Feds deny Texas waiver on health insurance rules
Texas regulators will not be allowed to phase in a new rule designed to penalize health insurance companies that spend more than 20 percent of premiums on overhead, federal officials said Friday.
The U.S. Department of Health and Human Services said Texas failed to convincingly back up claims that the new rule, part of President Barack Obama's health care overhaul, will force a significant number of companies to stop offering policies to Texans who directly purchase health insurance instead of receiving it through their employers.
Under the rule, insurers that devote more than 20 percent of premiums to overhead costs will have to refund the difference to customers. The first round of rebates, for policies purchased in 2011, must be paid by Aug. 1.
"This determination will ensure consumers receive a better value for their premium dollar," the agency said Friday.
But officials with the Texas Department of Insurance, who had asked that the rule be phased in over four years, said the decision places an undue burden on insurers, particularly small and midsize firms that may have to write fewer policies or leave the individual market altogether.
"A reasonable, responsible, phased-in approach would still have afforded rebates to Texas consumers without risking disruption, dislocation and withdrawal of carriers in the individual market," the state agency said.
Consumer groups praised the federal ruling, saying an estimated $160 million will have to be repaid this summer.
"Texas' request put insurers' profits over consumers' pocketbooks and would have set up the state to miss a critical opportunity to slow rising insurance premiums," said Blake Hutson with Consumers Union .
About 725,000 Texans purchase their own health insurance, and almost two-thirds would have qualified for rebates if the standard had been in place in 2010, state figures show.
Figures for 2011 have not yet been compiled, the Texas Department of Insurance said Friday.
Individual Health Insurance Underwriting - News
By Chuck Lindell Texas regulators will not be allowed to phase in a new rule designed to penalize health insurance companies that spend more than 20 percent of premiums on overhead, federal officials said Friday. The US Department of Health and Human
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How to Find the Best Individual Health Insurance Plan | Health Care ...
One area that many self employed people and entrepreneurs struggle with is finding and deciding on what is the best individual health insurance plan that fits their budget. Their are literally hundreds of plan varitions from multiple carriers that it will make the common persons eyes spin when trying to decipher which direction you should go. However, if you follow the simple advise laid out in this article you will be able to find the best health plan available that wont leave you frustrated at night.
The internet is first place where you want to start your search. By looking online you can find out a lot about the insurance carriers and their individual health plans. This is particularly nice because you can do your search when it is convenient for you in the privacy of your home. There are thousands of sites that will provide quotes on individual health insurance.
However, you want to be careful when you use them. Some collect your personal contact information and pass it on to any agent that purchases their list. This means you could end up fielding unwanted telemarketing calls from pushy agents.
While searching online you should focus your search in your state as coverage varies from state to state. The search results will generally include the corporate sites of insurance carriers where you will find information about the coverage they offer. You will also likely find local agents that specialize in individual health insurance in your state. These sites should give you an abundance of information as well as online quotes. Please note that quotes you find online are always quoted best case scenario and are only estimates of what you will pay. Your actual cost for coverage will only be determined once the insurance underwriters have completely evaluated your risk factors.
Once you have completed your preliminary search online and have a general understanding of plans, carriers, and rates – the next step you should do is to work with an individual health insurance agent in your area or state.