360° Coverage : Insurers Adding Products On Obamacare Exchanges May Curb Prices

2 Updates

Insurers Adding Products On Obamacare Exchanges May Curb Prices

Apr 26 2014, 9:16am CDT | by

News that more than 8 million Americans signed up for private health benefits under the Affordable Care Act is drawing health insurance companies to more markets in 2015 and could mean better prices...

Filed under: news

 
 
 

24 weeks ago

Insurers Adding Products On Obamacare Exchanges May Curb Prices

Apr 26 2014, 9:16am CDT | by

News that more than 8 million Americans signed up for private health benefits under the Affordable Care Act is drawing health insurance companies to more markets in 2015 and could mean better prices and choices for consumers, analysts say.

Already, the nation’s largest health insurance company, UnitedHealth Group (UNH), last week said it is looking to expand next year. Meanwhile, other health plans including Aetna (AET), Humana (HUM), Wellpoint (WLP) and Blue Cross and Blue Shield plans are evaluating their markets and rates for 2015.

“We had a very modest footprint in 2014 and as we’ve said and still believe, we do have a bias to increase that participation in 2015,” Gail Boudreaux, executive vice president and CEO of UnitedHealth’s United Healthcare subsidiary.

Though UnitedHealth isn’t saying where it will expand, health benefits analysts say increased insurance company participation on the exchanges is good news for consumer choices and health plan pricing.

“null rincipal in the health and life sciences practice of consulting firm Oliver Wyman. “ Oliver Wyman has benchmarked the competitiveness of on-exchange premiums by comparing actual premiums in each state with an expected premium based on actuarial projections. In many states, the lowest cost plans are well below what we would expect.”

Aetna CEO Mark Bertolini earlier this week told Wall Street analysts and investors on the company’s first-quarter earnings call that the company is evaluating rates for 2015 for the 17 states where it offers products on public exchanges. Markets with higher numbers of health plan members tend to have lower rates but anything still has to be approved by state or federal regulators.

“I would say the range of our rates are very low single digits to some that will be over double digits, and in large part that depends on number one, the amount of membership we have in the market; number two, the demographics of that membership, but probably even more importantly the lack of clarity about what kind of experience we have,” Bertolini told analysts earlier this week.

But benefits analysts say selling benefits on an exchange is beginning to increase competition and reduce costs.

“The overall goal of a health exchange is to create a competitive marketplace that offers consumers a variety of high quality health plans to meet their individual needs,” said Cary Grace, CEO of Aon Exchange Solutions, a private exchange offered to employers by benefits consulting firm Aon Hewitt (AON). “Adding new carriers that understand the local competitive environment and the buying preferences of the consumers in that local market will help to increase this outcome.”

Wondering how Obamacare will affect your health care? The Forbes eBook Inside Obamacare: The Fix For America’s Ailing Health Care System answers that question and more. Available now  at Amazon and Apple. 
/>

10 Essential Health Plan Benefits, 2013

 
Update
2

7 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (New ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

7 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedi ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

US plane on secret mission returns to Earth
Los Angeles, Oct 18 (IANS) After spending about 22 months orbiting the Earth on a secret mission, a US Air Force X-37B unmanned, reusable space plane has finally returned.
 
 
Smoking during pregnancy alters newborn's DNA
New York, Oct 18 (IANS) Babies born to mothers who smoke during pregnancy may find it difficult to cope with stressors of daily life later due to an alteration in DNA of a gene that regulates passage of stress hormones from mother to foetus, a study says.
 
 
First hydrogen-deficient supernova progenitor traced
Tokyo, Oct 18 (IANS) In a finding that may have important implications for the evolution of massive stars, a group of researchers presented a model that provides the first characterisation of the progenitor (parent) of a hydrogen-deficient supernova.
 
 
Britain to expand Ebola screening beyond London
London, Oct 18 (IANS) British health authorities have said that screening of passengers arriving from regions affected by the Ebola outbreak will be extended to the Manchester and Birmingham airports.
 
 
 

Latest from the Network

Bush shoe-tossing painting hits record at Doha auction
Doha, Oct 15 (IANS/EFE) A controversial painting by Iranian artist Mahmud Obaidi, depicting an Iraqi journalist throwing shoe in 2008 at then US president George W. Bush, was sold for $62,500 at a Sotheby's auction in...
Read more on Celebrity Balla
 
US offers $45 mn bounty for eight terror leaders
Washington, Oct 15 (IANS) The US said Tuesday it is offering rewards totalling up to 45 million dollars for information on eight key leaders of the Al Qaeda in the Arabian Peninsula (AQAP) terrorist organisation. The...
Read more on Politics Balla
 
UNSC extends peacekeeping mission's term in Abyei
United Nations, Oct 15 (IANS) The UN Security Council (UNSC) has renewed the mandate of the UN peacekeeping mission in the Abyei border region between Sudan and South Sudan. In an unanimously adopted resolution, the...
Read more on Politics Balla
 
Ebola cases in West Africa could reach 10,000 per week: WHO
Geneva, Oct 15 (IANS) The World Health Organisation (WHO) has warned that the Ebola epidemic in West Africa could reach 5,000 to 10,000 cases per week by the first week of December. "Quite frankly, ladies and...
Read more on Business Balla
 
Turkey, Singapore sign strategic partnership agreement
Ankara, Oct 15 (IANS) Turkey and Singapore have signed a strategic partnership agreement to boost economic, political and cultural cooperation, as well as security collaboration, during the official visit of...
Read more on Politics Balla
 
Christina Aguilera is returning to 'The Voice' USA
Christina Aguilera will return to 'The Voice' USA next year. The 'Your Body' hitmaker, who previously shared a rotating spot on the judging panel with Shakira, has been replaced by Gwen Stefani this season as she is...
Read more on Celebrity Balla
 
Kesha's music producer hits back
Kesha is being countersued by her record company boss, Dr. Luke. The 41-year-old music producer, who runs Kemosabe Records, claims the 27-year-old 'Tik Tok' singer is a liar and is trying to extort him after she accused...
Read more on Celebrity Balla
 
Jason Derulo won't get back together with Jordin Sparks
Jason Derulo insists his split from Jordin Sparks is permanent. The 'Talk Dirty' hitmaker, who recently ended his relationship with the 'No Air' singer after three years of dating, has ruled out getting back together...
Read more on Celebrity Balla
 
Josh Groban feels 'very lucky' to be dating Kat Dennings
Josh Groban feels ''very lucky'' to be dating Kat Dennings. The 'Brave' hitmaker was very nervous before singing in front of the '2 Broke Girls' actress for the first time at the Carousel of Hope Ball in Beverly Hills,...
Read more on Celebrity Balla
 
Australian Richard Flanagan wins 2014 Man Booker prize
London, Oct 15 (IANS) The first Man Booker prize to allow American nominees was Tuesday night won by an Australian, with Richard Flanagan triumphing for a novel of love and war that tells the harrowing stories of...
Read more on Celebrity Balla