Yesterday both chambers of the New York State Legislature approved a package of massive statewide health care spending cuts as part of Governor Paterson's emergency budget bill. New York City nursing homes, hospitals, and other health care programs will be hit hard by the cuts, with many set to lose out on millions of dollars. Many New York hospitals will also lose out on federal matching subsidies as a result of the state cuts, meaning greater losses than stated in the state's budget package.
A separate bill was also passed that, effective October 1, 2010, requires health insurers to receive prior approval of premium rate adjustments from the State Department of Insurance. Health insurance plans sold in the individual and small group markets will also be required to experience medical loss ratios of 82 percent.
Click here to read more about this development from the New York Times.
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