First-time health insurance buyer? Here are 7 smart tips to choose the right policy and avoid costly regrets:

1. Assess Your Needs: Evaluate your health requirements, age, and pre-existing conditions to determine the type of coverage you need.
2. Research and Compare: Look up different insurance providers, their policies, and coverage options to find the best fit for you.
3. Understand Policy Terms: Read and comprehend the policy documents, including the fine print, to avoid surprises later.
4. Check Network Providers: Ensure the policy covers your preferred hospitals, doctors, and medical facilities.
5. Claim Settlement Ratio: Choose an insurer with a high claim settlement ratio to ensure hassle-free claims.
6. Premium and Add-ons: Calculate the premium and consider add-ons, such as critical illness cover or maternity benefits, if required.
7. Seek Professional Advice: Consult with an insurance expert or agent to guide you through the process and help you make an informed decision.

The Regulation of Private Health Insurance

Private health insurance is regulated by a combination of federal and state laws. The primary federal law governing private health insurance is the Employee Retirement Income Security Act of 1974 (ERISA), which regulates employer-sponsored health plans. Other key laws include the Health Insurance Portability and Accountability Act of 1996 (HIPAA), the Affordable Care Act (ACA), and the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.

State laws and regulations also play a significant role in regulating private health insurance. States have the authority to regulate insurance companies, set standards for health insurance policies, and oversee the marketing and sales of health insurance products. State insurance departments are responsible for enforcing state laws and regulations, as well as investigating consumer complaints.

The National Association of Insurance Commissioners (NAIC) provides a framework for state insurance regulation, and many states have adopted model laws and regulations developed by the NAIC. The ACA has also imposed new requirements on private health insurance, including the prohibition on pre-existing condition exclusions, guaranteed issue, and minimum essential coverage requirements.

Regulatory agencies, such as the Department of Health and Human Services (HHS) and the Centers for Medicare and Medicaid Services (CMS), oversee the implementation of federal laws and regulations related to private health insurance. These agencies work with state regulators to ensure compliance with federal and state laws, and to protect consumers from unfair or deceptive practices.

Key aspects of private health insurance regulation include:

1. Policy Standards: Regulations require health insurance policies to meet certain standards, such as covering essential health benefits and providing a minimum level of coverage.
2. Rate Review: States review insurance rate increases to ensure they are reasonable and not excessive.
3. Financial Solvency: Insurance companies must maintain sufficient financial reserves to pay claims and meet other financial obligations.
4. Consumer Protections: Laws and regulations protect consumers from unfair or deceptive practices, such as denial of claims or cancellation of coverage.
5. Market Conduct: Regulations govern the marketing and sales of health insurance products, including requirements for transparency and disclosure.

Overall, the regulation of private health insurance is a complex and evolving area, with multiple stakeholders and regulatory agencies working to ensure that consumers have access to affordable, high-quality health insurance.

Five things to know about expiring federal health care subsidies:

1. Expiration Date: The enhanced federal health care subsidies, which were introduced as part of the American Rescue Plan Act (ARPA) in 2021, are set to expire at the end of 2025 unless extended by Congress.
2. Impact on Consumers: If the subsidies expire, millions of Americans who receive financial assistance to purchase health insurance through the Affordable Care Act (ACA) marketplaces will face significant increases in their premiums, making health care less affordable for many.
3. Subsidy Eligibility: The ARPA subsidies expanded eligibility for financial assistance to more people, including those with higher incomes, and increased the amount of assistance available to those who were already eligible. If the subsidies expire, these individuals and families may no longer be eligible for the same level of financial assistance.
4. Potential Consequences: The expiration of the subsidies could lead to a decrease in health insurance enrollment, as some people may no longer be able to afford coverage. This could have negative consequences for the overall health and well-being of affected individuals, as well as the stability of the health insurance market.
5. Legislative Uncertainty: The future of the federal health care subsidies is uncertain, as Congress has not yet acted to extend or make permanent the enhanced subsidies. Lawmakers are debating various proposals to address the issue, but it is unclear what action, if any, will be taken before the subsidies expire.