As snow falls in New York City, the protestors of the Occupy Wall Street movement have set their sights on the health insurance industry. Last week, hundreds of protestors marched to the Empire Blue Cross Blue Shield offices, which are located close to Zuccotti Park, where the Occupy Wall Street movement has taken root. The march culminated at the St. Vincent’s Hospital in Greenwich Village, which had closed in April of this year due to crippling debt. Protestors are demanding the reopening of the hospital, which had accrued more than…
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NYC health insurer to disclose information concerning rate increases
When it comes to insurance, information is a very powerful commodity. For insurers, it is not only important to ensure that all possible information is gathered when pricing policies, it is also imperative to control the flow of information to the public. Demand for transparency is on the rise in New York, where insurance prices have been soaring recently. The state’s insurance companies have been tight lipped on why rates are growing so quickly, but these companies may soon divulge this knowledge to the general public, thanks to pressure from…
Read MoreNew York legislators reject federal funding for health insurance exchange
New York has long stood as a bastion for what the federal government stands for. The state boasts of one of the most populated and diverse cities in the world where the shortfalls and accolades of the government are highlighted in stark contrast. The state is also home to more than 2.6 million uninsured residents, most of whom cannot afford health insurance. Given the high number of those living in the state without insurance coverage, it would seem that lawmakers in New York would be welcoming to federal health care…
Read MoreExcellus of New York files for rate increases, cites soaring health care costs
Excellus Blue Cross Blue Shield of New York has approached state insurance regulators for approval to raise its health insurance rates. The proposal is planned to take effect next year and will impose a 19.5% increase on some of the policies in the state. The company says that the increase is necessary in order to keep up with soaring medical costs. This is the same reasoning that prevails amongst the majority of the nation’s health insurers, but the notion has yet to gain traction amongst lawmakers, who have been tasked…
Read MoreNew legislation seeks to protect agency role in health coverage
With states making moves toward establishing health insurance exchanges, the role of agents has been a subject of debate – specifically whether they will still be necessary. In New York, new legislation has been introduced that will protect the role of insurance agents and brokers. The state is one of the leaders in pioneering insurance exchanges, but has not forgotten the importance of independent insurance agents. The bill guarantees that agents will continue to play their part parallel to the state’s exchange program. The bill was introduced by Senators James…
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