Affordable Care Act (Healthcare Reform) and Multicultural Populations cont.

Dec 06, 12 Affordable Care Act (Healthcare Reform) and Multicultural Populations cont.

Posted by in Healthcare

We continue our 12 part blog series on the Affordable Care Act and Multicultural Populations.    Marketing and ACA – Part 2 By Martha C. Rivera, Director, Strategy and Insights, and Beata Luczywek, Junior Executive There are two plans specified in the Affordable Care Act (ACA) bill that are of particular interest to those interested in potential marketing opportunities: Individuals, and Small Group. Also, changes in Medicaid might have a huge impact in multicultural populations. To be eligible for Medicaid, family income must be at or less than 138% of the federal poverty level and you must be less than 65 years old. Each state is left to determine the type, amount, duration, and scope of services that are offered by their Medicaid programs. Federal guidelines require a certain mandatory minimum of benefits. Since the ACA will be effective by January 1, 2014, both uninsured subsidized and unsubsidized individuals will have to find an insurance plan on a state based Exchange (to be discussed in Part 4 of our blog on Affordable Care Act and Multicultural Populations) or pay a penalty. A state-optional program, the Basic Health Program, for individuals between 134-200% of the federal poverty level, will be provided to support those who might not be able to afford the programs offered on the exchange. Small group plans are available for those individuals that work for small businesses—defined as having up to 50 employees who are paid an average annual wage of less than $50,000. Then this business will be eligible for a tax credit of up to 35% (25% for non-profits) to offset the cost of insurance. Look for Part 3 of our Affordable Care Act and Multicultural Populations in a future blog. Sources:...

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Introduction to Affordable Care Act (ACA) and its Implications for Multicultural Populations

Dec 04, 12 Introduction to Affordable Care Act (ACA) and its Implications for Multicultural Populations

Posted by in Healthcare

By Martha C. Rivera, Director, Strategy and Insights, and Beata Luczywek, Junior Executive We begin our 12 part blog series on the Affordable Care Act and Multicultural Populations.   Health Care Reform is also known as the Patient Protection and Affordable Care Act (PPACA), in short, the Affordable Care Act (ACA), or simply Obama Care. The Act aims to improve the current health care system by increasing access to health care for all Americans.2 It strives to reduce health care expenses by capping out of pocket expenses and requiring free preventative health services.1 Effective January 1, 2014, health insurance will be mandatory for all American residents. For those who already have access to health insurance, the Act will prevent insurance companies from dropping coverage when health status changes and will prevent dollar amount limits that cap coverage per year or per lifetime.2 For those who do not have access to health care coverage, the Act will provide access to coverage and may even subsidize costs, depending on income and type of employment.2 The Act contains six ways to obtain coverage: Medicaid, Medicare, Employer-based, Individual, Basic Health Plan, and Small Group. The details on the implications of ACA within the multicultural marketplace will be discussed in subsequent posts. If an individual fails to acquire health insurance by one of the means listed above, they will be taxed accordingly. “All U.S. residents, including Hispanics and the multicultural populations, need to prepare for the terms of the Affordable Care Act,” says George L. San Jose, president and chief creative officer at The San Jose Group. “This is an opportunity for healthcare providers and insurance companies to reach their full sales potential with culturally relevant communications targeting the non-English fluent Hispanic and multicultural segments in the language and technology they prefer, via traditional and social media strategies.” Sources: 1. http://www.healthcare.gov/law/full/ 2. http://www.healthcareandyou.org/what-is/ Timeline for ACA – Part 1 The Health Care Reform law will take full effect January 1, 2014. However, certain parts of the law have already been enacted....

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Highlighting Hispanic Holiday Shoppers

This week, American consumers won’t just be loosening their belts after Thanksgiving dinner, they’ll be loosening their purse strings. Retailers continue to maximize Holiday spending—with many opening their doors on Thanksgiving night. Sears and Walmart will begin Black Friday door buster deals beginning at 8:00 p.m. (with additional deals at midnight) while Target and Toys “R” US open their doors at 9:00 p.m. As the general market looks to get the best possible deals on this competitive shopping occasion, Hispanic shoppers are looking for the most satisfying (verse cheapest) purchases. Hispanic shoppers are making investments and spending money during the Holiday season, even if they have to spend a little more to get the quality item on their lists. While Hispanics embrace Black Friday in-store shopping, the Internet will be a key point of purchase for many Hispanic shoppers this season. Compared to the general market, Hispanics over index on online electronics, apparel, shoes and appliance purchases and are predicted to spend $6.5 billion on online purchases alone. This holiday seasons, marketers shouldn’t just stress their deals, but they should highlight their brand’s quality to gain the Hispanic consumer’s attention and business. “Hispanics aren’t focusing on cheap deals during the Holidays,” said George L. San Jose, president and chief creative officer of The San Jose Group. “They’re buying gifts their loved ones will actually enjoy. So while other shopper’s might be fighting over the $12.00 fleece throw blankets for their relatives, you might find Hispanic shoppers making bigger purchases on items their friends and family will truly value… it’s about the heart.” Sources: “Study Show Hispanic Shoppers Behavior Shifts by Season Unlike General Market Shoppers.” (September 13, 2012). PR Newswire. Date retrieved November 19, 2012. http://www.prnewswire.com/ news-releases/study-shows-hispanic-shoppers-behavior-shifts-by-season-unlike-general-market-shoppers-102781869.html “Hispanic Online Shopping is Up for Grabs this Holiday Season.” (November 7, 2012). Hispanic Online Marketing. Date retrieved November 19, 2012. http://www.hispaniconlinemarketing.com/2012/11/...

