Filed under: Global Economy, World Events
CNN is running a very interesting story on hospital billing practices and costs. Health care costs in the United States have skyrocketed in recent years to a point where a single major illness can bankrupt an entire family. In the past, malpractice lawsuits and medical errors have increased the cost of practicing medicine and these costs are passed onto patients. But the question of when is it all too much does arise at some point. There is a point where people can no longer afford to see a doctor over a simple illness that could be cured with a small dose of antibiotics. Instead, it develops into a more severe illness which requires a lengthier hospital visit.
The CNN article outlines some of the medical billing practices. When a person is in need for medical care, do they stop and ask how much it will cost for CAT scan or how much it costs for an X-ray? Instead, hospitals and medical offices around the US only state that patients will pay a negotiated rate between the provider and the insurance agency. It is only several weeks later when the final bill comes stating that the patient is responsible for several hundred or thousand dollars of charges. The next time you receive an “Explanation of Benefits” statement in the mail, take a close look at it to see what you are being charged for and how much you’re being charged. The costs can be pretty amazing.
Watch the CNN video at the link before for more amazing charges that medical billing advocates have seen.
http://www.cnn.com/video/#/video/health/2010/03/01/cohen.health.care.bills.cnn?hpt=C2
Filed under: World Events
As many people celebrate Valentines Day, today is also a day to celebrate Chinese New Year. Chinese new Year is one of the most important Chinese holiday which is also known as Spring Festival or Lunar New Year. The festivities of this holiday typically last for a full week where people travel to see their families whom they may not have seen for the rest of the year. Friends and family also visit each other and children are given red packets (with money enclosed) by married couples or relatives.
For all that celebrate the Lunar New Year. Have a Happy and Prosperous Year of the Tiger!
Filed under: Travel, World Events
After living in Texas for several years, moving to Omaha was definitely a big change for myself and the family. This year is the first white Christmas we had and I will definitely say that it is one which we will never forget. The shear amount of snow we have gotten over the last few days has been staggering. When I first met the locals here and they spoke about winter not being very bad, it calmed my nerves a bit. Winters are supposed to be light in this region, but now I’m seeing a different picture. Some of our friends around town have reported that they now have six foot snow drifts blocking the entrance of their home and the city had to close down the interstate since snow plows couldn’t keep up with the amount of snow that was piling up. Fortunately the snow has stopped and the roads are clearing up. Now we’re all looking forward to warmer weather and counting down the days until spring.
Filed under: Business, Global Economy, World Events
After several months of bad economic news, there are finally positive signs in the economy. After the fed meeting last Wednesday, the stock markets have been responding positively to the news and some of the economic indicators are leveling or improving. Banks have started to relax lending terms and the services industry is growing. Manufacturing indicators are also improving after four months of declines at the end of 2008. Regardless, this should not be seen as a sign we have reached rock bottom, but instead should be seen as an indicators that we’re almost at the bottom and the economy will be on the upswing soon.
However, despite the positive market reactions, yesterday’s news on the financial sector is quite disturbing where ten of the nineteen largest US banks tested need to raise a total of $75 billion to keep afloat. These ten banks now have to put together plans to raise new capital and exectute them within the next six months.
Want to see how your bank is doing? Take a look at the table on CNN Money.
Filed under: Business, Global Economy, World Events
As the number of confirmed swine flu cases increases, there is a lot of panic going on. Some people have been buying drugs overseas and importing them for their own personal stockpiles. Others have resorted to not going out at all. The recent drop in oil prices seems to have helped the economy and certain economic indicators have suggested that the economy is starting to recover. Since the swine flu started appearing and governments have closed schools and sent many notices to the people, one of the fears I see is a decrease in consumer spending and once again a slowdown in the economy. One of the hardest areas hit by the flu was Mexico. Since the flu hit, schools, businesses and other social venues have closed down for anywhere between a few days to several months. Small businesses that depend on a steady stream of customers and income may be looking to close. Certain imported goods will also see an increase in price due to a drop in supply and the scarcity of the good.
The swine flu will definitely impact schools and will have a snowball effect on the economy. The question now remains, how much will it impact and how quickly can regain lost ground.
Posted on March 1st, 2010 by Andy Yiu
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