Archive for the ‘Florida’ Category

Massachusetts Consumers Receive 2nd Highest Health Insurance Refunds in the U.S.

Thursday, July 24th, 2014

You could be one of the millions of Americans getting a refund from your health insurance company soon.  The Affordable Care Act has a law called the 80/20 rule, where insurance companies have to spend at least 80% of total premium costs on medical care or improving the quality of health care for consumers.  In The Boston Globe’s “Health Insurance Companies Refund $15B to Mass. Consumers,” Chelsea Rice talks about the refunds going out and the companies who will be paying them.  The U.S. Department of Health & Human Services released this data showing that Massachusetts consumers will be getting the second highest amount of refunds in the United States.  The total refund amount for the U.S. is $332 million, which will pay around $80 a family those those receiving refunds.  Florida health insurance companies will be paying the most refunds with $41.5 million owed.  Massachusetts residents will be paid out $15 million, which amounts to $133 per family getting a refund.

Almost all of Massachusetts’ residents have health insurance, most through their employer, but 1/4 of them still struggle with the burden of high health insurance costs.  The ACA’s 80/20 rule brings transparency and competition to the health insurance marketplace.  It also offers greater value to consumers in their health insurance plans.  Large group plans have to follow an 80/15 rule.  Insurance companies operate more efficiently when they are following this rule by cutting out unnecessary expenses.  They have been able to lower premiums throughout the U.S. by $3.8 billion.  Companies who do not follow the 80/20 rule during their fiscal year have to refund the excess they spent to consumers in their health insurance plan.  Those receiving refunds will get them by August 1 either by check, a discount in next years premium, an account reimbursement or a direct reimbursement through their company.

In Massachusetts, more than 208,000 consumers will be receiving an average refund of $133 per family.  This new 80/20 rule has made quite a shift in the amount of upfront value that consumers receive from their health insurance plans.  The biggest shift by far has been in the individual health insurance market.  Back in 2011, the HHS found that 61% of consumers in the individual market received upfront value from their plans.  Just two years later, 81% of people are receiving upfront value from their individual health insurance plans.  Ten health insurance companies in Massachusetts will be sending out refunds, including Fallon Community Health Plan, Neighborhood Health Plan Inc. and Tufts Associated HMO.  If you are one of the Americans receiving a refund from your health insurance company, look for that in the next week.

A New Partnership for Florida Health Insurance

Thursday, May 29th, 2014

There is a new partnership in central Florida that hopes to make it easier for Floridians to get health insurance and hospital care.  They also want to improve Floridians’ overall healthcare experience.  This includes the overall health of the community, the care they receive, and the per person cost of healthcare.  According to Yahoo! Finance article, “US News & World Report’s #1 Hospital & NCQA’s #2 Insurance Company, Partner Together to Better Serve the Community,” this partnership has the potential to help a lot of people.  It started as a way to bring the new Medicare Advantage plans to central Florida residents.  Health First Health Plans was ranked 2nd in Florida by the National Committee for Quality Assurance for their Medicare Advantage Plans.  They have consistently received 4.5 out of 5 stars by the Centers for Medicare & Medicaid Services.

Back in January of this year, Health First started working with Florida Hospital to reach a wider range of Floridians seeking Medicare Advantage plans.  These particular plans are known as Florida Hospital Care Advantage.  Florida Hospital was recently ranked #1 by US News & World Report for Florida hospitals.  The partnership between these two organizations should help keep healthcare affordable and local for Florida residents.  They are also looking to create sustainable community health systems.  It’s important to keep up with healthcare reform changes, especially on a local level.  The partnership between Florida Hospital and Health First will expand through different phases, the first of which was the Medicare Advantage plan phase.  Although they started in central Florida, they will likely move to other regions of the state as well.  If you are looking for more information about Florida health insurance, click here.

