Posted on 06/22/2015 4:15:14 PM PDT by Oldeconomybuyer
They wanted their Obamacare prices to be low—but the state said "no."
The state of Oregon reportedly has ordered a number of insurers to raise proposed Obamacare premiums for 2016 after some of those companies asked for rates that were only moderately higher, if not lower than this year.
Now, many Obamacare customers there are looking at likely double-digit percentage rate increases after having experienced some of "the lowest premiums in the nation," the Oregonian noted.
For example, Oregon's Health CO-OP asked for a 5.3-percent average rate increase for next year, but the state's preliminary decision calls for a 19.9 percent average hike for that insurer's plans. Trillium Community Health Plan requested a 5 percent average increase, but the state wants 12.4 percent hike.
The state's move to force rates higher than those proposed is in response to concerns that Oregon's Obamacare prices were too low for what insurers were paying out to cover for customers' health benefits.
In 2014, Oregon insurers collected $703 million in premiums, but paid out $830 million on their plans, the Oregonian noted, citing insurers' financial reports.
(Excerpt) Read more at cnbc.com ...
“In 2014, Oregon insurers collected $703 million in premiums, but paid out $830 million on their plans”
I don’t see the problem. Isn’t this how it was supposed to work?
Sounds like someone is not getting a big enough payoff.
They’ll make it up in volume.
Just had lunch with a Dem friend.
Was discussing insurance and I remarked I thought he was Obamacare.
He laughed and said “People who work can’t afford Obamacare.”
I thought that was amusing...
I once looked into the P&C (Property & Casualty) insurance biz, and premiums were covering only about 93% of the losses at the time. They made it up on investments.
Pray that the SCOTUS wakes up!
Something tells me that isn’t the way oregon’s system is working
“In 2014, Oregon insurers collected $703 million in premiums, but paid out $830 million on their plans”
So they paid out 85% of what they collected. Sounds about right, given the Obamacare rules. What are they complaining about?
...or maybe I have it upside down - whatever, I’m a liberal (for this posting) and love Obamacare so much that I’m willing to allow some ‘creative’ math.
the profit margins are far too high
besides these companies supported ObamaCare didn’t they
You got it backward. The insurance company paid out in benefits 118% o what they took in as premiums.
That’s called a balanced budget in government work!
If you would like more information about what's happening in Oregon, please FReepmail me.
I lost my Oregon list when my computer crashed last year, so please send me your name by FReepmail if you want to be on this list.
I recently read a thread at a prominent liberal forum about how they can’t afford to live in “blue” cities and states anymore. Housing costs and taxes are too high. They were thoroughly depressed that they might be forced to move to “racist and homophobic redneck” states.
Nowhere in the dozens of comments was any correlation made between the party in charge of those blue cities and states and the source of their financial distress.
I laughed my head off reading the comments.
That’s because you have a sick, twisted, sense of humor...LOL...
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