Biden administration cracks down on so-called junk insurance

Sail GP Halifax: The Extreme Race Experience | SaltWire #racing #sailing #catamaran - The Biden administration on Thursday will finalize a rule aimed at cracking down on short-term health insurance plans and surprise medical bills, the latest steps in its effort to lower consumer costs across a broad range of industries.

Short-term insurance plans misled consumers into thinking they were buying comprehensive health insurance, but included things like low caps on benefits and no coverage for pre-existing conditions, said Neera Tanden, who serves as the domestic policy adviser to President Joe Biden. The administration of Barack Obama in 2016 limited short-term insurance plans to three months to try to get more people on year-round plans, but regulations adopted by the Trump administration in 2018 allowed people to stay on such plans for 12 months and renew them for three years.

U.S. inflation has fallen, job growth and spending continue to be strong and overall the U.S. economy is performing better than expected. But the high cost of consumer items from groceries to housing is contributing to American voters' concerns about Biden's economic policies.

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