This will hurt more people then it will help. I have many clients, that will now go uninsured. Especially the young ones who arent eligible for aca tax credits. You can't force people to pay for expensive high deductible HMO obamacare crap. Better yet, reinstate the penalty, but don't take away our non aca options.
3 months max stm term, no rewrites? Game over. That is....2 to 3 yrs from now.
Gonna be a fire sale in STM plans for 2 to 3 yr rewrites in next few months.
Just wrote a guy yesterday, no insurance, no SEP, wrote him 6 month policy to get him to aca OEP jan 1st. What's your solution Joey B if he gets sick in month 2 or 3 under your new rules?
im getting tired of all the govt over regulations in this business.
indemnity plans getting hit too.
and Care credit cards have been great to use over my years, but Joey thinks we are too dumb to make our own decisions.
But don't attack those ministry, non regulated insurance plans.
and these so called "junk" plans have paid out a plenty in claims to my clients when it's a valid claim.
rant done
‐‐-----‐
Protecting Consumers from Junk Plans
Today, HHS and the Departments of Labor and the Treasury issued proposed rules to empower and protect consumers through changes aimed at distinguishing short-term, limited-duration insurance (STLDI) and fixed indemnity insurance (plans that pay a pre- determined fixed amount for a health-related event, regardless of expenses incurred) from comprehensive coverage. STLDI and fixed indemnity insurance sometimes include benefit limitations, and are sold by employing dubious marketing practices, that render such coverage as nothing more than junk. These types of plans are not subject to many of the Affordable Care Act’s (ACA) critical consumer protections, which consumers might not
realize when purchasing them. As a result, individuals may unknowingly end up in plans that do not cover essential benefits like prescription drugs, exclude coverage for pre-existing conditions, or impose annual or lifetime dollar limits on services. Such non-comprehensive coverage can be particularly harmful to low-income individuals and individuals with significant health care needs, as they would face the greatest health and financial consequences from inadequate insurance coverage. The proposed rule, among other policies, would amend the federal definition of STLDI
to ensure these “short-term” plans are truly short-term and used to fill temporary gaps in comprehensive coverage. It would also require STLDI and fixed indemnity excepted benefits coverage to make clearer to consumers the differences between these products and comprehensive coverage, including what is covered and how much is covered.
Improving Transparency and Protections from Unexpected Out-of-Pocket Costs
The Departments also released a frequently asked questions (FAQs) document further clarifying surprise billing and out-of-pocket cost protections for consumers under the No Surprises Act and the ACA, helping to ensure that consumers receive the appropriate protections under these laws. The FAQs also reiterate requirements for plans and issuers to make price information available to consumers, including information on facility fees.
Relatedly, HHS, through ASPE issued the first in a series of reports to Congress on the impact of the No Surprises Act, The report establishes a framework for evaluation of the law’s impact on surprise billing, health care costs, and consolidation that will be used in future reports evaluating the impact of the law.
HHS has joined the Consumer Financial Protection Bureau and Department of the Treasury in issuing a Request for Information (RFI) seeking public comment on the prevalence, nature, and impact of medical credit cards and other medical payment products on consumers and on the health care system. The agencies also seek comment on policy options to address practices by financial companies and health care providers offering these products that result in consumers paying excess costs and that drive up medical debt. This is the first-ever collaboration among the three agencies on the needs of health care consumers.
A new White House fact sheet on actions to lower health care costs and protect consumers is available at https://www.whitehouse.gov/briefing-room/statements-releases/2023/07/07/fact-sheetpresident-biden-announces-new-actions-to-lower-health-care-costs-and-protect-consumers-from-scam-insurance-plans-and-junk-fees-as-part-of-bidenomics-push/.
The proposed rule on short-term, limited-duration insurance (STLDI) is available at https://www.federalregister.gov/public-inspection/2023-14238/short-term-limited-duration-insurance-independent-noncoordinated-excepted-benefits-coverage
and fact sheet is available https://www.cms.gov/newsroom/fact-sheets/short-term-limited-duration-insurance-independent-noncoordinated-excepted-benefits-coverage-level
To read the No Surprises Act FAQs visit: https://www.cms.gov/cciio/resources/fact-sheets-and-faqs#Affordable_Care_Act.
