Single Payer Now

Posted: Oct 8th, 2010

News & Video

Insurer Cuts Health Plans as New Law Takes Hold


By: Reed Abelson

Published: Sept. 30, 2010

Read the full new York Times story here.

Excerpts:

The Principal Financial Group announced on Thursday that it planned to stop selling health insurance, another sign of upheaval emerging among insurers as the new federal health law starts to take effect…

…More insurers are likely to follow Principal’s lead, especially as they try to meet the new rules that require plans to spend at least 80 cents of every dollar they collect in premiums on the welfare of their customers. Many of the big insurers have been lobbying federal officials to forestall or drastically alter those rules…

… AetnaCigna and WellPoint, among others, have said they will stop selling new policies in some states.

McDonalds has been given a waiver by the Obama administration:

…The new waiver will allow McDonald’s and other companies to continue offering such plans, which cap benefits, to their workers. The administration has already issued dozens of such waivers, as insurers and companies try to influence proposals for regulations to put the law in place…


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