This is an interesting pair of events.
(1) A group’s premiums go up 8.6%. This might have to do with ACA, though it’s difficult to see how. The ACA imposes some requirements on all health insurance policies, like covering immunizations and contraception, but those requirements certainly don’t make overall costs go up 8.6% per year or anything close to that.
It’s a different story for individual insurance. For individual insurance policies, now expensive sick people can get insurance, and cheap healthy people’s premiums have to go up to cover the sick people. But that is irrelevant for group policies since the group policies formerly did cover, and will still cover, anyone in the group-- the employer presumably didn’t just hire a bevy of expensive sick employees that now have to be covered by the group plan. So I’m not clear on why this would be blamed on the ACA.
(2) A Medicare Advantage insurer decides to exit the market. This is an interesting consequence. Pre-ACA, Medicare Advantage plans were being over-paid by the government: Medicare Advantage plans cost us, the taxpayers, more per enrollee than traditional Medicare, even though Medicare Advantage enrollees were healthier. The ACA made changes to reimbursement levels for Medicare Advantage plans. So if a Medicare Advantage provider discovers that now they can’t make money on a level playing field-- well, we taxpayers are not required to prop up insurers who can’t provide value to their clients at a reasonable price.
Arabrab,
Unless the Exchange allows you to get to a plan you otherwise wouldn’t be able to access (assuming as you have mentioned you are not eligible for subsidies) there is no advantage to you to utilize the Exchange. Unless of course you like divulging way more elements of your personal and financial life than anyone should have to and being on a first name basis with the IRS.(tongue in cheek)
It really is a matter of what is available to you on Exchange versus Off Exchange both from an expense and quality of coverage point of view.
Kid number one just got renewal for her individual plan…not subsidized…not on exchange. Price increase from $250 a month to $270 a month. Deductible decreasing from $5500 to $5300… Combining OT and PT to 20 visits total per year instead of 20 each. Otherwise, plan looks the same. Will probably renew. This is an Anthem POS. Since she needs coverage in multiple states, this works best.
Thumper,
Point of Service plans are becoming near non existant in New York. It is great that your child can access one. Is it a Bronze plan that she has?
The premium is reasonable (relatively) but still took an 8 percent increase.
That insidious element of increased premiums each year hasn’t changed. At near double digit percentage increases each year it doesn’t take long for premiums to escalate dramatically.
I hate that there is a time limit on editing! I spelled non-existent incorrectly and would have liked to have had the opportunity to correct it.
She is not in NY. I believe hers is a silver plan…but it was not purchased on exchange. It’s an individual Anthem plan.
Thank you Thumper. I believe I knew all of the the things you have mentioned with the exception of which Medal level plan it was.
Even Off Exchange, Individual plans are identified by Medal level. (this is the case in NY, I am not completely certain how it is in other states)