According to a new analysis by the Kaiser Family Foundation, health insurers who participated in the Affordable Care Act marketplace earned an average of $300 per member in the first part of 2017.
This figure is more than double than this time period for the previous three years.
The figures presented to do not account for administrative costs, however, the increases still show that the marketplaces are becoming more profitable for private companies selling plans on the exchanges.
According to Cynthia Cox, a researcher at the Kaiser Family Foundation who worked on the analysis, the current profitability seems to come from increased premiums and steady cost which also suggests the markets are becoming more stable.
These increases were partially due to insurance companies underestimating the cost to cover people in the marketplace, many were sicker than expected and seeking insurance. Additionally, costs have been stable over the past few years, indicating that healthy people were not driven out of the marketplace. Insurers have set premiums high enough for them to profit but not so high that healthier customers left the market, allowing the market to achieve stability.
Source: Kaiser Family Foundation
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-07-25 08:30:382018-07-12 07:39:35Report shows ACA marketplaces experienced most profitable first quarter yet
Recently, Aetna notified our brokerage of some important changes that will be taking place this year. Essentially, if you are currently covered individually by Aetna or CoventryOne, your coverage ends December 31, 2017.
“As a result of financial risk and an uncertain outlook for the Individual marketplace, Aetna (including Coventry) has decided that we will no longer offer individual health products in the following states AR, AZ, CT, FL, GA, IL, KS, KY, LA, ME, MI, MO, NC, OH, PA, SC, TN, TX, UT, and WV for 2018.
Your clients’ existing coverage in these states will continue until their policy period ends onDecember 31, 2017. They will not be able to renew their plan when their policy term ends.
The 2018 Open Enrollment Period runs from November 1 through December 15, 2017; however your clients will have a Special Enrollment Period. They must select a plan from another carrier no later than December 31, 2017 to ensure there is no gap in coverage on January 1, 2018.”
Source: Aetna and CoventryOne individual and families
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-07-11 09:00:152017-07-11 09:00:15Important information if you have Aetna or CoventryOne insurance.
The IRS recently published the inflation adjusted limits for the 2018 Health Savings Accounts (HSA). Deposits made to an HSA are tax free; contributions grow within the account tax free; and distributions are tax free as long as the money is used for out-of-pocket health care expenses, including deductibles.
Here are the new limits:
Individual accounts rise to $3,450 (from 2017’s $3,400)
Family coverage rises to $6,900 (from 2017’s from $6,700)
Maximum out-of-pocket figures are also up: for single coverage to $6,650 (from 2017’s $6,550) and for family coverage to $13,300 (from 2017’s $13,100)
Source: IRS
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-06-20 09:00:232018-07-11 10:07:072018 Health Savings Accounts Limits Are Set
Report shows ACA marketplaces experienced most profitable first quarter yet
/by Rebecca YatesAccording to a new analysis by the Kaiser Family Foundation, health insurers who participated in the Affordable Care Act marketplace earned an average of $300 per member in the first part of 2017.
This figure is more than double than this time period for the previous three years.
The figures presented to do not account for administrative costs, however, the increases still show that the marketplaces are becoming more profitable for private companies selling plans on the exchanges.
According to Cynthia Cox, a researcher at the Kaiser Family Foundation who worked on the analysis, the current profitability seems to come from increased premiums and steady cost which also suggests the markets are becoming more stable.
These increases were partially due to insurance companies underestimating the cost to cover people in the marketplace, many were sicker than expected and seeking insurance. Additionally, costs have been stable over the past few years, indicating that healthy people were not driven out of the marketplace. Insurers have set premiums high enough for them to profit but not so high that healthier customers left the market, allowing the market to achieve stability.
Source: Kaiser Family Foundation
Important information if you have Aetna or CoventryOne insurance.
/by Rebecca YatesRecently, Aetna notified our brokerage of some important changes that will be taking place this year. Essentially, if you are currently covered individually by Aetna or CoventryOne, your coverage ends December 31, 2017.
“As a result of financial risk and an uncertain outlook for the Individual marketplace, Aetna (including Coventry) has decided that we will no longer offer individual health products in the following states AR, AZ, CT, FL, GA, IL, KS, KY, LA, ME, MI, MO, NC, OH, PA, SC, TN, TX, UT, and WV for 2018.
Your clients’ existing coverage in these states will continue until their policy period ends onDecember 31, 2017. They will not be able to renew their plan when their policy term ends.
The 2018 Open Enrollment Period runs from November 1 through December 15, 2017; however your clients will have a Special Enrollment Period. They must select a plan from another carrier no later than December 31, 2017 to ensure there is no gap in coverage on January 1, 2018.”
Source: Aetna and CoventryOne individual and families
2018 Health Savings Accounts Limits Are Set
/by Rebecca YatesThe IRS recently published the inflation adjusted limits for the 2018 Health Savings Accounts (HSA). Deposits made to an HSA are tax free; contributions grow within the account tax free; and distributions are tax free as long as the money is used for out-of-pocket health care expenses, including deductibles.
Here are the new limits:
Source: IRS