Skip to comments.Another Health Insurance Giant Flees More Obamacare Markets (PREMIUM HIKES)
Posted on 09/29/2016 4:56:22 AM PDT by GailA
Since everyone's still buzzing about Monday night's debate seen 'round the planet, I figured I'd offer some counter-programming. Hillary Clinton has said on multiple occasions that Obamacare is "working," but that it needs some "fixes" such as an even bigger government role and more taxpayer funding. Just last week, Harry Reid claimed that Americans who read the news know that the law has been a positive for the country. (Click through on those links for our detailed rebuttals at the time). The ongoing reality is that this failed, unpopular, party-line policy experiment is collapsing under its own weight. The latest out of Nebraska:
The decision by Blue Cross Blue Shield of Nebraska to leave the Affordable Care Acts individual insurance marketplace may awaken officials to the need for change, the head of the states largest health insurer said Friday. If not, said Blue Cross CEO Steve Martin, theres no end in sight for the losses that he said forced the Omaha-based insurance company to remove itself from the exchange for 2017, only hours before the deadline to stay or leave. Although Blue Cross individual exchange policies cover only about 20,000 of its 750,000 customers, those policies have lost $140 million since 2014. If Blue Cross remained in the market, it estimated that the loss could reach $250 million by the end of 2017. We cannot take another hit, Martin said.
New day, same story: Insurers cannot afford to participate in these exchanges because new Obamacare enrollees are disproportionately older and less healthy than the administration had projected, while younger and healthier Americans are declining to sign up for coverage because it's unaffordable. And thus the Blue Cross Obamacare exodus is well underway, on the heels of similar announcements across the country from other major insurers, including United Health, Humana, and Anthem. And remember this dire warning from Tennessee's insurance commissioner? She's looking more prescient than ever. Surprise:
BlueCross BlueShield of Tennessee will not sell insurance plans on the Obamacare exchange in the state's three largest metro areas next year, as the health care giant grapples with hefty losses and ongoing uncertainty on the marketplace. The insurer made "an extremely difficult but necessary decision" to leave the Nashville, Memphis and Knoxville markets as it tries to manage its number of members to hit a break-even point amid three years of losses, said Roy Vaughn, chief communications officer of BCBST. "Its not something we want to do but we believe we must look out for the health care and financial security for all the members that we serve," Vaughn said in an interview with The Tennessean. The company formally made the change to its 2017 plans in a Friday filing with the U.S. Department of Health and Human Services roughly a month after it raised the possibility of scaling back. Earlier this summer, BCBST requested and was granted state approval for an average 62-percent premium increase. The rate hike is still pending federal approval.
BCBS requested and received approval to impose bruising new rate hikes in 2017, yet they still couldn't make the math work. It's developments like these that caused health insurance industry expert Bob Laszewski to admonish consumers that the whole system could fall apart within a year unless a political solution is achieved. Such a solution is highly unlikely, for reasons Philip Klein explained in a recent column. One of the dynamics at play in Indiana's contested Senate race is Democrat Evan Bayh's vocal support for an insurance industry bailout using taxpayer dollars. This is a very unpopular idea -- except, perhaps, to a liberal corporate lobbyist like Bayh. Every GOP Senate candidate should work hard to get their Democratic opponents on the record for or against such bailouts, which the White House supports.
Premium increases will be formally rolled out in the days immediately preceding the fall election. And don't forget your insurance insurance for spiraling out-of-pocket costs.
Ping list please
Quitman County Hospital closing Thursday
And people will go BALLISTIC in a month when new rates announced for Obi-Care. What a mess he has made of things!! Hospital closures/mergers/bankruptcys,etc. a record to be proud of!//
And no mention how many doctors quit practicing, many were near retirement but could have continued practicing a few more years but refused to under DUMBOCARE. My Pain Management doc was one.
Then there are small clinics that closed.
Many docs are turning away new Medicare/Tricare Life patients, signs are up in their offices not just GP or Internist but specialist too. I see 6 different Specialist on a varying schedule or as needed so I see the signs up. If you are a woman on Medicare and need a GYN and don’t have one try and find one, rare as hen’s teeth. All they want is the OB part. No money in a once a year patient. And those Mammo centers are NOT cheap.
Bozocare was meant to be a failure and a disaster, so that people would beg for single-payer fully socialized medicine. That’s been the plan all along.
And these are the people this mess was supposed to help!
Others can’t be far behind.
Obummercare is a financial disaster!
“Blue Shield Of California: Furlough over Obamacare Losses”
I work at a company that does business with BCBS Nebraska. We are experiencing a bloodbath here with executives running willy-nilly cutting everything from PTO and benefits to yearly celebrations just to get budgets in line. All because the idiots at the insurance company couldn’t do simple math.
The list, Ping
Let me know if you would like to be on or off the ping list
That adds up to $7000 per customer lost by Blue Cross-—
Just imagine what the Medicaid portion would be.
Tennessee has TENNCARE a experiment gone wrong, as they were told it would when forced down our throats like DUMBOCARE was. These refugees are taking it all up and Seniors and those truly in need are not getting the help they need.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.