Six health insurance companies have agreed to end the secrecy over their requests for rate increases, according to Benjamin M. Lawsky, superintendent of New York’s new Department of Financial Services.
A New York City-based non-profit insurance exchange, one of the few in the nation, is celebrating its 10th anniversary, saying it now provides health insurance to more than 3,500 small businesses and nonprofit organizations in metropolitan New York.
Three subsidiaries of EmblemHealth of New York, N.Y., had their ratings downgraded by A.M. Best because of insufficient reimbursement levels for state-sponsored plans, meaning problems for its medical loss ratio.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.