Indiana has finally received a response from the federal government regarding the state’s request for a waiver from the Affordable Care Act’s medical loss ratio provision. The provision requires insurance companies to pay at least 80% of the money they collect from premiums on improving medical care. Indiana had sought an exemption from the rule, claiming that it served as a detriment to the state’s insurance companies. The Department of Health and Human Services, however, has rejected the state’s request for a waiver. The state may have failed to obtain…
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Tennessee insurance representatives and business owners meet to discuss the health insurance market
Professionals representing the Tennessee health insurance industry gathered in Hendersonville, Tennessee, this week to meet with business owners and state officials to discuss the current state of the insurance market and what effects a health insurance exchange would have on it. The changes coming to the insurance industry as part of the Affordable Care Act have left many business owners in the state with questions. Some are unsure how the new laws will affect their ability to offer health care to their employees, while others are still questioning what a…
Read MoreWellPoint purchases stake in private health insurance exchange
WellPoint Inc., along with two non-profit insurance companies, has obtained the majority stake in a private health insurance exchange based in Minneapolis, Minnesota. The exchange, called Bloom Health Corp., was founded in 2009 and has helped employers in the state find insurance plans that are right for their business and employees. The exchange is one of the first in the country to see any degree of success and has become something of a standard by which other insurance exchanges can be modeled after. WellPoint, Health Care Service Corp. and Blue…
Read MoreGovernment doles out millions to help states build health insurance Internet-based marketplaces
The nation continues is slow, arduous trek toward the inevitable establishment of health insurance exchanges. Until very recently, the federal government has been very lax in terms of enforcing the mandate established by the Affordable Care Act that requires each state to erect their own insurance exchange program. Officials with the Department of Health and Human Services had originally wanted to allow time for states to warm to the notion of the exchanges, but have only been met with lukewarm interest. In fact, the rate at which states are building…
Read MoreAffordable Care Act offers women greater access to preventive services
Preventative health care has been a chronic challenge in the American healthcare system, but due to the fact that chronic diseases – which make up about 75 percent of the country’s health spending, and that they are the cause of 70 percent of deaths every year – are frequently preventable, this type of healthcare is now being pushed into the spotlight. Affordability has been one of the main problems holding back preventive services. Currently, most of these therapies, even those with insurance coverage, are subject to cost sharing, such as…
Read MoreFederal government to review Arizona’s insurance industry after the state fails to meet new standards
Arizona is not capable of moderating health insurance rate increases according to the state’s own law and those of the federal government. New federal standards accompanying the overarching health care reform dictate that states must be able to adequately review the rate increase process or default such authority to the federal government. Arizona’s current law dictates that insurers must submit paperwork regarding rate increases, but nothing more is required thereafter. Because Arizona does not meet federal requirements in this regard, federal regulators will be coming to the state to take…
Read MoreFormer Secretary of Health and Human Services speaks out about insurance exchanges
The Affordable Care Act was first introduced as an initiative to overhaul the nation’s failing health care system. While its aims may be altruistic, the health care law’s most recognized success lies in the ruffling of feathers amongst politicians. Steeped in controversy, many state lawmakers are overlooking a key provision of the act, which dictates that all states must host a self-sustaining health insurance exchange. Turning a blind eye to this provision may weaken a state’s authority in their own insurance industry, says Mike Leavitt, former Secretary of the Department…
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