ERIKSEN GROUP
phone
x x x
 

Blog

Posts Tagged ‘Marketplace’

Blue Cross warns GOP repeal bill ‘undermines’ pre-existing condition rules

Wednesday, October 11th, 2017

The Hill reports:

“The Blue Cross Blue Shield Association warned against a new GOP ObamaCare bill on Wednesday, saying it would “undermine” protections for pre-existing conditions.

“The bill contains provisions that would allow states to waive key consumer protections, as well as undermine safeguards for those with pre-existing medical conditions,” the association said in a statement.

(more…)

‘Breakthrough’ Leukemia Drug Also Portends ‘Quantum Leap’ In Cost

Thursday, August 24th, 2017

Kaiser Health News reports:

“When doctors talk about a new leukemia drug from Novartis, they ooze enthusiasm, using words like “breakthrough,” “revolutionary” and “a watershed moment.”

But when they think about how much the therapy is likely to cost, their tone turns alarmist.

(more…)

BCBSIL to Stop Offering SHOP Plans (Small Group 1-50) Starting Jan. 1, 2018

Friday, August 4th, 2017

Blue Cross and Blue Shield reports:

“We want to let you know that Blue Cross and Blue Shield of Illinois (BCBSIL) will not be participating in the Federally Facilitated Small Business Health Options Program (FF-SHOP) marketplace with BCBSIL health insurance plans starting Jan. 1, 2018.

(more…)

Only one insurer will offer PPO plan on state Obamacare exchange

Monday, October 31st, 2016

The Chicago Tribune reports:

“Blue Cross and Blue Shield of Illinois will be the only insurer offering PPO health insurance plans on the state’s Obamacare exchange next year, according to information released Friday by the state Department of Insurance.

That’s down from five insurers that offered individual PPO plans on the exchange this year. Many consumers prefer PPO health plans because, unlike HMO plans, they allow patients to see specialist doctors without a referral and see physicians who are out-of-network, albeit at higher costs.

The reduced choices were not unexpected, following the exit of several insurers from Illinois’ exchange. Aetna, its Coventry brand, UnitedHealthcare, UnitedHealthcare subsidiary Harken Health and Land of Lincoln all announced this year they wouldn’t offer individual plans on the exchange next year. Many insurers have cited financial struggles as their reason for abandoning the exchange.

The information was released Friday along with final rates for insurance plans on the exchange, which on average, are largely the same as rates submitted to the federal government in August. Rates will increase by an average of 44 percent for the lowest-priced bronze plans, 45 percent for the lowest-priced silver plans and 55 percent for the lowest-priced gold plans.

The information released Friday, however, also shows for the first time which insurers will offer what types of plans in each county on the exchange next year:

• In Cook County, insurer Celtic will offer an HMO plan, Cigna will offer an HMO and Blue Cross and Blue Shield will offer an HMO and a PPO.

• In Lake and McHenry counties, Blue Cross and Blue Shield will be the only on-exchange insurer offering HMO and PPO plans.

• In Kane and DuPage counties, Cigna will offer an HMO, Celtic will offer an HMO to part of the area and Blue Cross and Blue Shield will offer an HMO and PPO.

The federal government will release specific premiums, deductibles and information about networks by Nov. 1, when consumers can begin shopping for insurance on the exchange.

This year, Blue Cross and Blue Shield of Illinois stopped offering its broadest PPO plan for individuals on the exchange, instead offering a smaller PPO network that didn’t include popular academic medical centers at Northwestern University and the University of Chicago or hospital chain NorthShore University HealthSystem.

“We will continue to work with state and federal regulators and legislators to ensure a stable and sustainable insurance marketplace and to improve the quality and cost of care for all of our members,” Blue Cross and Blue Shield of Illinois said in a statement Friday.

Illinois is not unique in how few insurers will offer on-exchange PPOs next year, said Katherine Hempstead, a senior adviser at the Robert Wood Johnson Foundation.

Options will be more plentiful for Illinois residents who buy individual insurance off the exchange, but people who buy off-exchange plans aren’t eligible for federal subsidies that offset insurance costs. About 75 percent of Illinois residents who buy insurance on the exchange now get those subsidies, which will allow those consumers to pay less than $75 a month next year, even with the rate increase, Jonathan Gold, a spokesman for U.S. Department of Health and Human Services, said in a statement.

