Humana Seeks 50% ObamaCare Premium Hike In Michigan

[cali]

Humana (HUM) wasn’t kidding when it hinted last week of big premium hikes for 2017 in those ObamaCare markets where it remains.

This year, the nation’s fifth-largest insurer offers the cheapest bronze and silver plans in Michigan’s largest market, including Detroit. But Humana has filed for a 50% premium hike for its low-cost silver plan.

The unsubsidized cost for a 40-year-old will jump from $210 a month to $315, if approved. On top of that, the maximum out-of-pocket cost for plan members will rise 9%, to $7,150 from $6,300 in 2016.

Meanwhile, Humana wants a 38% premium increase for its lowest-cost bronze plan, from $178 a month to $246.

Rate requests for Blue Cross Blue Shield of Michigan, an important player in the state, aren’t yet available. But Humana isn’t the only exchange participant eyeing massive premium hikes. Health Alliance Plan, a subsidiary of the Henry Ford Health System, has requested 30% premium hikes for its least expensive bronze and silver plans.

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http://www.investors.com/politics/policy/humana-seeks-50-obamacare-premium-hike-in-michigan/

[Sunlei]

1. "unsubsidized cost". Corp wants more of that 'Free government money' as those plans are subsidised.

With the very high out of pocket, people won't even use the insurance unless extreme emergency.

The thousands of free government money is very profitable just for the Humana Corp.

[SickOfTheOnePct]

5. These plans can be subsidized too

The cost of the plan is the same, whether it's subsidized or not, but if subsidized, part of the money comes from the government.

And it doesn't make sense for them to raise the rates unless most of the money will be spent on healthcare; otherwise, they just have to refund anything over 20%.

[Sunlei]

7. premiums costs are zero because those low premiums are 100% subsidised. My Obamacare was partly

subsidized but I didn't use it. I didn't get any premiums paid refund. Perhaps the insurance Corps should refund the Federal Gov. the entire subsidy and refund all premiums paid, if people don't use the insurance at all.

[SickOfTheOnePct]

8. My point is

That your claim that they're raising premiums only on policies that aren't subsidized is ridiculous - all plans in the exchanges are eligible for subsidies.

And no insurance company is going to refund premiums to people who don't use the insurance - that wouldn't even make sense.

But if insurance companies don't spend at least 80% of total premiums on actual healthcare, they have to refund the difference above 20% to either individual policy holders or the people who purchase the policies (employers, for example).

[Sunlei]

9. Only on .gov subsidized insurance (not unsubsidised). In order to increase Corp profits with

more federal money. Insurance Corps collude with the providers of health care services to price gouge at the billing level to 'game the system' to meet the '80% to actual health care costs'. fabulous profits.

We need to get rid of those middlemen and have non-profit health care for all.

[SickOfTheOnePct]

10. "Only on .gov subsidized insurance (not unsubsidised)."

Which is what the OP is talking about.

As for "gouging at the billing level", I find that to be ridiculous as well. I had minor surgery on my foot a couple of years ago, followed by complications (infection at the incision site and then a DVT in my leg).

Total amount billed: $24,000+.
Total amount paid by insurance: Less than $11,000.

Insurance companies normally pay much, much less for medical care than individuals paying out of pocket because they don't have insurance.

[Sunlei]

11. So they stuck you with the most gouged part of the billing.

Unethical. We need non-profit healthcare in America.

[SickOfTheOnePct]

12. Nope, I "got stuck" with a $350 deductible and nothing else

You don't seem to understand how insurance works.

Insurance companies negotiate prices for each covered service, and network providers agree to accept that amount for payment. If it's a service covered by the insurance company, providers can't bill the patient for the difference between the billed amount and the allowable amount.

So, while the actual surgery was billed for $6500, the insurance company had negotiated a fee of $1500 for that service, and the policy pays 80%, after deductible.

Of that, I paid $350 (deductible), the insurance company paid $850 ($1200 - $350) and my secondary insurance (Tricare) paid $300.

[arcane1]

2. $315 a month in fucking Detroit. Legalized robbery n/t

[FreakinDJ]

3. Holly Shit

Is that gonna hurt

[roamer65]

4. People will drop their coverage and then not pay the penalty. N/t

[philosslayer]

6. The Government can subsidize the difference

No worries.