Nov 5, 2013 3:03 PM
SACRAMENTO, Calif. (AP) — California's insurance commissioner has reached an agreement with one of the state's major health insurance companies to delay its cancellation of more than 115,000 individual policies under the federal Affordable Care Act.
The agreement announced Tuesday by Commissioner Dave Jones will let policyholders keep their lower-priced policies through the first three months of 2014.
Blue Shield of California Life and Health Insurance Co. planned to cancel individual and family health insurance policies on Dec. 31. Jones objected that the company gave policy holders just 90 days' notice when they were required to give six months.
Blue Shield spokesman Steve Shivinsky says it would be best if every individual policy took effect Jan. 1. The delay could cost unwary customers more for their annual deductibles, lost tax credits and cost-sharing subsidies.
1 day ago