Indiana has finally received a response from the federal government regarding the state’s request for a waiver from the Affordable Care Act’s medical loss ratio provision. The provision requires insurance companies to pay at least 80% of the money they collect from premiums on improving medical care. Indiana had sought an exemption from the rule, claiming that it served as a detriment to the state’s insurance companies. The Department of Health and Human Services, however, has rejected the state’s request for a waiver. The state may have failed to obtain…
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Berkshire India announces intentions to sell either health or life insurance
A branch of Berkshire Hathaway – a firm owned by Warren Buffet – called Berkshire India has announced that it will be selling either Bajaj Allianz life or health insurance products to consumers in India. Bajaj Allianz corporate agent, Berkshire India is already providing retail customers with online travel and auto insurance products through its distribution website. However, according to Arun Balakrishnan, the CEO of BerkshireInsurance.com, within the upcoming six months, the insurer plans “to launch one more product which would be either health insurance or term life product.” Their…
Read MoreIndiana to lose five different health insurers
Five individual health insurance companies, including two of the largest in the country, have chosen to stop selling their policies in Indiana, leading the Indiana Department of Insurance to ask that certain elements of the reform law of 2010 be phased in. The third and fifth largest health insurance companies in the United States, Aetna Inc., from Hartford, and Cigna Corp., from Philadelphia, have decided that they will no longer be taking part in the market for individual health insurance in Indiana. Moreover, American Community Mutual Insurance Co., from Michigan,…
Read MoreIndiana insurance commissioner pleas for MLR exemption as insurers flee the state
According to the Affordable Care Act (ACA), the sweeping health care reform signed into law last year, U.S. insurers are required to spend a minimum of 80% of the premiums they collect on patient care. If they do not meet this new standard, they will be forced to issue rebates to policyholders to cover the shortfall. This provision of the controversial health care law has been criticized by the nation’s insurance companies, with many claiming that it impedes their ability to not only compete in the market but also generate…
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