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April 16, 2010 at 08:00 PM
Two subsidiaries of American National Insurance Company, Galveston, Texas, say they will be discontinuing sales of individual medical expense insurance plans effective June 30.
The companies are American National Life Insurance Company of Texas and Standard Life and Accident Insurance Company.
The decision to cease new individual sales was made after careful consideration of the federal healthcare legislation that was signed into law in March, the company says.
The companies’ individual medical expense plans will not meet requirements of the Patient Protection and Affordable Care Act and its companion, the Health Care and Education Reconciliation Act of 2010, the company explains.
The policies affected by the pullout are primarily catastrophic major medical plans with high deductibles, says a spokesperson.
