The Obama administration is claiming that the Affordable Care Act had reached a milestone last week. According to Kathleen Sebelius, Secretary of the Department of Health and Human Services, that nearly 50,000 people with pre-existing medical conditions have received health insurance through programs that were set up by the federal law. While this may be a significant accomplishment, many of the law’s critics claim that 50,000 is just a drop in the bucket, considering more than 25 million people with pre-existing conditions still do not have insurance of any kind.…
Read MoreTag: President Obama
Lawmakers clash with Obama administration over the matter of crop insurance
Federal legislators representing various agriculture committees in Congress have rejected the cuts to crop insurance President Obama unveiled in his budget plan this week. The plan looks to cut $8 billion in funding for crop insurance throughout the country. Legislators claim that this would be a major blow to many farmers, especially those in areas that are prone to seeing natural disasters. The Obama administration is keen to make cuts to crop insurance because it claims that some farmers are abusing the system, as they will be paid for their…
Read MoreConsumer advocates encourage president Obama to speak out on NFIP during State of the Union address
President Obama will be delivering the annual State of the Union address this week on the 24th of January. In the past, the president has used this occasion to highlight some of the major issues that have put the nation on edge. He has also outlined plans legislators have come up with to fix a number of these problems. This year, consumer advocates from SmarterSafer.org are urging the president to make a statement regarding the state of the National Flood Insurance Program (NFIP). Thousands of people get their flood insurance…
Read MoreInsurance industry infighting may delay Congressional action on National Flood Insurance Program
A fight amongst lobbying groups could put a hold on Congress’ decision regarding the ailing National Flood Insurance Program. The program, which provides millions with access to affordable flood insurance, has been wracked with crippling debt for several years and has finally run out of money and reached a point where it could no longer be sustained. Last month, lawmakers allotted more money to the program in an effort to ensure its survival for another five years, but the plan failed when confronted by the program’s enormous debt. Lawmakers were…
Read MoreConstitutional legality of health insurance mandate headed for the Supreme Court; President Obama is confident in its passing
Mere days after a federal appeals court in Washington declared that the individual insurance mandate posed by the Affordable Care Act was unconstitutional; President Obama has proclaimed his confidence that the Supreme Court would uphold the measure. Several states have questioned the constitutional legality of the Affordable Care Act, but only a handful have sought to fight the federal law in court. The matter will, indeed, be heading for the Supreme Court, but it may be several years before it can be resolved, especially with an election year rapidly approaching.…
Read MoreS&P claims top insurance companies could lose leading ratings
Standard & Poor’s recently announced that the top insurers in the country may lose their leading credit ratings as a result of the debates that have raised the federal debt ceiling. Affected insurance companies could include New York Life Insurance and the Texas-based USAA, as well as the Teachers Insurance & Annuity Association of America, Northwestern Mutual Life Insurance Co., and Knights of Columbus. Standard & Poor’s stated that each of these insurers risk losing their AAA credit ratings. The S&P statement said that the cause is the “significant holdings”…
Read MoreInsurers lobby for segregation from the international banking system, turn to Obama for aid
The U.S. government is being asked to support a new measure before the U.N. that would separate banks and insurance companies from the Financial Stability Board’s efforts to overhaul the international banking system. Several insurance company trade groups have been partitioning President Obama to join other G20 leaders in these efforts, hoping that the added support will affect the measure toward their goals. Insurers are concerned with this issue because one set of regulations is being used to govern both banking institutions and insurance companies. Given the recent failings of…
Read More