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Bill Bateman
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Bill Bateman   My Press Releases

US Health Insurance update

Published on 7/14/2016
For additional information  Click Here

The National Association of Health Underwriters recently had their annual meeting and it happened to have been held in Albuquerque, New Mexico (where I live) and I thought that it’s probably a good time to give some of my audience a quick “update” on the US healthcare market as I see it.

 

I’ve been in the health insurance business since 1979. I’ve seen a lot of changes over the years but nothing like I’ve seen since “Obamacare” was passed and signed into law in 2010.

 

The first year that people had to buy health insurance or pay extra taxes was 2014.

 

The upcoming 2017 year will be the 4th year of required coverage.

 

Here are some timely updates that are affecting Americans…

 

Coops

 

Among the many provisions of the Affordable Care Act is one that allowed for the establishment of state-based “consumer operated and oriented plans,” called co-ops, to compete with private insurance.

 

23 such plans, served a million policyholders in 2015. 16 are now bankrupt and the 7 left (with about 350,000 policyholders are virtually all at risk of failure. Nonprofit Quarterly

 

The Uninsured in America

 

President Obama said it in August 2009: “I don’t have to explain to you that nearly 46 million Americans don’t have health insurance coverage today. In the wealthiest nation on Earth, 46 million of our fellow citizens have no coverage.”

 

7 years later that 46 million figure has been decreased to 42 million - just a 4 million person “dent” and it seems to be increasing again - more people are dropping coverage because of the price and value. Washington Times

 

Rates are Rising - again

 

The President promised rates would drop by $2,500 per average family in America. Instead they have increased by $4,865 - that’s $7,365 higher than “promised” Tyler Durden AND…

 

It’s certain to get worse because in 2017 2 “risk mitigation” provisions of the law expire. These parts of the law paid off insurance companies if they had unexpectedly high losses using taxpayer money. Without these government guarantees, there will be even higher prices.

 

Choices of health insurance are decreasing

 

One of the promises of Obamacare was that consumers would have more choices. Here are the number of companies selling health insurance through these exchanges…

2014 - 395 companies

2015 - 307 companies

2016 - 287 companies

Townhall

 

In my home state of New Mexico - like many states - we had 25 choices 10 years ago but now we have 4 and only 2 that sell through the Obamacare exchange.

 

In conclusion, we will continue to see higher premium cost, fewer choices in health insurance plans and the uninsured rate will start to rise again as the Obamacare law inevitably implodes. It has been a terribly expensive experiment in socialism that was based on a lot of theory and little substance.

 

We tried some hope and change. Could be time to make American Healthcare great again?

 

Bill Bateman (that’s like Batman with an “E” in the middle)

 

PS - everybody in business needs to do more with less these days. One of the programs I market to fellow insurance agents is the LeadJumper program to generate leads and to stay in touch with their current customers. Click here and take a look at how the platform can help your business

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