Q&A: Canceled Insurance Policies May Be Restored
Under a policy shift announced by President Obama this week, insurance companies will be allowed to renew several million health insurance policies they had canceled or were planning to cancel by the end of 2013. Here, WebMD answers questions about what this policy shift means to you.
What effect will this have on the new insurance market?
That is not yet clear. One insurance leader says that reversing the cancellations will disrupt the market. Her view is shared by many in the industry.
Karen Ignagni, president of America's Health Insurance Plans, released a statement warning that changing the rules now could cause costs to rise.
"Premiums have already been set for next year based on an assumption of when consumers will be transitioning to the new Marketplace. If now fewer younger and healthier people choose to purchase coverage in the Exchange, premiums will increase and there will be fewer choices for consumers.”