Posted on 05/03/2016 7:17:57 AM PDT by rightwingintelligentsia
In the face of losses in the Affordable Care Act marketplace, Blue Cross and Blue Shield of Illinois is looking for new ways to cut spending.
Starting June 1, the Chicago-based health insurer will no longer accept credit cards as a form of payment for members who buy their own health insurance on or off the Illinois marketplace. The company began notifying customers of the change last month. Blue Cross will still accept other forms of payment, including debit cards.
The new payment policy will not affect customers in the group or Medicare markets.
In an email announcing the new payment policy, Blue Cross said, "Credit card fees are a significant expense that impact all members, not just those who use credit as a payment option."
Blue Cross and other health carriers are trying to drive down their costs because the newest policyholders under the health law have been more expensive to cover than those in employer-based group plans. The Blue Cross and Blue Shield Association, which represents 36 health plans across the country, studied the use of medical services by people enrolled in its plans before and after the ACA, sometimes called Obamacare, took effect in 2014.
(Excerpt) Read more at chicagotribune.com ...
One of the many reasons that years ago I switched to a credit union.
It's 2-4% as a single line item....it matters.....I pay 7.5-8%
Non verified outside swipe
Yes, debit cards are much cheaper for the merchant. Although the size of the transaction and the method of verification (swipe or pin) will impact the debit card cost. Credit cards are probably going to cost two to three times as much for a given transaction.
That brings up a good point?
What about EBT cards?
You're right on this issue... but people like us - who have 'been there and done that' also tend to have higher IQ's than people who have made bad choices their whole lives. People who have no insight into why things aren't working for them. It's not that they'll learn from this, it's that Blue Cross Blue Shield will have made their lives harder.
What side was Blue Cross on in the ACA debate?
Perhaps, but I suspect that the real reason is that the margins are so thin on these policies that eliminating the 1% to 3% credit card transaction fee will make the difference between a profit and a loss (or a loss and a bigger loss).
Trump’s going to destroy this insane system and replace it with something cheaper, better, and rational.
Obama and Gruber created ‘health care’ for the benefit of large insurance companies. That fell apart when there were unable to FORCE citizens to buy it... but that’s another story.
Trump will figure this one out.
When I renewed my Humana private insurance back in November for this year, I was told they no longer accept credit cards for the monthly premiums either. They only do direct debit from my checking account now.
I pay Humana for my Medicare Advantage with an automatic credit card payment every month
So they want access to your bank account it seems.
Try a health share. Much cheaper and they cover 100% once you pass your deductible, so it’s really cash for service unless something serious happens. They don’t nickel and dime you. You can go to ANY medical professional (except mental health) anywhere. I’m with Liberty and I love it. In our second year.
Depends on the bank. Mine doesn’t.
There is no one “Blue Cross”. The Blue Cross providers in each state are owned by different companies. BCBS in Illinois is owned by HealthCare Services Corporation, the same company that owns Texas, Oklahoma, Montana, and New Mexico. The other states are owned by other companies.
The orientation video for new employees shows the HCSC CEO sitting right next to Obama and brags on how she helped with ACA.
Thank you I will look them up.
Amen!
You get your money quickly and in full at little expense. Why would you not want your money quickly unless you are having trouble financially to the point you can’t pay the credit card fees?
All this will do is drive many people out of being able to access health care. They will go to the walk in clinics unless it is life or death emergency. People will not go to the hospital because they won’t be able to afford their deductible.
I had outpatient surgery in February and had to pay out of pocket right at $1200 before the hospital would touch me because I hadn’t reached my deductible for the year. They charged $11K for hemorrhoid surgery, after all the network and various insurance agreements kicked in the hospital charge was around $2700 total. So right now they owe me over $900 in a refund, still waiting for it and in the mean time paying off the surgeon and anesthesiologist out of my pocket again after insurance paid.
I tried to buy a new car with a credit card. The dealer wouldn’t go for it. (01.5% cash back for purchases)
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