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That wont happen. The ACA will cover at most 14 million out of 300 million. The bulk of insurance companies business will not be impacted.
You know, people keep quoting this statistic as if it should be comforting to the self-employed, small business owners, farmers and shop-keepers who get 100% of our coverage in the individual health insurance market. If you are one of the 14 million, the topic is pretty darn important. If you are not, congrats--and don't act like this isn't important.
Experts I know tell me to stick with the Blues. Some of the other options may be cheaper, but you can get right onto the Blue Cross web site, and shop and compare and even buy the 2014 ACA-compliant plans.
You can also buy Nebraska Blue policies at healthcare.gov. The advantage of healthcare.gov is that if you are eligible for tax credits you can get them applied to your premiums right away instead of waiting until you file 2014 taxes.
You know, people keep quoting this statistic as if it should be comforting to the self-employed, small business owners, farmers and shop-keepers who get 100% of our coverage in the individual health insurance market. If you are one of the 14 million, the topic is pretty darn important. If you are not, congrats--and don't act like this isn't important.
I guess it should be comforting knowing there is a completive market place out there and they can evaluate the different plans from one place rather than sitting opposite an insurance salesman telling you which is the best plan. I guess that's socialism though when fly by night plans decide they cant make a buck and move on.
Insurance is one of the businesses that typically has smaller barriers to entry, unlike say....an auto maker.
You just don't have the huge fixed costs, economies of scale issues....which is why you see a lot of little mutuals that might just operate in one state or a region etc. and while some of them might be a little more expensive they often fill certain niches, offer more service etc.
When they instituted the 80% of premiums must be paid out in claims clause under the guise of consumer protection, they basically said that unless you are big enough to generate a profit and pay all expenses out of 20% of the premium you won't be able to compete in the market.
So, you also put say....200k of compliance or regulatory costs\fees...whatever in the bill.
So now a regional competitor with 20mil in annual premium just got hit with 1% of additional expense. Might not sound like much but for some types of insurance that's dang near the entire profit margin.
The big player with 800mil of annual premium only faces an additional expense of 1/40th of a %.
The same thing is going on in farming where additional "consumer safety features" costing hundreds of thousands of dollars are being used to try to stifle smaller dairies out of business. These are being pushed by large corporate lobbies.....
if a 20% margin is not big enough for you, you shouldn't be in business in the 1st place...
“The pullout of real high-priced, nonstandard companies — I'd say, that's good,” said J. Robert Hunter, insurance director for the Consumer Federation of America in Arlington, Va. “Charging excessive prices for a (poor) product, those should fall by the wayside.”
“I don't think it's a loss for the consumers,” Matthies said. “It isn't really taking away choice because they weren't really the players in the market anyway.”
The niche insurers of sub prime policies ( with some variation of high deductibles, low lifetime caps, exclusions and low/no maximums on out of pocket expenses) cannot compete on a level playing field.
A heck of a lot of people think all insurance is alike and have no clue that there are 50 politically appointed state insurance commissions making laws. The tend to focus on cost instead of cost and benefits.
Some are the same people who buy their state minimum auto insurance and are stunned to learn it does not pay a cent of their medical expenses, when they are responsible for an accident.
Back in 1996 +/-, Swiss law mandated that everyone, including the elderly, had to buy their own healthcare insurance. There was a bit of a stink at the time. Then again, the Swiss being a risk adverseculture known for taking personal responsibility, was already 90% self insured at the time the law became effective. About 40% of the population qualifies for a subsidy.
There is no Medicare like equivalent nor employer sponsored group health insurance in Switzerland.
Most hospitals are government owned and operated. The Swiss healthcare system consistently outranks that of the U.S.
Oh, please. Switzerland is the size of Maryland, with the population of Virginia.
It is absurd to think that what they do is somehow wise to impose upon a nation 40 times larger.
You can also buy Nebraska Blue policies at healthcare.gov. The advantage of healthcare.gov is that if you are eligible for tax credits you can get them applied to your premiums right away instead of waiting until you file 2014 taxes.
No, the advantage is that you get to give the government all of your personal and vital information so they can spy on you and steal your money.
Remember, the IRS takes first, then demands you prove them wrong later.
There will be a relative few large Ins companies in the Exchanges. In a few years there will be another large Ins entry into the Exchange market .... the US Govt.
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