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 MoreTag: news on Indiana insurance
Indiana 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…
Read More