Insurance rates going up: New concerns for Obamacare (1 Viewer)

[buck]

https://www.yahoo.com/news/obamacare-worries-largest-texas-insurer-191310560.html

Blue Cross Blue Shield of Texas has about 603,000 individual policyholders and, unlike other insurers in the state, offers coverage in every county. In a recent filing with federal regulators, a summary of which is available on HealthCare.gov, the company said it is seeking increases averaging from 57.3 percent to 59.4 percent across its individual market plans.
In a statement, Blue Cross Blue Shield of Texas said its request is based on strong financial principles, science and data. "It's also important to understand the magnitude of the losses ... experienced in the individual retail market over the past two years," the statement said. The company says it lost $592 million last year and $416 million in 2014.

Texas isn't alone. Citing financial losses under the health care law, many insurers around the country are requesting bigger premium increases for 2017. That's to account for lower-than-hoped enrollment, sicker-than-expected customers and problems with the government's financial backstop for insurance markets.

 

[MrWonka]

https://www.yahoo.com/news/obamacare-worries-largest-texas-insurer-191310560.html

Some are, some are not. Overall though costs are going up slower after the ACA past then they were for the twelve years leading up to it.

 

[ludin]

Some are, some are not. Overall though costs are going up slower after the ACA past then they were for the twelve years leading up to it.

that isn't what was promised. the fact is that rates are still going up.
still waiting on my 2500 reduction in my premium.

still haven't seen it.

I don't see how rate hikes of 20-40% per year is actually a good thing.
:roll:

 

[Fenton]

Yup

If Healthcare was SOOOOOOO unaffordable back in 2009 that we needed a new Law to make it affordable, HOW is it more affordable now that premiums, out of pocket cost and deductibles have skyrocketed ??

The Democrats can't run away fast enough from this brand killing debacle

 

[JumpinJack]

Some are, some are not. Overall though costs are going up slower after the ACA past then they were for the twelve years leading up to it.

I don't think that's the case. That was the case the first year. Then the increases started, as the high claims started rolling in, causing ins. co. losses.

The increases are also not uniform. Some increases already have been very high, like 50% in Alaska, I believe. A number of states have had very high increases. I can tell you that personally, the increases in Obamacare are triple what they were before 2014. I actually buy ins. on the individual market, so experience these things firsthand.

Partly what's causing it is the high-claims people the ins. cos. used to be able to charge high premiums to. The rest of the public now has to pay for those claims, rather than those high-claims people.

In addition to the high increases is the fact that one is paying for someone else's high claims and can do nothing about it. You can take care of yourself, not do dangerous things, exercise every day, but you can't change the high premium, since you are paying for someone else's medical condition, obesity, diabetes, accident, and the like. It takes the control out of the hands of the individual for his own health and health care costs.

 

[JumpinJack]

that isn't what was promised. the fact is that rates are still going up.
still waiting on my 2500 reduction in my premium.

still haven't seen it.

I don't see how rate hikes of 20-40% per year is actually a good thing.
:roll:

Not many can pay for that. The bad news is that a person will get hit with a big penalty if he doesn't pay up. The other bad news is that people will decrease their policy to the cheapest one....and not many providers take those policies. So a person will end up paying a lot of money for something that in some cases, he can't use. He's merely funding someone else's diabetes treatment.

 

[MrWonka]

I don't think that's the case. That was the case the first year. Then the increases started, as the high claims started rolling in, causing ins. co. losses.

Since this is from the White House I'm sure you won't believe it, but I'll post it anyway.
https://www.whitehouse.gov/blog/2015/09/22/new-data-show-slow-health-care-cost-growth-continuing

Here's more of the same from Forbes if you prefer...
Forbes Welcome

In addition to the high increases is the fact that one is paying for someone else's high claims and can do nothing about it.

That's what insurance is actually supposed to be for.

You can take care of yourself, not do dangerous things, exercise every day, but you can't change the high premium,

You can go with a higher deductible and get an HSA which is what I did. All total I'm only paying about $100/ paycheck. Not great, but not bad either. I have employer coverage obviously so they chip in, but the HSA fills up pretty quickly.

since you are paying for someone else's medical condition, obesity, diabetes, accident, and the like. It takes the control out of the hands of the individual for his own health and health care costs.

