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 at (307) 733-8140.