Live Insurance News

Health insurance exchange in Minnesota moves one step closer to reality

March 11, 2013March 10, 2013 S.Vagus

Lawmakers in Minnesota continue to wrestle with health insurance exchange initiative With the Affordable Care Act looming, lawmakers in Minnesota continue to wrestle with the issue of a state-run health insurance exchange. Those that support the federal health care law argue that it will lead to a dramatic decrease in the costs of health insurance throughout the state, especially if Minnesota decides to operate its own health insurance exchange. Opponents of the law argue that the federal government is overstepping its boundaries. This week, those supporting a state-run health insurance…

Health insurance exchange amendment causes controversy in Minnesota

February 19, 2013April 30, 2013

Legislators at odds over health insurance exchange amendment Minnesota is among several states in the U.S. that is currently considering building and operating its own health insurance exchange. State officials have yet to make any decision on the matter, but several approaches to the exchange effort have already been discussed in the Legislature. Plans for a state-run health insurance exchange have already hit a snag with the Democratic-Farmer-Labor Party, which holds the majority of the state’s political power. Late last week, the Minnesota Senate Tax Committee approved an amendment to…

Health insurance brokers in Minnesota receive some good news

February 6, 2013February 5, 2013 Nordstrom

Health insurance brokers get some good news from the state As the Affordable Care Act inches closer to becoming fully actualized in the U.S., insurance agents and brokers are beginning to feel pressure concerning their livelihoods mounting. The federal health care law calls for the establishment of health insurance exchanges, which are meant to be virtual marketplaces where consumers can find affordable health care policies. Policies would be sold through the exchange, effectively eliminating any third party in the relationship between consumer and insurer, a fact that has many brokers…

Health insurance exchanges in Minnesota facing tight deadlines

January 11, 2013January 11, 2013 H. Cutner

Health Insurance Minnesota Governor Mark Dayton

With the start of the legislative session, lawmakers are diving right in to the healthcare overhaul. This week, Minnesota saw the beginning of a fresh legislative session, and Republican and DFL lawmakers have jumped directly into the announcement of a new bill that would implement a central element of the federal healthcare reforms within the state, namely the health insurance exchange. This virtual marketplace would provide an online arena in which residents can shop for coverage. Up to a million residents of Minnesota, in addition to small businesses, will be…

Health insurance exchange plan in Minnesota costlier than expected

November 27, 2012April 30, 2013

The state’s bill for the program at the heart of the healthcare reforms is higher than predicted. According to Governor Mark Dayton’s administration, the cost of operating the health insurance exchange in the year 2015 is now predicted to be around $54 million. Previous forecasts had placed the expense at between $30 million and $40 million for the state. That said, Minnesota will not need to obtain those funds until that year, when the state health insurance exchanges are required to be able to sustain themselves, financially. The same projections…

Minnesota health insurance exchange moving forward

November 23, 2012November 22, 2012 S.Vagus

Minnesota health insurance exchange still in a state of confusion A task force formed in Minnesota by the state’s government is currently investigating the next steps the state should take in building its own health insurance exchange. The task force is advisory in nature, but plays a significant role in the state’s future health insurance structure. The association met earlier this week and is expected to provide state lawmakers with recommendations on how the Minnesota health insurance exchange should take form. Lawmakers still unsure how to build an exchange program…

Minnesota insurance agents concerned over commissions and a health insurance exchange

August 21, 2012April 30, 2013

Insurance agents voice their concern regarding exchange system Minnesota is making progress on establishing its own health insurance exchange, but the state’s plans have sparked concerns amongst insurance agents. Independent insurance agents have come together to make their concerns heard by state officials. The majority of the state’s health insurance is sold by these independent agents, who are worried that a health insurance exchange will make deep cuts in their commissions. If these concerns are justified, an insurance exchange could present a serious financial problem for Minnesota agents. How insurance…