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A camel is a horse designed by a committee.
Claims Loss Ratio In Bill
- Thread starter TXINSURANCE
- Start date
A camel is a horse designed by a committee.
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- #12
- 3,863
While I DO NOT support claims loss ratios, starting it prior to 2014 GI implementation is a HUGE mistake and disaster. It would be same as starting GI now, but mandate 4 years later? It would not make sense.
All of this sabre rattling is interesting but I wonder how it will play out in the courts. So many things in the bill are unconstitutional while others involve the federal government exercising control in areas where they have no jurisdiction.
McCarran-Ferguson exempts carriers from federal governance. In the past, when federal laws have been enacted the states have been allowed to pass laws that comply with federal statutes.
Some of the provisions of this reform may eventually trickle down to the state level but keep in mind some 37 states are in the process of drafting legislation to exempt them from Obamacare.
That of course will be up to the courts to decide.
I am not aware of any laws enacted at the federal level that govern profit margins for private industry. With regard to insurance products, states will set reserve requirements, suggested loss ratio's and on some products, will limit the commission that can be paid. But never to the extent Congress is attempting.
We are a republic, not a monarchy. Regardless of what may happen over the next few days and weeks, you can be there will be legal challenges in an attempt to stop the ramrodding of this botched piece of legislation.
McCarran-Ferguson exempts carriers from federal governance. In the past, when federal laws have been enacted the states have been allowed to pass laws that comply with federal statutes.
Some of the provisions of this reform may eventually trickle down to the state level but keep in mind some 37 states are in the process of drafting legislation to exempt them from Obamacare.
That of course will be up to the courts to decide.
I am not aware of any laws enacted at the federal level that govern profit margins for private industry. With regard to insurance products, states will set reserve requirements, suggested loss ratio's and on some products, will limit the commission that can be paid. But never to the extent Congress is attempting.
We are a republic, not a monarchy. Regardless of what may happen over the next few days and weeks, you can be there will be legal challenges in an attempt to stop the ramrodding of this botched piece of legislation.
From what I understand, GI and no limit on benefits starts immediately, it's just the subsidies that don't start until 2014. That's not a recipe for disaster or anything...
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Refer to the aforementioned camel.
It's mess. Plus anything that is passed or not passed will become campaign issues so you have to figure out how much will be amended along the way.
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- #16
- 3,863
GI does not start immediately.
That's not what was just stated in the press conference. Statement said insurers will not be able to deny coverage for pre-existing conditions this year if passed.
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I believe it applies immediately (within 6 months of enactment) to children through age 26. 2014 for all adults 27-65.
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Or does it apply to them just if they are on their parents policy. If a man is 24 and wants to go out and get his own policy is he still GI? Don't think so but admittedly I have passed the details of this latest gig by so am just asking.
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Here's the breakdown from CNN. Full GI not until the Exchanges are in place in 2014.
During the first year:
Pre-existing conditions: The Senate bill includes $5 billion in immediate support to provide temporary coverage to uninsured Americans with pre-existing conditions. The money would help you until the new health care exchanges in the Senate bill are put into effect in 2014.
Eliminating caps: If you buy a policy, a health care company will not be able to place a lifetime -- or annual -- cap on how much they will cover. This is will be especially important for those diagnosed with serious illnesses, such as cancer, who face steep medical bills.
Children and pre-existing conditions: Another thing that's going to be very important, CNN Senior Political Analyst Gloria Borger said, is that there will be no exclusion of children with pre-existing conditions.
Dependent children: Your children will be covered until the age of 26
Small business tax credits: Those tax credits are aimed at helping small businesses buy health insurance for their employees. Tax credits of up to 50 percent of premiums will be available to firms that offer coverage, according to the Senate's plan.
Preventive care: All new insurance plans, Obama said, will be required to offer free preventive care in order to "catch preventable illnesses and diseases on the front end."
Appeals process: A new independent appeals process will be set up for those who feel that they were unfairly denied a claim by their insurance company.
Help for seniors: If you fall into the Medicare Part D Drug Benefit coverage gap, dubbed the "donut hole," you will receive $250 to help pay for prescriptions.
What can you and your family expect right away? - CNN.com
During the first year:
Pre-existing conditions: The Senate bill includes $5 billion in immediate support to provide temporary coverage to uninsured Americans with pre-existing conditions. The money would help you until the new health care exchanges in the Senate bill are put into effect in 2014.
Eliminating caps: If you buy a policy, a health care company will not be able to place a lifetime -- or annual -- cap on how much they will cover. This is will be especially important for those diagnosed with serious illnesses, such as cancer, who face steep medical bills.
Children and pre-existing conditions: Another thing that's going to be very important, CNN Senior Political Analyst Gloria Borger said, is that there will be no exclusion of children with pre-existing conditions.
Dependent children: Your children will be covered until the age of 26
Small business tax credits: Those tax credits are aimed at helping small businesses buy health insurance for their employees. Tax credits of up to 50 percent of premiums will be available to firms that offer coverage, according to the Senate's plan.
Preventive care: All new insurance plans, Obama said, will be required to offer free preventive care in order to "catch preventable illnesses and diseases on the front end."
Appeals process: A new independent appeals process will be set up for those who feel that they were unfairly denied a claim by their insurance company.
Help for seniors: If you fall into the Medicare Part D Drug Benefit coverage gap, dubbed the "donut hole," you will receive $250 to help pay for prescriptions.
What can you and your family expect right away? - CNN.com
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