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Desperate to keep insurers on board, the administration scrambled to find another pot of money. Unfortunately, once again, a big part of that money pot belongs to the public.
President Obama doesn’t seem to care. On Feb. 12, the administration announced that the money will be handed out to insurers — a whopping $7.7 billion this year alone.
But it’s not just expensive: That huge handout to the insurance industry is also illegal.
This is money you and everyone else who already has insurance are forced to pay, called a reinsurance fee. You pay the fee whether you buy your own plan or get covered at work, even if your employer self-insures. You may be clueless about it, but the fee is buried in your premium or taken out of your compensation.
Forbes has a little more credibility than the post but I'm still a bit skeptical as most of the reports are not from more reputable sources. However, knowing the Aca and how reinsurance works, I wouldn't be surprised if some of this is not occurring.
This all goes back to the administration's promised payoff to the big healthcare insurers. To get them on board the ACA, they were told there was a $75 million fund set aside in the ACA to pay for any losses the insurers had in the first three (I think it was three) years. However, one of the things the (now) republican congress did was they blocked the payments.
Naturally, the large insurers sued the administration for their claimed losses. Hence the story above about the White House scrambling to find $$$. Apparently, they found the wrong stack at the Treasury building next door.
Meanwhile the big insurers are solving the problem in other ways. United Health is bailing on dozens of states and BCBS has started submitting insurance plans to state insurance commissions with premium increases of up to 60% for 2017.
This all goes back to the administration's promised payoff to the big healthcare insurers. To get them on board the ACA, they were told there was a $75 million fund set aside in the ACA to pay for any losses the insurers had in the first three (I think it was three) years. However, one of the things the (now) republican congress did was they blocked the payments.
Naturally, the large insurers sued the administration for their claimed losses. Hence the story above about the White House scrambling to find $$$. Apparently, they found the wrong stack at the Treasury building next door.
Meanwhile the big insurers are solving the problem in other ways. United Health is bailing on dozens of states and BCBS has started submitting insurance plans to state insurance commissions with premium increases of up to 60% for 2017.
Actually it was phased in subsidies, each year a little less. As the subsidies decrease, so do the plans offered.
Also, every plan offered has to go to a states doi for approval. That includes benefits and premiums
More of this Administrations corruption is about to be spilled out for the public to see but his minions are blind to "The One" Godless actions,immoral deeds.... his non-transparency and lawlessness.
Obama has turned our health insurance problem into a crisis. I read that hundreds of thousands of Blue Cross customers are losing their insurance the first of the year.
All of this was to be expected on the individual market. It is extremely difficult to gauge utilization vs cost to set a premium for individuals. That is why the price has always been high.
As subsidies to keep premiums low decrease, premiums must rise, often to the point of not being able to be offered at a price competitive point.
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