Admin Said to Be Eyeing Insurance Extension

[Liz]

The Obama administration is considering an extension of the president's decision to let people keep their individual insurance policies even if they are not compliant with the health care overhaul, according to two top industry officials.


Admin said to be eyeing insurance extension

 

[Quotebroker]

The horse is out of the barn. Insurers have transitioned people off these plans already, if they haven't cancelled them entirely and left the state. If you gave all of my clients a do over and let them keep their old plan, probably 80% would take you up on it, but how would you facilitate it? Would be a nightmare on all levels trying to put the toothpaste back in the tube.

 

[Yagents]

Read my past posts, I called this back in Nov at the first extension. It will happen, the question is when, and I'm sure it will occur well before the elections in October as it's a concern at the top of people's minds with Non GF policies.

This is GREAT news for agents and clients, as there was no way that I was going to be able to roll my book of 200-300 Non GF clients during a shortened OEP next year of 30 days. I say 30 days, because you only have Nov 15th - Dec 15th to get all of these Non GF clients on a 1/1/15 effective date plan.

 

[Quotebroker]

Read my past posts, I called this back in Nov at the first extension. It will happen, the question is when, and I'm sure it will occur well before the elections in October as it's a concern at the top of people's minds with Non GF policies.

This is GREAT news for agents and clients, as there was no way that I was going to be able to roll my book of 200-300 Non GF clients during a shortened OEP next year of 30 days. I say 30 days, because you only have Nov 15th - Dec 15th to get all of these Non GF clients on a 1/1/15 effective date plan.

You must be in one of the lucky states that allowed a year delay. In CA, no dice. We have no more non-GF non ACA policies, except a handful with Cigna as they stayed off the exchange. Here, the proposed extension would be a disaster.

 

[cadylou]

Just ridiculous . . . . .they don't want the insurance industry to survive.

 

[AllenChicago]

I wonder what they will do to prevent the group insurance turmoil later this year when they all start canceling? that will make the individual insurance cancellations look minor by comparison.

 

[Yagents]

Aetna CEO just on CNBC said they need, along with other things, advance notice if plans can be extended. This trial balloon/leak is always the first step to another extension. He also said that 3% of revenues come from ACA plans, and less than 1% of profits.

 

[thebig_j]

I wonder what they will do to prevent the group insurance turmoil later this year when they all start canceling? that will make the individual insurance cancellations look minor by comparison.

I'm going to do a bad job on the who and where and when It was said. But yesterday I heard on NPR that some official had said they are aiming to end the stereotype of healthcare coverage being attached to businesses.

That very well could be how they handle it. "Well Mr. biz owner we actually don't WANT you to provide coverage for your employees. The government wants to take care of it all. Because we are soooo good at it."

 

[cadylou]

I'm going to do a bad job on the who and where and when It was said. But yesterday I heard on NPR that some official had said they are aiming to end the stereotype of healthcare coverage being attached to businesses.

That very well could be how they handle it. "Well Mr. biz owner we actually don't WANT you to provide coverage for your employees. The government wants to take care of it all. Because we are soooo good at it."

I'd heard the same thing - not sure where, but yes - this is the sentiment overall. I think we'll also end up with fewer & fewer private insurers able to play in this market. Too much regulation and oversight - only the largest will be able to handle it and you'll begin to see providers become the insurer too . . . .


Reminds me of what happened when they broke up the Bell system in the name of more choice & "competition" - you ended up with job loss, higher prices for consumers, chaos and in the end an oligopoly where consumer only has a few large entities to buy all of their communications services from . . . . I lived through that, and now have to figure out how to reinvent my career again because of this new law . . . .ugh . . . .

 

[Yagents]

Keep plans for an additional 3 years (which means 4 years)? Isn't that just after the next prez election? It couldn't be........say it ain't so.
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"that the administration may let policyholders keep that coverage for an additional three years"