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.Details
One of the consumer complaints levied against Affordable Care Act (Obamacare) health plans is that their provider networks are often narrow,1 creating both a high ratio of patients to doctors2 and increasing the risk for out-of-network care.3 With respect to out-of-network care, when enrollees go out-of-network for healthcare, many Obamacare plans will not cover the costs except in the case of a medical emergency or if a prior authorization from the plan had been formally submitted and then approved by the health plan. Moreover, unlike in-network healthcare, out-of-network medical care does not have its annual costs capped by the Affordable Care Act to prevent catastrophic medical expenses.Details
Obamacare still hasn’t won over most voters who continue to say the health care law doesn’t offer them enough choices when it comes to health insurance.
The latest Rasmussen Reports national telephone survey finds that 43% of Likely U.S. Voters view the health care law favorably, while 52% share an unfavorable opinion of it. This includes 18% with a Very Favorable view and 36% with a Very Unfavorable one.Details
A recent poll by Rasmussen revealed that just 37 percent of likely U.S. voters believe the government should mandate that every American have health insurance, down four percentage points from its previous poll and the lowest level of support since December 2013. In addition 52 percent of Americans now oppose government-mandated health insurance, the highest it has been since that December 2013 poll.Details
The operators of Maryland’s health insurance Web site improperly stored Social Security numbers and other customer information while awarding millions of dollars in contracts without ensuring the money would be spent properly, according to a state audit released Friday.
The audit is the latest in a string of reports uncovering loose spending and rushed decision-making involving the once-troubled Maryland Health Benefit Exchange, which the state hurried to create to help enact President Obama’s ambitious federal health-care overhaul.Details
Stephanie Douglas signed up for health insurance in January with the best intentions. She had suffered a stroke and needed help paying for her medicines and care. The plan she chose from the federal insurance exchange sounded affordable — $58.17 a month after the subsidy she received under the Affordable Care Act.
But Ms. Douglas, 50, who was working about 30 hours a week as a dollar store cashier and a services coordinator at an apartment complex for older adults, soon realized that her insurance did not fit in her tight monthly budget. She stopped paying her premiums in April and lost her coverage a few months later.Details
ObamaCare costs will jump next year for exchange customers, one way or the other. Premiums are set to spike by more than 20% in at least 16 states. But, for many, the real sticker shock will be soaring deductibles that mean they’ll get few benefits until they’ve racked up huge bills.
Low-end bronze plans have deductibles hitting $6,850 in 2016. Now insurers are hiking silver-plan deductibles as high as $6,500 as a way to keep a lid on premiums. The downside isn’t just more out-of-pocket costs for patients; it also will have a ripple effect of reducing taxpayer subsidies for cheaper plans.
Late last month, Hillary Clinton began releasing the details for her vision for health reform.
That vision is little more than Obamacare on steroids. “I will defend the Affordable Care Act, but as president I want to go further,” the Democratic presidential hopeful said at a recent community forum in Iowa. “I want to strengthen the Affordable Care Act.”Details
The two largest state health insurance co-operatives created as part of a grand ObamaCare experiment have announced they are closing at the end of this year, joining others that have failed and even more that are insolvent and likely to fail.
The Kentucky Health Cooperative announced on Friday it is going out of business and will not enroll new members next year, leaving 51,000 members to find other coverage. It had the second-largest co-op enrollment in the country, garnering 75% of people who enrolled in coverage through the state’s health exchange.Details
The largest private provider of health insurance policies on Kynect, Kentucky’s health insurance exchange, is going out of business.
The Louisville-based Kentucky Health Cooperative Inc. announced Friday that it will end current memberships on Dec. 31 and will not add new members because of financial problems. It will not offer health insurance plans on Kynect when open enrollment for 2016 coverage starts on Nov. 1.Details