Tag Archives: health insurance premiums

New wave of Obamacare cancellations hitting with a twist

Via Insurance Broker C. Steven Tucker:

So this is what I’ve been dealing with today. Fielding angry calls from my HumanaOne clients who ALL received a policy termination notice because of Obamacare. Not only my HumanaOne clients, but my Aetna clients and even Blue Cross Blue Shield of Texas. All of their policies will be cancelled as of December 31, 2014.

This is the second year I’ve had to deal with this but this year it’s much different. For the first time in 20 years I cannot even quote a replacement product because Barack Obama has issued a GAG ORDER to the health insurance industry instructing them not to disclose their January 2015 health insurance rates until after the mid term elections. This is absolutely unprecedented. Normally health insurance premiums are released for public viewing 60 days before the January 1st effective date.

Where are the reports on these cancellations and Barack Obama’s gag order from NBC News ABC News, CBS News and CNN.News? The only news organization that I am aware of that has reported on any of this is the Fox News Channel.

I can guarantee you one thing not ONE of my clients is voting Democrat on Tuesday. Republicans have outstanding alternatives to this disastrous health care law. The two most recent are the American Health Care Reform Act and the Universal Exchange Plan. Please read them. For it will be up to us to forge a path forward for the American people and time is of the essence. The insurance company bail outs are temporary and they will expire in 2016. Without a bailout the health insurance industry will pull out of the individual and family health insurance market. Before that happens we need to be able to articulate intelligent, market based alternatives. It’s up to us.

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Government Health Care & Economic Policy Causing Greater Inequality

A new Kaiser Family Foundation survey reports that health-insurance premiums rose by a “modest” 3% in 2013. Even more modest, however, was the 2.3% growth of workers’ earnings last year. These figures merely illustrate a long-term trend of rising health costs eating away at wages. The real story is even more dramatic: Government data show that health costs are the biggest driver of income inequality in America today.

Most employers pay workers a combination of wages and benefits, the most important of which is health coverage. Economic theory says that when employers’ costs for benefits like health coverage rise, they will hold back on salary increases to keep total compensation costs in check. That’s exactly what seems to have happened: Bureau of Labor Statistics data show that from June 2004 to June 2014 compensation increased by 28% while employer health-insurance costs rose by 51%. Consequently, average wages grew by just 24%.

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Aetna CEO: Health insurance premiums will double because of Obamacare

Of course Aetna is far from the first to say this. This very writer’s insurance premiums went up 12 times.

Famed economist and statistician Dr. John Lott:

So much for Obama’s promises.  From Bloomberg News:

Health insurance premiums may as much as double for some small businesses and individual buyers in the U.S. when the Affordable Care Act’s major provisions start in 2014, Aetna Inc. (AET)’s chief executive officer said.

While subsidies in the law will shield some people, other consumers who make too much for assistance are in for “premium rate shock,” Mark Bertolini, who runs the third-biggest U.S. health-insurance company, told analysts yesterday at a conference in New York. The prospect has spurred discussion of having Congress delay or phase in parts of the law, he said.

“We’ve shared it all with the people in Washington and I think it’s a big concern,” the CEO said. “We’re going to see some markets go up as much as as 100 percent.”

Bertolini’s prediction is at odds with Congressional Budget Office estimates . . . .