Live Insurance News

Health insurance policies sold through South Carolina exchange may become more expensive

June 4, 2014June 1, 2014 S.Vagus

Department of Insurance believes that insurance policies will increase in cost next year The South Carolina Department of Insurance has predicted that the four health insurance companies that are selling policies through the state’s insurance exchange will again sell these policies during the exchange’s next open enrollment period. These plans will go active next year, but the agency believes that they will be more expensive than they were during the last open enrollment period. The agency will not know for sure if these policies will be more expensive until later…

Health insurance companies flee South Carolina market

November 29, 2013November 26, 2013 Nordstrom

A dozen insurers opt out of South Carolina small group and individual markets Nearly a dozen health insurance companies are leaving South Carolina, according to the state’s Insurance Department. These insurers are refusing to write new health policies in the state, citing new regulations introduced by the Affordable Care Act. These regulations are placing significant financial strain on some companies and smaller insurers are finding it difficult to comply with some of the federal law’s provisions. As such, pulling out of the individual and small group markets of South Carolina…

Health insurance competition low in South Carolina

November 12, 2013November 9, 2013 S.Vagus

South Carolina health insurance market lacks competition A new report from the American Medical Association suggests that South Carolina may have one of the least competitive health insurance marketplaces in the U.S. The state falls behind Alabama, Hawaii, Michigan, Delaware, and Alaska in terms of a lack of competition in its insurance market. Despite the existence of the state’s health insurance exchange, competition among insurers remains low, limiting the options that state residents have regarding the coverage they have access to. Blue Cross Blue Shield boasts of majority of the…

Health insurance rate hike stopped by South Carolina Supreme Court

December 6, 2012December 4, 2012 H. Cutner

The top court in the state has placed a temporary block on increases to plans for state workers. The Supreme Court of South Carolina has announced that it has placed a block on rate increases for the health insurance plans of the employees of the state. The justices have halted the increase until a lawsuit challenging the increase of 4.6 percent can be considered. The typical health insurance increase had been approved by the General Assembly, but this year, they voted to pay for this increase, in its entirety, using…

South Carolina rejects federal money that would help build insurance exchange

September 2, 2011September 2, 2011 Nordstrom

Reeling from the impact of Hurricane Irene, South Carolina has not lost sight of opposing federal health care reform. Tony Keck, head of the state’s Health and Human Serviced Department, announced Thursday that the state would be rejecting millions of dollars in federal grants that would have been used to help the state build a health insurance exchange. The exchange would have helped residents of the state find affordable insurance coverage and, theoretically, reduce the overall cost of insurance policies within the state as insurers fought for customers. South Carolina…