NJ Department of Banking and Insurance Announces Federal Approval of Section 1332 State Innovation Waiver Extension to Continue Reinsurance Program
Reinsurance Program Improves Health Insurance Affordability
TRENTON – The New Jersey Department of Banking and Insurance today announced the state received federal approval of a Section 1332 State Innovation Waiver Extension to continue a reinsurance program that lowers health insurance premiums in the individual market by 15 percent. The reinsurance program increases certainty and stability in New Jersey’s individual health insurance market.
ST. PAUL, Minn.—The Minnesota Insulin Safety Net Program was created in 2020 to help Minnesotans who face difficulty affording their insulin. During the 2023 legislative session, the Minnesota Legislature made important changes to the program that will improve access to this life-saving drug for undocumented Minnesotans who are struggling to afford their insulin.
Starting August 1, 2023, Minnesotans can use an Individual Taxpayer Identification Number (ITIN) as an accepted form of identification for program eligibility. This change provides a pathway to access the program for those who do not have a valid Minnesota identification card, driver’s license or permit, or tribal-issued identification. For minors under the age of 18 who need help affording insulin, a parent or legal guardian can use an ITIN as an accepted form of identification.
Open Enrollment Period at Get Covered New Jersey Begins November 1, 2023
Historic Levels of Financial Help Remain Available for the Upcoming Year
TRENTON — The New Jersey Department of Banking and Insurance today announced it is accepting applications for community organizations to serve as Navigators to assist residents with health insurance enrollment for the upcoming Get Covered New Jersey Open Enrollment Period and throughout 2024. This year, the department is making available a total of $5 million in grant funding for Navigators in an effort to ensure enrollment assistance is available in the community for residents seeking coverage through Get Covered New Jersey, the state’s official health insurance marketplace.
Last month the Centers for Medicaid & Medicaid Services (CMS) director of the Center for Consumer Information & Insurance Oversight (CCIIO...yeah, those names & acronyms just roll off the tongue, don't they?) informed the state of Georgia that they're gonna have to wait one more year before launching their own fully state-based ACA exchange (SBE) platform.
There were several reasons given for the 1-year delay, but many of them stemmed from the fact that Georgia was attempting to skip the "Federally-Facilitated" SBE phase which every other state which has made the transition to their own full state-based platform has undergone for at least one year.
Individual Coverage Health Reimbursement Arrangements, or the unfortunate-soundingICHRA for short, are a type of health insurance arrangements which were created via Trump administration-era regulations back in 2019.
So far, about 46 percent of these customers have picked a new plan*
DENVER— Friday Health Plans customers have about two and half weeks* to choose a new health insurance plan before their current health insurance coverage ends. Connect for Health Colorado, the state’s official health insurance marketplace, is urging Friday Health Plans customers to sign up for a new plan before the end of the month to avoid a gap in coverage.
*Note that this press release was issued 9 days ago, so CO Friday enrollees actually only have 8 days left.
OK, after several weeks of this site turning into AnnualRateFilingsDotCom, I'm finally catching up on some other important ACA/healthcare-related developments which are happening.
I've finally completed my Annual Individual & Small Group Market Rate Filing project for preliminary 2024 rate filings, having analyzed & crunched the numbers for the individual and small group markets across all 50 states + DC, so it's time to step back and see where things stand nationally.
It's important to remember that these are preliminary filings only--many of the carriers will have their final 2024 rate changes reduced, although in many cases they tend to be approved as is.
It's also important to note that I only have weighted average rate changes for 30 states (+DC). For the other 20 states, I've only been able to generate unweighted average rate changes--that is, I have to assume every carrier in that state has the same number of ACA enrollees since their rate filing forms are either unavailable or heavily redacted, making it impossible for me to know how many people are enrolled in their policies.
The main reason for this was the implementation of a so-called "reinsurance" program which was originally passed by the (then Democratically-controlled) state legislature:
The most significant thing to impact Virginia carriers 2023 filings was the state's Section 1332 Reinsurance Waiver. I wrote about this way back in 2018 when the state was originally considering applying for one, but it didn't actually go into effect until January 2023:
Shapiro Administration Announces Public Comment Period On Proposed 2024 Health Insurance Rate Increases
Harrisburg, PA – Pennsylvania Insurance Commissioner Michael Humphreys today welcomed public comment on the requested rate changes insurance companies currently operating in Pennsylvania's individual and small group market filed for 2024. The comment period on the proposed rate increases will close on September 8.
"The Shapiro Administration is committed to raising awareness about the importance of health insurance and providing increased access to affordable, comprehensive health coverage," said Humphreys. "We strongly encourage individual market consumers to shop for coverage on Pennie® where they may qualify for financial assistance that, as we consistently hear from Pennsylvanians, makes coverage more affordable than they thought might be possible."