3 months max stm term, no rewrites? Game over. That is....2 to 3 yrs from now.
Gonna be a fire sale in STM plans for 2 to 3 yr rewrites in next few months.
Just wrote a guy yesterday, no insurance, no SEP, wrote him 6 month policy to get him to aca OEP jan 1st. What's your solution Joey B if he gets sick in month 2 or 3 under your new rules?
im getting tired of all the govt over regulations in this business.
indemnity plans getting hit too.
and Care credit cards have been great to use over my years, but Joey thinks we are too dumb to make our own decisions.
But don't attack those ministry, non regulated insurance plans.
and these so called "junk" plans have paid out a plenty in claims to my clients when it's a valid claim.
rant done
‐‐-----‐
Protecting Consumers from Junk Plans
Today, HHS and the Departments of Labor and the Treasury issued proposed rules to empower and protect consumers through changes aimed at distinguishing short-term, limited-duration insurance (STLDI) and fixed indemnity insurance (plans that pay a pre- determined fixed amount for a health-related event, regardless of expenses incurred) from comprehensive coverage. STLDI and fixed indemnity insurance sometimes include benefit limitations, and are sold by employing dubious marketing practices, that render such coverage as nothing more than junk. These types of plans are not subject to many of the Affordable Care Act’s (ACA) critical consumer protections, which consumers might not
realize when purchasing them. As a result, individuals may unknowingly end up in plans that do not cover essential benefits like prescription drugs, exclude coverage for pre-existing conditions, or impose annual or lifetime dollar limits on services. Such non-comprehensive coverage can be particularly harmful to low-income individuals and individuals with significant health care needs, as they would face the greatest health and financial consequences from inadequate insurance coverage. The proposed rule, among other policies, would amend the federal definition of STLDI
to ensure these “short-term” plans are truly short-term and used to fill temporary gaps in comprehensive coverage. It would also require STLDI and fixed indemnity excepted benefits coverage to make clearer to consumers the differences between these products and comprehensive coverage, including what is covered and how much is covered.
Improving Transparency and Protections from Unexpected Out-of-Pocket Costs
The Departments also released a frequently asked questions (FAQs) document further clarifying surprise billing and out-of-pocket cost protections for consumers under the No Surprises Act and the ACA, helping to ensure that consumers receive the appropriate protections under these laws. The FAQs also reiterate requirements for plans and issuers to make price information available to consumers, including information on facility fees.
Relatedly, HHS, through ASPE issued the first in a series of reports to Congress on the impact of the No Surprises Act, The report establishes a framework for evaluation of the law’s impact on surprise billing, health care costs, and consolidation that will be used in future reports evaluating the impact of the law.
HHS has joined the Consumer Financial Protection Bureau and Department of the Treasury in issuing a Request for Information (RFI) seeking public comment on the prevalence, nature, and impact of medical credit cards and other medical payment products on consumers and on the health care system. The agencies also seek comment on policy options to address practices by financial companies and health care providers offering these products that result in consumers paying excess costs and that drive up medical debt. This is the first-ever collaboration among the three agencies on the needs of health care consumers.
A new White House fact sheet on actions to lower health care costs and protect consumers is available at https://www.whitehouse.gov/briefing-room/statements-releases/2023/07/07/fact-sheetpresident-biden-announces-new-actions-to-lower-health-care-costs-and-protect-consumers-from-scam-insurance-plans-and-junk-fees-as-part-of-bidenomics-push/.
The proposed rule on short-term, limited-duration insurance (STLDI) is available at https://www.federalregister.gov/public-inspection/2023-14238/short-term-limited-duration-insurance-independent-noncoordinated-excepted-benefits-coverage
and fact sheet is available https://www.cms.gov/newsroom/fact-sheets/short-term-limited-duration-insurance-independent-noncoordinated-excepted-benefits-coverage-level
To read the No Surprises Act FAQs visit: https://www.cms.gov/cciio/resources/fact-sheets-and-faqs#Affordable_Care_Act.
