Jenny Wang

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As the use of social media continues to grow, social media is likely to play an increasingly more prominent role in proxy contests. In this context, the recent Compliance and Disclosure Interpretations issued by the SEC’s Division of Corporation Finance provide helpful clarifications on how social media outlets can be used in proxy contests in compliance with SEC regulations. SOCIAL MEDIA’S IMPACT ON PROXY CONTESTS Activist investors have used social media and have at times…
Here is the full text of today’s statement by Blue Cross/BlueShield of Alabama: Blue Cross and Blue Shield of Alabama RespondsTo Administration’s Recent Announcement BIRMINGHAM, AL – Blue Cross and Blue Shield of Alabama will not reinstate current health plans that do not comply with the requirements of the Affordable Care Act (ACA). The company has worked for the last three and a half years to develop an array of plans that continue our…
Last Thursday, President Obama announced that insurance companies would be permitted to renew non-compliant health plans for at least one year.  (For details, see our posts here and here.)  Whether the new leeway actually translates into the renewal of anyone’s coverage depends on whether the companies can get their noncompliant plans back on the market on short notice, and whether the various states’ insurance commissioners will let them. Some state insurance commissioners have started responding. In…
In recent weeks, media have been abuzz with stories about families whose existing individual health insurance policies are being cancelled because they do not comply with the ACA.  Just moments ago, President Obama announced that health insurance companies, under certain circumstances, will be allowed to renew these plans for one more year. While the President offered few details, here is what we believe we know from the President’s press conference. In broad outline, insurers will be permitted to…
With January 1, 2014 getting closer every day, and the federal Marketplace still not working, people are faced with big decisions about their health care for 2014.  We want to help.  We thought it would be a good time to explain exactly how the individual penalty works. How to Calculate the Penalty It’s really hard to jazz this up, folks—it’s mostly math.  The individual penalty is computed as the greater of (1) a flat dollar…
While most ACA watchers are preoccupied with the ongoing malfunction of the federal Marketplace, we’re using the downtime to help businesses better understand other parts of the law that affect them.  The ACA imposes a 40%, non-deductible excise tax—dubbed the “Cadillac Tax”—on certain high-cost health insurance plans.  The Cadillac Tax doesn’t take effect until 2018, but it’s not too early to start thinking about how the tax works and how you might avoid it. The…
We have little to add to the widespread, mostly accurate descriptions of the dysfunction, to date, of www.healthcare.gov as a health plan purchase portal.  Three weeks in, the biggest observable change has been the addition of new buttons to this welcome screen, allowing visitors to call or click to obtain quick, ballpark price “estimates” for plans offered to individuals and families in their rating areas, bypassing the buggy “Create Account” software. After clicking through a…
Today, a little more than a week after the Exchange was supposed to “go live,” I was still unable to create an account and shop for insurance.  Some progress is being made, though.  Here’s what we know as of today. It’s fair to surmise that, since October 1, tens of millions of Americans have attempted, with varying degrees of success, to create “Exchange,” or “Marketplace,” accounts.  Many of those attempts ended midway through the process. …
A few weeks ago, we blogged about our homemade Affordable Care Act Subsidy Calculator.  We acknowledged in that post a huge blind spot: we didn’t yet know what the premiums would be for qualified health plans offered on the Exchanges.  While final pricing won’t be available until October 1, we now know a little bit more about how many plans will be offered in various locations and how much they will cost. On September…
Having a degree in mechanical engineering has come in handy in my law practice more often than I thought it would.  For example, it came in very handy over the last few weeks, as I translated the language of sections 1401 and 1402 of the Affordable Care Act (and the associated Federal Register publications) into a series of Microsoft Excel formulas to calculate estimates of the individual subsidies that one might expect to receive for…