Five insurers will offer off-exchange PPO plans next year in different parts of the state. In all, 14 insurers will offer plans off the exchange. Consumers typically can buy off-exchange insurance through brokers or through insurance companies directly.

Oftentimes, insurers are more inclined to offer plans off the exchange because they may believe they’ll get healthier customers, said Larry Levitt, a senior vice president for special initiatives at the Henry J. Kaiser Family Foundation.

Most consumers, he said, are most concerned about making sure insurance plans’ networks include their doctors and that their monthly premiums aren’t too high. “It means consumers have to shop around carefully, as options are changing,” he said.

Illinois insurers seek premium increases of up to 45%

Tuesday, August 2nd, 2016

The Chicago Sun Times reports:

“Health insurance premiums for Illinois residents who buy coverage through the Affordable Care Act’s marketplace could increase by as much as 45 percent according to proposals submitted by insurers and made public Monday.

The leading insurer on Illinois’ exchange, Blue Cross Blue Shield, is proposing increases for 2017 ranging from 23 percent to 45 percent for individual health care plans, according to proposals posted by Healthcare.gov. Another insurer, Coventry Health Care of Illinois, proposed rate increases as high as 21 percent.

(more…)

Land of Lincoln coverage will end Oct. 1 for individual enrollees

Wednesday, July 20th, 2016

The Chicago Tribune reports:

“Land of Lincoln Health’s insurance coverage for its individual enrollees will end Oct. 1, according to the Illinois Department of Insurance.

The agency posted the news on Land of Lincoln’s website. A green banner now greets visitors to the website with the headline, “Important notice to all members” with a link taking them to information about the Chicago-based insurer’s impending shutdown. The notice comes a week after the agency moved to seize control of the financially troubled Chicago-based insurer.

(more…)

Help Squad: Will Medicaid errors result in $4K tax penalty for couple?

Thursday, June 30th, 2016

The Chicago Tribune reports:

“Dear Help Squad,

I hope you can help us get the documents we need so our health insurance is not canceled.

For 2015, we signed up for medical insurance through the health care marketplace. The agent who assisted us determined our income level qualified my wife and me for coverage under Illinois Medicaid, which we continued throughout 2015.

(more…)

The Federal Government’s $146 Billion Obamacare Boo-Boo

Thursday, April 28th, 2016

According to The Motley Fool:

Bad things can happen when a government forecast proves to be way off.

There are mistakes, and then there are big mistakes. What the Congressional Budget Office’s latest report on federal subsidies revealed was a mistake of monstrousproportions on the part of the federal government.

Here’s what a forecasting error looks like
The Congressional Budget Office, or CBO, has been making projections on the future of Obamacare, and healthcare in general, for years. Initially, the CBO had projected that up to 21 million people would sign up for private health insurance using Obamacare’s transparent marketplace exchanges by 2016. However, that estimate has been substantially reduced to just 12 million. According to the Department of Health and Human Services, Obamacare enrollment totaled “about 12.7 million” as of the end of third enrollment period (Jan. 31, 2016). Ultimately, the CBO foresees private health enrollment via Obamacare topping out at between 18 million and 19 million people between 2018 and 2026.

Why such a huge difference in actual enrollment versus initial projections? To begin with, the government appears to have overestimated just how many people would sign up on private exchanges versus being enrolled via their employer. The data has thus far shown that nowhere near as many people as expected dropped out of employer-sponsored insurance to sign up on Obamacare’s marketplace exchanges, meaning there was a considerably smaller uninsured pool than initially anticipated. (more…)

Obamacare Encounters Another Bump in the Road

Thursday, April 28th, 2016

According to News Max Finance:

” Well, the hammer has fallen: The largest health insurer in the U.S. has started pulling out of select Obamacare exchanges.

Five months ago UnitedHealth, which had been singing sunny songs to investors about its bright future on the exchanges, abruptly began crooning the blues. In an earnings call barely a month after executives assured investors that all was going swimmingly, they confessed that they were losing a ton of money on their Obamacare policies and described a pattern that sounded as if consumers were gaming the system — signing up for a few months, using a ton of services, and then canceling their policies. If this continued, they said, they would have no choice but to pull out of the exchange business. (more…)

Newsletter Signup

Free Consultation
image_questions
Change Your Broker
 
x x x