New York lawmakers reached a consensus on a less restrictive version of Sen. Kemp Hannon's insurance exchange bill, The New York Health Benefit Exchange Act, which asks the state to set up an exchange as a public benefit corporation with nine unpaid directors, according to a Crain's New York Business report.
The bill was agreed upon by Gov. Andrew Cuomo's administration and the state Legislature. According to the report, changes to the bill include the creation of five regional advisory committees rather than a central advisory board. Local focus means less centralization of power, and the rules also allow insurance industry representatives to search on those committees. Insurers have lauded these changes to the bill, though some insurance officials still object to the requirement that health plans submit justification for rate increases.
The bill still includes several unresolved issues that are expected to be resolved by April 1, 2012. The issues include how to fund certain benefit costs, as well as the rules for extending certain benefits required under state law but not federal law to consumers participating in the exchange.
Read the Crain's New York Business report on New York insurance exchanges.
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The bill was agreed upon by Gov. Andrew Cuomo's administration and the state Legislature. According to the report, changes to the bill include the creation of five regional advisory committees rather than a central advisory board. Local focus means less centralization of power, and the rules also allow insurance industry representatives to search on those committees. Insurers have lauded these changes to the bill, though some insurance officials still object to the requirement that health plans submit justification for rate increases.
The bill still includes several unresolved issues that are expected to be resolved by April 1, 2012. The issues include how to fund certain benefit costs, as well as the rules for extending certain benefits required under state law but not federal law to consumers participating in the exchange.
Read the Crain's New York Business report on New York insurance exchanges.
Related Articles on Coding, Billing and Collections:
Mississippi Plans for Creation of Health Insurance Exchange
California Considers Combining Departments That Police Health Insurers, HMOs
CMS Issues July 2011 Update of the Hospital OPPS