Will 1.4 million people lose their health insurance plans in 2017?

health insurance plans

As insurers withdraw from many exchanges, many Americans may find themselves scrambling for new coverage. A new study revealed that the impact of insurers stepping out of the Obamacare marketplaces could leave many Americans without health insurance plans. In fact, as many as 1.4 million people could lose their coverage and have to replace it by 2017. The states expected to be affected the most by insurance company withdrawal are North Carolina and Florida. Over the last few months, a rash of large health insurance companies have stepped out of…

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Health insurance plans to be rated based on size of network

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The Obama administration will now use the number of included doctors and hospitals in the ratings. In response to complaints from consumers with respect to the way health insurance plans are rated on the exchanges, the Obama administration has now said that it will provide a rating for each plan based on the number of hospitals and doctors that are included within that plan’s network. Equally, there will also be an increase to the maximum annual out-of-pocket amount that consumers can pay. For individuals, the maximum out-of-pocket expenses for health…

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New Jersey will not stop selling OMNIA health insurance plans

Health insurance plan

Acting Insurance Commissioner refuses to stop selling OMNIA plans New Jersey’s acting Insurance Commissioner, Richard Badolato, has refused to halt the sale of OMNIA health insurance plans coming from Horizon Blue Cross Blue Shield of New Jersey. Badolato suggests that stopping the sale of these policies would “immediately trigger chaos” in the state’s health insurance market. Earlier this month, 11 hospital systems requested that OMNIA plans no longer be allowed to be sold in the state, but New Jersey officials believe that this would be the wrong move. Consumers are…

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Affordable Care Act could struggle due to insurance policy cancellations

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Some customers have decided that they can’t afford subsidized coverage and are letting it expire. The new open health insurance enrollment period will be beginning under the Affordable Care Act on November 1, and while this means that campaigns are soon going to launch in full force to encourage the remaining 10.5 million eligible uninsured people to purchase coverage, dropouts are working against that effort. The insurance exchanges are now needing to focus on keeping their current customers as well as attracting new ones. This is a new trend since…

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Removal of the individual mandate would take health insurance coverage away from consumers

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Individual mandate has ensured that consumers have insurance coverage The Affordable Care Act continues to be a source of controversy, especially because it requires all U.S. citizens to have health insurance coverage. This provision is called the individual mandate and it has placed some consumers under significant financial pressure. While all citizens must have insurance coverage, many also receive financial aid from the federal government, which helps cover the cost of health insurance policies purchased through exchanges that were established through the Affordable Care Act. Removing the individual mandate may…

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Sam’s Club to launch its own health insurance exchange

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Retailer has announced plans to launch a private insurance exchange for small businesses Next month, open enrollment for U.S. health insurance exchanges will begin, granting consumers throughout the country new access to relatively inexpensive, yet comprehensive policies once again. Sam’s Club, a prominent retailer in the U.S., has announced that it is entering into the insurance market by launching its own exchange. The company’s exchange will have a focus on small businesses, which accounts for the majority of the retailer’s market. Through the private exchange, small business owners may be…

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Health insurance mid-year financial checkups on their way

health insurance cost medical

Individuals who purchased their plans from the official exchanges might want to look into their tax credits. Among the primary draws of purchasing health insurance through the state and federal exchanges was the opportunity to take advantage of the premium tax credit, but it is important for consumers to make sure that they continue to qualify for this advantage. Eligibility criteria could have changed since the time at which the health plan was first purchased. The health insurance tax credit was put into place to make sure that people with…

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