US Plans To Unveil New Insurance Options

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The Obama Administration is planning on Monday to announce new health insurance options that will be offered throughout the country by Blue Cross and Blue Shield Association and the United States Office of Personnel Management. The options are part of an insurance program that was authorized in 2010 to increase options for consumers who are shopping in the online insurance markets available on Tuesday. The goal is to make it an alternative to a purely government-run insurance program.

The multistate program is going to provide high value health plans in the new marketplace and expand the quality of the options that are available for uninsured individuals. Most of the insurers are said to be fairly affordable. The administration is planning on unveiling the program on Monday due to the Obama’s health care law. The law was created to provide coverage to over 25 million people within a period of three years. Federal officials said that they signed a contract with Blue Cross and Blue Shield Association to offer health insurance next year in the marketplaces of 30 states and the District of Columbia.

In later years, it is hoped that there will be at least two multistate plans in every state. Under the federal contract, Blue Cross and Blue Shield will be able to offer different products in different states for a total of over 150 options. This includes health maintenance organizations and preferred provider organizations, which will give discounts for using selected health care providers in the future. Consumers will have access to a large network of doctors and hospitals that they can choose from.

When negotiating with the insurers, the Office of Personnel Management leveraged over 50 years of experience in the Federal Employees Health Benefits Program, which is the nation’s largest employer sponsored health insurance program. It covers over eight million federal employees, dependents, and retirees. Blue Cross and Blue Shield are considered to be the most popular among the federal employees, holding over 60 percent of enrollment. Under the 2010 health care law, the federal government should have signed contracts with at least two multistate plans. However, the application from Blue Cross and Blue Shield was the only option that was approved. There were five other companies that had interest and may file their applications in the future. By 2017, there should be at least two multistate plans in each state.

Ultimately, there are many people who hope that these new additions to the healthcare reform and insurance program will be beneficial to everyone involved. The more options that become available reflects that there will be more options for Americans to choose from. It may be possible for people to soon find an insurance plan that may be tailored specifically to meet their needs. While this is just one step in the right direction, it shows that there is a lot of potential in the upcoming insurance act and that people will have to check in with the marketplaces to find out what’s available.