More from the 3000% Rate Decrease Dept

Shot (via co-blogger Bob V):

"[Peach State] insurance officials Wednesday gave approval to premium increases of more than 50 percent for the four insurers participating in next year’s insurance exchange in Georgia."

That's actually higher than their original rate hike request.

Chaser:

"In 47 of 50 cities, ObamaCare coverage will be 'unaffordable' in 2018 by law's definition"

Not exactly #BreakingNews, of course, but here's why this is important: folks that are affected by this become exempt from the ObamaTax penalty fee fine tax. Of course, we've never been told how many folks have actually ponied up their ObamaTax obligation.

Wonder why....

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Crossing the line

The state line, that is:

"Trump preparing executive order to let Americans purchase health insurance across state lines"

Back when it actually mattered, Bob and Mike had a debate as to why.

Bob's take:

"Politicians think because you can drive to North Carolina and buy cheap cigarettes the same principle should apply to health insurance."

Mike's take:

"You and I can shop in other states for thousands of products – even fertilizer.  Why not insurance?"

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Health Wonk Review is up

Brad Wright hosts this week's collection of post-repeal fatigue, and includes helpful commentary on each post.

Thanks, Brad!

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Wednesday Linkapalooza: FoIB edition

■ First up, via our friend Joe K, a story of subsidy #Clawback and a (non?)dependent son:

"Junior did not live with Mom and Dad. Junior was on his own and working, but applied for Section 36B largesse. All this unbeknownst to Senior and Delores. Until."

So he applied for, and received, a subsidy, unbeknownst to Mom and Dad. Who then got nicked for the balance.

Oh, and the boy is a real winner:

"Junior puts in an affidavit, but never shows for the trial."

Gee, thanks, son.

■ Next comes this post from The Political Hat:

"Now, in Canada, a doctor can not only deny life-saving treatment for a person in their right mind who wants it, but actually have that patient, against the patient’s will and with their full mental faculties, outright executed by lethal injection"

And no, that's not hyperbole, nor is it much of  surprise. As we noted earlier this year:

"Euthanasia became legal in Canada in June and by December Quebec bioethicists had already published an article in the Journal of Medical Ethics calling for organ donation after euthanasia."

To be fair, parts is parts.

■ On a happier note, and in the waning days of Life Insurance Awareness Month, Allison Bell tells us that:

"Young Consumers' Life Activity Rises ... says U.S. individual life insurance application activity for consumers under age 45 increased 0.2%, year over year."

That's according to the folks at the MIB.

Good news!

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Underwriting Annuities

Please bear with me here: although this may seem a bit "inside baseball," there's actually a larger point to be made (and we'll get to it shortly).

In brief, annuities are simply money vehicles issued by insurance carriers. They look and act a lot like CD's, with two important distinctions: first, the interest builds up on a tax-advantaged basis, and when the time comes, the money can be paid out in an income stream that you can't outlive.

Because they're essentially savings accounts (although some are designed to mimic mutual funds and the like) they're not generally underwritten; that is, the carrier doesn't really care if you run marathons or are on chemo.

But this creates an interesting problem (and the point to which I alluded): the fact that one's lifestyle plays no part puts some folks at a disadvantage.

How's that?

Well, lets' say you smoke a pack or two a day. The annuitization factors (the values the carrier uses to determine the amount of that lifetime income stream) don't take that into account, but you're more likely to receive much less income than your non-smoking twin. That's because you're more likely to die sooner than he is, and thus receive much less value. Same would hold true for someone already being treated for cancer or AIDS.

Which is why I was so intrigued by this email from our friends at Issue Insurance:

"Explore the Advantages of Underwriting for Clients in Poor Health."

Apparently, Genworth is rolling out an underwritten annuity product that "can work in favor of those who are in poor health or in need of care now." It'll be interesting how that does, and if other carriers follow suit.

Kudos, Genworth!

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The Obamacare Health Insurance Fee. It's baaaaaack!

The so-called "Health Insurance Fee" levied as part of Obamacare was given a moratorium for one year, 2017, but will apply again in 2018.

This Fee increased overall premiums by around $13 billion during 2016, $0 in 2017, and is expected to increase premiums by more than $14 billion in 2018 according to consultants Oliver Wyman

That one-year moratorium on the HIF was an important factor to insurance companies.  It meant a significant cost did not have to be included in their 2017 premiums - which of course insurers had to calculate and announce well before year-end 2016. (In other words, prior to the 2016 elections.  But why be divisive and mention that?)  And for 2018, the end of the one-year moratorium means the HIF cost must again be added to premiums.

Oliver Wyman and others expect the 2018 HIF will raise overall premiums by about 3%.  That will be on top of whatever increase is attributable to the continuing increases in unit costs of medical services, plus the effect of generally higher utilization of medical services.

The exact impact of HIF on any specific policy may be more or less than 3% and depends on many factors, such as whether you are buying as an individual, or as part of a group; whether your group sponsor subsidizes your premiums and, if so, by how much; and whether your coverage will change as of January 1.

Whatever, the return of HIF helps explain why we are already reading of high medical insurance premiums for 2018. Here is one source.  There are others.

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Medicare Open Enrollment 2018

Medicare 2018 Open Enrollment starts on October 15th and ends on December the 7th. Where can I get answers to my questions? What can I change? What can't I change? Why should I change?

Where can I get answers about Medicare Open Enrollment 2018?

Almost anywhere.

1-800-MEDICARE or Medicare.gov is where many look for answers. Others will call a carrier. Some will talk with SHIP volunteers while others prefer an agent.

You can also ask your hair stylist, your mechanic, the person who mows your yard.

The list is endless.

The more appropriate question is, "Where can I find reliable information that is useful?".


What can I change?

Your Medicare Advantage plan, your drug plan.


What can't I change?

Your supplement plan UNLESS you answer health questions and are approved by an underwriter.


Why should I change?

Depends.

If you have a Medicare Advantage plan and don't like your 2018 benefits and/or provider networks, consider other options.

If you have a stand alone drug plan, and especially if you have not changed it in several years, you are probably paying too much for your medications. For more detail on this visit Medicare Open Enrollment 2018 at Georgia Medicare Plans and scroll down to"Medicare Drug Plans Are Confusing".

Medicare supplement plans can be changed any time (subject to medical underwriting). My advice on changing supplement plans is to do it any time of the year OUTSIDE OF Medicare open enrollment.


#MedicareOpenEnrollment #MedicarePartD

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