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Obamacare To Increase Individual Health Insurance Premiums By 64-146%
Should I get hit with an increase like this I'll drop my plan and hope for the best.
http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-california-obamacare-to-increase-individual-insurance-premiums-by-64-146/
Watch the Video too.
http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-california-obamacare-to-increase-individual-insurance-premiums-by-64-146/
Watch the Video too.
Replies
http://www.policymic.com/articles/44597/obamacare-california-releases-lower-than-expected-rates-on-obamacare-debunking-conservative-myths
Do you actually believe this figure?
$92 a month ... average?
I can assure you that you wouldn't be happy with that coverage (if it actually exists) if you tried to use it
rate quotes like that remind me of all sorts of other 'cheap' health insurance and dental insurance on the internet ... it's good for ensuring you get little if any actual coverage ... but you do get the peace of mind of telling yourself you pay for health insurance
I think that was the median cost for an under 25 non smoker. So yea I guess it could be accurate.
There's a lot of gaming going on. Some states - California and Arkansas are the poster boys for this - are allowing small groups to renew on December 31, even if that's not the renewal date. The argument here is that under one interpretation of Obamacare, the rules only apply to groups upon the renewal date of the old coverage, not come January 1. This may be faithful to the language but is not faithful to the spirit. The client is going to renew on 12/31.
Other states are forbidding this or limiting it. For example, Oregon says that buy April 1, all policies have to be in compliance.
The price of insurance isn't going to go down for anyone except maybe in the few states, like Massachusetts, that already have somewhat similar rules. The cost of insurance for a person may go down due to the subsidy, but that only kicks in if you make less than 4x the federal poverty level and it does grade down. Presumably the good doctor does better than this.
As for the $92 per month, my guess would be that that's some type of short term medical product which won't cover preventative, mental health, pregnancy, etc. Probably has a couple of thousand deductible as well. Actually, it's not a bad deal. The issue with short term medical is that it's not guaranteed renewable (which really, really cuts down on the cost). Now with the exchanges, you buy it on January 1 and if you get really sick, you enroll on the exchanges during the enrollment period.
insurance is like anything else that is sold to a consumer ... it's a 'product' ... just because the price is 'cheap' doesn't neccessarily mean you want it, unless in this case it supports what you want and need to idealogically believe then it's just all the same and it's the mercedes of healthcare
That is like more than half the country.
Naw, not that much.
Like I said, it grades down. Somebody at 3.5x isn't getting nearly the level of subisidy as somebody at 1.1x.
Anyway, that still apples to oranges. One can't argue that insurance is cheaper.
probably an exceptionally finite pool of acceptable providers as well including and especially referable speciality networks ... something to consider for people who talk about 'waiting periods' ... insurance like this typically requires a referral from an accepted primary care network provider and likely comes with a 6 week+ waiting period to see a specialist ... that is after the two or three week wait for an appointment to see a primary care provider
and then after you see your specialist ... count on the policy to not be renewed
And I would not make that argument. There are three truths, the sun is hot, water is wet and insurance goes up.
Except maybe for the part about non-renewal, none of this is accurate with regards to STMI. FWIW, I cover the two largest players in this product.
Is this it?
It was the author.
It's clearly disingenuous for the Forbes author to use STM plans for comparative purposes, if that's what he did. You can still buy them, btw, but you might have to pay the penalty, so there's an arbitrage involved.
It also may be very disingenuous for California to compare the cost of the Bronze plan to the cost in the small group market. The actuarial value (AV) of a plan is the amount that a plan would pay out on average as a percent of what the typical American or American family would incur per year in medical expenses. The Bronze plan is mandated to have a 60AV; that's pretty low. My guess would be that the typical small group plan has an AV in the 80s.
for $92 a month you get to see any provider, your choice?
I have no idea without seeing the plans but I would find it difficult to believe that something you buy off the internet from esurance for less than a $100 would give you exceptional provider availability and selection
I honestly don't know
Yeah. You could go wherever. Not promising guaranteed renewal really, really cuts down on the cost.
Ehealth (EHTH). All the providers are on there - Cigna, United Healthcare, Assurant, Wellpoint, Companion, Aetna....
The Individual Market has gone almost completely to internet or call center fulfillment. In order to protect profitability under Obamacare's minimum loss ratio requirements, the insurers slashed agent commissions by half to 2/3rds. That basically killed your father's health insurance agent. Since he doesn't exist, people go to the 'net.
I can't remember which State it was, but it recently implemented it's exchange and the prices were quite low and ...most importantly competitive. If I could remember, I'd post a link. I know it wasn't California...anyone??
I find the willingness to give it up frightening.
Only a few have published rates. The first was Vermont. Only two carriers have agreed to be on the exchange and rates will be up 10%. Vermont already mandates benefits similar to the PPACA so this was just normal insurance inflation.
For all intents and purposes, Ehealth is an exchange.
The benefit to pricing isn't going to be the exchange, it's the MLR requirements that came out of the agents' hides.
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/06/01/the-shocking-truth-about-obamacares-rate-shock/?hpid=z3
Yes. My wife sells health insurance. A lot of people that are under 30, non-smokers, good health etc. are getting major medical insurance plans for $100-$125 a month and the plans also include preventive care. This being individual coverage. Not family.