Michigan lawmakers have failed to obtain an exemption from the federal government regarding the new medical loss ratio provision of the Affordable Care Act. The provision requires the state’s health insurers to pay no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot meet this standard, they must return the money to policyholders. Legislators in Michigan have been fighting for an exemption, but federal legislators denied the effort early this week. According to state regulators, consumers may be eligible for $89 million…
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Michigan is home to the nation’s fourth worst insurance market, according to report
A recently released report from the American Medical Association casts some doubt on the insurance market in Michigan. The report shows that the state has the fourth least-competitive health insurance market in the U.S. The findings are the result of rigorous studies done throughout the country to find how many companies are actually participating in the various markets. The lackluster status of Michigan’s market may be due to the fact that Blue Cross Blue Shield encompasses the majority of the market. According to the report, the large insurance corporation controls…
Read MoreSnyder reveals his healthcare plan to send Obama’s reforms to a non-profit
Governor Rick Snyder (Michigan) has unveiled his plans for implementing one of the primary healthcare reforms from the Obama administration – the statewide affordable health insurance marketplace for consumers – by proposing legislation that would turn the task over to a non-profit organization. Snyder made the announcement in his first major speech about healthcare, in which he made a call for the forming of the MIHealth Marketplace. This would be a non-profit group that would supervise the sale of health insurance to small businesses struggling to be able to offer…
Read MoreBlue Cross Insurers look to expand into the Medicaid market
Independence Blue Cross, one of Southeastern Pennsylvania’s largest health insurance companies, is looking to expand into the Medicaid market. The company has been spending millions of dollars in the effort to carve out a larger share of the market. The Medicaid market has become a popular target for health insurers looking to offer affordable coverage to those that have fallen on hard economic times. Independence Blue Cross already holds a prominent place in this particular market, but is looking to further its hold as the market grows more lucrative. Michigan’s…
Read MoreLawmakers in Michigan to pay more for health insurance come October
Michigan legislators will be paying more for health insurance beginning in October, according to House Speaker Jase Bolger. This change is accompanied by a bill before the Legislature which will require state employees to pay up to 20% of their insurance costs. The move comes as an attempt to take control of the costs in every level of government as well as embolden the state’s insurance industry by injecting money from public officials. Until now, legislator’s health insurance has been bought with taxes. Given the tumultuous economy, taxpayers have been…
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