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Veteran Advisor

Iowa Farmers Face Medical Insurance Premium Increases

From Iowa State:

 

"An actuarial review of the Medica rate proposal (conducted by NovaRest) estimates:

  • 18,000-22,000 Iowans without subsidies (those with incomes greater than 400% of the federal poverty limit) will leave the insurance market in 2018 due to unaffordable rates.
  • Another 28,000 to 30,000 Iowans currently on transitional plans are at risk of becoming uninsured in 2019.

For example, under the new rate forecast and analysis, a farm couple, aged 55, earning $67,000 a year could face insurance premiums of $32,700 in 2018. A 63-year-old couple earning $67,000 per year, could face premiums of $39,000 per year.

A 28-year-old couple with four-year-old twins earning $101,000 per year could see premiums of $27,000 in 2018. If they earned just $3,000 less per year, they would be eligible for an unlimited subsidy and would likely pay $9,511 per year for the same coverage. The federal subsidy would cover the additional cost.

And these are just premium costs. The estimates do not take into accound out of pocket copays and deductibles."

 

https://www.calt.iastate.edu/blogpost/iowa-submits-proposal-counteract-soaring-individual-healthcare...

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3 Replies
Senior Advisor

Re: Iowa Farmers Face Medical Insurance Premium Increases

Seems  the  medical  industrial  complex  rolls  along ---

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Advisor

Re: Iowa Farmers Face Medical Insurance Premium Increases

Imagine what it would have been without the current law.  FYI, insurance premiums for those prior to ACA, due to pre-existing conditions were much higher than that, and going higher.  The law needs addressing, for sure, but it must address the medical costs and ways to bring it down.

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Senior Advisor

Re: Iowa Farmers Face Medical Insurance Premium Increases

If one wants to do some interesting investigation work - LOOK who is on all of the board of directors of the health insurance company's ?

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