Many had been set to lose their insurance coverage in 2016, but state officials ensure they will have the policies they need
An estimated 64,000 people in with public health insurance coverage in Minnesota were set to lose their coverage in 2016, but the state has decided to extend this coverage into the future. This will ensure that these people have the insurance coverage that they need, allowing them to avoid a federal fine that will be issued to those without active health insurance policies. The 64,000 people that were to lose their coverage will receive insurance through the state’s MinnesotaCare program as well as Medical Assistance.
Consumers will be receiving coverage through two state programs
Some 40,000 people are expected to receive coverage through MinnesotaCare, with another 24,000 people gaining coverage through Medical Assistance. One of the reasons that consumers were expected to lose their coverage is simply because they did not provide the correct paperwork. Minnesota officials wanted to ensure that these people would not lose their insurance coverage, which would leave them exposed to significant risks depending on their medical conditions.
_________________________Random Success Quotes to Remember ~ “Success is walking from failure to failure with no loss of enthusiasm.” - Winston Churchill
Exchanges have managed to find more success during the open enrollment period
Throughout the country, millions of people have managed to acquire health insurance coverage through HealthCare.gov and state-run insurance exchanges. While many people have purchased policies, others have opted to go without insurance coverage, either due to the high cost of policies available to them or because they do not believe they would benefit from these policies. The uninsured will face a federal penalty, which has become more expensive in 2016. The fine will be issued when consumers file their 2017 taxes.
Some insurers are expressing concerns about the viability of exchanges
Despite the success that exchanges have been seeing in terms of enrollment, several large insurers have issued concerns regarding the viability of these marketplaces. Some insurers have been experiencing significant financial losses associated with their participation in the exchanges, which has lead them to exit the marketplaces in order to focus more heavily on their core businesses. Most large insurers remain committed to exchanges, however, as they want to see how the marketplaces perform in the coming years.