ObamaCare Premiums to Rise by an Average of 7.5%

According to a new analysis, premiums on ObamaCare’s health insurance exchanges will rise by an average of 7.5% next year.

 

The Health Research Institute (HRI) at PricewaterhouseCoopers compiled data and found modest changes in premiums for 27 states and the District of Columbia.

 

The Benefits Firm2 ObamaCare Premiums to Rise by an Average of 7.5%The national increase average of 7.5% is “well below the double-digit increases many feared,” HRI Managing Director Ceci Connolly wrote in an email.

 

Indiana has the highest average price increases under ObamaCare, some consumers will see prices rise by 15.4%.

 

The average individual monthly premium for next year, before any subsidies are applied, is $384,” Connolly wrote. “And insurance commissioners get a chance to weigh in on rates before fall enrollment.”

 

For the insurance industry the healthcare law’s first enrollment period was a big test. Premium prices were set with little information about who might sign up for coverage.

 

2015 rates shed light on how well insurance company’s guesses will pan out.

 

Prices are generally being raised by companies if their new customers will use more medical care than projected, are older or sicker.

 

On the other hand, firms with a healthier pool have an incentive to lower premiums.

 

ObamaCare’s second enrollment period begins Nov. 15.
 
For more information please contact The Benefits Firm.
 
Ph: (502) 451-4560

info@thebenefitsfirm.com

620 S. 3rd Street, Suite 102 Louisville, KY 40202

California’s Healthcare Premiums Increased by 22%-88% Over the Past Year, Kentucky’s Only 9.9%

According to an annual report detailing the rise of healthcare premiums in the state, the four largest insurers in California raised individual’s premiums between 22% and 88%. These numbers are determined by factors such as age and location.
 
In Kentucky, the highest filed rate increase On-Exchange was 9.9% with the Kentucky Co-Op. Humana’s increase is roughly 5.7% On-Exchange, Bluegrass Family Health On-Exchange for SHOP is 5.1%, and Anthem On-Exchange is -5%. Anthem now has Norton and Kosair as part of their network and will also offer new products with out-of-state coverage beginning January 2015.
 
The Benefits Firm California’s Healthcare Premiums Increased by 22% 88% Over the Past Year, Kentucky’s Only 9.9%

What we anticipate going into Open Enrollment 2015…
 
There will also be at least two new carriers offering plans On-Exchange in Kentucky for the 2015 year. With this change consumers will have more options to choose from, creating a more competitive market compared to the last Open Enrollment.

 

We predict that due to their familiarity and decrease in premium costs, Anthem may acquire more business among shoppers. Humana, whose rates are similar to the Kentucky Co-Op, may take the lead in the cheapest rates of the three carriers. And lastly, the newly state funded carrier, the Kentucky Co-Op thrived this year taking approximately 75% of the business but with new competition only time will tell if they will continue to lead the market.
 
For more information please contact The Benefits Firm.
 
Ph: (502) 451-4560

info@thebenefitsfirm.com

620 S. 3rd Street, Suite 102 Louisville, KY 40202

NAHU’s Annual Convention and Exhibition

Destination: Excellence

 

Louisville, KY – The National Association of Health Underwriters (NAHU) held its 84th Annual Convention and Exhibition on June 29-July 2 in Scottsdale, AZ. Over 700 health insurance professionals from across the country gathered to learn about products, attend training for licensure renewal, and get the latest information on federal and state legislation.

 

John Jennings and Griffin Meredith attended this conference that focused on assisting health insurance professionals to continue servicing clients through the legislative and regulatory changes affecting the health insurance market. They received the latest information on state and federal legislation and attended continuing education courses on how to assist clients with ­­­­­­­­­­­­­­ACA Compliance and Human Resources Consulting and ERISA Compliance.  Griffin also received his NAHU Self Funding Certification. He has been a NAHU member for 10 years; this was his 7th convention. He serves as President of the Greater Louisville Association of Health Underwriters and this coming year he will become the Secretary/Treasurer of the Kentucky Association of Health Underwriters, one of over 200 NAHU chapters across the country.

