BP settlement: new health-claims process


March 5, 2012 at 12:00a.m.

BP settlement: new health-claims process

bootheville, la.

A settlement that BP is hammering out with victims of the massive Gulf oil spill finally provides a system for monitoring health concerns and compensating people whose illnesses are found to have a link to the disaster.

Government and university doctors studying locals’ health haven’t found significant evidence of spill-related illnesses, but problems years from now remain a question mark. Gulf Coast residents say they’re happy their complaints are getting a serious look, even if they’ll face hurdles in proving that rashes, shortness of breath and other maladies were caused by the oil or chemical dispersants sprayed to break it up.

Under the settlement announced Friday, BP said it expects to pay out $7.8 billion to settle a wide range of claims that also include property damage, lost wages and loss to businesses. Though a previously created fund already had been paying such economic loss claims, it hadn’t paid claims over illnesses related to exposure.

Medical bills can wreck one’s credit

chicago

Here’s an added challenge if you’re struggling to pay a medical bill: Your credit can be wrecked if the doctor or hospital kicks your unpaid bill to a collection agency.

A growing number of Americans are discovering this unexpected land mine when they refinance or take out a loan. The Commonwealth Fund, a private foundation that sponsors health-care research, estimates that 22 million Americans were contacted by collection agencies for unpaid medical bills in 2005. That increased to 30 million Americans in 2010.

People with wrecked credit scores include those who were just trying to resolve a dispute with their insurance company. It includes people owing less than $250. And even after the bill is paid, the record of the collection action can stay on a credit report for up to seven years.

That can drag down a credit score and drive up the cost of financing a home.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 22.02 —.09

Avalon Holdings,3.58–.0001

Clear Channel, .77 70.87 —.75

Cortland Bancorp, 7.45—.05

Farmers Nat., .125.75 .18

First Energy, 2.20, 44.48.14

FirstMerit Corp., .64,15.80 —.41

First Niles Financial, .32,7.50.00

First Place Fin., .77.00

FNB Corp., .48,11.54—.22

General Motors,26.45—.02

General Electric, .68,18.97—.15

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.88—.02

JP Morgan Chase, 1.00,40.63.26

Key Corp, .12,7.98—.11

LaFarge, 11.82 —.01

Macy’s, .80, 38.31—.54

Parker Hannifin, 1.56, 88.54—.80

PNC, 1.40,59.61—.68

RTI Intl. Metals,22.55.01

Simon Prop. Grp.,3.80,137.25.85

Stoneridge 10.10 .07

United Community Fin. 1.42.04

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.