Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Peek at Florida Exchange Pricing
Old 08-01-2013, 10:49 AM   #1
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
Peek at Florida Exchange Pricing

From this morning's Miami Herald Florida says health insurance prices will spike; feds disagree - Florida - MiamiHerald.com

Quote:
In Florida, companies offering individual “metal” plans on the exchange include Aetna, Florida Blue, Cigna, Coventry Health Care of Florida, Florida Health Care, Health First, Health Options, Humana, John Alden Life Insurance (small group), Molina Healthcare and Time Insurance Co.

With 53 individual plans, Florida Health Care has the largest presence on the exchange with 80 individual and 36 small group plans. Florida Blue has filed 53 individual and 4 small group plans.
Silver Plan snapshot, according to estimates released Wednesday (average premium, before subsidies)

Aetna $422
Blue Cross Blue Shield $384
Cigna $437
Coventry $366
Florida Health Care $396
Health First $373
Health Options $400
Humana $315
Molina $411
Preferred Medical $385
Sunshine State $464
__________________

__________________
MichaelB is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-01-2013, 12:29 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by MichaelB View Post
I am curious as to why the vast majority of these releases only provide a meaningless average of a silver plan as it is not directed at any age. They have to know the breakdowns or they couldn't come up with this average. How am I supposed to be able to have an intelligent if not meaningless rant about my insurance costs going up with out an age breakdown.
__________________

__________________
Mulligan is offline   Reply With Quote
Old 08-01-2013, 12:38 PM   #3
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
Quote:
Originally Posted by Mulligan View Post
I am curious as to why the vast majority of these releases only provide a meaningless average of a silver plan as it is not directed at any age. They have to know the breakdowns or they couldn't come up with this average. How am I supposed to be able to have an intelligent if not meaningless rant about my insurance costs going up with out an age breakdown.
Agree. I assume it is a midpoint price, but even that isn't much help. Didn't you get an offer from your insurer to sign up for another year with a (ehem) modest increase?
__________________
MichaelB is offline   Reply With Quote
Old 08-01-2013, 12:51 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by MichaelB View Post
Agree. I assume it is a midpoint price, but even that isn't much help. Didn't you get an offer from your insurer to sign up for another year with a (ehem) modest increase?
That is part of the problem for me (along with maybe too much idle time?). They gave me a price increase this past month, but were absolutely silent on whether this policy will exist after Jan. 1. I did read that my carrier Anthem in my state is going "all out" in a partnership with Walgreens in promoting the exchanges. Sounds like a company eager to switch us over to the exchange rates, but that is just a guess at this point.
__________________
Mulligan is offline   Reply With Quote
Old 08-01-2013, 12:58 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,977
All I can say is I am pleasantly (naively?) surprised by the rates from states who have published so far - less than half what I would have expected, and yes I understand silver and the various plans. I'll be anxious to see the federal exchange rates (unless I've missed them).
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 08-01-2013, 01:04 PM   #6
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
Quote:
Originally Posted by Mulligan View Post
I am curious as to why the vast majority of these releases only provide a meaningless average of a silver plan as it is not directed at any age. They have to know the breakdowns or they couldn't come up with this average. How am I supposed to be able to have an intelligent if not meaningless rant about my insurance costs going up with out an age breakdown.
Right, I think we really don't have a clue yet as to what it will cost. For some reason, I thought it would be group insurance, like employer-provided insurance, in that younger people and older people would all pay the same. Silly me!

Luckily I do have group insurance (federal employee/retiree insurance) plus Medicare for now, so I haven't been following the evolution of the PPACA rates as they are revealed.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 08-01-2013, 01:10 PM   #7
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
Quote:
Originally Posted by Midpack View Post
All I can say is I am pleasantly (naively?) surprised by the rates from states who have published so far - less than half what I would have expected, and yes I understand silver and the various plans. I'll be anxious to see the federal exchange rates (unless I've missed them).
Florida is a federal exchange. This isn't so much an announcement as a pre-statement of intentions. Although I would love to get coverage at the prices they showed this morning, I'm sure mine will be much higher, though still a bit lower than what we are paying now.

