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I got a letter that my plan was cancelled with a 1 yr renewal for dec 13-14 but at $40 more a month. Same policy number but new insurance cards and welcome letter. No changes. So now that they are offering old policies shouldnt i get that $40 a month back till feb? That was their quote and promise to me when i started the policy in feb 13.
Who knows? You would have to ask the insurer. It sounds like you had a grandfathered policy that they chose to renew? There is nothing stopping them from raising your rates at renewal. They may give you Jan/Feb at the old rate basically reinstating your old policy until its original expiration and then jack your rates for the remainder of the year. I suspect the execs are huddling in the board room now with the actuaries trying to figure how to proceed.
Who knows? You would have to ask the insurer. It sounds like you had a grandfathered policy that they chose to renew? There is nothing stopping them from raising your rates at renewal. They may give you Jan/Feb at the old rate basically reinstating your old policy until its original expiration and then jack your rates for the remainder of the year. I suspect the execs are huddling in the board room now with the actuaries trying to figure how to proceed.
Yes thats what i am deciding. Is the $80 worth the risk.
BS and baloney! The companies make their profits either way.
Actually that's true because a part of the Obamacare law guarantees insurance companies profit even if costs turn out to be more than expected:
Quote:
A death spiral happens when only the sickest beneficiaries get into an insurance pool, causing the cost of medical claims to rise, and in turn raising future premiums.
These higher premiums, in turn, dissuade healthier beneficiaries from buying coverage. This exacerbates the strains and makes sure the pool continues to attract only the sickest consumers who are most in need of the medical coverage, and willing to pay the rising premiums. This is how the downward spiral ensues.
Commentators have rightly noted here.... and here.... that Obamacare contains some provisions to guard against this sort of outcome. Chief among them are risk corridors that limit the losses insurers would face from higher-than-expected medical claims
Insurance companies will get taxpayer-funded kickbacks when Obamacare costs them more than the incompetent Obama Admin projected. It'll just be a lot more now.
Quote:
Originally Posted by Ponderosa
And it remains to be seen whether or not ACA policies will make them money in the first place. Insurance stocks stayed pretty much even
I've just explained why. Obamacare guarantees them a taxpayer-funded bailout as needed.
Yes thats what i am deciding. Is the $80 worth the risk.
Tough decision without any clear information. By the time the insurers send out new letters the deadline for Jan 1 coverage in ACA may be past. If they were to cancel you down the road, you could go onto the exchange under the qualifying event clause, but I believe if you cancel then you would not be able to do that.
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