Latest news with #JonPike
Yahoo
07-06-2025
- Business
- Yahoo
Pharmaceutical company AstraZeneca sues Utah Attorney General over discount medication law
SALT LAKE CITY () — The pharmaceutical company AstraZeneca has filed a federal lawsuit against Utah Attorney General Derek Brown and Utah Insurance Commissioner Jon Pike over a recent law that is intended to allow more pharmacies to have access to drug discount programs. In a lawsuit filed May 23, AstraZeneca alleges that Utah SB 69 is unconstitutional. The law was introduced and passed in the 2025 General Assembly, and it went into effect on May 7. The law prohibits drug manufacturers from restricting pharmacies from working with 340B entities, which help pharmacies and patients access medications at a discounted price. Senator Lee responds to the Trump-Musk feud The 340B Drug Pricing Program is a that 'enables covered entities to stretch scarce federal resources as far as possible, reaching more eligible patients and providing more comprehensive services,' according to the Health Resources and Services Administration (HRSA) website. It means that drug manufacturers participating in Medicaid agree to provide 'outpatient drugs to covered entities at significantly reduced prices.' All organizations need to be registered and enrolled in the 340B program in order to purchase discounted medications. The law that established the 340B Program, Section 340B(a)(4) of the Public Health Service Act, specified certain types of for the program, such as medical centers that serve rural and other underserved communities and clinics that specialize in particular diseases like HIV/AIDS. SB 69 expands the scope, requiring drug manufacturers to provide the discounts to third-party pharmacies that are contracting with 340B entities, and this is what AstraZeneca is claiming is unconstitutional in its lawsuit. Utah House Republicans elect new leadership members The lawsuit states that because price controls 'disincentivize innovation and destabilize markets,' Congress chose to specifically limit the types of organizations that are eligible in Section 340B. The suit notes that for-profit pharmacies like Walgreens or CVS were not included as eligible, and there have already been several federal court cases ruling that block efforts to require drug manufacturers to provide discounts to contracted pharmacies. AstraZeneca claims in its suit that SB 69 'requires pharmaceutical manufacturers to offer 340B-discounted pricing for sales at an unlimited number of contract pharmacies,' expanding 340B discounts to 'an entirely new category of transactions not covered by Section 340B itself.' The suit alleges that SB 69 directly conflicts with federal law requirements, and therefore, it cannot be enforced against Astrazeneca or other drug manufacturers. AstraZeneca is asking the court to declare SB 69 unconstitutional and to order that Utah AG Derek Brown and Insurance Commissioner Jon Pike not enforce the law against AstraZeneca. Musk floats 'The American Party' after Trump tiff Myths VS Facts: What health officials want you to know about the MMR vaccine Good4Utah Road Tour: Willard Bay State Park Lori Vallow Daybell back in court, charged with conspiracy to murder ex nephew-in-law Man charged with assault for allegedly attacking and strangling neighbor Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNBC
28-04-2025
- Business
- CNBC
Homeowners insurance has risen over 50% in these states
Homeowners insurance rates have risen dramatically, from an average of $2,656 annually in 2021 to $3,303 in a 24% increase, more than twice as fast as the rate of inflation in the same timeframe. But the increase hasn't been uniform: According to a new report from the Consumer Federation of America (CFA), some states have been hit harder than others. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent offers two tiers of homeowners insurance coverage — a standard policy and the brand's unique Platinum Choice homeowners insurance. The latter offers extended coverage for jewelry, liability and covers more situations than a standard homeowners insurance policy. Add-on options include computer coverage, sump pump backup coverage, and dwelling replacement doesn't underwrite its own insurance policies. Through its HomeQuote Explorer platform, however, it gathers multiple quotes from over a dozen top insurers to help you quickly compare and save. The sharpest spike was in Utah, where they soared 59%, from an average of $1,126 in 2021 to $1,795 just four years later. The chief culprits, according to Utah Insurance Commissioner Jon Pike, are more homes being built in wildfire-prone areas and a traditionally underpriced insurance market finally adjusting for inflation. The top five biggest increases were in: "The skyrocketing price of insurance premiums is deepening the housing crisis … and homeowners across the country are feeling the strain," CFA Director of Housing Sharon Cornelissen said in a statement. The report analyzes data from Quadrant Information Services, which collected rates from more than 100 insurance companies across nearly every ZIP code for a homeowner with a mid-range credit score and a house with a $350,000 replacement value policy. In only three states did premiums decline or remain stagnant. According to the CFA, the most expensive states to insure your home are Florida, Louisiana, Oklahoma, Kentucky and Nebraska. In Florida, a homeowner with fair credit and $350,000 in dwelling coverage could expect to pay $9,462 a year, or $789 a month, in 2024. That's a bump of nearly 