Posts Tagged ‘insurance reform’

Texas Says, “We’ll Help You Shop Around”

March 24th, 2011 by Iris | Comments Off | Filed in auto insurance, health insurance, homeowners insurance, insurance facts

The Texas legislature recently filed two separate bills that would require insurance companies to be more forthcoming with customers with regard to rate increase information, and would also expand consumer resources for shopping the insurance market.

In the words of Representative Armando Walle (Houston), House Bills 2723 and 2724 would, “…help consumers fully understand the premium increases imposed by insurance companies and will give consumers information on how they can shop around.”

According to the website for the Texas House of Representatives, HB 2723 addresses accident and health insurance policies. The measure stipulates that insurers must give policyholders sixty days’ notice of rate increases, and the notification has to include the amount of the increase, and how consumers can file complaints. The measure also requires that rate increase information be post to the web, and consumers notified of where it can be found, what the justifications for the increase are, and what alternative coverage options may exist.

HB 2724, according to the same website, includes similar stipulations addressing residential property and personal automobile insurance. At the time of policy renewal, the policyholder’s existing insurer would be required to provide a side-by-side comparison of new and old rates, provide information on any changes in coverage, and offer resources on how consumers can shop around for different coverage. In addition, deductibles must be stated as a dollar amount, and not as a percentage of the policy’s total value.

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Obama to Make Specific Health Care Proposals

February 19th, 2010 by admin | Comments Off | Filed in health insurance, insurance news

Although President Obama has attempted to avoid issuing his own version of a health care reform plan, the deadlock in Congress has compelled the president to formulate his own specific set of proposals, scheduled to be unveiled Monday, February 22.

According to a piece for the Chicago Tribune by Noam N Levey, the presidential suggestions will come three days before a planned summit with congressional leaders from both sides of the aisle. Obama’s hope is to jump-start the stalled process and to appeal for bipartisan cooperation.

Most likely, Obama will offer solutions for key differences in the House and Senate versions of the reform bill, but it is not clear what concessions the President is willing to make to the conservative Republican position. Part of the renewed push to resurrect the bill considered dead after the election of a Republican to fill Ted Kennedy’s Senate seat stems from large requests from rate increases by insurance companies nationwie in recent weeks.

In particular, WellPoint’s call for a 39 percent hike in rates for Anthem Blue Cross in California has indicated the pressing need for health care reform to control the spiraling price of insurance. Even more Americans, hard-hit by the recession, will likely go without health coverage in coming months if such massive rate increases are allowed to go unchecked.

The impending summit and Obama’s more direct participation may not be enough to save health care reform, with many pundits fearful that lawmakers will have to go back to square one, delaying passage of badly needed legislation. If the current health care legislation does die, it’s a sure indication that partisan debate in Congress has stalled forward progress on most, if not all, of the Democrat’s major wish list items — a bad sign for the Obama administration and a bad sign for Americans struggling to survive the worst economic recession since 1929.

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