SB 703, medical insurance legislation that could increase costs for small businesses, and some small county and municipal governments was amended in the Senate Finance Committee to delay the implementation of one part of the new law for county and municipalities that join a health cooperative of the Local Government Insurance Trust within the next two years. The amended version of the bill will be on the Senate Floor this morning.
At MML and MACo’s urging, the Finance Committee offered amendments to delay the implementation of the increase of the aggregate attachment point for stop-loss insurance until 2017. This amendment will allow the Local Government Insurance Trust health cooperative to continue adding new members towards building a viable base for its insurance pool. The cooperative provide a stable and cost-effective method for the State’s smallest local government entities to provide health insurance to their employees.
Yesterday, the House of Delegates passed a version of the same legislation without the local government amendment. Differences between the legislation passed in the House and in the Senate will be resolved in a conference committee.
Visit the General Assembly website for updates on the bill’s status, or to read its full text.