Wyoming’s health insurance industry is reeling with indecision after President Barack Obama announced on Thursday, November 14 that companies can continue providing existing health insurance packages, Wyoming’s Insurance Commissioner Tom Hirsig said on Friday, November 15.
According to data from the state, around 500 policies have already been canceled by private insurers in Wyoming, and they are looking at cancelling 2,600 more to conform with Obama’s directive for insurance companies to offer new health insurance coverage that will meet the new requirements of the Affordable Care Act.
Hirsig said insurance companies are still figuring out how Obama’s announcement will impact their business and are making calculations as to how much it would cost to continue existing coverage, with Hirsig noting that “it’s just not something they can determine overnight.”
Unfortunately, getting the insurance coverage you need is not always as easy as simply filing a claim with your insurance provider. At Jessica Rutzick & Associates, P.C., our lawyers help people in Wyoming fight against insurance companies that are acting in bad faith, or failing to provide the proper coverage a claimant needs. Call us at (307) 733-8140 to talk with us if you are dealing with such a situation.
Private insurers in Wyoming are on the verge of canceling more than 2,600 health insurance policies due to increased governmental regulation and increased minimum standards as set by the Federal Patient Protection and Affordable Care Act, the Obama administration’s legislation aiming to overhaul the country’s healthcare system.
More than 500 health policies were already canceled earlier this year, with some of the cancellations taking effect in December and others in March of next year, according to a statement from Wyoming Insurance Commissioner Tom Hirsig on Thursday, October 31.
Hirsig said customers with cancelled health policies can be eligible for federal subsidies until they acquire a health insurance policy that would meet the requirements of the new law. However, it is yet to be known when government-approved coverage would be available, he added.
Wyoming is one of the least-populated states in the country, with only around 560,000 people residing in the state, but it faces one of the highest-priced federally-approved health care policies.
Having a reliable insurance policy, whether for medical coverage or property protection, is important for many individuals and business alike. Unfortunately, when an insurance company fails to act in good faith, an insured party might not get the coverage they should be owed. If your insurance company refuses to fulfill its obligations according to your policy, contact our attorneys from Jessica Rutzick & Associates, P.C. at (307) 733-8140.