I think we can all agree that health care providers should be required to provide the cost of their services and procedures to patients. When we purchase a gallon of milk at the store we know the price. Why can't we receive the price of what a hospital charges until we receive our actual bill? Anyone who has ever tried to inquire about the pricing of a specific procedure knows the run-around one receives between the hospital and insurance companies. Luckily for the consumer, this is about to end. Federal regulations that were finalized November 15th 2019 will require hospitals to make public their prices starting in 2021.
Several healthcare reform proposals being considered would significantly change the way that Iowans receive their health insurance. One of these proposals - Medicare for All - would eliminate private insurance and create a healthcare system fully run by the government. Now, a proposal called the Medicare "public option" is being discussed as an alternative. But this proposal would also have far reaching impacts - and according to a new study, would drive out most of the private plans we know today.
Not only would the public option change the Medicare system as we understand it, the proposal would create government-run plans acting alongside the existing private marketplace. A study by FTI Consulting and the Partnership for America's Healthcare Future further explains:
The public option would create government healthcare plans, which individuals can buy into. These plans would mostly likely be set up with artificial prices determined by the government, forming a "two-tier" system. Because government payments pay providers much lower than private plans, the public option would "crowd out" private coverage and eventually lead to a one-size-fits-all system - just like Medicare for All but on a longer timeline, reducing consumer choice and decreasing quality of care.
The study found that by 2050, Iowa could end up being one of over 30 states to likely lose all private insurance plans. When examining the changes in our healthcare system, it's important to look at the long-term impacts of your own plan.
Centers for Medicare and Medicaid Services has announced the opportunity for certain states to offer additional wellness benefits for those enrolled in Affordable Care Act Plans.
Once again Premier Health Insurance of Iowa has qualified for the Healthcare. gov / Marketplace Circle of Champions by assisting consumers in lowering their health insurance premiums through available tax credits and subsidies.
Listen to an Interview with Jeff Stein of KXEL concerning Medicare-For-All, public option, rising health care costs, and the new 3 year plans available in October.
Iowa Insurance Commissioner states "ACA individual health insurance market has become unaffordable..." All new lower priced 3 year Non-ACA plans with essential benefits will be offered! Contact us for more info!
Iowa has been the center of attention when it comes to healthcare reform. Many proposals, including Medicare for All, a public option, or a Medicare buy-in would drastically change the way our healthcare system works. Not only do many Iowans rely on private or employer health plans, but Iowa also has a low Medicare reimbursement rate that serves as a continued challenge within the state.
A new study covered by the Cedar Rapids Gazette highlights the impact of what one of these one-size-fits-all proposals would look like in Iowa. A public option proposal has been touted as an alternative to single-payer health care, but new challenges would arise within Iowa's healthcare system.
The Partnership for America's Healthcare Future published this study completed by Navigant, which determined that 52 of Iowa's 90 rural hospitals will be at a "high risk of closure" under a public option plan.
Wellmark Blue Cross and Blue Shield has requested a 0% rate increase for the Pre-Affordable Care Act Grandfathered plans. Unfortunately, the Affordable Care Act longer no allows these plans to be purchased. However, those one them experience substantially lower premiums compared to the Affordable Care Act plans when not receiving a tax-credit subsidy. Please be aware, that these plans may still have an age based rate increase.
No, that was not a typo. Medica has filed for an average 11% decrease in their 2020 ACA premiums.
The IRS has allowed additional preventative care benefits for HSA participants to be covered without requiring them to meet a deductible.
Wellmark has filed a proposed January 1st 2020 rate increase with the Iowa Insurance Division due to additional Affordable Care Act taxes, more significant health conditions, and increased prescription use.
A public hearing has been scheduled for Wellmark's requested rate increase on their Pre-Affordable Care Act plans.
Drug prices are skyrocketing and there is a complete lack of transparency within the industry. This creates high costs to consumers, increases health insurance premiums and finger pointing in every direction. Congress has passed the Patient Right to Know Drug Prices Act and the Know the Lowest Price Act to help combat these high prices. In addition, President Trump is proposing an executive order to create medical transparency and remove the industry's secret negotiations and pricing. We encourage everyone to watch the video below to see how drug pricing actually occurs.
As many of you know, these have been not only a great way to reduce premiums by 50 - 75% of Affordable Care Act plans, but also a hot political debate. President Obama limited them to only 3 months. President Trump extended them to 36 months contingent upon state approval. The state of Iowa allowed 12 month plans for a short time, then limited them back down to 3 months. However, Iowa has now agreed to 36 month plans, and allow them to offer better coverage as well. There are several insurance companies that have filed to offer these plans in Iowa. We are currently waiting for the Iowa Department of Insurance to approve them.
Once eliminated by the Affordable Care Act, these plans allow for employers to provide tax-free reimbursement to employees for health insurance premiums and other health care expenses. US Departments of Health & Human Services, Labor & Treasury issued a new policy allowing for HRAs once again. We will keep you informed of the final rules. For more information "View Here"