Health Insurance Companies Seek Big Rate Increases for 2016

[carpro]

http://www.nytimes.com/2015/07/04/u...mpanies-seek-big-rate-increases-for-2016.html


Health Insurance Companies Seek Big Rate Increases for 2016


Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back.

Blue Cross and Blue Shield plans — market leaders in many states — are seeking rate increases that average 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee and 54 percent in Minnesota, according to documents posted online by the federal government and state insurance commissioners and interviews with insurance executives.

The Oregon insurance commissioner, Laura N. Cali, has just approved 2016 rate increases for companies that cover more than 220,000 people. Moda Health Plan, which has the largest enrollment in the state, received a 25 percent increase, and the second-largest plan, LifeWise, received a 33 percent increase.

 

[righteousdude2]

http://www.nytimes.com/2015/07/04/u...mpanies-seek-big-rate-increases-for-2016.html


Health Insurance Companies Seek Big Rate Increases for 2016


Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back.

Blue Cross and Blue Shield plans — market leaders in many states — are seeking rate increases that average 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee and 54 percent in Minnesota, according to documents posted online by the federal government and state insurance commissioners and interviews with insurance executives.

The Oregon insurance commissioner, Laura N. Cali, has just approved 2016 rate increases for companies that cover more than 220,000 people. Moda Health Plan, which has the largest enrollment in the state, received a 25 percent increase, and the second-largest plan, LifeWise, received a 33 percent increase.

That isn't new to me :laugh: my employer paid insurance has increased 50% once the ACA was hinted at being the law of the land. And since it was voted into place, it rose another 100%.

I am blessed that my employer pays it 100%, or I'd be forced to be on ACA. Still, my copays are outlandish, especially since Obamacre became law. I used to pay five dollars for a vist or medicine. I now pay twenty dollars for a visit and fifty doallars for Rx copays, and that may seem cheap, but on retirement income, it is a huge amount. I have had to actually decide to no longer refill some scripts!

I pray a lot more than usual about health :smilewinkgrin: You see, God must have wanted me on my knees more :smilewinkgrin:

 

[Jkdbuck76]

Some of the more interesting provisions of Obeymecare kick in just as Obeyme leaves office; he is no dummy.

Sent from my KFTT using Tapatalk

 

[carpro]

Some of the more interesting provisions of Obeymecare kick in just as Obeyme leaves office; he is no dummy.

Sent from my KFTT using Tapatalk

He lied about the cost, just like being able to keep your plan from day one Putting off the more onerous parts til late was definitely intentiuonal.

Obamacare is the most dishonest piece of legislation passed in 50 years. The recent trade legislation is a close second.

 

[InTheLight]

The insurance companies actuarial department blew it and now we all have to pay for their mistake:

“Our enrollees generated 24 percent more claims than we thought they would when we set our 2014 rates,” said Nathan T. Johns, the chief financial officer of Arches Health Plan

If anyone doesn't think ObamaCare is a veiled socialist scheme, this should help to convince them:

It is far from certain how many of the rate increases will hold up on review, or how much they might change. The 2010 health law established the rate review process, requiring insurance companies to disclose and justify large proposed increases. Under federal rules, increases of 10 percent or more are subject to review.

and:

Health Net, for example, requested rate increases averaging 9 percent in Oregon. The state approved increases averaging 34.8 percent. Oregon’s Health Co-op requested a 5.3 percent increase. The state called for a 19.9 percent increase.

(all excerpts from the article in the OP.)

 

[carpro]

The insurance companies actuarial department blew it and now we all have to pay for their mistake:

Doesn't matter. If they had not "blown it", the rates would have been higher from day one.

It all comes out the same in the end.

 

[InTheLight]

Doesn't matter. If they had not "blown it", the rates would have been higher from day one.

It all comes out the same in the end.

I should have added, "and they ought to suck it up and live with their mistakes, like almost every other business must do."

Health care has a built in demand--people are going to get sick and/or injured. Everybody needs health care. These actuarial people should have known that when you add 8 million new people there will be increased claims. It's not that hard to figure out.

I also suspect there was pressure by the Obama administration for insurers to keep their rate increases low the first couple of years so Obama could crow about the "rate of increases is slowing".

 

[carpro]

I should have added, "and they ought to suck it up and live with their mistakes, like almost every other business must do."

If they paid their claims even though they lost money , they did.

Now you want them to lose money in the future, on purpose?

 

[InTheLight]

Now you want them to lose money in the future, on purpose?

"they ought to suck it up and live with their mistakes, like almost every other business must do."

 

[carpro]

"they ought to suck it up and live with their mistakes, like almost every other business must do."

Broken records don't sell.


Sent from my iPad using Tapatalk

 

[carpro]

As expected:

http://news.investors.com/blogs-cap...companies-for-rate-hikes-obamacare-caused.htm

Obama Tries to Blame Insurers For Coming ObamaCare Rate Shocks

President Obama is already pointing the finger of blame at greedy insurance companies for what many expect will be huge ObamaCare premium hikes when people go to sign up for their 2016 health insurance.

On his ObamaCare victory tour last week after the Supreme Court ruling on insurance subsidies, Obama bragged at an event in Tennessee about the many wonderful aspects of the law, including the fact that "we're actually seeing less health care inflation."

But then a questioner had the temerity to ask Obama about massive rate hikes in the state: "I don't know if you're aware," the questioner said, "that BlueCross BlueShield of Tennessee has announced a significant increase after the one that they gave from 2014 to 2015."

Anybody who has any knowledge of insurance could have forecasted this.

Doing away with pre-existing conditions guarantees a lot of sick people will use the insurance and healthy young people will not buy coverage at all.

It's not over yet. Rates will triple over the next 10 years.

Only an idiot would have believed the lies Obama and democrats were spouting to pass the piece of trash legislation called obamacare.

 

[InTheLight]

Broken records don't sell.

That's because broken records are in two pieces or more.

Records with skips in them don't sell either.