Short-Term Health Disclosures Tend to Stink: Regulator to Congress

Northeast Agent

Guru
1000 Post Club
2,053
Pennsylvania
Short-Term Health Disclosures Tend to Stink: Regulator to Congress | ThinkAdvisor

One big problem with expanding consumer use of short-term health insurance is that consumers may have no good way to know what a policy will really cover.

Jessica Altman, the Pennsylvania insurance commissioner, presented that argument Wednesday, in Washington, at a hearing organized by the House Health Energy and Commerce health subcommittee.

A typical short-term health insurance policy covers much less care than ordinary major medical plans cover, and consumers often buy the coverage without understanding the limitations, Altman said at the hearing.

“The plans are sold without consumer access to provider directories, formularies, sample coverage documents, summaries of benefits and coverage, or a uniform glossary,” Altman said.

“In the past two years, our department has suspended the licenses of eight producers who misrepresented the coverage available to consumers who purchased STLDI,” Altman said. “But, even in cases where there is no misrepresentation to consumers, it is difficult to understand the extent of the benefit limitations included in these plans until a consumer needs health care and tries to use them.”
 
And ACA should have required disclaimers too like:

The price is not real, and u wont know the final price for 1 year from now at tax time.

The $20,000 APTC is a fancy way to say loan, and u could owe it all back.

Your oncologist or any other doctor you want will not accept it.

Policy terms every 12 months and must be actively renewed each yr.

Pre ex conditions are only covered if u change doctors.

Must stay inside county 365 days a year for maximum benefit
 
Nobody is against more disclosure. Some Americans do read it, and can make a determination themselves.
Validates validity of product niche.
Gets bad apples out. Carriers and agents.
 
Back
Top