash and Other Fraud
If someone writes you a bogus check, your credit card is stolen or you unknowingly accepted counterfeit cash, you could be covered. According to the Insurance Information Institute (III), home insurance coverage can include unauthorized use of credit cards, forged checks and counterfeit cash. However, policy limits are generally very low, such as $500.

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Your Stolen Gun
Say your teen invites a few friends to your home and later you discover that your .40 caliber semiautomatic handgun is missing. You would report the theft and your home insurance will likely cover it. Most standard policies cover theft of firearms for up to $1,500. If you own an extensive collection of guns, consider purchasing extra coverage.

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Your Child's College Dorm Room
If a thief robs your child's college dorm, your home insurance policy should have you covered. Most home insurance policies will extend coverage to theft of personal belongings in your child's dorm. However, coverage does not extend to an off-campus apartment rented by your child; for that you'll need renter's insurance. Also, your child must be a full-time student and be considered your dependent for coverage to apply.

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Terrorism
Hopefully, it will never, ever happen, but in the unlikely event that a terrorist group bombs your neighborhood, your property is covered under both your home and car insurance policies. Standard homeowners insurance policies include coverage for damage to property and personal possessions resulting from an act of terrorism. If your car is damaged or destroyed in a terrorist attack, your car insurance policy will cover the damage if you have purchased comprehensive coverage. But if you carry only liability coverage, your car would not be covered.

While terrorism is covered, acts of war are excluded. After an attack, the government would declare whether it is terrorism or war and your insurance will respond accordingly. Note that biological and nuclear attacks are not covered.

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I have no doubt that the president's approval ratings went up after last night's speech. He now has many Democrats convinced that they can and should get a bill passed this year. What is still uncertain is whether or not he can appease his liberal base by exploring possibilities that go beyond the public option. The nation also has yet to find out how the president plans to find ways to pay for his vast overhaul of the healthcare system. Our national debt has spiraled out of control, and it will probably not be reigned in during our lifetimes.

One thing Obama did sacrifice in exchange for mobilization was some good will among Republicans. When you stand up to the bully, he is not going to appreciate your decision. So, if Obama has the political juice to get his reforms passed without much Republican support, then his gamble will be worth it. Expect a less dramatic version of his current healthcare proposal to be passed before the end of this year. Obama is not likely to fail.

Dr. Elaina George, a prominent physician in the Atlanta area, gave the president credit for providing a clearer speech, although she critiqued him for not addressing the high cost of healthcare. She was also correct in arguing that insurance companies are not being held accountable for their role in keeping healthcare costs high for the average American family. I agree with her sentiments.

The president has a rough road ahead. But I believe he is going to win this fight because he absolutely has to. Like Michael Jordan in the fourth quarter, this is when President Obama is going to let his light shine the brightest. Let's sit back and watch the show.

Dr. Boyce Watkins is a Finance Professor at Syracuse University. To have Dr. Boyce commentary delivered to your email, please click here.

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6 Things Insurance Companies Do to Keep You from Getting Paid

Boyce Watkins, PhD — 2009-09-08T17:59:00 00:00

Filed under: Interviews, Term

As we learn how the insurance industry works, I thought I'd reach out to prominent Atlanta Physician Dr. Elaina George, who can give us some inside scoops on what insurance companies do to make it difficult for doctors to provide proper care. Here is what she had to say:

1.Insurance companies change what they will pay for

Through the pre-certification process, insurance companies will change what services they will reimburse. This list can change yearly. It is driven by insurance company costs and not by medical necessity as determined by the doctor and the patient.

2. Insurance companies have gatekeepers that look for reasons to deny recommended services.

Insurance companies have physicians and/or nurses on staff that can deny services. The person that reviews the procedure may not even be someone familiar with the medical procedure (for example, a psychiatrist reviewing the records of a surgeon).

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Insured Celeb Body Parts

Guess the Celeb & Insurance Amount:
This famous woman recently went from being "emancipated" to married.

