Posted on 05/28/2015 9:23:09 AM PDT by CedarDave
Citing higher-than-expected costs, Blue Cross and Blue Shield of New Mexico wants to raise premiums by an average of 51.6 percent on individual Affordable Care Act plans in 2016.
The company made the request in a preliminary rate proposal filed with New Mexico Insurance Superintendent John Franchini. Blue Cross and Blue Shield which insures an estimated 600,000 people statewide said the proposal affects an estimated 35,000 customers who signed up for qualified individual health plans through the New Mexico Health Insurance Exchange, but also those who bought the same plans off the exchange.
Franchini has the final authority to approve or not approve Blue Cross and Blue Shields request.
Kurt Shipley, president of Blue Cross and Blue Shield of New Mexico, told the Journal this week the requested increase reflects the real costs of coverage rather than the projections the company used when setting initial rates. He said those who bought the individual plans tended to be older and in poorer health than expected. Others came to the company having not previously had health coverage.
He said Blue Cross and Blue Shield lost money on such plans in 2014 and in 2015, but he would not provide an exact figure. Shipley did say weve seen some very large and significant claims with this block of business.
The size of Blue Cross and Blue Shields requested increase has made national news. The Wall Street Journal last week highlighted it in a story about the large increases insurers want for plans they sell under the federal health law.
(Excerpt) Read more at abqjournal.com ...
I’ve saved a TON on health care insurance costs since Obamacare went into effect in Jan of 2014. That’s when I cancelled all health care insurance.
When Obamacare began our monthly premiums were around $460 per month and today they are $1,036...for a $5K deductible with BCBS. We are investigating going with some of the Christian ones that have been in business for over 50 years and want about $300/month!!! Of course it is more work when you have a claim but overall will save money.
Obamacare providing less expensive coverage for those with preexisting conditions that have to be covered by insurance companies will break a business and is doing so faster than expected. Also, it gives no one the determination to be healthy as insurance did before Obamacare. Stupid is as stupid does.
Obama thought the poor said 'health insurance'... Health insurance from companies that will donate BIG TIME to democrats.
Simple mistake...
the kind made in corrupt hellholes daily...
Obama Promises To Lower Health Insurance Premiums by $2,500 Per Year:
https://www.youtube.com/watch?v=_o65vMUk5so
Obama thought the poor said 'health insurance'... Health insurance from companies that will donate BIG TIME to democrats.
Simple mistake...
the kind made in corrupt hellholes daily...
I can understand not wanting the hassle of health insurance, but if you are going to forego insurance, you had better have lots of dough.
Then expect the same or similar in Texas, Oklahoma, Illinois and Montana theyre all under the same company - Health Care Service Corp.
Hope you have the resources should major illness strike.
If I get REALLY sick, I die. I’m 61 and trust the Lord to take me in His good time. I take the words of Paul very seriously:
“For me, to live is Christ and to die is gain.”
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I can understand not wanting the hassle of health insurance, but if you are going to forego insurance, you had better have lots of dough.
It’s not worth it. And life is VERY temporary.
I can understand not wanting the hassle of health insurance, but if you are going to forego insurance, you had better have lots of dough.
This is a B.S. kabuki dance between big insurance and big government.
Big insurance asks for a 50% increase in premiums.
Big government responds, “that’s an outrage!”.
Big insurance claims it’s going broke.
Big government gives the insurance company a 20% increase. “See, we’re protecting the people from the evil insurance companies!”.
Big insurance cuts a nice fat campaign check for said politician.
Win for the politician, win for the insurance company. Well, 2 out of 3 ain’t bad.
If you haven’t seen this already, it’s a great resource - list of HealthCare Sharing Organizations toward the bottom when you scroll down.
http://selfpaypatient.com/selfpayhealthcaremarket/
A relative of mine is saving at least $15K a year using a sharing organization & is exempt from the Obamacare penalty for no insurance. So far, it’s working great for them - he’s getting 40-50% off bills like office visits immediately due to the doctors not having to jump through insurance hoops.
Another article on this site on how to save when you are self-pay and go to the ER:
me too
i saved $12,000 for the last few years
I told my kids if I get sick just shovel me into a hole in the back yard. I would rather they inherit the house than the medical bills.
I moved OUT of NM two years ago. Beautiful state; no water; extremely high cost of living there.
Couple of folks we know lost their company supplied insurance policies and went out to research Obozo-care.
Good grief! The premiums along with the 10K deductible made it completely unaffordable.
A family with a couple of kids would shell out almost 17 thousand bucks before they’d see any benefit at all.
What a fiasco this has been. Thanx to our new republican senate and larger republican house...we still have Obozo-care.
You can keep your cheap rates if you want them.
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