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Wells Fargo in process of refunding customers for add-on products: WSJ

“Wells Fargo said in its latest quarterly filing that there was an ongoing review of “add-on” products across the company, adding it had started remediation efforts where it had identified impacted customers” reports businessinsider.com. Wells Fargo charged monthly fees for these products ranging from pet insurance to legal services that customers did not fully understand, the Journal reported, citing people familiar with the matter.FILE PHOTO: A Wells Fargo stagecoach is seen at the SIBOS banking and financial conference in Toronto Thomson Reuters (Reuters) – Wells Fargo & Co is in…

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Bill would give young people more Obamacare subsidies

“Health insurance through Obamacare can be costly for people making above $48,000 a year, the income threshold at which they no longer qualify for subsidies” reports washingtonexaminer.com. Under the proposal, the maximum percentage of income that young adults would have to pay toward health insurance under Obamacare would decrease by 2.5 percentage points for people between the ages of 18 to 30. Source: washingtonexaminer.com Share This:

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Virtual Cards Run Into Payroll Card-Like Legal Troubles

“The Georgia Dental Association and the Medical Association of Georgia, along with groups representing pharmacists, hospitals and other healthcare providers, all backed the legislation, according to reports” reports pymnts.com. The debate involves virtual cards and their use by insurers to pay healthcare providers.Virtual card fees are not the only controversial B2B payment fee topic today. Source: pymnts.com Share This:

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China pushes for lower cancer drug prices: Xinhua

“A national medical insurance system began covering 16 brands of targeted cancer drugs last year, cutting prices by 44 percent on average, Xinhua reported this year” writes Midwest Communications Inc for 95kqds.com. SHANGHAI (Reuters) – China’s new medical insurance regulator will begin negotiations with domestic and overseas pharmaceutical companies to lower prices of cancer drugs in a bid to cut the financial burden on patients, state news agency Xinhua said on Saturday. Source: 95kqds.com Share This:

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SMB Insurance, Robo-Advisors Prove Unexpected Winners In B2B Funding

“While it was a quiet week for the industry, B2B startups still managed to secure more than $190 million in funding, mostly situated in the U.S. and Singapore” reports pymnts.com. On the human resources front, New York- and San Francisco-based Greenhouse announced $50 million in Series D funding this week.Its Series A funding was led by current investors, the company said, though a press release announcing the funding did not specify the identity of the backers.The latest funding was led by Franklin Templeton Investments, reports in Crowdfund Insider said.Next Insurance…

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Why Canadian insurers are wary of covering medical marijuana

“As of May, AOK had approved 9,700 patients for medical marijuana, about two-thirds of its applications since Germany legalized medical marijuana last March” writes Midwest Communications Inc for 95kqds.com. Grocery chain Loblaw last year became the first major Canadian company to ask its insurers to cover medical marijuana.TORONTO (Reuters) – Sun Life Financial, Canada’s No. 2 insurer, recently started covering medical marijuana in its Canadian health insurance plan – more than 17 years after the country first legalized it.”It’s not medical marijuana for any purpose,” said Dave Jones, senior vice-president…

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Administration Halts Billions in Payments to Insurance Companies

“The Centers for Medicare and Medicaid Services, which administers programs under the Affordable Care Act, said the action affects $10.4 billion in risk adjustment payments” writes Reuters Editorial for reuters.com. As a result of this litigation, billions of dollars in risk adjustment payments and collections are now on hold,” CMS Administrator Seema Verma said in a statement.WASHINGTON (Reuters) – The Trump administration on Saturday halted billions of dollars in payments to health insurers under the Obamacare healthcare law, saying that a recent federal court ruling prevents the money from being…

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Dodgy insurance tactics used on Indigenous people

“Yolngu woman Kathy Marika, a 60-year-old grandmother from Arnhem Land, was repeatedly firm: she did not want to buy funeral insurance” writes Ben Doherty for theguardian.com. The commission, before Justice Kenneth Hayne, heard companies pressured Aboriginal people into taking out life and funeral insurance even if they were already covered, or into taking out expensive funeral insurance for babies and children.Another company, the Aboriginal Community Benefit Fund (ACBF), was alleged to have falsely represented itself as an Indigenous company, containing images of the rainbow serpent, and Aboriginal families and art…

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Square withdraws FDIC bank-charter application, plans to refile

“Square filed in September for an ILC, which lets non-traditional financial companies take deposits and face fewer regulations than a traditional bank” writes Emily Bary for marketwatch.com. Square’s application for an industrial-loan charter that was filed with Utah’s Department of Financial Institutions remains active, according to the statement.SQ, +3.89% has withdrawn its application with the Federal Deposit Insurance Corporation for a banking charter but a spokeswoman says Square plans to resubmit it at a later date.”We have been engaged in constructive dialogue with the FDIC, and our decision to withdraw…

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South Africans paying too much for private healthcare: watchdog

“JOHANNESBURG (Reuters) – South Africans are paying too much for private healthcare, the country’s antitrust watchdog said on Thursday, adding patients are sometimes prescribed treatments they don’t need by an industry with limited competition” writes Midwest Communications Inc for 95kqds.com. The inquiry also found there was limited competition in both the healthcare insurance and the private hospital markets.Presenting its findings of a four-year investigation into the sector, the Competition Commission said private health providers sometimes recommended pricey treatments unnecessarily.South Africa’s private hospital industry is dominated by Mediclinic International, Life Healthcare…

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