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Posts Tagged ‘Lakewood’

Where Obamacare Has Become Unaffordable, Short Term Health Insurance Can Help

Friday, August 18th, 2017

Forbes reports:

“Next time you run into someone who minimizes the problems with Obamacare, I want you to introduce them to Fay. She’s a reasonably healthy 60 year old grandmother living in Fayette County, Illinois and earns about 450% of the federal poverty level ($53,460) working for a small employer that does not provide her with health insurance. Right now, if she wants the second lowest silver plan in her area, she needs to pay 28% of her pre-tax income in order to get it — $1,247 per month. Fay just doesn’t have that kind of money and thus lives in fear of medical bankruptcy should something go wrong.

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Largest Texas Health Insurer Requests to Raise Premiums on Individual Policies

Tuesday, June 14th, 2016

Newswire reports:

Blue Cross Blue Shield of Texas (BCBS), which insures approximately 603,000 individual Texas policyholders, announced a proposal to raise premiums on three popular Health Maintenance Organization (HMO) plans by almost 60 percent. The rate hike follows a report by BCBS citing substantial financial losses in the second year of the Affordable Care Act (ACA) exchanges.

The Affordable Care Act, colloquially known as “Obamacare,” established marketplaces—or exchanges—where people without other health insurance can buy coverage. Filings from healthcare.gov show BCBS is seeking increases between 57.3 percent and 59.3 percent for two of its Blue Advantage Plus Plans. A 58.6 percent hike has been requested for the Blue Advantage Health Maintenance Organization Plan.

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IRS Grants Extension for 6055 and 6056 Reporting

Tuesday, January 26th, 2016

According to United Healthcare, Broker Connection Special Edition:

“On Dec. 28, 2015, the IRS announced that it is granting an automatic extension for the 2015 information returns required of insurers, employers and certain other providers of Minimum Essential Coverage (MEC) under Section 6055 and 6056 of the Internal Revenue Code (IRC).

Coverage providers that need more time now have until March 31 to get Form 1095 to individuals and until June 30 to electronically file with the IRS. For providers not filing electronically, the deadline is May 31, 2016. (more…)

Blue Cross, Advocate team up on new health insurance plan

Monday, January 11th, 2016

Crains Chicago Business Reports:

“Blue Cross & Blue Shield of Illinois and Advocate Health Care are teaming up to offer a health plan that will be one of the cheapest options the insurer offers on and off the Obamacare exchange.
The plan, called BlueCare Direct, is a marriage of two giants. Blue Cross is the largest health insurer in the state, and Downers Grove-based Advocate is the largest health care system, with 12 hospitals and more than 4,000 doctors.

The BlueCare Direct network will include 250 of Advocate’s sites of care in Cook, DuPage, Lake, Kane and Will counties, including nine of its hospitals and a children’s hospital with two campuses. Enrollees can stick with their primary care doctor outside of Advocate’s system, but the plan will not cover it, said Dr. Lee Sacks, chief medical officer for Advocate.

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Ready for a 255% premium hike?

Monday, March 2nd, 2015

Benefits Pro reports:

“Supreme Court ruling killing PPACA subsidies may cause premiums to skyrocket.

If the U.S. Supreme Court rules that federal subsidies under the Patient Protection and Affordable Care Act are invalid, 7.5 million Americans could face an average premium increase of 255 percent this year. And some could face an increase as much as 779 percent.

That’s the dire warning from consulting firm Avalere Health on the impact that the King vs. Burwell case could have on consumers. Arguments in the case begin March 4.

Avalere said 87 percent of federal exchange customers receive a subsidy. Therefore, the firm said killing the subsidies would cause “average monthly premium contributions for enrollees” to potentially increase “between 122 percent and 774 percent, depending on the state.” Residents in Alaska and Mississippi would see the highest percentage increases in their premium contributions, if the court rules in favor of the plaintiffs.

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