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Posts Tagged ‘Riverwoods’

9 Health Insurance Acronyms Small Business Owners Should Know

Wednesday, August 21st, 2019

Small Business Trends reports:

“Many health insurance acronyms float around these days. In the past, people counted on essentially two health care options. They included traditional group health insurance and, for seniors, Medicare. Today, you’ll find a number of health care options. Some of which specifically limit themselves to small businesses. The array of options may confuse you because of the many names used to describe them.

(more…)

Illinois submits big Obamacare rate increases to the feds

Thursday, September 21st, 2017

The Chicago Tribune reports:

“Hundreds of thousands of Illinois consumers who buy health insurance on the state’s Obamacare exchange will likely see average rates increase by 16 to 37 percent next year for the lowest-priced plans, according to a new analysis.

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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…)

With Michigan Closure, More Than Half of Obamacare CO-OPs Have Now Failed

Monday, January 11th, 2016

Energy & Commerce Reports:

“WASHINGTON, DC – The number of failed Obamacare CO-OPs grew to one dozen today as Michigan became the latest to announce it was closing. To date, 12 of the original 23 CO-OPs have closed, bringing the total cost to taxpayers at more than $1.23 billion. This Thursday, the Subcommittee on Oversight and Investigations will hold a hearing on “Examining the Costly Failures of Obamacare’s CO-OP Insurance Loans.” (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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Canadian Health Care: Patients Waiting Longer Than Ever For Treatment

Monday, January 11th, 2016

Investors Business Daily Reports:

Socialist Medicine: Canadians love their hockey and have historically been happy with their government-run health care system. Hockey is thriving. The country’s health care system, though, is a wreck and getting worse.

It could be said the words “Canada” and “health care” really don’t go together because some Canadians never make it to the doctor.

Too many die untreated due to extended wait times to see a doctor, and those wait times have increased again this year. They are now almost twice as long as they were in 1993, the year Hillary Clinton tried to force government health care on Americans. (more…)

Blue Cross and Blue Shield of Illinois: 2016 Rate Filings

Wednesday, September 16th, 2015

Blue Cross and Blue Shield of Illinois reports:

“Blue Cross and Blue Shield of Illinois (BCBSIL) recently filed its 2016 rates with Illinois. Below are FAQs that may help you understand what this means.

Who does this affect?

The 2016 rates will affect individuals and families who bought health insurance either directly from us or Get Covered Illinois™, the Official Health Insurance Marketplace.

Will my premium increase?

It depends. It’s important to understand that rates are not the same as premiums. Rates, which affect premiums, are based on several things, like region, pharmaceutical costs, and use of insurance benefits. However, your 2016 premiums will depend on the general rates, plus the number of people on your plan, their ages, and where you live.

Are increased rates about BCBSIL making more profits?

Rates are based on our members’ health care claims in previous years. When the Marketplace opened in 2014, we began offering new plans and set rates based on new requirements and what we thought member claims would be. Now that we have a full year of member claims with the new plans, we have a better idea of our costs. These costs are also affected by region, pharmaceutical costs, and use of insurance benefits, among other things. We are adjusting our rates so that we can keep providing coverage options across the state for people who don’t have insurance through an employer.

There are consumer protections in place to limit our ability to raise premiums just to increase profits. For example, medical loss ratio (MLR) requirements require at least 80% of premiums to go to medical costs each year. If that requirement isn’t met, BCBSIL may need to give certain customers premium rebates.

When will I find out if my premium is going up? How will I be notified?

If your 2016 premium does go up, we will send you a letter in the fall to notify you.

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