Blue Cross Blue Shield Will Offer Exchange Plans in All Florida Counties

Friday, August 16th, 2013

Florida’s health insurance exchange will open for business on October 1 of this year, with plans taking effect next January 1.  The health insurance exchanges will offer more coverage options to Americans who couldn’t afford health insurance before.  That is the idea at least.  Florida Blue’s Joe Gregor does believe that consumers will have more affordable options and less difficulty finding health insurance when the Affordable Care Act takes full effect.  According to the Orlando Sentinel’s “More details emerge on Florida health insurance exchange,” Marni Jameson said that we now know how many insurers will offer plans in each Florida county.  It’s actually not as many as you might expect, with some counties only having one insurer offering plans.  Blue Cross Blue Shield will be the lone insurer in some of the more rural counties, but they assure Floridians that their prices reflect expected competition and not the fact that they are the sole option in some places.

Ten insurance companies were federally approved to offer plans in Florida, some in one county and some in many of Florida’s 67 counties.  Aetna Life Insurance Company, Blue Cross Blue Shield of Florida, Cigna Health & Life Insurance Company, Coventry Health Care of Florida Inc., Florida Health Care Plan Inc., Health First Health Plans, Health First Insurance Company, Health Options Inc., Humana Medical Plan Inc., and Molina Health Care of Florida Inc. are the ten approved companies.  Blue Cross Blue Shield of Florida will be the only insurance company offering affordable coverage in all 67 counties.  The big counties in South Florida like Miami-Dade and Broward will have nine different choices, but which insurers are operating in which counties has yet to be released.  Palm Beach county residents will have eight insurance choices and most Central Florida counties have five or six different options from which to choose.

Each insurance company will offer different tiers of plans that will range from bronze to platinum.  The lower plans will obviously offer less coverage than the highest plans, but you can choose what you need for the price you will be able to afford.  The government is offering credits to Americans with certain income levels to help pay for the cost of their mandated health insurance.  In order to receive any government help with health insurance though, you have to choose from the federally approved plans.  In 21 counties in Florida, Blue Cross Blue Shield or Florida Blue as they operate in the state, will be the only insurance exchange option.  Other counties will have more choices.  But each county will have at least one insurance company operating in it, something that some state have not yet been able to accomplish.  If you live in Florida and are looking to purchase health insurance through the new exchange soon, you should have some affordable options for coverage.

Fewer Employers Offering Health Insurance in Florida

Saturday, April 13th, 2013

Consider yourself lucky if you still have health insurance covered by your employer.  The number of Americans with that luxury is declining fast, especially for those who work for small companies.  Florida’s Sun Sentinel just published an article about how their state compares to the national average based on a report from the State Health Access Data Assistance Center.  Maria Mallory White’s “Study: Company-paid health insurance more rare” says that Florida is below the national average when it comes to the number of people with employer-sponsored health insurance.  Compared to the national average where 52.4% of Americans have this employer coverage, only 44.1% of Florida’s companies are offering health insurance plans.  That ranks them at 45th in the nation.

This accounts for a 10% decline in both the coverage offered in Florida as well as the nation as a whole.  Losing health insurance benefits has been a steady process over a long period of time throughout the United States.  Those people losing the most ground were lower-wage workers and workers’ dependents.  The ten year study was done on workers under the age of 65 because those over 65 are eligible for Medicare insurance.  While the number of Florida residents under 65 decreased by almost 10%, the coverage for their dependents decreased by a whopping 25%.  The only state with a larger decline in dependent coverage was Mississippi.

Floridians with income below 200% of the Federal Poverty Guidelines saw a 10.4% decline in their employer-sponsored health insurance coverage.  Those with income between 200% and 400% of the Federal Poverty Guidelines saw a 6.1% decline in their coverage option.  One of the largest factors in this decrease in employer health care coverage is the size of companies.  Small companies are less likely to offer health insurance coverage to their employees.  Some larger companies are downsizing and becoming small, while small companies that were offering health insurance no longer are because of increasing costs.  Florida companies with 50 or fewer employees offer health insurance 29% of the time.  This is lower than the national average for small companies, who offer health insurance 37% of the time.  If you have lost your employer-sponsored health insurance, you can find an affordable quote from Compare Health Rates.