Vermont Insurance-Exchange Rates Show Savings From Health Law

[ProSense]

Vermont Insurance-Exchange Rates Show Savings From Health Law

By Alex Wayne

Vermont residents may save money on medical insurance through subsidized exchange plans under President Barack Obama’s Affordable Care Act, according to the first state look at premiums under the 2010 health law.

The Vermont rates provide an initial analysis of how much health insurance may cost Americans nationwide as the law’s core provision kicks in next year. In Vermont, a couple earning $32,000 a year would pay about $134 a month after U.S. subsidies for a certain level of coverage that would have cost them $248 under the state’s existing program, according to a comparison document published by the state.

The state has built the insurance exchange for people who don’t get coverage at their jobs. Federal and state subsidies are a key part of keeping the new health plans affordable, said Robin Wood, a spokeswoman for MVP Health Care, a nonprofit insurer that serves Vermont, in an e-mail.

Basic premiums in the exchange, called Vermont Health Connect, would be “roughly comparable to what people currently pay, but for better coverage,” Governor Peter Shumlin, a Democrat, said in a statement.

- more -

http://www.bloomberg.com/news/2013-04-01/vermont-s-first-look-at-insurance-exchange-rates-shows-savings.html

There is also a co-op being established in Vermont (and other states)

<...>

While Cigna will continue providing insurance to large businesses, it has not proposed any plans for the exchange. The member-owned Vermont Health Co-op, on the other hand, would sell insurance on the exchange, if the state approves its application for a license. The co-op has already received its federal health insurers’ license and has filed proposed rates with the Department of Vermont Health Access, but it cannot propose rates to the Department of Financial Regulation until it obtains a state license.

http://vtdigger.org/2013/04/01/state-releases-proposed-premium-rates-for-health-insurance-exchange/

New Loan Program Helps Create Customer-Driven Non-Profit Health Insurers
http://cciio.cms.gov/archive/grants/new-loan-program.html
http://cciio.cms.gov/resources/factsheets/coop_final_rule.html

Vermont Is First In Nation To Propose Rates Under Obamacare
http://www.democraticunderground.com/10022598757

[ProSense]

1. Kick! n/t

[One_Life_To_Give]

2. 21k/yr?

Platinum plan appears the same as what corporate rates are. Not familiar with rates for Catastrophic only coverage. In what way or they better aside from being subsidized.

[ProSense]

4. Those

"Platinum plan appears the same as what corporate rates are. Not familiar with rates for Catastrophic only coverage. In what way or they better aside from being subsidized. "

...are the most expensive plans available and the rates quoted are for a family. The most expensive plan would cost an individual about $600 per month, which is far lower than the $12,000 a typical plan now costs.

Still, there are levels of plans below the most expensive that offer much better coverage than is now offered.

[zipplewrath]

3. Impication is it is the subsidies

They imply that the savings are due to the subsidies. I'm sure those qualify as savings to the consumer, I don't think they really qualify as savings in health CARE costs, much less actual health insurance costs.

[ProSense]

5. When

"Impication is it is the subsidies They imply that the savings are due to the subsidies. I'm sure those qualify as savings to the consumer, I don't think they really qualify as savings in health CARE costs, much less actual health insurance costs."

...all the factors are taken into consideration, these do represent savings.

Basic premiums in the exchange, called Vermont Health Connect, would be “roughly comparable to what people currently pay, but for better coverage,” Governor Peter Shumlin, a Democrat, said in a statement.

[zipplewrath]

7. BAsic premiums

As someone else asked, for the coverage above "catastrophic" does that hold true?

[ProSense]

8. Yes. n/t

[LiberalFighter]

9. Savings come in different forms.

Better service when needed. People receiving medical when they should get it instead of later when it requires more service. Less subsidies by the government for emergency services that should had been with a regular MD.

Too many just can't wrap their head around how it is all integrated.

[ProSense]

10. Yes. n/t

[ProSense]

6. Having said that,

I wish I could move to Vermont:

Vermont also intends to be the first state in the U.S. with a single-payer health-care system, in which the government pays all of its residents’ medical bills and insurance companies are unnecessary. The state legislature passed a law in 2011 to steer the state toward adopting such a system in 2017, the soonest possible under the federal health-care law.