Tag: Illinois health insurance

Illinois health insurance exchange making progress

Nordstrom
Illinois Health Insurance Exchange

Legislators continue to push for Illinois health insurance exchange The Illinois health insurance exchange is on track to comply with federal regulations and deadlines. State officials have been making progress in building the state’s own exchange program, hoping to have one established before being confronted by deadlines from the federal government. Thus far, progress has been modest, but promising. The state is now reviewing five bids from companies and organizations interested in building the exchange program. Legislators are expected to choose one of these bidders within the coming months. State…

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Illinois lawmakers look to abolish free health insurance for retirees

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health insurance for retirees

Bill would have retired state officials pay for their health coverage Illinois legislators are currently debating a bill that would abolish premium-free health insurance for retired state officials. Senate Bill 1313 was approved by the House Executive Committee this week and will continue its legislative journey, which has yet to be met with any significant opposition. The bill would require retired state officials to pay for their health insurance coverage. These retirees would pay for their coverage regardless of how long they have worked for the state. Initiative could solve…

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Aetna provides individual health insurance policies to Illinois Costco members

Health insurance sold at costco

Aetna has announced a new individual health insurance plan for members of Costco in Illinois. Aetna has just unveiled its latest individual health insurance product which is now being offered to residents of Illinois with a Costco membership. The product is called the Costco Personal Health Insurance program, and it offers five different types of policies from which its members can choose. These offer a wide doctor and hospital network, a range of different major medical benefits, as well as a spectrum of useful services, information, and tools that are…

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Medical loss ratio provision could have saved Illinois residents millions according to Commonwealth Fund report

S.Vagus

Health care reform medical loss ratio study The Commonwealth Fund, an independent foundation based in New York that researchers health care policies, has released a new report concerning the medical loss ratio (MLR) provision of the Affordable Care Act. The MLR provision requires insurance companies to spend no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot meet this standard, the money must be returned to policyholders. The provision took effect in 2011, but has been mired in litigation and bureaucracy, which…

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Audit puts Illinois lawmakers in hot water with the state’s insurance companies

S.Vagus

Illinois lawmakers and insurers are coming under fire for an insurance deal that was brokered last year. A new report released this week from the state’s Auditor General, William Holland, has highlighted some serious problems with the insurance deal the state made with Blue Cross Blue Shield. The deal saw more than $7 billion worth of insurance policies held by state employees transferred to the major insurance company. One of the problems is that many of the policyholders caught up in the plan lived in one of 24 counties where…

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Illinois legislators to decide the fate of a state-run insurance exchange this week

Nordstrom

This is an important week for the health insurance industry in Illinois. The state has entered the national limelight as it draws closer to making a decision regarding the establishment of a health insurance exchange. Legislators have been torn on the issue since the passing of the Affordable Care Act in 2010. A law that would make the exchange a reality is currently before the state Legislature and lawmakers are expected to determine the fate of the exchange initiative by the end of the week. If the law is passed,…

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Illinois legislative committee investigating the effects of health insurance exchanges

The Illinois Health Benefits Exchange Legislative Study Committee, a panel comprised of senators who have been investigating the possible effects an insurance exchange could have on the state’s insurance market, will be submitted its recommendation on the establishment of an exchange to the Senate by the end of this month. Thus far, the committee has remained tight-lipped regarding its findings, but some light may have been shed on the possible outcome of the committee’s research. According to the Chicago Tribune, the state’s insurance industry has been pouring money into the…

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