Affordable Care Act Updates
According to Healthcare.Gov as of April 14, 2017, the following is a summary of the final rule issued by the Centers for Medicare and Medicaid Services "CMS" for temporarily stabilizing the individual and small group health insurance markets:
Individuals obtaining coverage in the Marketplace created by the Affordable Care Act have faced double-digit premium increases, fewer plans to choose from, and a market that continues to be threatened by insurance issuer exits.* The CMS rule is designed to provide some relief for patients and issuers now.
“CMS is committed to ensuring access to high quality affordable healthcare for all Americans and these actions are necessary to increase patient choices and to lower premiums,” said CMS Administrator Seema Verma. “While these steps will help stabilize the individual and small group markets, they are not a long-term cure for the problems that the Affordable Care Act has created in our healthcare system.”
The final rule makes several policy changes to improve the market and promote stability, including:
CMS also made a number of other announcements regarding the process that issuers must follow to meet the law’s requirements for the 2018 plan year. The additional guidance released includes updates to make the guidance consistent with the final rule and provide information needed by issuers in order to have their plans certified for 2018, including: Key Dates for 2017; Issuer Guidance on Uniform Rate Review Timeline; Good Faith Compliance Guidance; QHP Certification Guidance for States; and Final Actuarial Value (AV) Calculator for 2018 and Methodology.
The final rule can be found, here: https://www.federalregister.gov/documents/2017/04/18/2017-07712/patient-protection-and-affordable-care-act-market-stabilization
*Recent statistics related to the Affordable Care Act:
- AZ: 116%
- OK: 69%
- TN: 63%
- AL: 58%
- PA: 53%
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