Huge health insurance rate increases in store for 2016

[Axulus]

Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back.

Blue Cross and Blue Shield plans — market leaders in many states — are seeking rate increases that average 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee and 54 percent in Minnesota, according to documents posted online by the federal government and state insurance commissioners and interviews with insurance executives.

The Oregon insurance commissioner, Laura N. Cali, has just approved 2016 rate increases for companies that cover more than 220,000 people. Moda Health Plan, which has the largest enrollment in the state, received a 25 percent increase, and the second-largest plan, LifeWise, received a 33 percent increase.

Jesse Ellis O’Brien, a health advocate at the Oregon State Public Interest Research Group, said: “Rate increases will be bigger in 2016 than they have been for years and years and will have a profound effect on consumers here. Some may start wondering if insurance is affordable or if it’s worth the money.”

http://www.nytimes.com/2015/07/04/u...rod=nytcore-ipad&smid=nytcore-ipad-share&_r=0

 

[untermensche]

Yes, we need universal health care yesterday.

And we need to move away from for profit health insurance as fast as possible.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

 

[Axulus]

Yes, we need universal health care yesterday.

And we need to move away from for profit health insurance as fast as possible.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

Kaiser Foundation Group - nonprofit with 7.82% Market Share and over 50 Million Policyholders

Health Care Service Corporation (HCSC) - a mutually owned company (policy holder ownership) – 3.15% Market Share and over 20 Million Policyholders

Highmark Group – nonprofit with 2.11% Market Share and over 13 Million Policyholders

http://www.lowcosthealthinsurance.com/who-are-the-top-10-health-insurance-companies-by-market-share/

Some other non-profits:

Premera Blue Cross
Regence BlueShield
Group Health Cooperative

Among others.

It looks like non-profits are already well established in the health insurance industry.

 

[bilby]

Yes, we need universal health care yesterday.

And we need to move away from for profit health insurance as fast as possible.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

Kaiser Foundation Group - nonprofit with 7.82% Market Share and over 50 Million Policyholders

Health Care Service Corporation (HCSC) - a mutually owned company (policy holder ownership) – 3.15% Market Share and over 20 Million Policyholders

Highmark Group – nonprofit with 2.11% Market Share and over 13 Million Policyholders

http://www.lowcosthealthinsurance.com/who-are-the-top-10-health-insurance-companies-by-market-share/

Some other non-profits:

Premera Blue Cross
Regence BlueShield
Group Health Cooperative

Among others.

It looks like non-profits are already well established in the health insurance industry.

'non-profit' is a bit misleading; it suggests that all the premiums paid go back into provision of care, but that's not true at all. Executive remuneration is not 'profit', but it isn't just a few hundred thousand bucks a year that these guys are extracting from the business.

Tyson said he would assume the CEO role in May and take over as chairman in December 2013. Tyson said the firm was looking to expand within its existing markets in nine states and Washington, D.C., as well as reducing administrative costs.

In 2010, the latest information available, Tyson earned $2.3 million in salary and other compensation, according to Kaiser's federal tax filing.

(source)

$2.3 million for the guy who is now CEO; and that was three years before he hit the top job. How many of these guys are there, and how many millions per annum stick to their fingers? How much goes on advertising? (a single provider with every citizen automatically covered does not need to advertise). The level of waste in your insane system is staggering. Even before you consider that much of it is very much not 'non-profit'.

Having a single public insurer might not lead to a drop in the pay for the top executives; but rather than having dozens of companies each with its own set of executive leaches, at the very least as single payer system would only carry one set of executive salaries as overhead.

And that's if you buy into the highly dubious idea that these guys would throw in the towel if asked to work for a lousy million bucks a year.

 

[Nice Squirrel]

Non-profits are in the industry because several states require hospitals and insurance providers to be non-profits. Surprisingly United Health headquarters is located in a non-profit state and does not sell insurance in that state.

 

[Nice Squirrel]

'non-profit' is a bit misleading; it suggests that all the premiums paid go back into provision of care, but that's not true at all. Executive remuneration is not 'profit', but it isn't just a few hundred thousand bucks a year that these guys are extracting from the business.

Non-profits can also be billed by for-profit service providers. AKA NoProfit hospitals are run by Money Health to "cut costs" because profit motive cut costs.

 

[untermensche]

Yes, we need universal health care yesterday.

And we need to move away from for profit health insurance as fast as possible.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

Kaiser Foundation Group - nonprofit with 7.82% Market Share and over 50 Million Policyholders

Health Care Service Corporation (HCSC) - a mutually owned company (policy holder ownership) – 3.15% Market Share and over 20 Million Policyholders

Highmark Group – nonprofit with 2.11% Market Share and over 13 Million Policyholders

http://www.lowcosthealthinsurance.com/who-are-the-top-10-health-insurance-companies-by-market-share/

Some other non-profits:

Premera Blue Cross
Regence BlueShield
Group Health Cooperative

Among others.

It looks like non-profits are already well established in the health insurance industry.

Non sequitur.

The for-profits dominate.

 

[ksen]

Yes, we need universal health care yesterday.

