WellPoint Inc., along with two non-profit insurance companies, has obtained the majority stake in a private health insurance exchange based in Minneapolis, Minnesota. The exchange, called Bloom Health Corp., was founded in 2009 and has helped employers in the state find insurance plans that are right for their business and employees. The exchange is one of the first in the country to see any degree of success and has become something of a standard by which other insurance exchanges can be modeled after. WellPoint, Health Care Service Corp. and Blue…
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Wellmark Blue Cross/Blue Shield not entirely sold on insurance exchange
The largest insurance provider in Iowa, Wellmark Blue Cross/Blue Shield, is still debating whether or not it wishes to take part in the insurance exchange in the state. If this insurer does not take part, it could be destructive to the entire insurance exchange initiative. The state insurance exchanges are considered to be a key component of the healthcare reform program for the entire country. Supporters of the exchanges are saying that the systems and services they will establish will assist millions of small businesses, families, and individuals to better…
Read MoreFederal regulators step in to take charge of Idaho’s review of insurance rates
A number of private insurance companies in Idaho have submitted rate increase proposals to the state’s Department of Insurance. Normally, the issues would be handled by state regulators, but the federal government will be stepping in to handle the investigation beginning in the fall. This move is inspired by an executive order from Governor C.L. Otter, which has banned the state from adhering to the overarching federal health care law. Otter’s order means that the state is unable to comply with federal regulations regarding insurance rates. Because the state cannot…
Read MoreFederal officials ready to debate health insurance rate increase of 10% or more
U.S. officials are getting ready to debate whether or not increases in the rates for health insurance of 10 percent or more were excessive within seven states which have rate review processes that have been labeled ineffective. The rate review systems for Louisiana, Alabama, Montana, Arizona, Wyoming, Idaho, Missouri, as well as four territories have been deemed to be insufficient by the Center for Consumer Information and Insurance Oversight (CCIIO). The CCIIO is a branch of the Centers for Medicare and Medicaid Services. According to the CCIIO, federal officials, under…
Read MoreFederal measure that makes affordable health care available to those with high-risk conditions
A new measure from the federal government that seeks to bolster the availability of health insurance for those with existing medical insurance will go into effect today. The measure will reduce insurance premiums by as much as 40% for what lawmakers are referring to as “special, high-risk” plans. This will prove to be a particular benefit to those with pre-existing conditions who were originally unable to afford the insurance coverage they desperately need. The measure is part of the overarching health care reform, the Affordable Care Act. Originally, this particular…
Read MoreGeorgian insurers to sell out of state policies beginning July 1
Beginning July 1st, insurers in Georgia will be able to sell health insurance policies available across state lines. Other states have been considering similar laws but Georgia is the first to pass such a law. The issue of inter-state insurance policies has been hotly debated for some time now. Critics of the law argue that it will put consumers at risk as most out of state insurance policies that will be up for sale will not meet the standard of Georgia’s strict regulations. On the other hand, supporters of the…
Read MoreHealth insurers required spending law or your check is in the mail!
A year has passed since the health care reform bill, the Affordable Care Act, was signed into law. Many used the opportunity to hold events that publicized the perceived “broken” promises of the law, but in Illinois, insurance officials are arguing that consumers are better off now than they were without it. The Illinois Insurance Department Director, Michael McRath, has said that in the next year some consumers will be receiving rebates as a result of the law’s requirements. “There is some disruption and definitely some discomfort among insurers,” says…
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