LA Times BUSINESS
Diana Dooley, chairwoman of
the Covered California board, looks on as Peter Lee, executive director,
speaks at a recent exchange meeting.
(Gary Friedman/Los Angeles Times / November 21, 2013)
The five-member board of
the exchange voted unanimously to keep its current requirement that
insurers terminate most individual policies Dec. 31 because they don't
meet all the requirements of the Affordable Care Act.
The decision ends a weeklong drama over what would
happen for policyholders who will lose their existing coverage at
year-end and face finding replacement insurance that may cost them
substantially more in many instances.
Covered
California, the state exchange, considered allowing renewals into 2014
as Obama proposed or a short-term extension through March to give people
more time to shop.
But state leaders ultimately rejected those options.
They expressed concerns about further confusing consumers and worried
that widespread renewals could keep too many healthy customers out of
the broader risk pool that will shape future rates.
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