State insurance regulators voice opposition to proposed regulation on short-term health plans — 7 things to know

Louisiana, Oklahoma and Nebraska insurance regulators formally submitted objections to a proposed federal regulation that would impact short-term health insurance, just in time for the close of the comment period on August 9.

Here are seven things to know:

1. The proposed regulation would cut short-term health insurance coverage to less than three months.

2. Of the 88 submitted comments on the proposed regulation, 84 voiced objections.

3. The Nebraska Department of Insurance director opposed the rule because he believes it hurts individuals who can't afford Affordable Care Act health plans.

4. The Louisiana Department of Insurance commissioner voiced his opposition because a suppressed short-term health insurance market will not provide more affordable major medical plans.

5. Many states currently provide short-term coverage lasting up to 360 days. If the proposed rule passed, most states would experience a 75 percent reduction in their maximum coverage periods.

6. The Department of Insurance in Pennsylvania represented the sole supporter of the proposed rule.

7. The fate of the proposed regulatory rule will probably be decided in October.

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