HEALTH INSURANCE IN CRISIS
GET READY…
FOR SHOCKING PREMIUM &
DEDUCTIBLE HIKES
Premiums /Prescription Coverage/Co-pays/Deductibles to
INCREASE Dramatically
Did you know that according to the latest data, insurers have
requested average rate hikes of nearly 24%, and that most of those hikes on the
exchange have already been approved by regulators at a minimum of 17%? Notification
of these 2017 increases is likely to arrive in consumers’ mailboxes at an
inopportune time, just before Election Day.
Obamacare’s exchanges are collapsing, 16/23 state sponsored CO-OP
health plans created by Obamacare have failed. If you go on the Marketplace to
find a plan, your choices are limited with high costs, and your plan may change
or disappear at anytime due to the volatility of the system. Many of the plans,
lose contracts with facilities and doctors promised during sign-up. Yet, you’re
stuck still paying a high premium and unable to get the services and coverage
you need. For example, one local HMO carrier was signed with Children’s
Hospital and then the contract was cancelled leaving a family unable to see a
specialist or afford a necessary surgery. They are stuck paying for an
insurance that is not covering their needs and cannot change because there
aren’t any better choices on the Marketplace.
Insurers, including the largest United Healthcare, and the 3rd
largest, Aetna have fled the exchanges to avoid further financial loss. Too
many insurers lost incredible amounts of money, $500M+ up to $2B.
Premium hikes are also going up because the Obamacare risk corridors are expiring this year. The risk corridors have been a disaster. Instead of having a surplus as anticipated, the pool only had $1 for every $10 so now the insurers that have lost money are requesting $2.87 billion to make up for losses Without the risk corridor cash that was anticipated they have no other choice but to increase monthly premiums.
The insurers that remain in the Marketplace are demanding premiums
so high, many people may decide to flee the exchange themselves and pay a
penalty of the greater $695 or 2.5% of income. If this happens, which it looks
as though there is no other alternative, the system is collapsing…a new
Congress and new President will have quite a mess to clean up. This is a non
bi-partisan issue.
In some states the issue is so severe the two largest insurers are
asking for for rate hikes ranging from 60-88%. In another state, a carrier that
covers 73% of the state exchange customers requested a 63% premium increase,
and in one of our neighboring states, a very popular carrier actually asked for
a 100% premium increase.
Can you imagine receiving a notice that your premium will be
increasing in 2-months by 24%, 40%, 60%, 73%, or 100%. And as well that same
premium’s coverage may be losing some of the doctors in the network and your
deductible may be increasing?
The other shocking issue is people are receiving letters that
their policies are being terminated by their insurance company by the end of
this calendar year, 12/31/16, and they must find new insurance by 01/01/17 with
a new carrier. There are at least two
major carriers sending out these letters.
In 2010, prior to Obamacare passing the president promised that
the average family’s premiums would decline by $2500. This is obviously not the
case.
This is the
state of our healthcare system right now and for the next 6-12 months. Be
prepared.
No one is safe. Not individuals, families, or small businesses.
Whether you are on an individual, family, group, or Marketplace (Obamacare
plan).
The options for plans are shrinking, coverage is diminishing while
costs are rising. As well, if you do not have coverage, fines are anticipated
to triple.
What can you do? Where do you even start?
The process of trying to figure out healthcare is overwhelming. There
is help. Time is money, please don’t wait as premiums increase each month.
Allow an expert to help you sift through the chaos. Let someone
with 15-years of experience in the industry that is a Licensed Broker and works
as a specialized Benefits Consultant in over 11 states with access to plans on
a national level help you find a plan that is right for you, your family, or
your business. I promise I can help.
Give me a call and we’ll set up an appointment to find an affordable,
comprehensive plan tailored for your situation.
Don't wait! Time is money and the sooner the better!
Please reach to someone specialized in this field!
Benefits Consultant: Stephanie Puryear-Licensed Broker-Health, Accident, Life
Email: spuryear@myhst.com
Facebook: https://www.facebook.com/spuryearHST/
Phone: (847) 530-8943
References:
New Sites: CNN, NBC, FOX, New York Times, Chicago Tribune
Sally C.
Pipes is President, CEO, and Thomas W. Smith Fellow in Health Care Policy at
the Pacific Research Institute. Her latest book is The Way Out of Obamacare (Encounter
2016).