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Time to Strike the Latin American Insurance Boom

Nov 13, 12 Time to Strike the Latin American Insurance Boom

Posted by in Insurance, Latin America

Insurance stands amid the numerous thriving industries in Latin America—and not just that kidnap ransom kind, but every kind of insurance. Liberty Mutual began Latin American insurance efforts in 1995, and Latin American countries have an opportunity for more competitors. 1  The Latin American insurance market can be broken down into two basics categories: life and non-life insurance.  Non-life insurance, which covers almost all aspects of the insurance policies holders’ lives—i.e. automobile, health, personal accident, etc. – is on the rise in Latin America. According to the Center for Puerto Rican Studies at CUNY, non-life insurance is growing fast due to an increase in registered vehicles and workers compensation in various Latin American countries.2 Lack of knowledge of the Latin American market and questioning how long the boom will last presents an unnecessary deterrent for insurance companies who may investigate venturing into the Latin American market. In reality, the increase in non-life insurance in recent years highlights Latin America is changing, arguable for the better, and now is the time for Insurance companies to consider building business in these countries. Florian Kummer said in an interview with BestDay audio, “lines like liability [open up] as societies mature and as societies become much more middle class than before.”3 Latin American companies and their populations are, as Kummer says, “maturing” in a manner that requires more insurance policies. Frost and Sullivan report “the future consumer marker of Latin America is projected to be 665 million people with a combined GDP of $6.8 trillion in 2020.”4 In other words, the insurance market will continue to grow in Latin America as more and more middle class members arise and purchase cars, homes, and other goods which must be insured. Frost and Sullivan also assert “[the middle class] will account for around 43% of the region’s total population by 2020; consequently, the expenditure from this segment is also expected to increase by 51% in 2020.”4 Therefore, Latin America has developed a huge, and lasting, need for insurance companies. “Like...

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America, Guess Who’s Coming to Dinner?

By Cassandra Bremer, content developer at The San Jose Group America, guess who’s coming to dinner? Hispanics! The beautiful thing about food is people have got to eat—surviving without it is an impossibility. But for the Hispanic population, food, or meals rather, are times to bring the family together and celebrate traditions. Over 5 nights a week, Hispanics are eating home cooked dinners—and those dinners might not be the stereotypical Spanish foods like tacos, burritos, rice and beans; Hispanics, depending on their level of acculturation, tend to adapt to an American diet.1 Yup, Hispanics are leaving those taco shells on the shelves and are firing up the grill. Acculturated Hispanics are only eating ethnic twice a week, leaving at least five nights of non-Hispanic dinning a week. As with any immigrating culture, Hispanics are undergoing lifestyle changes including acculturating and assimilating into the American culture. According to diet.com, the modern U.S. Hispanic diet consists of meals influenced by their traditional country of origin as well as ones from the United States.2  Therefore, the higher the acculturation level, the lower the consumption of authentic Hispanic foods. The American supermarket can be described in one word: options—people can buy almost any kind of food; the more people shop at supermarkets, the bigger their opportunities to branch out to other foods. A majority of Hispanics purchase their groceries at supermarkets in addition to butcher shops, bakeries, bodegas, convenience stores, drug stores, specialty shops and warehouse stores.1 Hispanics also prefer to buy in bulk vs. buying prepackage. Hispanics don’t cut out the middleman in food; in addition to buying and eating, preparing food is a central part of the Hispanic diet because they believe a home prepared meal has more nutritional value than prepackaged meals.  In fact, Hispanics spend almost 50% more dollars per year on produce compared to the American average. Such produce includes authentic Hispanic fruits and vegetables like avocado, plantain, mango, squash, bananas, beans and corn. “In the US, Hispanic families are now exposed to a...

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