DAILY UPDATE: United Health Owned Insurance Fined and CFPB Hides Medical Debt as Nvidia Leads Stock Markets Down

Posted on January 8, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“

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Three UnitedHealth-owned insurance companies must pay over $165 million for misleading thousands of customers in Massachusetts into paying for additional health insurance, a state judge has ruled.

CITE: https://www.r2library.com/Resource

Nvidia stock (NVDA) tumbled more than 6% Tuesday, a day after shares closed at a record high in anticipation of CEO Jensen Huang’s keynote at the tech industry’s annual CES trade show in Las Vegas.

CITE: https://tinyurl.com/2h47urt5

Dow ends down nearly 180 points, NASDAQ tumbles 1.9% as Treasury yields surge after job-openings, ISM services data

CITE: https://tinyurl.com/tj8smmes

The Biden administration’s Consumer Financial Protection Bureau (CFPB) issued a new rule Tuesday that will hide an estimated $49 billion in medical debt from credit reports. The rule, which is slated to affect 15 million Americans, prohibits the inclusion of medical bills on credit reports and bars creditors from using medical information in making lending decisions. The policy specifically targets national credit-reporting companies Equifax, Experian and Transunion, which provide detailed evaluations of consumer finances to banks, employers and landlords.

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CREDIT CARDS: Medical Debt?

Posted on July 15, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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What is a medical credit card?

Medical credit cards are typically offered through healthcare providers such as physicians, veterinarians, dentists, and even hospitals. Unlike major credit cards, you can’t use them for cash advances or to purchase items like groceries, gasoline, or airline tickets.

CITE: https://www.r2library.com/Resource

The cards are only accepted by participating medical providers for certain medical services or procedures. 

READ: https://www.experian.com/blogs/ask-experian/should-you-use-medical-credit-card/

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DAILY UPDATE: Father’s Day, Medical Debt and USAA

Posted on June 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“

A Partner of the Institute of Medical Business Advisors , Inc.

http://www.MedicalBusinessAdvisors.com

SPONSORED BY: Marcinko & Associates, Inc.

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Daily Update Provided By Staff Reporters Since 2007.
How May We Serve You?
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HAPPY FATHER’S DAY

News 4 in San Antonio Texas organized a video call with several USAA members who lost funds due to fraud — and have been left with little to no recourse. Some of them also belong to the Facebook group, USAA Fraud and Victims, which has 2,900 members. A few USAA members even reported being asked by the institution to cover the negative balances on their accounts after their money was stolen.

CITE: https://www.r2library.com/Resource

The race to a $3 trillion market cap seemed like it would always be between Apple and Microsoft. But over the last twelve months, Nvidia has come roaring to the front of the pack, neck and neck with the big tech incumbents. In the last two weeks alone it has replaced Apple in the #2 spot, only to be supplanted earlier this week when Apple’s AI plans propelled it back ahead. Now, it’s anybody’s race to the next big benchmark: a $4 trillion market cap.

CITE: https://tinyurl.com/2h47urt5

In a move that could be good for patients but bad for hospitals, the Consumer Financial Protection Bureau (CFPB) on Tuesday proposed regulation that would wipe medical debt from many consumers’ credit reports. The rule is meant to help the 15 million people in the US who creditors say still have a combined $49 billion of medical debt that negatively affects their credit scores, Rohit Chopra, director of the CFPB, said during a June 11 press briefing. About 100 million people in the US have some amount of medical debt, which totals roughly $220 billion, according to data from the Peterson-KFF Health System Tracker. The proposed regulation comes after three credit-reporting conglomerates—Equifax, Experian, and TransUnion—removed paid-off medical debt and medical debts under $500 from credit reports in 2022 and 2023, respectively.

CITE: https://tinyurl.com/tj8smmes

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UPDATE: Medical Debt, Credit Reports & Spring

Posted on March 20, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Medical Debt. The top three credit reporting agencies—Equifax, Experian, and TransUnion—said recently that they’ll remove most medical debt from consumers’ credit reports beginning this summer. This move will wipe out almost 70% of medical debts that can sometimes stick around for up to seven years on Americans’ credit reports and make it harder for them to buy a house, car, or take out other loans.

Spring: Today is the first day of Spring [aka the vernal equinox or one of two moments of the year when the Sun is exactly above the Equator].

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HAPPY SPRING 2022

Editor-in-Chef: Dr. David Edward Marcinko MBA CMP™

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Are Doctors Protecting their Credit Standing?

Posted on April 3, 2013 by Dr. David Edward Marcinko MBA MEd CMP™

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Avoiding Credit Errors

By Lon Jefferies, MBA CFP™  http://www.NetWorthAdvice.comLon Jefferies

A clean, accurate credit history is a critical piece of the personal finance puzzle for doctors and us all. Staying on top of your credit standing over time can mean big savings since credit scores often determine your access to loans, interest rates, and monthly payments. An error on the report of any of the three major credit agencies – Experian, Equifax, or TransUnion – could be catastrophic next time you apply for a loan.

The Services

There are multiple credit-monitoring services you can utilize that charge approximately $15 per month, but these fees likely aren’t necessary. You can order a free credit report from each of the three major credit agencies every year by visiting AnnualCreditReport.com.

Additionally, several services will send you updates from the credit bureaus at no cost. Credit Sesame will track data on your Experian report daily and instantly email you if anything suspicious pops up. There are over 35 triggers for alerts, including new accounts opened, late payments, credit inquires, and address changes. The website also provides a running credit score daily.

Credit Karma has a similar tool that provides free daily monitoring of your TransUnion report. This tool also provides valuable data such as how many lines of credit are evaluated on your credit report and your auto insurance score (used to determine your insurance premiums).

Again, both monitoring tools are free, don’t require a credit card, and take no longer than a couple minutes to sign up for.

stand-out

Assessment

Getting an instant heads-up that there’s been a change in your report could help you fix errors quickly, catch an identity theft at work, or get on top of a delinquent account. As a doctor, you’ve worked hard to establish your credit, so make sure you protect it.

Conclusion

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Is it Time for a Credit Check-Up [brief doctor visit or extendend consultation]?

Posted on January 17, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

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Reviewing your Credit Report for the New Year [A CPT® code analogy]

Source: creditdonkey.com

Conclusion     

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