Live Insurance News

California health insurance exchange sparks controversy

October 16, 2014October 13, 2014 S.Vagus

Covered California awards $184 million in contracts to organizations associated with executive director California’s health insurance exchange, called Covered California, has sparked some controversy this week. According to records obtained by the Associated Press through the state’s Public Records Act, some $184 million in no-bid contracts have been awarded to numerous organizations throughout the state. This is controversial because these contracts were awarded without the competitive bidding and oversight process that is common in the state government. Some of the deals awarded have sent millions of dollars to organizations that…

California is taking steps to promote earthquake insurance

September 26, 2014September 24, 2014 Nordstrom

Few homeowners in California have insurance protection against earthquakes Few people in California have earthquake insurance, and this is being considered a significant problem by the California Earthquake Authority and state lawmakers. The organization has begun working with Assemblyman Ken Cooley in order to address the issue. New legislation has been introduced, highlighting the lack of insurance coverage for the state’s homeowners. The legislation is expected to take effect in 2016 and requires insurers to provide homeowners with easily understood information regarding their insurance coverage and earthquake coverage. The number…

Uber and Lyft withdraw opposition to auto insurance bill

September 1, 2014August 31, 2014 S.Vagus

Legislation in California aims to change the way insurance works for ride-share companies Ride-sharing companies Uber and Lyft have been working together to combat legislation in California that would make changes to the state’s auto insurance requirements. The two companies typically compete with one another quite aggressively, but have become allies because of this controversial legislation. The legislation in question, Assembly Bill 2293, aims to place higher insurance requirements on both companies and the drivers that they hire. Uber and Lyft believe that these higher requirements would have a negative…

California health insurance exchange is shrinking

August 18, 2014August 16, 2014 Logan B.

Exchanges are adding new carriers in many parts of the US, but not in California Insurance exchanges in some states are adding new carriers that will be supplying coverage to consumers beginning in November of this year. This coverage will go into effect on January 1, 2015. California is one of the only states whose exchange did not welcome a new carrier this year. Covered California, as the state’s exchange is called, is experiencing a somewhat unique problem in the availability of health insurance coverage. The state’s exchange is becoming…

Health insurance rate increases in California may not be beneficial for insurers

August 13, 2014August 11, 2014 S.Vagus

Insurers could be having trouble keeping up with the rate of medical inflation Fitch Ratings expects that health insurance rate increases in California will be a benefit for non-profit hospitals, but their impact on insurance companies is still uncertain. Insurers have been pushing for higher rates for the coverage they provide in the state and have been able to institute these rates regularly. The problem, however, is that the most recent round of rate increases may not be enough to help insurance companies keep up with the rate of medical…

Health insurance companies work to form massive database in California

August 8, 2014August 5, 2014 Marc

State’s largest insurers are planning to store medical information in a single database The medical information of millions of residents in California may soon be contained in a single, massive database. Two of the state’s largest health insurance companies are currently working to create this database and it may help make health care significantly more efficient. Anthem Blue Cross and Blue Shield of California are behind the initiative and the companies believe that the database will eventually lead to more affordable health care, but it has raised serious privacy concerns…

More Californians have access to health insurance coverage than ever before

August 5, 2014August 2, 2014 Marc

Survey shows that insurance coverage is becoming more accessible The number of Californians without health insurance coverage has dropped dramatically since the state’s insurance exchange began operating in October of last year. According to a survey released by the Kaiser Family Foundation, 60% of those that did not have insurance coverage before the exchange began accepting enrollees now have insurance coverage. Those that remain uninsured may be a problematic issue to deal with, however, when the exchange begins another open enrollment period in November of this year. 80% of those…