Live Insurance News

Health insurance rates on the rise in Alaska

September 18, 2014September 15, 2014 S.Vagus

Insurance companies file for rate increases on individual policies sold in the state Health insurance companies in Alaska have filed for significant increases in premiums for the coverage that they offer for individual, non-subsidized coverage. State law tasks the Alaskan Division of Insurance with regulating rate increases, and the agency has, thus far, granted approval for rate increases averaging 37%. Rate increases will affect policies that go active in January 2015 and these rate increases will affect policies sold through the state’s health insurance exchange. Division of Insurance comes under…

Thousands may lose their health insurance later this year

August 15, 2014August 13, 2014 Marc

Inconsistent and missing information may lead to a loss of insurance coverage for thousands of people The Obama administration has announced that several thousand people could lose their health insurance coverage due to inconsistent or missing information. This effects only the policies sold through state-based insurance exchanges. These exchanges have served as a marketplace for those looking for affordable insurance coverage. While some exchanges were unable to effectively meet the needs of consumers, many others were able to provide coverage to thousands of people that had no insurance protection before.…

Arizona residents are due refunds from their health insurance providers

August 14, 2014August 12, 2014 Marc

Consumers to receive $11 million in refunds in the coming months Many Arizona residents are due to receive refunds from health insurance companies in the coming months. In compliance with federal law, some of the state’s insurance companies are returning $11 million to consumers. According to the Department of Health and Human Services, the average refund a family will receive is $51. Some 350,000 consumers throughout the state are expected to see refunds in the near future coming from their insurance providers. Insurers are unable to comply with federal health…

Health insurance companies accused of making medication too expensive for consumers

August 11, 2014August 9, 2014 S.Vagus

AIDS Institute files complaint against several large insurance companies The AIDS Institute, a non-profit and advocacy organization in the U.S., has filed a complaint with the Department of Health and Human Services. The complaint suggests that health insurance companies are making medications for HIV and AIDS prohibitively expensive for patients and exploiting some of the provisions of the Affordable Care Act. The issue itself is something that those with chronic health conditions have had to deal with for several years, as medication for such conditions are typically very expensive for…

Health insurance companies sending refunds to consumers throughout the US

July 29, 2014July 26, 2014 Marc

Insurers are issuing refunds thanks to the provisions of the Affordable Care Act Millions in insurance premiums are being returned to consumers throughout the U.S., according to the Department of Health and Human Services. The federal agency has released data showing that several insurance companies have been unable to meet the medical loss ratio of the Affordable Care Act. This provision requires insurance companies to spend no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot comply with this provision, they must…

Reports highlight eligibility problems with health insurance exchanges

July 8, 2014July 4, 2014 S.Vagus

Insurance exchanges come under fire due to eligibility concerns The U.S. Department of Health and Human Services’ Office of Inspector General has released reports concerning the health insurance coverage people have obtained through state and federal exchanges. The Affordable Care Act, which established these insurance exchanges, has come under fire recently due to concerns that people are taking advantage of federal subsidies even though they are not eligible to receive this financial support. The reports suggest that many people that have received coverage through state and federal exchanges were not…

Health insurance exchange suffer from faulty internal controls

July 4, 2014July 2, 2014 S.Vagus

HHS report identifies internal controls as a problematic issue Insurance exchanges throughout the U.S. have faced technical struggles for the past several months, but a new report from the Department of Health and Human Services may have identified the reasons behind one of the most problematic aspects of these exchanges. Insurance exchanges have been having trouble adequately determining whether or not those seeking federal subsidies are actually eligible for these subsidies. The subsidies are offered by the federal government and exist as a way to make insurance coverage more affordable…