 

Convention’s guest speakers included many industry and business leaders speaking about healthcare reform and business strategies.

 

“Because of their dedication to continuing education and vast experience in the changing health insurance market, NAHU members are the most highly trained, best qualified health insurance professionals in America,” said NAHU CEO Janet Trautwein. “NAHU’s convention offers more continuing education credits, new product information and legislative updates than any other industry meeting.”

 

“In the current state of healthcare the only power we can control is knowledge of what has happened, what is happening, and attempt to prepare for the changes that will happen.  Attending this event allowed us to interact with the people who make these decisions and changes and we were placed in the best educational position possible” said Griffin Meredith.

 

The National Association of Health Underwriters represents 100,000 professional health insurance agents and brokers who provide insurance for millions of Americans. For more information, please contact:

 

John Jennings

Ph: (502) 451-4560
john@thebenefitsfirm.com

620 S. 3rd Street, Suite 102 Louisville, KY 40202

 

Griffin Meredith

Ph: (502) 451-4560
griffin@thebenefitsfirm.com

620 S. 3rd Street, Suite 102 Louisville, KY 40202

Griffin Meredith chosen by The National Association of Health Underwriters

Griffin Meredith is the President of The National Association of Health Underwriters (NAHU), Louisville AHU and has been for the past year. NAHU is the preeminent organization for health insurance and employee benefits professionals.

 

The clients of NAHU members range from Fortune 500 companies to mom-and-pop businesses and individuals seeking health insurance. NAHU’s members have a unique understanding of consumer health care needs, the perspective of business owners and the economic realities of health insurance markets.

 

The National Association of Health Underwriters’ primary goal is to do everything they can to promote access to affordable health insurance coverage. Its mission is to advocate for its members, provide professional development and deliver resources to promote excellence.

 

Griffin is a CEBS student at The Wharton School of Business, University of Pennsylvania. He is also Secretary/Treasurer of the Kentucky Association of Health Underwriters, member of the Greater Louisville Inc Healthcare Advisory Committee, and member of the GLI Medicaid Task Force. Griffin is PPACA (Patient Protection and Affordable Care Act) Certified (NAHU), Consumer Directed Healthcare Certified (NAHU), Kentucky Health Benefit Exchange (Kynect) Licensed/Certified, Federally Facilitated Marketplace Licensed/Certified, and Connect for Health Colorado Licensed/Certified.

Affordable Care Act Implementation: Examining How to Achieve a Successful Rollout of the Small Business Exchanges

The Committee on Small Business and Entrepreneurship held a hearing on Wednesday, November 20, 2013 at 10:00 a.m. in SR428 entitled “Affordable Care Act Implementation: Examining How to Achieve a Successful Rollout of the Small Business Exchanges.”

 

 

 

Archived Webcast

 

 

 

 

Witness Panel 1

 

Mr. David Allen
President & CEO
David Allen Enterprises, LLC

 

Sheila A. Salter
Founder & CEO
early2surg

 

Ms. Connie Evans
President & CEO
Association for Enterprise Opportunity

 

Mr. Drew Greenblatt
Owner
Marlin Steel Wire Products

 

Mr. Martin Hickey, MD
CEO
New Mexico Health Connections

 

Ms. Mila Kofman
Executive Director
DC Health Benefit Exchange Authority

 

Mr. William Nold
Deputy Executive Director
Office of the Kentucky Health Benefit Exchange

 

 

Witness Panel 2

 

The Honorable Phyllis C. Borzi
Assistant Secretary
Employee Benefits Security Administration

 

Mr. Gary Cohen
Deputy Administrator & Director
Center for Consumer Information & Insurance Oversight, Centers for Medicare & Medicaid Service U.S. Department of Health & Human Services

 

Ms. Marianne O’Brien Markowitz
Regional Administrator
U.S. Small Business Administration