A recent survey has shown that as a result of the Obama healthcare law that allows young adults to maintain coverage through their parents’ health insurance plans, the number of uninsured people in that age group has fallen dramatically. The survey was performed by Gallup, and indicated that there are now approximately 1 million more young adults who are covered by health insurance. At a time that the economy continues to struggle and the future is uncertain, it has been challenging for young adults to take those first steps into…
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The National Association of Insurance Commissioners withdraws its support of an insurance bill on its way to Congress
Insurance brokers have been rallying behind a controversial bill before Congress. The bill was first introduced last month by Senator Mike Rogers of Michigan. The legislation seeks to remove the sales agent fees from insurers’ administrative costs. Supporters of the bill assert that it will help protect the jobs of agents. Furthermore, by reducing costs, insurers will be able to transfer the savings down to consumers. For insurers, the bill holds such promise that they were hoping that federal insurance regulators would endorse it. Regulators, however, have a much different…
Read MoreNew legislation seeks to protect agency role in health coverage
With states making moves toward establishing health insurance exchanges, the role of agents has been a subject of debate – specifically whether they will still be necessary. In New York, new legislation has been introduced that will protect the role of insurance agents and brokers. The state is one of the leaders in pioneering insurance exchanges, but has not forgotten the importance of independent insurance agents. The bill guarantees that agents will continue to play their part parallel to the state’s exchange program. The bill was introduced by Senators James…
Read MoreHealth insurance rates dropping in light of health care reform
In a strange twist of fate, more health insurance companies are making requests to reduce their premiums. This comes in stark contrast of the trend that has been dominant in previous months where major health insurers sought to increase rates exponentially. Several small companies have been lowering their rates, but big companies are following suit, some seeking permission from insurance regulators to reduce their premiums by as much as 20%. While this move may seem uncharacteristic for the industry, some experts are saying that it is not as altruistic as…
Read MoreUncertain future for health insurance brokers
A growing number of insurance brokers are concerned for their livelihoods in light of the new health care reform law passed last year. They are urging Congress and state legislators to establish protections that will guarantee agents a role in the emerging online marketplaces that will accompany state health insurance exchange programs. The exchanges are a mandatory provision of the Affordable Care Act and each state must establish their own exchange by 2014. “The brokers are nervous,” said Sabrina Corlette, a professor at Georgetown University’s Health Policy Institute who has…
Read MoreHealth insurance exchange debate over agents role
As states begin to take steps to establish their health insurance exchanges, private insurance agents in West Virginia are not quite enthusiastic of the efforts. State legislators are beginning t debate a pending bill that would create a state-run health insurance exchange. The measure could be passed this week, as Republicans who oppose the bill find themselves in the minority. Independent agent lobbyist, Gary Marion, argues that the bill would hamper agent’s ability to compete in the market. Health insurance exchanges act as a means for individuals and small groups…
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