Florida Health Insurance Advisory Board Meeting Recap

On August 20, 2007, the Florida Health Insurance Advisory Board (“Board”) met in Miami, Florida to discuss matters relating to the Board, Florida’s Health Reinsurance Program and particularly, how to provide affordable and accessible health insurance to Floridians.  Insurance Commissioner and Chairman of the Board Kevin McCarty presided.

The meeting commenced with public testimony.  Panelists, taxpayers and Chairman McCarty offered their views on Florida’s current health care situation.  The following topics were discussed:

• The manner in which insurance companies market their products;
• The failure of certain companies to advise consumers as to what insurance products they actually need;
• The dilemma with respect to out-of-state carriers cherry picking those risks they wish to write, thereby drawing in “healthy” consumers and possessing the ability to charge lower rates than Florida companies; and
• The lack of affordable and accessible health care for Floridians.

Chairman McCarty asked rhetorically, “Why is the hue and cry not louder?  Does Florida make maximum use of its money?”  In response, different views, solutions and comments were expressed, such as:

• Uninsured Floridians lack concern and do not have an urgency to obtain coverage because institutions like Jackson Memorial Hospital in Miami will treat them at the taxpayers’ cost;
• Floridians must share the cost of health coverage so that rates will decrease–more carriers mean more competition and in turn lower rates;
• The solution for the high number of uninsured Floridians is not a “one size fits all” approach, contrary to popular belief, about 60% of those uninsured are between 18 and 34 years old;
• Florida’s health insurance costs are among the highest in the nation; and
• Foreign carriers should be more regulated.

Included with this e-mail are the Board’s Legislative Recommendations and a Report on Florida’s Health Insurance Market.

 

The above information is intended to be a general summary of the discussion that took place during the Board meeting.  It is not intended to provide specific analysis and should not be relied upon to make individual business decisions that are specific in nature.

Should you have any questions or comments regarding this information, please feel free to contact this office.