Business Briefs: Obamacare plans sign up 245,566 Tennesseans so far

Jan. 21--Obamacare plans sign up 245,566 Tennesseans so far

With only 10 days left to enroll for health insurance coverage in 2016, the Department of Health and Human Services said Wednesday that about 8.8 million consumers have signed-up for health coverage through one of the health care exchange plans, including 245,566 in Tennessee.

The enrollment total as of Wednesday reflects the number of people who selected a plan or were automatically reenrolled within local markets. HHS said 36,984 persons in Chattanooga had selected a health echange plan.

"As expected, consumer interest is beginning to increase again as we near the deadline for 2016 coverage," HHS Secretary Sylvia Burwell said. "We know we have more work to do and as we count down to the January 31 final deadline, we're focused on making sure consumers understand that they must act soon to find affordable health coverage and avoid the fee for choosing to not have health insurance in 2016."

Open Enrollment for 2016 coverage through the Health Insurance Marketplace began in November and runs through Jan. 31, 2016. Consumers who enroll in the next 10 days will have coverage effective March 1.

For those still uninsured who opt not to sign up for coverage, they will be hit with a fee of $695 or more. Consumers are encouraged to visit HealthCare.gov to review and compare health plan options and find out if they are eligible for financial assistance, which can help lower monthly premiums and reduce out-of-pocket costs.

Financial help is available. In the first month of Open Enrollment, 84 percent of Tennessee consumers who selected health insurance plans were determined eligible for financial assistance to lower their monthly premiums.

Information is available at HealthCare.gov or CuidadoDeSalud.gov.

Cohutta parent boosts income

Synovus Financial Corp., the parent company of Cohutta Bank in Chattanooga and Northwest Georgia, boosted its fourth quarter earnings by 13.5 percent over a year ago to $55.8 million or 43 cents per share. For all of 2015, Synovus said net income rose nearly 22 percent over the previous year to $215.8 million, or $1.62 per share.

Total loans rose last year by 6.3 percent to $22.43 billion, while average core deposits rose 8.2 percent to $21.13 billion. Non-performing assets dropped nearly 25 percent to $215.4 million.

The fourth quarter results were a penny per share better than the analysts surveyed by Zacks Financial had predicted. but the stock still dropped 2 percent Wednesday in a down market to close at $28.48 -- the lowest since last August.

"We finished 2015 with strong performance in the fourth quarter, closing out another year of double digit growth in net income and balanced loan growth supported by strong core deposits," said Kessel D. Stelling, chairman and CEO of the Columbus, Ga.-based Synovus. "Our relationship-based approach, combined with our strategic initiatives and investments, creates an effective formula for driving continued growth, achieving greater efficiencies, and improving financial performance."

2015 home starts best in eight years

U.S. builders started fewer homes in December, but prior gains meant that residential construction ended 2015 at its healthiest level in eight years.

Housing starts dipped 2.5 percent last month to a seasonally adjusted annual rate of 1.15 million homes, the Commerce Department said Wednesday. This marks some giveback after starts climbed 10.1 percent in November, in addition to the drag caused by flooding across parts of the South and Midwest that likely slowed construction.

"Looking beyond monthly performance, U.S. homebuilders continued to make gradual progress in 2015," said Ksenia Bushmeneva, an economist at TD Bank. "This modest but positive momentum is expected to continue this year, as robust job creation, improved household formations and still-low interest rates continue to support demand for housing."

Last year marked the strongest performance for home construction since 2007, right when the housing bubble triggered the start of the Great Recession.

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