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Insurance Protection Against Disasters

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3. Insurance gatekeepers get bonus compensation when they save the company money. This is pretty self explanatory - it pays to deny care.

4. Insurance companies discount payments for surgery and other procedures.

This is a process called bundling. If the procedure has a left and right side like knee surgery or has several steps. like sinus surgery, the surgeon will be paid a steeply discounted rate that can be as high as an 80% discount. For example, a surgeon will be paid the discounted insurance allowed amount for the 1st side and 50% for the second side. If it is a multi-step procedure, the surgeon will be paid the allowed amount for the 1st step, 50% for the second step and 25% for 3-5th step then nothing for anything beyond the 5th step.

5. Insurance companies make a bigger profit by delaying payment to doctors

A study showed that an insurance company can make as much as $84,000 in bank interest rates each day they pay a claim late. By law an average clean claim (with no errors) should be paid from 14-30 days after it is submitted by a doctor's office. The average claim is paid anywhere from 30-45 days. Some claims, after multiple appeals, can take up to a year to be paid after the service was given.

6. Insurance companies can ask the doctor for reimbursement of paid claims indefinitely.

A doctor has 120 days to submit a claim, after that time he/she may not submit a charge or charge the patient. However, an insurance company can ask for reimbursement with no time limit.

Dr. Boyce Watkins is a Finance Professor at Syracuse University. Dr. Elaina George is an Otolaryngologist in Atlanta, Georgia. To have Dr. Boyce commentary delivered to your email, please click here.

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Dr Boyce: What You Should Know About the Insurance Industry

Boyce Watkins, PhD — 2009-08-27T10:44:00 00:00

Filed under: Other

The insurance industry is tricky, but it might make sense to turn the spotlight to explain how it's all laid out. In order to do that, I spoke with Dr. Elaina George, a prominent physician in the city of Atlanta. In a recent article about the insurance industry, Dr. George went into detail to explain how it all works. She is leading a charge by physicians around the nation who wish to scrutinize the link between insurance companies, hospitals, big pharmaceutical companies and the White House.

Here is what Dr. George had to say:

· Major players in the game. Click here to see a list of major players in the insurance industry. These giants earn millions from the American public, and some feel that they play a role in the sad state of the industry. The interpretation of their work is up to you.

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Obama & Health Care

President Barack Obama arrives to speak at a rally on health care reform, Thursday, Sept. 17, 2009, at the Comcast Center at the University of Maryland in College Park, Md. (AP Photo/Charles Dharapak)

· Most of the insurance companies are for profit corporations. The primary goal of a publicly traded, for profit company is not to heal the sick or help the public. The number one objective is to maximize shareholder wealth. This can lead to contradictions and warped incentives.

· Doctors do not receive money for ordering tests. Dr. George points out that many people (including the president) villify doctors for being the reason that healthcare is so expensive. She argues that many doctors do not get extra money for ordering additional tests, blowing a hole in the myth that doctors get rich by over-testing patients.

· Premiums have gone up, but not for the reasons you think. According to Dr. George, premiums have risen to pay for the insurance industry's cost of doing business (including shareholders and CEO salaries), while reimbursements for doctors have dropped by about 60-70% over the last 10 years. Dr. George, who is an advocate for physicians in healthcare reform, explains that the cost of doing business for insurance companies has led to rising premiums, not the fee for the actual doctor.

· Insurance companies make money by having you use certain drugs. Dr. George explains that many insurance companies have subsidiaries that work with pharmaceutical companies. These subsidiaries then work to ensure the promotion of certain drugs so that the they are ultimately prescribed to the patient. This increases their profit margins.

· Do some insurance companies invade patient privacy? Dr. George explains that insurance companies buy lists from pharmacy clearing houses that state all the prescriptions the patient has gotten in their lifetime. She argues that these lists are used to deny coverage for patients with a "pre-existing condition," even if the prescription has only been filled one time.

To read more of Dr. George's comments, please click here.

Dr. Boyce Watkins is the founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.

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