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WellPoint CFO says feds may phase in medical-spending rule

Bloomberg News
June 16, 2010
Keywords
Health Care & Insurance, Health Care & Life Sciences, Health Insurance, Insurance, WellPoint
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Indianapolis-based WellPoint Inc.’s chief financial officer said U.S. regulators may phase in requirements on how much health insurers spend on medical care to avoid pushing plans out of the market for people who buy their own coverage.

The National Association of Insurance Commissioners is considering a phase-in of the requirement that plans spend at least 80 percent of premiums they collect on customers’ care, Wayne DeVeydt, WellPoint’s CFO, said Wednesday in a presentation at a Goldman Sachs Group Inc. investor conference in Los Angeles.

The delay has been discussed for policies in the individual market, DeVeydt said.

The commissioners’ group has said it will make recommendations in July, and the U.S. Health and Human Services Department is expected to issue a final rule after that.


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  1. I don't tell Jenna Fryer what to write, or Penske or the owners banding together what to do...

    You make a set of rules you stick by them. Don't change them up mid-stream. Inmates don't want to run the asylum...they are happy dominating the Hulman series.

    I think this is about favoritism, especially the loyalty kind. IMS wouldn't do something like that, would they?

    Where IMan is wrong, this isnt about power or control, nor is it about running the sport. So, IMan, give it a rest.

  2. There is so much wrong with this article I don't know where to start. When bankers approached educators and explained to them that by creating a generation of indentured servants that they could greatly increase profits, they became responsible. Government, whose role is oversight, turned a blind eye. That makes them responsible. Dolt parents who give their kids everything they ask for played along. That makes them responsible.

    The sad truth is that today's college education is no better than my generation's high school education. Watered down standards have created enormous profits for universities, most of whom continue to build new buildings even now as the rest of us have cut back. Feeding such a system is insanity.

    I have better advice. About the time little Johnny and Janie enter eighth grade, start thinking about getting somebody else to pay for their college educations if that's what you want for them. Tell them to study hard, identify in state alternatives that are more affordable and then shoot for scholoarships. If the kids work hard through high school (which isn't very tough in this day and age), they'll probably get every last dime of their college education paid for. If they don't, then college probably isn't for them.

    It's okay not to go to college provided you have a plan. Maybe they can be an entrepreneur. Maybe they can be a tradesperson. I think that as the economic downturn morphs into a full blown depression, demand for plumbers, electricians and others who can fix what breaks will skyrocket.

    More than anything else, parents should recognize their kids and believe in them. To go to college to earn more money is lame. The world is full of miserable college grads. Dare to be different. Dare to be better. Have a little courage. Make something of yourself. Work hard. Kick butt. You don't need college for any of that.

  3. of Justin Bieber's new song and realised the only difference between him and the IRL is that he is popular. I mean they both suck but at least he is popular.

  4. with CART owners choosing to let the Hulman family bankroll their racing businesses twice

  5. No, cart owners chose to let gullible investors bankroll their double bankruptcy. Seems like cart acted like Enron and Goldman Sachs. That is sad. It is sad that you seem to think bilking investors while the team owners padded their pockets is a good thing. The Hulmans saved OW racing by spending a small fortune, but not as large as you claim.

    It is amazing to think that knowing all you know about Cart, that you still support them and hold them up as the model for racing. But then again, that is the only racing you knew, and you have already said history is not important.

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