The CMS (Centers for Medicare and Medicaid Services) on the day of Monday released its final yearly notice of benefit and payment parameters for the 2017 health insurance marketplace.
The rule finalizes provisions to assist customers with surprise out-of-network costs at in-network facilities, CMS claimed.
It also provides customers notification when a contributor network changes, offer insurance companies the choice to offer policies with standardized cost-sharing structures, gives a rating on Healthcare.gov of each qualified health policy’s relative network breadth in terms like basic, standard and broad.
The objective is to support more informed consumer decision-making, and to make better the risk adjustment formula, CMS claimed.
CMS finalized future open enrollment periods. For coverage in the year 2017 and 2018, open enrollment will start on the day of November 1 of the initial year and run through the day of January 31 of the coverage year.
For coverage in the year 2019 and beyond, open enrollment will start on the day of November 1 and end on the day of December 15 of the preceding year – for instance, November 1, 2018 through December 15, 2018 for 2019 coverage.
CMS also issued its final yearly letter to issuers in states with a federally-facilitated marketplace. It consisted of data on key dates for qualified health policies and standards to evaluate them for certification, along with oversight processes and consumer support plans and programs.
Additionally, CMS issued a bulletin giving guidance on the timing for state Departments of Insurance and health insurance insurers to submit justifications for intended rate increases in the individual and minor group markets.
CMS issued a set of frequently inquired queries regarded to the moratorium on the health insurance provider fee, which suspends collection of this fee in the year 2017. This guidance asserts issuers to lower their administrative costs and premiums suitably to account for the moratorium, CMS stated.
Lastly, CMS issued guidance dealing the transitional policy for policies that have been continuously renewed since the year 2014. States and issuers will have the choice to renew non-grandfathered, individual and small group health policies, but these plans must end no later than December 31, 2017, CMS stated. This is to give flexibility to states and issuers to align the end of these plans with open enrollment and the start of the calendar year.
Matthew Eyles, executive vice president, Policy and Regulatory Affairs at America’s Health Insurance Plans claimed CMS has taken positive measures to give higher stability in the exchanges in the year 2017.
Although, he stated, “We must stay concentrated on policies and solutions that promote option and affordability for customers in the future. We will closely review the final notice against these 2 objectives. Choice and affordability are fundamental to customers and critical for the stability of the market in the long run.”
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