WellPoint surprised industry experts when it announced it will likely seek “double-digit plus” rate hikes. Insurers still have two months before they must submit their 2015 rates, so WellPoint’s prediction could impact other insurers’ rate-setting plans, Bloomberg reported.
Tag Archives: insurance
We all know insurance companies like to insert themselves into just about every aspect of health care. Many insurance plans make you go to an approved doctor at an approved hospital for approved procedures and take approved drugs. Fee-for-service docs don’t have much say here. They’ve handed all this control to insurance companies and the insurance companies use it, they say, to control their own costs. But is that all they use it for?
If you’re a patient dealing with insurance, Stephen C. Schimpff has something to tell you. You aren’t really your physician’s customer. That’s because the insurer will decide whether and how much to pay the physician after they’ve seen you. You’re largely a bystander in the relationship, he says. The doctor’s customer is actually the insurer.
We Know Fee-For-Service Healthcare Has Problems. But Would You Guess That It’s Hurting Patient Credit Scores, Too?
Mounting evidence shows that chaos in medical billing isn’t only affecting our nation’s health. It’s marring the financial reputation of many Americans. That’s because the bills themselves can take months to sort out, and medical debts can be reported rapidly to credit agencies, often without notification. Even small unpaid bills can severely damage credit ratings.
Epiphany Healthcare in North Port, FL, is another member of our burgeoning direct care movement. American Enterprise Institute wrote about their model and included the price comparison table above. Two obvious points worth mentioning — ACA Bronze coverage DOES NOT do much for patients and still costs a serious amount of money. It might feel safe because it includes catastrophic coverage… But here at Atlas MD in Kansas, we’ve helped patients get wrap-around coverage with a $5,000 deductible for less than $150/mo… Meaning that with direct care and wrap-around coverage combined, we’re giving you more care, and security, for potentially the same price as a Bronze ACA plan.
Republique is a fine dining establishment located in Hancock Park, a Los Angeles neighborhood. Because of Obamacare’s mandate that businesses with 50+ employees provide heatlhcare for ALL employees, they have unveiled an Obamacare “surcharge” tax. Currently, 3% of the untaxed bill is being added to customer tabs to cover the increased cost of their employee healthcare.
If you’ve listened to the Dave Ramsey Show then you know Dave is a money guy with no formal political leaning (which is ironically political). However, this video segment walks through the oft-neglected common sense of Obamacare. Warning: he goes so far as to call the law communist. Regardless of the label, the math doesn’t work out. Our new healthcare law forces insurers to offer plans for flat rates, regardless of pre-existing conditions, and regardless of risk. Now while this is a noble moral imperative, it defies the ways that actuary tables ACTUALLY work. Meaning the only way for this type of setup to function is with higher premiums, to offset the added to insured groups.
The Washington Examiner played Obamacare watchdogs recently and came back with some shocking figures. You know we’re not insurance people per se, but we are free market enthusiasts. And to be clear, these numbers might be a little misleading (no one in support of Obamacare was willing to provide data to the Examiner). That said, scroll down and check out these infographics comparing Obamacare and Walmart’s health plans.
Some highlights: Walmart employees in Chicago can find way more options for way less cash. And plans/deductibles nationwide are far cheaper for Walmart employees. Plans granting access to prestigious hospitals like the Mayo Clinic are even included. And some plans offer up to $1,000 cash for flex-spending, perfect for a family to enroll in a direct care clinic.
In his Kevin MD post, Stephen C. Schimpff asks, “Is this affordable health care or is it is the law of unintended consequences?”
Schimpff is former CEO, University of Maryland Medical Center; chair, advisory committee, Sanovas, Inc.; and the author of The Future of Medicine – Megatrends in Healthcare and The Future of Healthcare Delivery- Why It Must Change and How It Will Affect You. He’s got plenty of clout behind him. And he says, “The Affordable Care Act is not so affordable if you own or if you are an employee of a small business.” Read his full explanation of what he believes will happen to small businesses in 2014 and 2015 based on the ACA.