While many provisions of the Affordable Care Act have been submerged in controversy, one provision, in particular, has garnered the ire of the insurance industry. The new federal law requires all health insurers to spend at least 80% of the money the collect from premiums on improving medical care for patients. If insurers cannot meet the standard, they are required to return the money to policyholders. This single provision has major financial implications on the nation’s insurers, both big and small. Insurers have been petitioning state lawmakers to obtain a…
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Obama administration’s nationwide health insurance framework
The federal government has – through the announcement of a framework for the Obama administration’s basic benefits package for Americans who are privately insured –made public its decision to play a vital role in the healthcare of the country, and the reforms it has made to it. The Institute of Medicine, a non-government, independent organization, has released a report with the guidelines for what is called the “essential benefits package”, as well as the way in which it will be kept affordable for both taxpayers and small businesses, while it…
Read MoreWellmark 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 MoreIdaho health insurance exchange, Insurance Commissioner notes that it may cost insurance agents their jobs.
The debate on whether to pursue federally mandated health insurance exchanges continues in Idaho. The state has stood divided on the issue since Congress passed the Affordable Care Act back in 2010. Opponents of the health care overhaul say that the changes to health care are unconstitutional and have resisted efforts to establish an insurance exchange in the state. Many have gone so far as to reject monetary aid from the government for the initiative. Governor C.L. Otter, backed by several lawmakers, now says that time is growing short and…
Read MoreHealth insurance analysts claim more guidance needed before insurance exchanges can take root in Nebraska
Despite assistance from the federal government, many states remain torn on what to do about health insurance exchanges. In Nebraska, legislators are currently weighing their options. The burden of unanswered questions and vague concepts of federal regulations have slowed the states progress toward an exchange. Nebraska has turned to insurance analysts for aid, but was met with disappointment after analysts told legislators that more guidance from the federal government was needed before any move on an exchange could be made. In light of this news, the state is confronted with…
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