Uncertainty about ACA adds to workload for insurers in Pa.
The United States Capitol (WITF)
As Republicans in Washington try to secure enough votes to change the Affordable Care Act, Pennsylvania is making changes to account for all the uncertainty.
Insurance Commissioner Teresa Miller is requiring insurance companies to submit more information in a couple of weeks.
Insurers usually submit standard rate requests for next year’s health insurance plans around this time.
But now, state Insurance Commissioner Teresa Miller wants to see how rates might be impacted under a number of scenarios.
She says if Congress eliminates a key payment known as “cost sharing reductions,” it would be devastating.
“But at least that would then trigger us going back to the companies and saying okay, you gave us this information on what this means for you and we’re now going to allow you to change your initial rate and we already know kinda what this means for you,” says Miller.
Miller says she expects more back and forth this year between her office and insurers, as they try to evaluate how federal policy will impact Pennsylvania’s individual market.
“It’ll help us make sure all the insurance companies are kinda on the same page in terms of how they’re looking at this. What we didn’t want is a scenario where some companies are assuming some things in their initial filings, other companies are assuming other things,” she adds.
She adds the market is starting to stabilize, but all the talk coming out of DC over the future of the ACA isn’t helping matters.
Insurers have to submit their rate requests by May 22nd.
In California, regulators have asked insurers to submit two different rate filings.
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