And we need to move away from for profit health insurance as fast as possible.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

Kaiser Foundation Group - nonprofit with 7.82% Market Share and over 50 Million Policyholders

Health Care Service Corporation (HCSC) - a mutually owned company (policy holder ownership) – 3.15% Market Share and over 20 Million Policyholders

Highmark Group – nonprofit with 2.11% Market Share and over 13 Million Policyholders

http://www.lowcosthealthinsurance.com/who-are-the-top-10-health-insurance-companies-by-market-share/

Some other non-profits:

Premera Blue Cross
Regence BlueShield
Group Health Cooperative

Among others.

It looks like non-profits are already well established in the health insurance industry.

So that leaves, what, about 85% of the health insurance market in for-profit insurance company hands?

Well, I guess they have no power at all.

 

[untermensche]

So that leaves, what, about 85% of the health insurance market in for-profit insurance company hands?

Well, I guess they have no power at all.

What for-profit health insurance means is that money supposed to go into the health system ends up in the hands of a tiny few corporate executive millionaires.

For example the governor of Florida Rick Scott removed over 200 million from the health system and gave it to himself.

That is all these for-profits are.

Huge schemes to take money from the health care system and funnel it to top executives.

 

[Jimmy Higgins]

Aging nation, consolidation of insurance companies, consolidation of health providers. Seems about right. The unfortunate thing about the ACA is that it had a narrow aim at making insurance more available. It didn't attack the issue of soaring health care costs. Of course, if it did, Axulus and the like would have complained those actions were unconstitutional and all Obama needed to do was subsidize insurance for those who couldn't afford on local state run exchanges... you know, keep it local.

Yes, we need universal health care yesterday.

Reminds me a bit of insurance in hurricane prone areas. The coverage starts to cost more than people can afford.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

The right, but Nelson and that asshole Lieberman. We almost got people in their 50s covered via Medicare, but Lieberman stopped it.

 

[Nice Squirrel]

Okay I read the article. These folks are trying to negotiate rate increases. This is their opening bids.

 

[untermensche]

Aging nation, consolidation of insurance companies, consolidation of health providers. Seems about right. The unfortunate thing about the ACA is that it had a narrow aim at making insurance more available. It didn't attack the issue of soaring health care costs. Of course, if it did, Axulus and the like would have complained those actions were unconstitutional and all Obama needed to do was subsidize insurance for those who couldn't afford on local state run exchanges... you know, keep it local.
Reminds me a bit of insurance in hurricane prone areas. The coverage starts to cost more than people can afford.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

The right, but Nelson and that asshole Lieberman. We almost got people in their 50s covered via Medicare, but Lieberman stopped it.

Lieberman is on the right not the left.

- - - Updated - - -

Okay I read the article. These folks are trying to negotiate rate increases. This is their opening bids.

Yes, they think their profits and perks to executives will be effected.

Of course those things have to be maintained before money actually goes to people who need it.

 

[Nice Squirrel]

Here's our state's breakdown (non-profit state):

Minnesota health insurers expect to receive about $194.2 million to help cover financial losses last year in the individual health insurance market, according to preliminary figures released last month by the federal government.

The money comes from financial safety net programs in the federal Affordable Care Act that will substantially reduce — but won’t eliminate — losses in the individual market that nonprofit insurers in April estimated at $316 million.

In June, insurers cited the past losses as evidence that premiums in the individual market have been too low. For 2016, most insurers are seeking double-digit rate increases in Minnesota’s individual market, including hikes of more than 50 percent proposed by Eagan-based Blue Cross and Blue Shield of Minnesota.

Even with the extra cash, insurers said they will need the premium increases for next year.

http://www.startribune.com/insurers-would-split-194-million-in-payments/311856721/

 

[dismal]

Yes, we need universal health care yesterday.

And we need to move away from for profit health insurance as fast as possible.

Obamacare was hamstrung by the right with the removal of a public option, which was the crucial mechanism to control costs.

Sorry, Obamacare is here to stay. Racist.

- - - Updated - - -

Aging nation, consolidation of insurance companies, consolidation of health providers. Seems about right. The unfortunate thing about the ACA is that it had a narrow aim at making insurance more available. It didn't attack the issue of soaring health care costs. Of course, if it did, Axulus and the like would have complained those actions were unconstitutional and all Obama needed to do was subsidize insurance for those who couldn't afford on local state run exchanges... you know, keep it local.

Obama said it did. You are calling him a liar. Racist.

 

[untermensche]

Sorry, Obamacare is here to stay. Racist.

A lot of the opposition to Obama is little more than racism but Obamacare is a band-aid not a remedy.

The only remedy is Medicare for all.

 

[dismal]

Sorry, Obamacare is here to stay. Racist.

A lot of the opposition to Obama is little more than racism but Obamacare is a band-aid not a remedy.

The only remedy is Medicare for all.

But Obamacare is working!!!!!

 

[untermensche]

A lot of the opposition to Obama is little more than racism but Obamacare is a band-aid not a remedy.

The only remedy is Medicare for all.

But Obamacare is working!!!!!

It is making things better for millions.

I know some call this not working because these are the wrong people.

 

[ksen]

Okay I read the article.

At least someone in the thread read it.

 

[untermensche]

Okay I read the article.

At least someone in the thread read it.

It's a wish list from insurers.

And millionaire health insurance executives always cry about the limits on their gouging of consumers from their private jets.

 

[Nice Squirrel]

At least someone in the thread read it.

It's a wish list from insurers.

And millionaire health insurance executives always cry about the limits on their gouging of consumers from their private jets.

Yes, they are making oodles of money. These losses are from the open market portion of their businesses.