Virginia Insurance Provider to Defy HHS Ruling
The heavy hand of the Affordable Care Act of 2010 is being felt around the country today.
Health insurance premium increases have been ruled excessive in five states by Health and Human Services (HHS) Secretary Kathleen Sebelius. The company hit with the ruling, however, pledges to defy the federal government’s decision.
The secretary’s power to oversee individual health insurance company premiums comes from the new health care program approved by Congress two years ago. It authorizes the federal agency to step in when premium increases are deemed to be “unreasonable.” Sebelius said, “Before the Affordable Care Act, consumers were in the dark about their health insurance premiums because there was no nationwide transparency or accountability. Now, insurance companies are required to disclose rate increases over 10 percent and justify these increases.”
The most recent company targeted by Health and Human Services is Trustmark Insurance which sought to raise premiums in five states. According to the agency, “Trustmark has raised rates by 13 percent in Alabama, Arizona, Pennsylvania, Virginia, and Wyoming. For small businesses in Alabama and Arizona, when combined with other rate hikes made over the last 12 months, rates have increased by 27.2 percent and 18.1 percent, respectively.”
In response to the HHS move, Trustmark spokesman Patton Hollow talked to Kaiser Health news and said company officials “respectfully disagree with the government’s assumptions and conclusions and would go ahead with the rate hikes. Our premiums are driven by the rising cost and increased utilization of medical services. As a smaller carrier, our loss ratios can vary significantly from year to year and we take that volatility into consideration.”
Hollow continued, “. . . the company will continue to be in compliance with all aspects of the health law. If there are instances where we do not reach the required loss ratio as calculated under the federal regulations, we will promptly . . . rebate the difference to those customers.
Aetna Insurance Plans Individual Health Insurance - News
"This is great for our customers and exciting for Assurant Health as we strengthen our position as a leading provider of individual and small group major medical insurance in the United States." The multi-year agreement provides access to all current
The secretary's power to oversee individual health insurance company premiums comes from the new health care program approved by Congress two years ago. It authorizes the federal agency to step in when premium increases are deemed to be “unreasonable.
Connecticut, the "insurance capital of the world," is bucking the trend. Beginning Sunday, Connecticut will jettison its private health plans from Medicaid, the state-federal health insurance program. Instead of paying the companies a set monthly fee
I want individuals to have their own insurance. That means the insurance company will have an incentive to keep you healthy. It also means if you don't like what they do, you can fire them." Romney clearly is living in a fantasy world where free-market
Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and
Assurant Health positions themselves for expansion with new Aetna ...
MILWAUKEE, Jan. 17, 2012 – /PRNewswire/ – Assurant Health, a leading provider of major medical, supplemental and fixed-benefit health plans for individuals, families and small employers, announces an agreement with Aetna Signature Administrators, allowing current and prospective major medical customers of Assurant Health to access the Aetna Signature Administrators national PPO network.
Beginning in March, major medical customers of Assurant Health will be able to access care from more than one million health care providers and 7,500 hospitals nationwide within the Aetna Signature Administrators PPO network. Access to this network will enhance the competitiveness of Assurant Health for individuals, families and small groups. In addition, Aetna will provide utilization and case management services to Assurant members and share risk as part of a reinsurance agreement.
“This partnership with Aetna reaffirms the commitment of Assurant Health to ensuring our customers can access high-quality, affordable health care coverage,” said Adam Lamnin, president and CEO of Assurant Health. “This is great for our customers and exciting for Assurant Health as we strengthen our position as a leading provider of individual and small group major medical insurance in the United States.”
The multi-year agreement provides access to all current and future Assurant Health major medical individual and small group policyholders.
“Through Aetna Signature Administrators, members can gain access to a strong nationwide network of health care providers and important medical management services,” said Ralph Borzillo, President of the Aetna Signature Administrators business. “We are excited to provide these critical services to Assurant Health’s members.”
About Assurant Health Assurant Health is the brand name for a family of health insurance products focused on providing a variety of affordable plan choices to consumers. The portfolio of health care products includes major medical, supplemental and fixed-benefit plans for individuals, families and small employers. Assurant Health is committed to providing access to convenient health care delivery, easy-to-understand products and value-added services that help customers better manage their health care dollars and get the most out of their coverage—ultimately seeking to protect not only financial security but also the health and well being of its customers. Assurant Health’s products are underwritten and issued by John Alden Life Insurance Company, Union Security Insurance Company and Time Insurance Company, which has been in business since 1892. Headquartered in Milwaukee, Assurant Health employs approximately 2,000 employees. www.assuranthealth.