Posted 2/21/2021 12:54 (#8848681) Subject: Health insurance rates
I purchase my health insurance through the state run exchange from Blue Cross Blue Shield Blue Plus,
as a condition of the ACA they are required to rebate some premium if they do not spend at least 80%
for health care.
Have received premium back the last three years, 9.7% for 2017, 19.8% for 2018 and 17.8% for 2019.
While I like getting premium back my question is should they be that far off in their estimates? Health
insurance has been around a while. Even with the changes from the ACA I think they should do better in
their estimates than near 20% off.
Their answer: "All premium rates in the individual market are filed with the state for review and approval.
Under state law, only those rates the state has determined reasonable are approved. Because premiums are
filed with the state approximately six to eight months in advance of the plan year, limited information is available
to inform health plans when setting these rates. Further, the individual market continues to experience disruption
and instability, which has presented a challenge in accurately predicting the performance of the market."
With all the cutbacks in doctor visits and procedures for 2020 will they spend even 50% on care?