New CMS regulations are targeting so-called "mini-med" healthcare insurance plans, which cover routine and inexpensive healthcare needs but not catastrophic care, according to a Healthcare News report.
The healthcare reform law requires all health insurance plans to offer a minimum of at least $750,000 in annual coverage, an amount that jumps to $2 million in 2013. Mini-med plans generally provide less health insurance coverage, meaning the coverage mandates would force mini-med plan premiums to skyrocket.
The plans have so far been allowed to seek waivers from the healthcare reform requirement. However, most of the waivers expire at the end of 2013, and new CMS regulations mandate a waiver cut-off of Sept. 2011. After this date, mini-med plans will not be able to apply for a waiver.
The new regulations could mean more than 3 million Americans — typically poor workers who cannot afford more expensive premiums — would lose their coverage, according to the report.
Read the Healthcare News report on mini-med insurance plans.
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The healthcare reform law requires all health insurance plans to offer a minimum of at least $750,000 in annual coverage, an amount that jumps to $2 million in 2013. Mini-med plans generally provide less health insurance coverage, meaning the coverage mandates would force mini-med plan premiums to skyrocket.
The plans have so far been allowed to seek waivers from the healthcare reform requirement. However, most of the waivers expire at the end of 2013, and new CMS regulations mandate a waiver cut-off of Sept. 2011. After this date, mini-med plans will not be able to apply for a waiver.
The new regulations could mean more than 3 million Americans — typically poor workers who cannot afford more expensive premiums — would lose their coverage, according to the report.
Read the Healthcare News report on mini-med insurance plans.
Related Articles on Coding, Billing and Collections:
Georgia Law to Allow Out-of-State Health Insurance Policies Starting July 1
More Massachusetts State Employees Choosing Limited Network Plans
HHS Cancels Mystery Shopper Program Following Public Comment Period