30% from 2021, when the same policy would average $7,344. Several factors have driven up premiums, according to the CFA: To address this crisis, the CFA's report urges increased action by both the state and federal government to regulate insurers and protect consumers. "The insurance commissioners and lawmakers we depend upon to ensure that this critical coverage is available and affordable have not done enough," said CFA Director of Insurance Douglas Heller. "Americans are stuck buying insurance from companies that our public officials seem afraid of." Despite rising premiums, there are ways homeowners can lower their monthly premiums. Many insurers offer bundling discounts for taking out both home and auto policies. Not only do members save, but they enjoy the convenience of all their policies being on the same app or website. One of the country's largest home insurers, Allstate earns praise for its customizable policies and competitive rates, and customers can save up to 25% by bundling car and auto policies. The best way to estimate your costs is to request a quote Yes Allstate offers auto insurance customers a total of 14 discounts in addition to a pay-per-mile car insurance program. It offers quotes by phone, through an agent, or online. The company also offers a number of other insurance products to bundle your coverage and save. The best way to estimate your costs is to request a quote Not disclosed Yes Allstate's homeowners insurance can help you cover your living space with a variety of optional coverages and discounts. Standard homeowners insurance through Allstate can cover your home's dwelling, your liability and personal property, and guest's medical expenses. Optional coverages include HostAdvantage to cover your belongings when home-sharing, and flood insurance through the NFIP. Coverage for flooding is additional. Bundling isn't always cheaper, however, so get several quotes with the same coverage limits and deductibles when you are comparing. If your premiums are going through the roof, see if you need all the coverage you're paying for. To estimate how much insurance you need, you should find out the cost of rebuilding your home. Check with a local real estate agent or builders association about per-square-foot building costs in your area. Then multiply that figure by the total square footage of your worth reviewing your personal property policy, as well. If you sold your art collection, for example, you can cancel the floater you took out on it. Don't skimp on coverage simply to save money, though, or you could pay dearly if disaster strikes. If you're in a position to cover more out-of-pocket costs, you could save on month-to-month costs by raising your annual deductible. According to the Insurance Information Institute, an increase from j$500 to $1,000 could save you as much as 25% on premiums, Take a good look at your emergency fund and make sure you can afford the upfront costs if something happens to your home. In most states, insurance companies consider your credit history when calculating your monthly premiums. While your insurance score is different from your FICO score, it's determined using many of the same criteria. A strong track record of on-time payments can help boost your insurance score, as can paying the full balance every month.' Look for insurers that issue policies in your state, meet your budget requirements and offer the coverage you need. Any contenders should also be financially solid (usually with an A+ or better from A.M. Best) and have high customer satisfaction scores from J.D. Power. Nationwide made our list of the most affordable homeowners insurance and ranked above average for customer satisfaction with the claims process in J.D. Power's 2024 survey. The best way to estimate your costs is to request a quote Not disclosed Yes Policy covers home and property damages caused by theft, fire and weather damage. It also covers personal liability, loss of use and unauthorized transactions on your credit card Water damage, earthquakes, flood insurance, identity theft, high-value items, rebuilding home after loss (these can all be purchased as add-ons for extra coverage) Terms apply. The increase in the number and severity of severe weather has led to a spike in claims in many parts of the country, as has the increased cost of labor and housing materials. The cost of homeowners insurance is impacted by where you live, the condition of your home and the amount of coverage you want— as well as personal factors like your credit history, marital status and history of filing claims. Comparing quotes from at least three insurers should help you find cheap homeowners insurance. According to the Insurance Information Institute, a quick way to estimate the amount of insurance you need is to multiply the total square footage of your home by local, per-square-foot building costs. A local real estate agent or builders association can help determine construction costs in your area. There are many reasons you may be rejected for homeowners insurance, from your property being in a high-risk area to your history of filing claims in the past. If you've been turned down numerous times, see if your state offers Fair Access to Insurance Requirements (FAIR) plans, which enable high-risk homeowners to get coverage. You may also want to look into a surplus line policy. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every homeowners insurance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of homeowners insurance. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
