NAIC Says HALT, To Obama’s Healthcare plans
Northern, WI 1/24/2013 (tradewatchmedia) –The National Association of Insurance Commissioners (NAIC) opines that President Obama may have to postpone the launch of his revamped health care law or else he could face utter confusion in October when subsidized insurance plans are put up for sale.
On Oct. 1st, America will see millions of its citizens start shopping at government-created online insurance markets. But it is as yet uncertain how suitably and competently the involved states will accomplish their goals.
The Republicans are of the view that, though the newly refurbished health care law is a prestige issue for the President, it would be foolhardy to rush headlong into it before it is ready for launch. According to NAIC president, Jim Donelon, it is to the president’s advantage to agree to a delay in the launch.
The law, when launched, will give insurance coverage to many citizens who are not insured now. 18 states are said to be participating in the launch of the online markets.
The Federal Insurance Office, a state regulator and a creation of the Dodd-Frank law, regulates and defends the interests of US consumers. Senator Nelson is not happy that the regulators are enforcing their standard solvency parameters of the public and he is trying to talk them out of it.
18 states are in the field and preparing the infrastructure that will allow uninsured citizens acquire medical insurance. Those people who are not covered by insurance by their respective employers will benefit from this avenue and get subsidized insurance from private companies.
Congress budget forecasts that approximately 50 million uninsured people will buy these plans and another 11 million will be entitled to Medicaid cover.
The government also plans to financially assist states to the tune of $2 billion to jump-start the program. The other states would just provide auxiliary services together with the government.