Socialism at it’s finest folks.-SF
WASHINGTON — The largest health insurer in Texas wants to raise its rates on individual policies by an average of nearly 60 percent, a new sign that President Barack Obama’s overhaul hasn’t solved the problem of price spikes.
Texas isn’t alone. Citing financial losses under the health care law, many insurers around the country are requesting bigger premium increases for 2017. That’s to account for lower-than-hoped enrollment, sicker-than-expected customers and problems with the government’s financial backstop for insurance markets.
Blue Cross Blue Shield of Texas has about 603,000 individual policyholders and, unlike other insurers in the state, offers coverage in every county. In a recent filing with federal regulators, the company said it is seeking increases averaging from 57.3 percent to 59.4 percent across its individual market plans.
In a statement, Blue Cross Blue Shield of Texas said its request is based on strong financial principles, science and data. “It’s also important to understand the magnitude of the losses … experienced in the individual retail market over the past two years,” the statement said. The company says it lost $592 million last year and $416 million in 2014.
The national picture will take weeks to fill in. With data available for about half the states, premium increases appear to be sharper, but there are also huge differences between states and among insurers. Health insurance is priced locally.
A recent analysis of nine states by the consulting firm Avalere Health found that average premium increases for the most popular kind of plan ranged from 5 percent in Washington state to 44 percent in Vermont.
Read the Remainder at Dallas Morning News
Reblogged this on Rifleman III Journal and commented:
SIXTY percent?!?!
60 % Sounds more like Mafia Interest on a Loan doesn’t it?? Oh Wait, they are all crooks, so it is!
Don Corleone, would be proud of them. Oh, wait! Much of the generations after the mafia of old, are, in, investing, and medical firms, are highly prized assets.