Agency seeks out health insurance information
In the U.S., federal law has introduced major changes to the way health insurance works throughout the country. The impact of the law will take time to fully understand, but states are beginning to gather information concerning the effects of the Affordable Care Act. The North Dakota Insurance Department has petitioned all health insurance companies in the state to provide the agency with information regarding the impact of new federal regulations and other reforms that have come to the health insurance sector.
Data on cancellations and new policy purchases requested by Insurance Department
The agency is requesting a report on the number of policies that are scheduled for cancellation on January 1, 2014. The agency is also seeking monthly reports concerning the number of people throughout the state that have purchased plans through the North Dakota health insurance exchange, which is being managed by the federal government. This data may help the agency and state lawmakers better understand the impact of the Affordable Care Act and determine how to either offset the negative impact that may be discovered or augment the benefits that the federal law has brought to the state.
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Many individual insurance policies expected to be canceled in the coming months
According to the agency, approximately 42,500 people throughout the state receive coverage through individual insurance policies. Many of these policies are expected to be canceled on January 1, 2014, as insurance companies seek to reduce the breadth of the individual market. Insurers are working to encourage consumers to find coverage through the state’s exchange and may be able to circumvent some federal regulations by reducing the number of individual policies they are responsible for.
Cancellations cause frustration among consumers
The majority of existing health insurance policies in North Dakota do not comply with federal standards. As such, policyholders will have to purchase new policies that are better aligned with the Affordable Care Act. This has caused some frustration among consumers who do not understand why their policies are being cancelled.