It isn’t just Obamacare premiums that are set to spike next year. The rates on commercial health plans that are sold off the Obamacare exchanges will also rise, by double digits in most states. Inflation in the health plan sector continues to grow. The latest data comes from a regular survey of commercial insurance brokers, conducted by the investment bank Morgan Stanley. The survey tracks how much the annual increases built into the price of insurance are rising or falling.
The next Open Enrollment period for the Health Insurance Marketplace begins on November 1, 2015 for coverage starting on January 1, 2016. According to an HHS analysis, about 8 out of 10 returning consumers will be able to buy a plan with premiums less than $100 dollars a month after tax credits; and about 7 out of 10 will have a plan available for less than $75 a month. Highlights of the 2016 Marketplace Affordability Snapshot include:
About 70% of those who return to the federal insurance exchange when open enrollment starts Nov. 1 will pay less than $75 a month after they receive tax credits, a government analysis released Monday shows. The Centers for Medicare and Medicaid Services also reported that for this third open enrollment about 80% of consumers shopping again on Healthcare.gov will be able to pay less than $100 a month after tax credits.
The cataract of insurance co-op failures—nine down, 14 to go—has liberals defensive over ObamaCare. Most amusing is their attempt to blame this debacle conceived by liberals and perpetrated by liberals on, yes, Republicans.
It’s crunch time for thousands of small business owners who must comply with requirements of the health care law for the first time.
Companies with 50 to 99 full-time employees must offer affordable insurance to employees and their dependents starting Jan. 1. They must also file tax forms with the government by Jan. 31 detailing the cost of their coverage and the names and Social Security numbers of employees and their dependents. While companies of all sizes are subject to the law must file the forms, smaller businesses without big staffs to handle the paperwork may have to hire someone to do it — at a cost of hundreds or thousands of dollars.
Nearly 67,000 customers of Consumers’ Choice Health Insurance will have to shop for new insurance at the end of the year when the company shuts down its operations in 2016.
The state Department of Insurance made the announcement on Thursday. The company and the state agency did not give specifics on what precipitated the closure, only saying a look at long-term sustainability showed problems.
Wyoming’s second largest health insurance company is closing down.
The state Department of Insurance announced Wednesday that WINhealth will shut down Dec. 31 because of financial problems. The company has been in business since 1996.
State Insurance Commissioner Tom Glause says the state will help some 13,800 people covered by WINhealth plans to find new insurance.
The catastrophic failure of Obamacare’s launch is now far in the past. But the public’s acquiescence to a law that keeps creating new problems should not be taken as a sign of enthusiastic acceptance, much less as a sign that Obamacare is working.
The important thing is how each of Obamacare’s current problems — skyrocketing premiums, lower than expected enrollment, and the collapse of several cooperative plans — is related to the others.
Federal officials have a secret list of 11 Obamacare health insurance co-ops they fear are on the verge of failure, but they refuse to disclose them to the public or to Congress, a Daily Caller News Foundation investigation has learned.
Just in the last three weeks, five of the original 24 Obamacare co-ops announced plans to close, bringing the total of failures to nine barely two years after their launch with $2 billion in start-up capital from the taxpayers under the Affordable Care Act.
Risk corridor data released on October 1 by the administration shows that insurers lost a lot of money on Affordable Care Act (ACA) plans in 2014. The ACA established a three-year risk corridor program to transfer funds from insurers with lower-than-expected medical claims on ACA plans, i.e., profitable insurers, to insurers with higher-than-expected claims, i.e., insurers with losses. Despite administration claims that incoming payments from profitable insurers would cover losses from unprofitable ones, the risk corridor program shortfall exceeded $2.5 billion in 2014. Insurers with lower-than-anticipated claims owed about $360 million, and insurers with higher-than-anticipated claims requested about $2.9 billion from the program.