Quote:
Originally Posted by W2R View Post
Right, I think we really don't have a clue yet as to what it will cost. For some reason, I thought it would be group insurance, like employer-provided insurance, in that younger people and older people would all pay the same. Silly me!

Luckily I do have group insurance (federal employee/retiree insurance), for now.
We should all be so lucky as to have one single price for everyone.
__________________
MichaelB is offline   Reply With Quote
Old 08-01-2013, 01:19 PM   #8
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 1,712
Quote:
Originally Posted by Midpack View Post
.... I'll be anxious to see the federal exchange rates (unless I've missed them).
I believe each state that participates in the federal exchange will have independent rates from other states that participate there.

Although it is a federally managed group of exchanges, the rates are still 'regulated' on a state by state basis.

-gauss
__________________
gauss is offline   Reply With Quote
Old 08-01-2013, 01:27 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by MichaelB View Post
Florida is a federal exchange. This isn't so much an announcement as a pre-statement of intentions. Although I would love to get coverage at the prices they showed this morning, I'm sure mine will be much higher, though still a bit lower than what we are paying now.

We should all be so lucky as to have one single price for everyone.
I truly believe ultimately that all the rhetoric around it will ultimately be proven largely correct. It just depends on which variable you want to put the spin on the most. 1) already heavily regulated states will be pleasantly surprised with the exchange rates 2) people getting subsidies will overall be pleased 3) the healthy people currently getting underwritten rates in the red states that have had little regulation will take a good beating 4) healthy males in underwritten policies will get smacked the hardest 5) people who get to move off the high risk pools in their states will benefit substantially. The "premium payment chairs" have just been moved around a bit, unfortunately the overall costs, not so much.
__________________
Mulligan is offline   Reply With Quote
Old 08-01-2013, 01:47 PM   #10
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
Quote:
Originally Posted by Mulligan View Post
I truly believe ultimately that all the rhetoric around it will ultimately be proven largely correct. It just depends on which variable you want to put the spin on the most. 1) already heavily regulated states will be pleasantly surprised with the exchange rates 2) people getting subsidies will overall be pleased 3) the healthy people currently getting underwritten rates in the red states that have had little regulation will take a good beating 4) healthy males in underwritten policies will get smacked the hardest 5) people who get to move off the high risk pools in their states will benefit substantially. The "premium payment chairs" have just been moved around a bit, unfortunately the overall costs, not so much.
If I had to bet, I'd guess the premiums for individuals and small groups would tend toward the same levels large groups enjoy today, perhaps a bit higher due to administrative overhead. Outliers with see their prices gravitate to the median - people with much lower premiums will see theirs rise, people with much higher rates will see theirs fall, and people who can't buy health insurance will now be able to. On aggregate, across the US, there really is no reason a basic policy should suffer from such wide differences as cross subsidization is removed.

Of course, the extreme examples, both high and low, will represent 100 times more media noise than affect real people. But this will hurt people paying less today.
__________________
MichaelB is offline   Reply With Quote
Old 08-01-2013, 03:22 PM   #11
Full time employment: Posting here.
Silver's Avatar
 
Join Date: Sep 2010
Location: Orlando, Fl
Posts: 580
MichaelB....thanks so much for posting this.
__________________
You're only crazy if you're poor. If you have money, you're eccentric.
Silver is offline   Reply With Quote
Old 08-01-2013, 03:48 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 5,587
Thanks for the info. I agree the rates are not much value without age, the average looks pretty good to me.

I'm curious to know when the feds plan on annoucing rates for the other states that opted out.

I guess we all just wait, but I'm getting anxious.

