People seeking to buy health insurance for the first time, or customers looking to change policies, found they could not do so, at least temporarily.
The confusion — or market chaos, as one insurance industry official called it — followed the state Division of Insurance’s rejection last week of 235 of 274 premium increases proposed by insurers. The increases were for policies covering what is known as the small group market, which includes more than 800,000 people across Massachusetts.
Very interesting… if you think about it. Health Insurance reform dictates that we must purchase health insurance… but I did not read that insurers MUST OFFER to write health insurance policies. If they do, then they must accept anyone, independent of pre-existing conditions. This will be interesting to watch. As expected, rates are going up and will continue to go up…. as the risk pool adjusts to the new demands on the system. Arghhh. Good time to be an actuary….