S&S Benefits.....Opinion, Hearsay & News Review
Miraculously, 5 days ago only 5 million people had bothered to sign up for Obamacare, but today (April 1st) it was announced by the President that 7.1 million had signed up. Sure (sic). How many were the estimated 6 million who lost their coverage? How many were Medicaid sign ups? How many paid their premium? How many will continue to pay? How many were previously uninsured? How many were in the young person categories required to pay for the older and more sick people? How does this solve the problem it was supposedly going to solve- the 47 million people who are uninsured? Questions which may never be answered.
The Segal Trend Survey says 2014 PPO with Rx trend is down to 8%. Dental PPO trend is 3.4%.
Health insurers such as Wellpoint and Humana stand to gain $5.5 billion next year to cover losses from Obamacare according to reports from Bloomberg. Insurers who record profits of 3% or more on their Obamacare business put money into the risk corridor fund, while those who lose at least 3% or more are allowed to collect from the fund. Wellpoint is already predicting double digit increases for the Obamacare plans the company offers.
In 2015, the Obamacare enrollment period will be Nov.1, 2014 to Feb. 15, 2015. The out of pocket limits on non-grandfathered plans will increase by 4.21% to $6,600 single and $13,200 family. The user fee paid by insurers will stay the same at 3.5% and the reinsurance fee will be $44 per person.
The Pre-existing Conditions plan put into place before Obamacare has been extended from December 31st, 2013 through April 2014. At one time the program had enrollment of 135,000, but it is now down to 21,000. HHS also announced that all Obamacare plans must cover same-sex couples.
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