Insurance rate increase request for 2016

[killingme]

The most disturbing thing to me in this article: "After public hearings and a rigorous review, Ms. Cali, the Oregon insurance commissioner, found that the cost of providing coverage to individuals and families in 2014 was $830 million, while premiums were only $703 million. She directed some carriers to raise rates in 2016 even more than they had proposed." Granted it's only one exchange but it begs the question how many more and when. Tough to plan with such a huge unknown and unless you get a 100% subsidy everyone's costs will rise.

Hopefully things will stabilize but in the meantime it's going to be a bumpy ride.

http://www.nytimes.com/2015/07/04/u...icle&isLoggedIn=false&src=recg&pgtype=article

 

[bizlady]

In MN, it was announced that increases were proposed for as much as 50% or more for BCBS- the largest provider on the exchange. Does anyone know if prices on the exchange are higher than if one prices privately in the market? We will not be eligible for subsides after this year. I like the exchange in that comparison is much easier, but not sure we can afford to stay there.

 

[MooreBonds]

Does anyone know if prices on the exchange are higher than if one prices privately in the market? We will not be eligible for subsides after this year. I like the exchange in that comparison is much easier, but not sure we can afford to stay there.

Yes and no. The issue is in comparing the networks - that can always account for a significant difference in value. other than that, you can easily get quotes from the insurers' websites for plans that are not associated with the exchanges to see how they compare to the exchange quotes.

 

[pb4uski]

In Vermont, BCBS proposes 2016 rate increases of 4.7% to 14.3% for various plans, with an average increase of 8.4%. Their rate filing indicates that 2.9% are driven by mandated ACA changes and the increase proposed would have been 5.3% absent ACA, with 5.3% principally due to higher provider and prescription drug costs.

The other individual health insurer operating in the state, MVP, proposed a 3% increase for 2016.

 

[bUU]

It's impossible to say anything significant based on anecdotal data, or even based on one year's worth of data, since one year's data could reflect a short term change in consumption rather than corporate profits or provider income. That seems to be the case for this year: The Health Research Institute projection for this coming year was about 6.8%, "as the stronger economy releases pent-up demand for care and services."