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Beating the government to the punch...

Monday, May 03, 2010

Some health insurance companies are enacting changes to their policies before the deadlines set by the new healthcare law.  Some examples:

  • This month, major insurers will end the practice of "rescission,"  which involves going back and trying to find minor mistakes or omissions in applications when policyholders develop costly illnesses;
  • Many insurance companies this spring will also start covering children up to age 26 on their parent’s policies – something they weren’t legally required to do so until September

Health insurers have also decided to cover children with pre-existing conditions, even though the new law contained a loophole the insurance companies might have invoked had they wished to fight the new requirement. 

There is one large caveat to this trend; large businesses which essentially insure themselves and only use insurance companies to administer their plans. These employers will not speed up implementation of the new requirements and indeed may increase premiums when they do.  Read more about all these health insurance developments in this article in the Washington Post.

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