Friday, May 22, 2015

Greedy Insurance Weasels: Top of the Line and the Worst

The Main Goal: Still Alive and Sipping TEA


The headlines from here - quite the shock treatment and from your friendly HMO, too:
Health insurers seek hefty rate boosts

(Proposals set the stage for debate over federal health law’s impact)

Major insurers in some states are proposing hefty rate boosts for plans sold under the ACA (Obama-care) setting the stage for an intense debate this summer over the law and its impact. Samples from around the nation:
In New Mexico: Health Care Service Corp. is asking for an average jump of 51.6% in premiums for 2016.
In Tennessee: BlueCross BlueShield has requested an average 36.3% increase.
In Maryland: CareFirst BlueCross BlueShield wants to raise rates 30.4% across all its products.
In Oregon: Moda Health seeks an average boost of around 25%.
All of these insurers cite high medical costs incurred by people newly enrolled under the ACA (Obama-care), which is ironic in view of the fact that health cost growth has slowed to historic lows in recent years, and that is a fact consumer groups are expected to bring up during rate-review debates.
Under the ACA, insurers can file proposed rates to their local regulator and, in most cases, to the federal government. Some states have begun making the filings public, as they prepare to review the requests in coming weeks. The federal government is due to release its rate filings in early June.  Insurance regulators in states can force carriers to scale back requests they can’t justify. The Obama administration can ask insurers seeking increases of 10% or more to explain themselves, but cannot force them to cut rates. Rates will become final by the fall.
Consumer groups are demanding federal and state officials put premiums requests under the microscope this year, saying: “We are really wanting to see very vigorous scrutiny,” said Cheryl Fish-Parcham, director of the private insurance program at Families USA, a group that advocates for the health law.
The insurers say their proposed rates reflect the revenue they need to pay claims, now that they have had time to analyze their experience with the law’s requirement that they offer the same rates to everyone — regardless of medical history. (I note: everyone knew that aspect existed going into the law and that was a huge selling point – more people more business and thus more money – now they want to renege)? 
Insurers add that they face significant pent-up demand for health care from the newly enrolled, including for expensive drugs, saying in part: “This year, health plans have a full year of claims data to understand the health needs of the [health insurance] exchange population, and these enrollees are generally older and often managing multiple chronic conditions. Premiums reflect the rising cost of providing care to individuals and families, and the explosion in prescription and specialty drug prices is a significant factor,” said  Clare Krusing, a spokeswoman for America’s Health Insurance Plans, an industry group.
Odd, since the GOP screeched that Obama-care was a job killer, too expensive, and would wreck the industry and country as they have worked hard to get the law repealed, yet, now the money makers, the insurance industry leaders, are asking for more money and where is the GOP? I told you; um.. yeah, maybe but who is driving us back over that cliff? Hint: it ain't Mr. Obama or this law.

What does come to mind, however, is “Back to the Future," part who knows. Right anyone – anyone at all??

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