Louisiana recovers funds from homeowners insurance providers, as well as others

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State agency recovers $5.1 million in insurance claims throughout 2015, resolving consumer complaints The Louisiana Department of Insurance has announced that it has recovered some $5.1 million in insurance claims in 2015. Insurance Commissioner Jim Donelon notes that state regulators have been working with representatives from several insurance companies to resolve complaints associated with a wide range of coverage. The majority of the funds recovered by state regulators have been recovered from the property/casualty sector, as well as the health insurance sector. According to the Department of Insurance, more than…

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Louisiana employee health insurance coverage may become more expensive

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Insurance coverage for the state’s retirees and current employees may soon become more costly Louisiana’s employee health insurance program may be out of money by the end of the state’s budget year, according to Commissioner of Administration Kristy Nichols. Governor Bobby Jindal has proposed significant changes to the program in order to avoid its financial collapse, but these changes have been heavily criticized by many of the state’s lawmakers. If no action is taken on the matter, insurance coverage for the state’s employees could become significantly more expensive. Rates for…

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Health care reform in Louisiana is bleeding money

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The reserve fund in the state is rapidly depleting despite widespread changes made to correct it. Louisiana Governor Bobby Jindal’s administration has taken considerable action to alter, improve, and update the health care reform in the state when it comes to the insurance program for public school employees and state workers, but despite this fact, they will still be required to use $88 million from the reserve fund in order to cover the necessary costs for 2014. The Office of Group Benefits requires an additional estimated $7.4 million every month.…

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Health insurance rates going up in Louisiana

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Policies purchased through state’s exchange will have higher premiums beginning in 2015 Those that have purchased health insurance coverage through the Louisiana exchange could see their rates increase in the coming year. The state’s Department of Insurance has announced that approximately 60,000 people that have purchased coverage through the exchange will see rate increases in the double-digits in 2015. This expectation of higher rates comes after receiving proposals from insurance companies. Many insurers are looking to raise the rates for the coverage that they provide in order to better position…

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Health insurance companies in Louisiana seek rate increases for 2015

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Insurers are looking to raise rates for their coverage beginning in 2015 Some health insurance providers in Louisiana have submitted rate increase proposals that have raised red flags among the state’s regulators. The rate increases are for policies that will be sold through the state’s exchange in 2015. Consumers will be able to purchase these policies beginning on November 15, when the exchanges latest open enrollment period is scheduled to begin. The rate increase proposals coming from insurers are to be reviewed by the state’s insurance regulators. Blue Cross and…

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Health insurance navigators may be held to a higher standard in Louisiana

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New legislation seeks to increase the regulation of insurance navigators working in the state Health insurance navigators in Louisiana may need to receive special permits from the state government in order to work with consumers. New legislation, called House Bill 764, has been introduced that would require navigators to live up to a higher regulatory standard. The organizations managing these navigators would also have to receive special permits as long as they continue to accept money from the federal government. The legislation has managed to attract some support from the…

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Health plan reserves for Louisiana state employees shrinks

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The Jindal administration is blaming the higher cost of claims and declining premiums. It was only slightly more than two years ago that there had been about a $500 million in the health plan reserves for the state employee program in Louisiana, but that has changed considerably over that short period of time. The balance within the insurance fund has now dwindled to an amount that is about half that size. This reserve balance for the health plans is meant to help to cover the medical claims that are made…

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