RATE SHOCK 2017: Oklahoma Insurer Files to Raise Rates 49%!

Comment: The unAffordable Act (aka “Obamacare”) makes health insurance cost MORE.   Obamacare adds bureaucrats, middlemen, government, taxes, freeloaders, and fees to your health insurance premiums.  All of that costs MORE.  Not less, MORE.   (As we have been humbly reporting here at OCTS from the beginning.)

It’s absolutely unnecessary, it’s counterproductive, but that’s what the unAffordable Act does.

Check out the hashtag #PremiumPain on Twitter for more stories about #ACA rate hikes.

In Texas, Blue Cross and Blue Shield is seeking increases averaging 53.7 percent across its Affordable Care Act plans, according to documents posted online by the federal government. In Oklahoma, Blue Cross and Blue Shield is seeking rate increases that average 49.2 percent.

“Texas and Oklahoma are possible harbingers of Blue Cross’ prices on the Illinois exchange because all three health plans are owned by the same company, Chicago-based Health Care Service Corp. Blue Cross is the most popular insurer on the Illinois exchange.”

HCSC’s medical costs have outpaced premium rate increases by a wider margin compared with other big health plans, according to Mark Farrah’s analysis. Between 2013 and 2015, HCSC has seen a 107.4 percent jump in its average claim per member per month. But its premiums over that time went up 45 percent.

HCSC said it lost $1.5 billion last year on its individual business, up from $767 million in 2014. In Texas, where HCSC has nearly 603,000 members on ACA plans, the company lost $592 million last year and $416 million in 2014 on its individual business, Spencer said.”

Still losing money despite 45 percent rate-hikes!!  (Now that’s affordable!)

“In Illinois, Blue Cross lost about $375 million last year on its individual business, despite an average increase in premiums of 17.8 percent on ACA plans.

Blue Cross premium hikes in Texas, Oklahoma could mean Illinois sticker shock
June 3, 2016, by Ameet Sachdev, Chicago Tribune

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