New Jersey is the second state after Vermont to enact an individual mandate, which becomes effective January 1, 2019. The purpose of P.L. 2018, Chapter 31 is to stabilize the market and help keep health insurance premiums as low as possible. The tax applies to all New Jersey residential taxpayers. Hardship exemptions shall be determined by the State Treasurer. …
United Healthcare exits Individual Market
While this has garnered alot of attention around the country and in the press and media, it is no surprise to anyone in the industry. “The smaller overall market size and shorter-term higher risk profile within this market segment continue to suggest we cannot broadly serve it on an effective and sustained basis,” said CEO Stephen Hemsley in the company’s quarterly …
Blue Cross loses more money on exchange than other carriers
The nation’s Blue Cross and Blue Shield plans have fared worse than publicly traded health insurance companies on the new health insurance exchanges, with many of these plans losing hundreds of millions of dollars last year on individual policies sold under the Affordable Care Act. A new report from Fitch Ratings, which looked at earnings ofnearly three dozen Blue Cross and …
How does the ACA apply to LTD and STD recipients?
From Employee Benefits Advisor Magazine: In order to avoid potential pay or play penalties, do employers need to make an offer of health plan coverage to individuals receiving payments from a short-term disability or long-term disability arrangement? All large employers must offer health plan coverage to their full-time employees or potentially be subject to pay or play penalties. Under the …
Dave and Busters class action Health Care Reform Suit
From business Insurance: A U.S. District Court judge has refused to dismiss a putative class action lawsuit filed by a former restaurant worker who claims her employer cut her hours to part time from full time in order to avoid Affordable Care Act costs, in violation of the Employee Retirement Income Security Act. Maria De Lourdes Parra Marin said …
Why your broker won’t help you get coverage…
From insurance Business America, 2/11/16: The bad news for health insurance agents continues. Earlier this week, three of the largest insurance companies in the country announced they would not be paying broker commissions for consumers that sign up for plans after the open enrollment season deadline. Anthem, Aetna and Cigna announced the ban on broker commissions independently, hoping the …
Why United healthcare is leaving the PPACA
While its not official, it is very clear that United Healthcare intends to leave the individual health marketplace next January 1. Here is why: Partial year insureds- they sign up, run up a bunch of claims, and then stop paying premiums. For example, they join, pay $400 a month for three months, have $100,000 heart surgery, and then stop paying …