MRG
__________________
MRG is online now   Reply With Quote
Old 08-01-2013, 07:25 PM   #13
Thinks s/he gets paid by the post
Htown Harry's Avatar
 
Join Date: May 2007
Posts: 1,516
Quote:
Originally Posted by MRG View Post
I'm curious to know when the feds plan on annoucing rates for the other states that opted out.

I guess we all just wait, but I'm getting anxious.

MRG
All of the accounts and quotes I have seen predict the feds will publish premiums for federal exchange states in September.

I believe it's only been about 30 days since premium proposals were due from the insurers via the states.

A group of (republican) congressmen has demanded that HHS release the numbers sooner. Don't hold your breath.
http://www.alexander.senate.gov/publ...d-dd7d53d1bd10
__________________
No doubt a continuous prosperity, though spendthrift, is preferable to an economy thriftily moral, though lean. Nevertheless, that prosperity would seem more soundly shored if, by a saving grace, more of us had the grace to save.

Life Magazine editorial, 1956
Htown Harry is offline   Reply With Quote
Old 08-02-2013, 04:06 AM   #14
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,222
Quote:
Originally Posted by MichaelB View Post
Florida is a federal exchange. This isn't so much an announcement as a pre-statement of intentions. Although I would love to get coverage at the prices they showed this morning, I'm sure mine will be much higher, though still a bit lower than what we are paying now.


We should all be so lucky as to have one single price for everyone.
They had a Aug 1 deadline they had to meet, so they must have met it.
The rates aren't that much higher than what I pay now with COBRA.

I'm not so sure younger crowd would agree with your last statement
TJ
__________________
teejayevans is offline   Reply With Quote
Old 08-02-2013, 11:29 AM   #15
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 189
We should all be so lucky as to have one single price for everyone.

Why would anybody want that that! Next we can ask that everybody can get pay the same.
__________________
alaska55 is offline   Reply With Quote
Old 08-02-2013, 03:07 PM   #16
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,222
If these numbers are true, then it seems only those with pre-existing conditions or those who qualify for a subsidy will use the exchange. I just check and can get a individual policy for <$300.
TJ
__________________
teejayevans is offline   Reply With Quote
Old 08-02-2013, 05:38 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by teejayevans View Post
If these numbers are true, then it seems only those with pre-existing conditions or those who qualify for a subsidy will use the exchange. I just check and can get a individual policy for <$300.
TJ
If I understand you correctly Teejay, those policies will only be in force until Dec. 31. They are of little value long term. They will close up and then they will dump you onto the exchange. While you may be able to buy off exchange it will essentially be same policy, same price. Thanks to the Act, these policies on sale now have essentially become short term gap policies.
__________________
Mulligan is offline   Reply With Quote
Old 08-02-2013, 06:30 PM   #18
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,222
Quote:
Originally Posted by Mulligan View Post
If I understand you correctly Teejay, those policies will only be in force until Dec. 31. They are of little value long term. They will close up and then they will dump you onto the exchange. While you may be able to buy off exchange it will essentially be same policy, same price. Thanks to the Act, these policies on sale now have essentially become short term gap policies.
This was a regular individual policy, I thought Obama said if you have a policy you can keep it?
TJ
__________________
teejayevans is offline   Reply With Quote
Old 08-02-2013, 06:43 PM   #19
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
Quote:
Originally Posted by teejayevans View Post
This was a regular individual policy, I thought Obama said if you have a policy you can keep it?
TJ
Insurance companies are free to continue offering many of the policies their customers currently subscribe, but they are not required to do so, and they can increase prices as state insurance regs permit.
__________________
MichaelB is offline   Reply With Quote
Old 08-02-2013, 06:49 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by teejayevans View Post
This was a regular individual policy, I thought Obama said if you have a policy you can keep it?
TJ
To further Michael's thought. You also had to have the individual policy by March of 2010. Prior to that if your policy meet all guidelines it could stay in force as long as insurance company was providing it. If you purchased after that date, you will be an automatic contestant for Obamacare.
__________________

__________________
Mulligan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 11:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.