Again....this is the actual point of health insurance. The reality is no matter how healthy you THINK you are or how safe you THINK you are you could find out you have cancer tomorrow. You could get hit by a bus tomorrow. You're one bad car accident away from a $1 million doctor bill that you can't pay. That's really one of the biggest problems that the ACA was trying to solve. There are millions of people like yourself who think that because you're young and healthy that you don't need insurance, or you just get dirt cheap insurance that barely covers anything. Then something happens and you're not covered. You file for bankruptcy and everyone else who did have insurance has to cover your bills.

Furthermore, what happens when you charge these supposedly unhealthy irresponsible people significantly higher premiums is that they can't afford them so they just get nothing. Then when they end up in the hospital once again the rest of us end up covering them. The reality is you're covering for someone else no matter what you do. The real reason your premiums likely went up is because your coverage actually improved. Potentially significantly. Before the ACA in order to convince relatively healthy people to buy policies insurance companies would riddle their plans with all kinds of holes and cutoffs to avoid coverage. That's how they seemingly kept prices low. The ACA eliminated those holes, and that made some policies appear to go up, but you get better coverage. The fact that you're helping to cover others is really not factoring in much at all. You were already doing that before whether you realized it or not.

 

[buck]

Since this is from the White House I'm sure you won't believe it, but I'll post it anyway.

It really appears that you do not understand the difference between employer provided care and individual purchase plans.

But, sure. As the article mentions.. Making insurance more expensive causes companies to pare back their insurance to be less generous and cause the rates to increase not as quickly. That they are still increasing after the reduction in benefits should be a little concerning, but OK...

 

[MrWonka]

It really appears that you do not understand the difference between employer provided care and individual purchase plans

No, that's just really not an important distinction. You'll find the same to be true of individual plans. Also, about 80% of insurance plans in this country are employer provided plans so no matter what you think about individual plans overall we're seeing good things.

That they are still increasing after the reduction in benefits should be a little concerning

No, you've got that backwards. There hasn't been a reduction in benefits. There has been an increase in benefits. Cutting costs by reducing coverage is what they were doing before the ACA. That's why they were able to offer some cheaper plans. The ACA has improved benefits and insured you are covered for more than you were before. You only look at your premium and your deductible, but you don't realize how many more things you're covered for now that you weren't in the past.

 

[buck]

No, that's just really not an important distinction.

Of course it is. The OP was about the exchange based plans. Jumping Jack's response was about exchange based plans. You then responded with a "look, employer provided plans are seeing lower increase". Try to keep it straight.

No, you've got that backwards. There hasn't been a reduction in benefits. There has been an increase in benefits.

Well, first, I think you have individual sold and employee sold plans confused again. Sure, there was an increase in benefits on many individual plans (whether actually needed or not), as they had to meet minimum requirements set up under Obamacare. However, most employee based plans already met those minimum requirements. With a few exceptions.

But, lets deal with the employee based plans and take a look at the article you posted:

There are many reasons for this, health benefits analysts say, such as high-deductible health plans that get workers to think twice before choosing a brand name drug and force them to become better shoppers

The ACA’s coming “Cadillac Tax” on plans with rich benefits has been an incentive for employers to push more “consumerism,” Umland said. The National Business Group on Health and others have reported employers increasing surcharges on spouses who can get coverage elsewhere and increasing wellness programs all in the name of falling below the threshold of the excise tax.

This might be good - time will tell. However, you are only looking at one aspect of the total cost of insurance. Sure, the premiums on employer based plans may be increasing at a slightly slower rate (about a 1% difference), but deductibles, co-pays and other OOP expenses are increasing at a higher rate.

 

[Neomalthusian]

Some are, some are not. Overall though costs are going up slower after the ACA past then they were for the twelve years leading up to it.

That's not a good enough solution for the "some" that are seeing cost increases just as big, or even bigger, than there already were before the law. The point of passing a law at the federal level to deal with this is that it should stabilize the situation across the board. If some states are seeing annual double digit increases with no end in sight, and other states are seeing costs stabilize or even drop a little, it's not good enough to just take the average and complacently declare the matter resolved.

