80 new insurers entering the exchanges

[Greenbeard]

Some firm numbers out now on something that's been widely known since the spring: the new marketplaces are about to get a lot bigger and more competitive next year. The number of insurers selling plans is going to jump by 25%.

80 new insurance carriers to join O-Care

The healthcare marketplace under ObamaCare will grow significantly in its second year, with the number of participating insurers increasing by 25 percent, officials announced Tuesday.

Nearly 80 new insurance carriers will enter the marketplace next year, which officials say will give customers “significantly more choice for coverage,” according to a report by the Department of Health and Human Services (HHS).

Federal officials predict that more competition within the marketplace will drive down costs as companies “compete more aggressively on price and quality.” As a result, they say, customers will have more options while picking their coverage.

A majority of the new companies will join the federal marketplace, which operates in 36 states. Nearly every state out of the 44 that have provided data to HHS will add at least one new carrier.

 

[Lutherf]

Well, considering that it's illegal to sell a non-compliant plan most companies really don't have much of a choice.

I get a kick out of how this whole program was forced on the public and now participation is being lauded as "success". Back in my old stomping grounds we had a similar organization that would sell "insurance". If you didn't buy their "insurance" is was a good bet that your shipments would get lost, your parking lot would be blocked by construction and/or you'd suffer a fire. Their participation rate was pretty good too!

 

[KevinKohler]

Well, considering that it's illegal to sell a non-compliant plan most companies really don't have much of a choice.

I get a kick out of how this whole program was forced on the public and now participation is being lauded as "success". Back in my old stomping grounds we had a similar organization that would sell "insurance". If you didn't buy their "insurance" is was a good bet that your shipments would get lost, your parking lot would be blocked by construction and/or you'd suffer a fire. Their participation rate was pretty good too!

I have to ask...how old are you? This post kinda dates you a little, unless this **** is STILL happening...

 

[Lutherf]

I have to ask...how old are you? This post kinda dates you a little, unless this **** is STILL happening...

I'm old enough to know the difference between bull**** and a chocolate cake.

 

[justabubba]

how does this compare to the number of insurers who are leaving Obamacare
anyone know?

 

[Greenbeard]

how does this compare to the number of insurers who are leaving Obamacare
anyone know?

14 are exiting the exchanges.

Based on the states for which information was available, ten issuers in the FFM and four issuers in the SBMs are not expected to participate in 2015. In at least six cases, however, the exiting issuer’s parent company continues to participate in the state’s Marketplace in 2015 through at least one other issuer.

 

[countryboy]

I have to ask...how old are you? This post kinda dates you a little, unless this **** is STILL happening...

It is, didn't you read the OP?

 

[tres borrachos]

Some firm numbers out now on something that's been widely known since the spring: the new marketplaces are about to get a lot bigger and more competitive next year. The number of insurers selling plans is going to jump by 25%.

80 new insurance carriers to join O-Care

Excellent news!

How much have healthcare costs decreased so far for those of us who had insurance all along? And does this mean nobody is going without insurance anymore, and there are no more medical bankruptcies I hope.

 

[countryboy]

Excellent news!

How much have healthcare costs decreased so far for those of us who had insurance all along? And does this mean nobody is going without insurance anymore, and there are no more medical bankruptcies I hope.

We get our insurance through my wife's employer. Premium just went up, and so did the deductible and out of pocket. Gee thanks obamadontcare.

 

[sangha]

Well, considering that it's illegal to sell a non-compliant plan most companies really don't have much of a choice.

No insurer is forced to sell plans on the exchanges. They all choose to do so.

I get a kick out of how this whole program was forced on the public and now participation is being lauded as "success".

I get a kick watching right wingers go from "The exchanges will collapse in a Death Spiral because no one will participate" to "Of course they'll participate. They're being forced to join"

 

[tres borrachos]

We get our insurance through my wife's employer. Premium just went up, and so did the deductible and out of pocket. Gee thanks obamadontcare.

We have our company benefits roll out next month. I can't wait to see how much my insurance has gone down by, because that was the point of this whole exercise, right?

 

[sangha]

Excellent news!

How much have healthcare costs decreased so far for those of us who had insurance all along? And does this mean nobody is going without insurance anymore, and there are no more medical bankruptcies I hope.

