Health insurance is about to get more expensive as insurers around the country are requesting big rate increases between 20 percent to 40 percent or more because their new customers under the Affordable Care Act are sicker than expected.
For instance, Blue Cross and Blue Shield plans want rate increases averaging 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee, 51 percent in New Mexico and 54 percent in Minnesota.
And in Oregon, the state’s insurance commissioner, Laura N. Cali, just approved the 2016 rate increases for companies covering more than 220,000 people. Moda Health Plan, which has the largest enrollment in the state, received a 25 percent increase, and the second-largest plan, LifeWise, received a 33 percent increase.
Federal officials say they are determined to scale back the requests.
The New York Times quoted Jesse Ellis O’Brien, a health advocate at the Oregon State Public Interest Research Group, saying, “Rate...
Supersized health care companies, flush on Obamacare money, are in a merger frenzy as health insurers, hospitals and drug companies bulk up to take advantage of government spending in Obamacare exchanges, state Medicaid programs and Medicare Advantage for the baby boomers, says The Los Angeles Times.
The latest billion-dollar deal occurred last week when Medicaid insurer Centene Corp. bought Woodland Hills insurer Health Net Inc. for $6.8 billion.
And more billion-dollar deals are predicted as...
Businesses that reimburse their employees for health care costs may face large Internal Revenue Service (IRS) penalties even though they may be unaware of the risks.
Before Obamacare -- with its mandate that all Americans purchase insurance and requirement for businesses to offer employees insurance plans -- was passed, many small companies provided coverage by directly reimbursing medical costs or for the cost of private insurance plans. They do this because it’s less complicated than dealing...