Health Plans
New York: On April 8, 2020, the New York State Department of Financial Services (DFS) issued an Emergency Regulation (the “Regulation”) in response to Executive Order 202.14. The New York State Department of Financial Services (DFS) has issued a new emergency regulation requiring health plans to defer the payment of insurance premiums due under individual and small group commercial health insurance plans through June 1, 2020 for consumers and businesses experiencing financial hardship due to the COVID-19 pandemic. As a licensed insurance broker that is regulated by the State of New York, EPIC is required to provide information regarding the Regulation to its New York policyholder clients.
DFS requires individual and small group commercial health insurance plans to provide the following relief to consumers and businesses who can demonstrate financial hardship due to COVID-19:
- Defer payments of commercial health insurance premiums through June 1st, 2020 and continue paying claims during this period;
- Waive late payment fees otherwise due, and not report late payments to credit rating agencies; and
- Work with individuals to help them transition to new coverage, if appropriate.
DFS will consider any liquidity or solvency concerns of the health plans in giving effect to the emergency regulation. Individuals who buy coverage through NY State of Health and receive subsidies will have additional flexibility.
For additional DFS regulatory actions on the COVID-19 pandemic, visit
www.dfs.ny.gov/industry/coronavirus
Please contact your EPIC Consultant with any questions you may have.
For more of EPIC’s coronavirus coverage, visit epicbrokers.com/coronavirus