ACA didn't wash my car clean

Damn you Obama!!!

 

[BMCM]

My insurance hasn't gone down, but it hasn't gone up either. It's still $12.00 per office visit and $3.00 to $9.00 for meds. A yearly out of pocket of $3000.00. I pay $550.00 for a family plan a year.

 

[countryboy]

My insurance hasn't gone down, but it hasn't gone up either. It's still $12.00 per office visit and $3.00 to $9.00 for meds. A yearly out of pocket of $3000.00. I pay $550.00 for a family plan a year.

Where do you get your insurance? Sounds like a Cadillac plan. Government employee?

 

[ttwtt78640]

I would expect to see a shift from a few large insurers to more smaller insurers under PPACA. The reason is simply good business - under PPACA you are allowed to have 25% more overhead (i.e. profit) if you are considered to be a small insurer. Calling more insurers (all offering the same, federally mandated, thing) competition is like saying that having three service stations in a town all charging $3.69/gallon for unleaded gasoline with 10% ethanol in it is competition.

 

[buck]

Some firm numbers out now on something that's been widely known since the spring: the new marketplaces are about to get a lot bigger and more competitive next year. The number of insurers selling plans is going to jump by 25%.

And the companies entering.. What are they setting their premiums at in relation to the companies already offering insurance? I provided a cite a while ago showing that, in at least a few cases, the premiums are being set higher. If that holds true, I would expect that this is portending where the premiums for companies already on the exchange are heading. How are new insurance companies setting their premium above other insurance companies already selling... Helping drive down prices?

 

[sangha]

And the companies entering.. What are they setting their premiums at in relation to the companies already offering insurance? I provided a cite a while ago showing that, in at least a few cases, the premiums are being set higher. If that holds true, I would expect that this is portending where the premiums for companies already on the exchange are heading. How are new insurance companies setting their premium above other insurance companies already selling... Helping drive down prices?

Yes, I'm sure that competition will drive prices up

 

[sangha]

Here's the press release
Significant choice and lower than expected premiums available in the new Health Insurance Marketplace

The report also gives an overview of pricing and the number of coverage options across the nation. It finds that the average premium nationally for the second lowest cost silver plan will be $328 before tax credits, or 16 percent below projections based off of Congressional Budget Office estimates. About 95 percent of uninsured people eligible for the Marketplace live in a state where their average premium is lower than projections. And states with the lowest premiums have more than twice the number of insurance companies offering plans than states with the highest premiums.

Here's a link to the HHS report
Health Insurance Marketplace Premiums for 2014

 

[justabubba]

Here's the press release
Significant choice and lower than expected premiums available in the new Health Insurance Marketplace


Here's a link to the HHS report
Health Insurance Marketplace Premiums for 2014

with such a heinous impact i can now see why the republicans have spent so much political capital opposing it and then attempting to rescind it

 

[buck]

Yes, I'm sure that competition will drive prices up

So, a new company coming in and offering prices higher than the already existing companies.. Is driving prices down.. How exactly?

 

[sangha]

So, a new company coming in and offering prices higher than the already existing companies.. Is driving prices down.. How exactly?

I have no doubt that you are right and competition will result in prices going up.

 

[buck]

I have no doubt that you are right and competition will result in prices going up.

In other words.. The new companies aren't doing anything to drive down prices on a product that has to be much the same across all companies.

The new companies coming in and offering prices higher than the already existing companies.. are telling you that is where the prices are headed.

 

[sangha]

In other words.. The new companies aren't doing anything to drive down prices on a product that has to be much the same across all companies.

Yes, all the plans on the exchange are exactly the same and competition will drive prices up.

 

[buck]

Yes, all the plans on the exchange are exactly the same and competition will drive prices up.

There you go again.. Not understanding words typed. Let's compare your statement to mine, maybe that can help you:

I said:

a product that has to be much the same across all companies.

Yopu said:

all the plans on the exchange are exactly the same

Somehow they seem different. Maybe you can get a friend to explain it to you.

 

[sangha]

There you go again.. Not understanding words typed. Let's compare your statement to mine, maybe that can help you:

I said:

Yopu said:

Somehow they seem different. Maybe you can get a friend to explain it to you.

IOW, "much the same" means "they have to be insurance"