Skip to comments.IBX cancels 24,000 plans that don't meet Affordable Care Act rules
Posted on 10/23/2013 5:55:54 AM PDT by Oldeconomybuyer
Independence Blue Cross has sent out cancellation notices to 24,000 members in the Philadelphia region whose insurance plans do not comply with new rules under the Affordable Care Act.
The cancellations were sent to about half of the Independence Blue Cross individual plan members in the Philadelphia region who purchase insurance on their own because they don't get it through work.
(Excerpt) Read more at newsworks.org ...
I saw a story yesterday about a Florida company doing this too, sounds like it’s spreading. I wonder how this is all going to go over with the good folks.
I like Hope and Change better.
So much for Obongo’s promise that Obongocare won’t have any effect on existing plans.
Ours are cancelling in January.
Pray America will wake up
hehe....Philly Region. Probably all brain dead Obama voters.....
All 109% of them!
What comes at this point are all the people who didn’t really question anything...just voted...assuming that things were just going to stay the same with them.
Now forced to check out other plans and find other options...each will find a frustrating month ahead of them. It’s bound to be wrapped up in cost issues and higher deductibles...which relate to up-front costs that you (the consumer) will pay and regret as you get into 2014.
Now, a little note to all on investing for 2014. If you come around to mid-December, and no reprieve has been granted by Congress or the President, and it’s bound to look doubtful....then you need to take a chunk of your investment portfolio and put it into one of the top ten health insurance companies in America for 2014. The reason? This higher deductible game that everyone is being forced into....means generally more profit in the companies account at the end of 2014. Profits will soar, and the President will be standing there with no explanation as to why the profits soared....while citizens paid more for health insurance. My humble guess is that if you keep your money invested for all of 2014...figure by late spring 2015...a forty to fifty percent growth in the stock price, with excellent dividends. You might actually make enough to pay for all your health insurance costs for 2014.
Funny, how the real world operates.
Pretty much anyone with an individual plan (not employer provided) is getting kicked off. Most individuals choose catastrophic type policies to keep the premiums lower, but those type policies do not provide the benefits required by Obamacare.
I’m looking right now for another policy because my individual Blue Cross plan is canceled as of Jan. 1.
This is why, now that the ball is rolling, it’s not possible for the individual mandate to be delayed.
People are getting kicked off their own plans right and left and have to get something else. The genie is out of the bottle. Insurance companies can’t just send another letter saying, “oops, my bad, you can keep your plan for another year” after millions have already taken the step to purchase a new, compliant policy.
It’s a huge mess!
I guess you could look at it that you can keep “existing” plans...it is just that as of Jan 1, 2014, the plan will no longer “exist”. Makes sense in nobamaworld.
Good advice. Since the high risk pool is being forced into the exchanges at tax payer expense, who’s left for private insurance are the healthier, paying customers. Those are the ones insurance companies thrive on. Record profits next year for them.
Wonder what Obama’s going to tell them they have to do today at that meeting. No doubt he’s going to strong arm them into kicking in a bunch of money for the geek team coming in to fix the website. They’ve already been hit up for this, but they’ll be hit up again.
My doctors group fired my insurer for 2014.
How do the “poor” who don’t have computers sign up???
How do the “poor” who don’t have computers sign up???
“If you like your plan, you can keep it. Period.”
Health insurance should be to protect you from catastrophes, not pay for bandaids.
The poor go straight to the Death Panels.
Pray America Wakes Up
One of the non-compliance problems is that many plans don’t pay for abortions.
What Clown Prince nobama meant was that you could “keep it” (the paper copy)...it just wouldn’t be recognized or honored. The clever Clown Prince is never wrong, is he?
On so many issues the MSM has managed to stay detached from the consequences of liberal tax and spend policies. Not in this case. I often wondered what issue would be the tipping point. The one that made them turn. I think this one is it.
“If you like your health care, you can keep it! As long as I like it too...”
Leftists have a choice -
Obama was lying or stupid.
(and don’t bother replying with both, FReepers, I know, I know)
Hate to see decent people hurt but dont mind registered Democrats suffering....kinda like it!
I hope you’re right. I pray you’re right.
Thanks. We’ll see.
Got word my plan’ll be cancelled in January, but I started a job that will offer me health insurance in December.
Still, I wonder how long it’ll be before this kind of control over healthcare plans is used for...political reasons.
The call the phone number that doesn’t work either. duh
The government buys them a computer.
I just wonder how long my company will continue to offer plans before just jumping to the penalty and paying the employees the difference.
How right you are. Not only are the deductibles huge - $12,000 for a family of 4 in New Hampshire - but at least in our state there are no benefits for out of network hospitals and doctors. And the network doesn't include many hospitals in New Hampshire, and none of the research hospitals in Boston where truly sick patients all go for specialized care.
So the insurance company writing the policies in New Hampshire won't be paying for high risk pregnancies, neonatal intensive care, childhood cancers, severe burn treatment, transplants, or all the other complex medical procedures which are handled by specialists at the research oriented hospitals in Boston.
Basically they aren't insuring much of anything. If you or a family member are sick enough to cross the deductible threshold your doctor has probably already referred you to a specialist. And previously your insurance would have payed, even if the specialist was out of network. Not anymore, the Obamacare policies in our state at least don't provide you any insurance coverage for the critical care you or your kids need if you are really sick or injured.
And one more thing - the lowest premium is around $1300 per month, so the insurance company brings in $15,600 per year against a policy with a $12,000 deductible. Hard not to make a profit at that!
Sit back and watch...every single Senator...even Republicans...will be investing heavily for 2014. No one is about to miss this golden river of cash.
United Health Group is sitting at $68.14 today. By December of 2014...I will wager you a hundred bucks that it’s sitting close to $100 in fourteen months. It’s even paying $1.12 on dividends per year.
Don’t be too sure about high-deductible plans reaping huge profits, although there is a tendency for people to skip getting treatment until their problem is really severe. Usually by going to the ER
This will bend the cost curve in the wrong direction. Up.
Also the ACA has required since 2011 that insurers rebate their gains if claims expenses are less expected.
So . . profits are mailed back to the customers. Losses are eaten by stockholders. It’s what’s called asymmetric risk.
In October alone,
0bamaCare has caused more than twice as many insurance policies to be cancelled than have created accounts on the 0bamaCare website.
0bama will blame “price gouging” by Insurance Companies, and institute price controls by executive fiat.
I’m in Virginia but my parent company is in Philadelphia and this is my insurance plan. This affects way more than just the Philly people.
Oh my goodness, you may be right!
Strident's point about the ACA profit limitation clause has some merit, but I think the true measure of how profitable Obamacare will be for the health insurance companies is how little they did to oppose it.
The insurance industry has a lot of interaction with governments due to the extent of state regulation of insurance, so they have a lot of lobbyists and contacts in government. If they were going to lose money on Obamacare they would have fought it much harder when the bill was originally proposed. Since they didn't I suspect they knew it would actually make money for them.
The gross payout requirements are probably closely calibrated along with the premiums, deductibles, etc. to make money for the insurance companies. They have the historical data to know how to make money, both from the marketing side and from claim history data they have. They will.
Anybody heard what AARP is doing? They were thumping the tub Big Time for obamacare when it first came out.