The insurance industry that was demonized in the health care debate faces a flood of new customers and tight new regulations, but when it comes to their bottom lines, it appears little will change, reports CBS News Chief Investigative Correspondent Armen Keteyian.
Under the new bill, the health insurance industry stands to gain up to 20 million new customers but will be required to:
? spend at least 80 to 85 cents of every dollar it takes in on health care.
? eliminate lifetime limits on coverage and restrict annual limits.
? pay at least $70 billion in new taxes beginning in 2014.
? sell insurance through state-run exchanges, making purchasing more affordable for individuals.
In addition, insurers will be prohibited from:
? charging older Americans more than three times what they charge the young.
? canceling policies when people get sick.
? perhaps most importantly, beginning in 2014, insurers will no longer be allowed to exclude the 12.6 million adults with pre-existing conditions.
Full story here...
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