Insurance Blog

Finance Blogs » Insurance » Top 10 insurance stories of 2013

Top 10 insurance stories of 2013

By Jay MacDonald · Bankrate.com
Friday, December 27, 2013
Posted: 6 am ET

In a typical year, the topic of insurance takes up about as much room in our social discourse as discussing the wit and wisdom of Pauly Shore movies.

But 2013 was far from typical. In fact, it's no stretch to say that circumstances this year transformed insurance from social snooze inducer to unlikely life of the party.

Here are my picks for the most memorable and/or significant insurance stories of 2013:

1. Obama's 'You can keep your health plan' promise

President Richard Nixon had "I am not a crook." President Ronald Reagan had "Tear down this wall." And, like it or not, President Barack Obama may be stuck with his promise that the Affordable Care Act would not force you to forfeit your current health insurance plan. Although PolitiFact labeled it "Lie of the Year," it was no such thing. Instead, insurers, faced with the new market realities of health care reform, opted to withdraw plans that were out of step with the times.

2. HealthCare.gov: Waiting on the world to exchange

The default federal health insurance exchange for 36 states was instantly overwhelmed when it went online on Oct. 1, forcing a flurry of temporary delays for several Obamacare deadlines. Two months later, the relaunch sent policy purchases soaring.

3. Battling gadget distraction behind the wheel

Despite 3,000 texting-related and other gadget-related vehicular deaths and 100,000 accidents each year, the auto insurance industry continues to take a backseat on the issue.

4. Employer 'shape up or pay up' health plans

Companies hope to trim their insurance costs by rewarding workers who quit smoking and meet certain fitness metrics, and/or penalizing those who don't. But consumer rights groups warn that what your employer learns about your health status could be used against you.

5. Rewrite of roof and sinkhole coverage rules

A revision this year to the standard homeowners insurance form enables insurers to exclude "cosmetic damage" caused by wind and hail to parts of your home (e.g., your roof). Several high-profile sinkhole events also had insurers scrambling for ways to reduce their exposure.

6. Flood fix sinks homeowners

A well-intentioned clause in last year's flood reform law to end rock-bottom subsidized rates on older homes backfired, jeopardizing housing markets in coastal areas from Florida to Hawaii.

7. Obamacare Supreme Court rematch

This spring, the U.S. Supreme Court will consider challenges to the Obamacare provision that requires most employers to provide their female workforce with free insurance coverage for contraceptives.

8. Medicaid expansion, plan B

The feds agree to provide funds for low-income residents to purchase health insurance on the new Obamacare exchanges in states that prefer not to expand Medicaid.

9. Equal rights for mental health

Years in the making, the federal government issues final regulations on a Bush-era law that requires insurance companies to treat mental health disorders and addiction the same as physical ailments.

10. What price driving privacy?

Onboard driving-monitoring programs such as Progressive's Snapshot hit a rough patch in 2014 when the Edward Snowden/NSA kerfuffle soured Americans on surveillance.

Wishing you a happy and fully insured New Year!

Follow me on Twitter: @omnisaurus.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
4 Comments
Edward
January 07, 2014 at 10:37 pm

As To number #1 lie!lie!lie!!!!!!!!

Julia
December 31, 2013 at 10:20 am

You could not be more wrong about #3. The auto insurance industry most definitely is not taking a back seat when it comes to working to eliminate texting and driving. The two largest P&C companies, Allstate and State Farm, both have robust programs and put significant time and manpower behind them.
https://www.facebook.com/XtheTXT

Richard
December 28, 2013 at 7:48 pm

Otrauma "did" lie Mr. Jay MacDonald, and your stating otherwise is another bold faced lie. Obviously you voted for the Community Organizer! OtraumaCare will go down in History as the worst piece of legislation that was "never" read by those who voted for it. Your comment about purchases now soaring (#2) is probably true; that is when you compare "zip" the first two months to a few thousand the third month. Grow up and wake up liberals! Either that or fall slaves to your misfit President and government.

William
December 28, 2013 at 5:41 pm

Regarding #1, either he was lying or incompetent, pick one.
I happen to believe he's both...

Add a comment

(Comments may take 5-10 minutes to appear)