Insurance bailout buys time for state to sort out health care insurance mess - Alaska Dispatch News

 

[Vern]

That's not a good enough solution for the "some" that are seeing cost increases just as big, or even bigger, than there already were before the law. The point of passing a law at the federal level to deal with this is that it should stabilize the situation across the board. If some states are seeing annual double digit increases with no end in sight, and other states are seeing costs stabilize or even drop a little, it's not good enough to just take the average and complacently declare the matter resolved.

Insurance bailout buys time for state to sort out health care insurance mess - Alaska Dispatch News

No end in sight? Neo, your pointless complaints only get more pointless when you resort to silly hyperbole.

 

[eohrnberger]

https://www.yahoo.com/news/obamacare-worries-largest-texas-insurer-191310560.html

Blue Cross Blue Shield of Texas has about 603,000 individual policyholders and, unlike other insurers in the state, offers coverage in every county. In a recent filing with federal regulators, a summary of which is available on HealthCare.gov, the company said it is seeking increases averaging from 57.3 percent to 59.4 percent across its individual market plans.
In a statement, Blue Cross Blue Shield of Texas said its request is based on strong financial principles, science and data. "It's also important to understand the magnitude of the losses ... experienced in the individual retail market over the past two years," the statement said. The company says it lost $592 million last year and $416 million in 2014.

Texas isn't alone. Citing financial losses under the health care law, many insurers around the country are requesting bigger premium increases for 2017. That's to account for lower-than-hoped enrollment, sicker-than-expected customers and problems with the government's financial backstop for insurance markets.

Perfect timing. Just in time for the presidential elections a painful reminder of the Democrat's broken promises.

 

[jimbo]

that isn't what was promised. the fact is that rates are still going up.
still waiting on my 2500 reduction in my premium.

still haven't seen it.

I don't see how rate hikes of 20-40% per year is actually a good thing.
:roll:

Worse, with Obamacare you can no longer go shopping. I shop my homeowners, business and auto insurance yearly after I get my bill. Somehow my agent always seems to find a way to cut the bills a little. Either by squeezing the present insurer or finding a company that wants my business more than the present insurer. I don't think you can do that with Ocare.

 

[jimbo]

(1) In addition to the high increases is the fact that one is paying for someone else's high claims and can do nothing about it.
That's what insurance is actually supposed to be for.

(2) Again....this is the actual point of health insurance. The reality is no matter how healthy you THINK you are or how safe you THINK you are you could find out you have cancer tomorrow. You could get hit by a bus tomorrow. You're one bad car accident away from a $1 million doctor bill that you can't pay. That's really one of the biggest problems that the ACA was trying to solve. There are millions of people like yourself who think that because you're young and healthy that you don't need insurance, or you just get dirt cheap insurance that barely covers anything. Then something happens and you're not covered. You file for bankruptcy and everyone else who did have insurance has to cover your bills.

.

(1) No it's not. Insurance is a hedge against the possibility of you having high claims. Not someone else's possibility.

(2) Another the government knows best statement. The presumption is that you are not capable of making individual decisions on matters that affect you in a personal level, so government must step in and make those decisions for you on a group basis. Groupthink is seldom the best thinking for a responsible individual.

 

[Neomalthusian]

No end in sight? Neo, your pointless complaints only get more pointless when you resort to silly hyperbole.

If you'd clicked the link or bothered to inform yourself, you would notice that it's not hyperbole.

 

[ludin]

Worse, with Obamacare you can no longer go shopping. I shop my homeowners, business and auto insurance yearly after I get my bill. Somehow my agent always seems to find a way to cut the bills a little. Either by squeezing the present insurer or finding a company that wants my business more than the present insurer. I don't think you can do that with Ocare.

that is because all obamacare insurer's have to cover the same thing. while your state can set minimum standards on other insurance
they are only used in catastrophic cases. that is why your car insurance is way cheap. I have 2 cars full coverage and pay about 100 bucks a month.

if they had to cover ever oil change, tire replacement or tire rotation then car insurance would be just as expensive.
however yes you can shop around for different other types of insurance and there is competition in those fields.

they have far more coverage that they can offer than healthcare plans do.