The costs of health care are on the rise, putting heavy financial strain on insurance companies which, in turn, translates into higher premiums for consumers. While arguments regarding the cause of rising health care rates abound, the real reason for the phenomenon may be something that is impossible to control. The so-called baby boomers generation is steadily aging, with many reaching the twilight years of life. With age comes a sleuth of new medical concerns ranging from cancer to dementia. While older generations have been dealing with such troubles for…
Read MoreTag: health insurance industry
Rhode Island Insurance Commissioners wins new powers from the state Superior Court
Rhode Island’s Superior Court has passed a ruling granting the state’s Insurance Commissioner, Christopher F. Koller, the power to regulate contracts between insurance companies and health care providers. The ruling stems from events that unfolded in 2008 when Koller nullified a contract between Rhode Island’s Blue Cross Blue Shield health insurance company and the Care New England hospital group. The contract would have brought major benefits to the medical group at the expense of consumers, Koller claimed. In response, Care New England filed a suit against the Insurance Commissioner to…
Read MoreDiscontented Occupy Wall Street protesters may soon target the insurance industry
Views on the Occupy Wall Street protests vary depending on which news medium is presenting the issue. Some call the protest a meager gathering of discontented hipsters, while others claim it as a full-fledged revolution that will change the foundation of the nation’s financial industry. Whatever the case may be, the protest continues to generate a great deal of hype and has begun attracting the attention of other industries. The insurance industry, in particular, may be a target as many people see the industry as being at fault for the…
Read MoreNew California laws bring promising changes to the state’s insurance industry
California Governor Jerry Brown signed into law a number of health care legislations this month. Many of the laws were designed to bring affordable health insurance to those in greatest need. The new legislations are expected to make some major changes to the state’s health insurance industry as they introduce stiffer regulations concerning rates and practices. Small businesses in the state will be afforded a number of benefits from the laws in the hopes of ensuring employees are able to keep their insurance benefits. Of note, Senate Bill 51 will…
Read MoreNew website allows users to watch rate increases for health insurance
Web users across the United States can use a new federal website to watch the status of a health insurer in order to determine whether or not that company has increased its rates, and may view the insurer’s justification for doing so. According to the deputy director for oversight at the Department of Health and Human Services, Steve Larsen, the data now available on this website is information that was primarily unavailable before the site’s launch. There were only a few states that offered rate increases on their official websites.…
Read More