{"id":2889,"date":"2019-10-17T20:38:12","date_gmt":"2019-10-17T20:38:12","guid":{"rendered":"http:\/\/www.www.idahoinsuranceagency.com\/?p=2889"},"modified":"2023-07-20T18:14:41","modified_gmt":"2023-07-20T18:14:41","slug":"affordable-care-act-increasing-insurance-rates","status":"publish","type":"post","link":"https:\/\/www.idahoinsuranceagency.com\/affordable-care-act-increasing-insurance-rates\/","title":{"rendered":"Affordable Care Act increasing insurance rates"},"content":{"rendered":"

On March 26, the Obama administration\u2019s Affordable Care Act health care reform package goes to the U.S. Supreme Court, which has scheduled an historic three days of arguments. The outcome remains to be seen. 67% think the Supreme Court should either strike it down completely, or at least repeal the part that requires them to buy insurance or pay a penalty.<\/p>\n

At the heart of the case is the constitutionality of the law\u2019s \u201cindividual mandate requirement,\u201d which requires virtually every American to purchase minimum health care coverage or else pay a tax penalty.<\/p>\n

Mr. Holtz-Eakin, a former director of the Congressional Budget Office claims that the insurance mandate has almost nothing to do with remedying costs imposed on the system by those without coverage.<\/p>\n

With the financial impact on\u00a0future insurance costs<\/a>\u00a0several insurance companies have already begun raising price increases and are being scrutinized by state insurance departments.<\/p>\n

Anthem Blue Cross<\/a>\u00a0California\u2019s largest for-profit health insurer will raise rates 8.2% on average, down from its earlier request of 10.4%. The maximum rate hike will be 20% instead of 30%, according to the California Department of Insurance.<\/p>\n

Trustmark Life Insurance Company and\u00a0United Healthcare in Utah<\/a>\u00a0want to raise insurance rates.<\/p>\n

WellPoint Inc., the nation\u2019s second-largest health insurer with 34 million members, has said it will spend $100 million this year on technology upgrades to meet the law\u2019s requirements. Aetna Inc., third-largest U.S. health insurer with more than 18 million members, says it expects to spend $50 million this year in part to upgrade software and computers.<\/p>\n

States now have broad discretion in determining whether increases are fair or exorbitant. How Utah treats the Trustmark and United filings could signal how heartily regulators embrace their new enforcement role.<\/p>\n

Last year, the Illinois-based insurer proposed rate hikes of 13 percent in five states that were deemed \u201cunreasonable\u201d by federal officials. The insurer was spending a low percentage of premium dollars on actual medical care and its projected costs were based on unreasonable assumptions, officials said.<\/p>\n

Trustmark says bumping rates in Utah is \u201cnecessary to ensure the continued financial soundness\u201d of the company, according to an explanation provided the state.<\/p>\n

Regardless of the real impact this will have on health insurance in the United States, it is the Supreme Court that will have the final say and decide this.<\/p>\n

IDAHO INSURANCE AGENCY
\nPaul King and Charlotte Hildebrandt
\n1650 Albright Ln #101
\nBoise, Idaho 83709
\n208-377-7101<\/p>\n","protected":false},"excerpt":{"rendered":"

On March 26, the Obama administration\u2019s Affordable Care Act health care reform package goes to the U.S. Supreme Court, which has scheduled an historic three days of arguments. 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