Wyo official: Obama reversal places insurance industry in turmoil
CHEYENNE, Wyo. (AP) _ Wyoming Insurance Commissioner Tom Hirsig says the health insurance industry in the state is in turmoil following President Barack Obama's announcement that companies don't have to stop offering some existing coverage after all.
Obama on Thursday announced insurers can continue to sell coverage to existing customers. The announcement follows problems with the federal website intended to offer new coverage that meets requirements of the federal Affordable Care Act.
The federal government earlier had informed companies that they had to stop offering plans next year that failed to meet federal requirements.
Private insurers already have cancelled more than 500 policies in Wyoming and plan to cancel another 2,600 more.
Hirsig said Friday companies hadn't analyzed the cost of continuing existing coverage and are trying to determine the impact of Obama's announcement.
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