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Mis-sold Ppi
I can remember going to my bank in the late 1990s to enquire about a loan for a new car. I`d fell in love with this slinky, silver sports car and being a single male at the time, with plenty of disposable income, I thought I`d treat myself to this flashy kind of motor. The bank eventually approved my loan but I was forced into taking out payment protection insurance at the same time. I`m not sure why I took it out to be honest. I think I felt pressured into taking out the policy because the person whom I spoke at the bank said it strengthen my initial loan application if PPI was in place. Nothing was explained to me about the PPI and how it would cover sickness payments or payments for the loan if I was made redundant. In fact, I think I was Mis-sold Ppi by the bank and had it not been so long ago I would put a claim in against the bank in question. Over the years countless customers have been Mis-sold Ppi policies through the banks. Huge profits could be made out of PPIs so you can see why banks would push them onto their customers. Today people are fighting back. Anyone who thinks they might have been Mis-sold Ppi polices in the past can speak to claims management firms who will take their case on and try to recover as many payments as possible.

Blue Cross Blue Shield of Michigan will start a new company that will offer long term care insurance policies beginning in July 2006 and concentrate on providing long-term care services to individuals.

The individual policies would include coverage for assisted living and nursing care but there would be no group coverage products available.

CHRONIC ILLNESSES CAN BE COVERED BY LONG TERM CARE INSURANCE

Unlike traditional medical insurance coverage, long term care coverage helps patients address chronic illnesses and disabilities that employer policies and Medicare don`t cover. They usually include meals and help with daily activities such as bathing and getting dressed. This will help protect them as the average cost of nursing home care is more than $50,000 a year, according to the AARP.

U.S. Census data suggest that the population of people 65 and older will double to more than 70 million by 2030. Meanwhile the average growth in the number of long term care policies has been 18% a year.

COMPANY WILL GO NATIONAL WITH ITS LONG TERM CARE INSURANCE

The new company expects to have 12 employees the first year and expects to expand its long term care business to other states.

Currently, there are about 100 insurance companies, across the nation that sell long term health insurance products. Blue Cross Blue Shield of Michigan, which provides health care benefits to 4.7 million members, will be the sole investor in the newly formed company.

"What you will see, traditionally, is that there have been several companies that offer such products," said Mohit Ghose, a spokesman for America`s Health Insurance Plans, a Washington, D.C. based healthcare association representing 1,300 member insurance companies. "I think more choice for consumers is always a good thing."