More choices are now available for health insurance consumers Gov. Mike Rounds has announced that States General Life Insurance Company of Fort Worth, TX, and Medica Insurance Company of Minnesota will be reversing a nationwide trend and enter the individual health insurance market in South Dakota.
"These companies coming into South Dakota shows that not only has the Health Insurance Risk Pool been effective in providing coverage to people who lose their insurance, but it has made the individual market in this state more attractive for insurance companies," said Gov. Rounds.
States General Life Insurance Company has held a health insurance license in South Dakota, but recently decided to enter the individual major medical market. It recently received final approval on their policies and now may begin marketing those products to consumers statewide.
Medica Insurance Company and Medica Health Plans, an HMO, received their certificates of authority last year and plan on selling individual and group major medical policies in South Dakota.
"This announcement reverses a trend that has been occurring due to companies leaving the health insurance market nationwide and the adverse effects of South Dakotas' guaranteed issue requirement," said Gov. Rounds.
South Dakota businesses and organizations also have more choices in the small and large group major medical market as well. Since January of 2004, United Health Care Insurance Company of Hartford, CT, and Guarantee Trust Life Insurance Company of Glenview, IL, have announced that they will be selling group health insurance.
For a complete listing of individual and group major medical insurance carriers in South Dakota, please visit www.state.sd.us/drr2/reg/insurance.