Health Insurance May Be Easier to Understand With New Law
Posted Jun 05 2009 4:03pm
A great challenge for the health insurance customer is understanding the complex information that goes into a health care insurance policy. Price, coverage and cost-sharing is often difficult to obtain and understand because of the legality that goes into having such information in writing.
The health insurance industry’s polling shows that 75% of people do not understand readily the ins and outs of their policy. People do not have the time or patience to read and fully understand their health benefits. The federal government does not currently have the capacity to oversee health insurance guidelines, but a new law may change this challenge.
According to the Hartford Courant, The Informed Consumer Choices in Health Care Act has been introduced by Rep. Rosa DeLauro and Sen. Jay Rockefeller. This act ensures consistent standards for definitions and information. This legislation also calls for the development of accessible resources, such as fact labels to provide important information about how much the health insurance company can be expected to pay for different patient services. This law may bridge the gap between the health insurance carrier, providers, and the consumer.