Live Insurance News

Health insurance provider hit with major fine in Missouri

May 22, 2015May 20, 2015 S.Vagus

Aetna faces $4.5 million fine for violating insurance laws in Missouri Missouri Governor Jay Nixon has announced that health insurance provider Aetna will be paying $4.5 million in fees for violating state law. One of these violations has to do with Aetna covering elective abortions even though some policies did not allow for such coverage. This represents the single largest insurance penalty imposed against a company in Missouri’s history. Notably, the health insurance company is holding itself accountable for any violations of state law, also acknowledging that it had violated…

Health insurance companies sending refunds to consumers throughout the US

July 29, 2014July 26, 2014 Marc

Insurers are issuing refunds thanks to the provisions of the Affordable Care Act Millions in insurance premiums are being returned to consumers throughout the U.S., according to the Department of Health and Human Services. The federal agency has released data showing that several insurance companies have been unable to meet the medical loss ratio of the Affordable Care Act. This provision requires insurance companies to spend no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot comply with this provision, they must…

Health insurance costs in Missouri and Kansas are cut down thanks to tax credits

June 20, 2014June 20, 2014 Nordstrom

Tax credits lead to more affordable coverage for those in Missouri and Kansas Tax credits offered by the U.S. federal government are having a major impact on the cost of health insurance in Missouri and Kansas. These tax credits come from the Affordable Care Act, passed in 2010, and have helped make insurance coverage more accessible and less expensive. The credits are applied to policies that are sold through state-based insurance exchanges and are available to those that fall within a certain poverty level, as defined by the federal government.…

Missouri Legislature overturns Senate Bill 749

September 14, 2012April 30, 2013

Lawmakers dismantle Senate Bill 749 The Missouri Legislature has overridden a veto from Governor Jay Nixon concerning legislation that would have allowed consumers and businesses to opt out of insurance coverage providing benefits for certain types of birth control. The legislation, called Senate Bill 749, could have required employers to provide coverage for abortions, sterilization, and other forms of birth control through their insurance company. The Legislature voted on overriding the legislation this week with a 26-6 vote from the Senate. Bill allows employers and individuals to opt out of…

Mutual insurance companies subject to new regulations in Missouri

August 24, 2012August 23, 2012 Nordstrom

Insurance changes come in the wake of Joplin tornado On May 22, 2011, a powerful tornado struck the town of Joplin, Missouri. The tornado was classified as an EF5 and was a catastrophic event that decimated much of the town. The tornado had caused $2.8 billion in damages to property and vehicles and claimed 158 lives. In the wake of the disaster, it was expected that the state would make revisions to its insurance regulations in an attempt to prevent fraud and protect consumers from the exploitation that ran rampant…