The Commonwealth Fund, a private foundation working to improve the health care system, has released a new report concerning the state of health insurance premiums in West Virginia. According to the report, premiums in the state have risen by 55% in the last decade, with deductibles jumping by 84% in the same amount of time. The report suggests that the state has the 14th highest premiums in the nation. This puts major financial stress on state residents as West Virginia is home to the lowest median income in the U.S.…
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Aetna report shows that consumers are confused about insurance terms
Aetna Inc. has released the results of a new consumer survey as open enrollment for employer-offered insurance plans comes to a close. The results of the survey show that more than half of insured adults in the U.S. find the terms of their insurance policies confusing. This presents a major problem for both insurers and consumers as these adults general tend to accept any terms they are given as they believe that any insurance coverage, even if it is not appropriate to their needs, is better than no coverage at…
Read MoreAmerican employers are using more insurance plans with high deductibles
A new survey has shown that employers in the United States who are struggling to manage the increasing costs of healthcare insurance are broadening the use of plans with high deductibles to help to keep the monthly premiums at a more affordable level, since more of the burden of medical expenses is falling on the employees. A Mercer benefits consulting firm survey, which involved the participation of 2,844 public and private employers, showed that this year, 32 percent of businesses that employ more than 500 people now have high-deductible health…
Read MoreNebraska health insurance exchange needs 100k enrollees to be sustainable
The Nebraska Insurance Department has issued a new report to state lawmakers concerning the state’s health insurance exchange. Nebraska has been exploring its options on how best to execute the exchange program, hoping to find a way for the program to benefit both consumers and insurance companies. The state has yet to make any definitive action on the program apart from investigating how much it will cost and how it can be made self-sustaining. The new report may cast some doubt on the future of the program. According to the…
Read MoreCostly Ohio insurance exchange may have to team with the federal government
Independent IT consultants in Ohio were tasked with calculating the cost of an insurance exchange in the state earlier this year. The state is required by federal law to establish an exchange by 2014 in an effort to streamline health insurance. The undertaking is in no way small, as a great deal of digital infrastructure must first be made, the price of which may be daunting. According to the state’s consultants, the technology alone will cost $63 million. The sum is quite high when compounded by the additional expensive associated…
Read MoreStudy shows cost for employees for health insurance is set to rise
The findings of an Aon Hewitt study are showing that the average per-employee cost for health insurance will increase beyond the $10,000 mark in 2012, regardless of the fact that costs are rising more slowly than the current 2011 rate of 7.5 percent. The rate for healthcare premiums is expected to increase by 7 percent, but the actual cost of premiums for each employee is forecasted to be over $10,400. When compared to the 2010 figure of less than $9,800, the 2012 is notably higher. Workers will be responsible for…
Read MoreReport shows that quality varies greatly amongst the nation’s largest health insurance plans
Consumer Reports, a market research agency focused on the health care industry, has released the findings of a new study regarding the quality of the nation’s largest health insurance plans. With major changes coming to the health care system in the coming years, consumers, insurers and political groups have been eager to dissect the findings of studies from Consumer Reports and other research agencies. Much of the controversy surrounding the Affordable Care Act is, indeed, spurred by such reports as they provide useful data for opponents and supporters of health…
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