Rick Young Insurance’s Blog

Health Insurance Deductibles Growing Six Times Faster Than Wages, Study Finds.

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Health Insurance Deductibles Growing Six Times Faster Than Wages, Study Finds. The New York Times  (9/22, Abelson, Subscription Publication) reports that the “steady upward creep in health insurance deductibles has easily outpaced the average increase in a worker’s wages over the last five years, according to a new analysis released on Tuesday by the Kaiser … More

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State approves health insurance rate hikes

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Some Michiganders who buy health insurance on the individual market will face double-digit rate hikes next year under rate changes approved by state regulators. Citing the high costs of specialty drugs as well as pent-up demand among the newly insured, the state’s largest insurer — Blue Cross Blue Shield of Michigan  — received permission to raise its premium rates 11.4% for individual policies in 2016. And its Blue … More

Western Michigan University stops offering health insurance for students

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KALAMAZOO, MI — Western Michigan University has dropped its sponsored health insurance for students. About 1,000 students enrolled in the plan last year, but many of them had walked away from the plan by no longer paying the premium, WMU spokeswoman Cheryl Roland said. WMU stopped offering the student health insurance through Aetna on Aug. 23. … More

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The Cost Of Over Insurance: National Health Expenditures Rising Again

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The Centers for Medicare & Medicaid Services have released their estimates of national health spending for 2014 through 2024. “Health spending growth in the United States is projected to average 5.8 percent for 2014-24, reflecting the Affordable Care Act’s (ACA) coverage expansions, faster economic growth and population aging. Recent historically low growth rates in the … More

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6.6M paid ACA Penalty For Going Without Insurance.

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Bloomberg News reports that 6.6 million taxpayers “paid a penalty imposed for the first time this year for not having health insurance, about 10 percent more than the Obama administration had estimated.” According to a report from the National Taxpayer Advocate at the Internal Revenue Services, the average penalty was $190. The report also found … More

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Small Study: Young Adults Concerned About Health Insurance Costs.

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Reuters reports that a small study suggests that while many young adults are concerned about the cost of health insurance, they often don’t understand out-of-pocket costs and how they can add up. The young adults who participated in the study saw paying for coverage as the main disadvantage of buying insurance, but nearly half of … More

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Study: 40% of ACA Silver Plans Have Narrow Networks.

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The Washington Post reports the 40 percent of “silver” plans sold on the ACA exchanges “sold on insurance exchanges offer consumers only a limited choice of doctors, in some cases less then 10 percent of physicians practicing in the area, according to research released Wednesday” by the Robert Wood Johnson Foundations. These narrow network plans … More

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Many Uninsured Americans Forgo Coverage by Choice, Puzzling ACA Supporters

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In a front page story, the Wall Street Journal profiles several Americans who, despite the availability of affordable health insurance under the ACA, prefer to remain uninsured and get medical care through cash, barter, and charity. According to the Journal, the health law’s supporters are at a loss to explain why up to 45 percent … More

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Supreme Court Upholds Obamacare Subsidies by 6-3 Vote

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Obamacare has survived — again. In a major win for the Obama administration, the Supreme Court held in a 6-3 decision that the Affordable Care Act authorized federal tax credits for eligible Americans living not only in states with their own exchanges but also in the 34 states with federal exchanges. Chief Justice John Roberts … More

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