Aetna's plan to avoid Obamacare for 1 more year
By getting its brokers to renew clients by year-end 2013, the insurer can put off the new mandates until nearly 2015.
Insurance giant Aetna (AET) is urging its brokers to think ahead in order to avoid the mandates that will go into effect next year with Obamacare.
Aetna is encouraging its brokers to use the "premium savings program," which would re-enroll clients at the end of 2013, carrying over into 2014 when the Affordable Care Act goes into effect, reports the Huffington Post.
"By electing a fourth quarter 2013 renewal, some of your clients can achieve significant cost savings in 2014 and take time to assess their business needs for the future, without sacrificing their current coverage today," Aetna wrote in an email to its brokers.
Aetna's push to get clients to sidestep Obamacare comes amid research indicating that, for many, health-care premiums will rise in 2014. That's because underlying claims costs are projected to jump by one-third across the U.S. when the law goes into effect next year, as reported by MSN moneyNOW last month.
Some states will be hit harder than others, with the biggest increases seen Ohio and California, according to a study from the Society of Actuaries. Aetna flagged potential rate increases as one reason brokers should enroll their clients by the end of 2013.
"In 2014, changes set in motion by the Affordable Care Act (ACA) may lead to dramatic increases in premiums," the company said in the email.
Other insurers are considering the strategy, which would take advantage of a loophole that lets health insurers re-enroll clients for almost all of 2014, according to the Los Angeles Times.
"Insurers are onto this, and the big question is how many will try to game the system," Washington and Lee University law professor Timothy Stoltzfus Jost told the newspaper.
Aetna was among the health insurers that opposed the ACA, the Huffington Post notes, giving millions to the U.S. Chamber of Commerce and the American Action Network to fight against the legislation.
All of you that support O'bamacare please answer just one question.
When has ANYTHING the government touches been run with efficiency?
It will be no different this time.
WHEN DO YOU WANT TO WAKE UP AMERICA ??????????????
So when do we want to demand that Health Insurance Companies are changed back to "NOT FOR PROFIT COMPANIES". Prior to 1980 insurance companies and hospitals were NOT FOR PROFIT entities (our lives were not to be held out for a profit) and believe it or not life was good, dad was the bread winner, mom stayed home and raised the kids, etc., etc., etc..
When the Health Insurance Companies were NOT FOR PROFIT they were surprisingly quite successful. Believe it or not, premiums were affordable, coverage covered everything (including mental health), pre-existing conditions were not an issue, doctors made house calls, companies could afford to provide health insurance to all employees either for free or for just pennies per month.
Fast forward to the 80's and GREED TOOK OVER IN THE HEALTH INDUSTRY (AND EVERYTHING ELSE IN OUR SOCIETY).
I'm not sure how that's considered "gaming the system." If you knew that your water bill was going to increase by 40% or more, but could lock in your current rate for an extra year, wouldn't you?
The fact is, ObamaCare is going to raise costs. Period. Insurance companies and self-insured employers CAN'T just eat that cost and stay in business.
ObamaCare needs to be overhauled to address the real issues of rising medical costs: capping prescription drug costs, re-evaluating Medicare/Medicaid payouts, tort reform, etc. Simply redistributing who is going to pay is not going to reduce costs.
Wake up America, how many employers have you seen on here talk about cutting a majority of their full time employees hours so they will now be part-time so they don't have to get their employees expensive Obama Care Health Insurance. Well now everyone can get insurance and we all can help pay for it again. I hope you like him now. One of the worst presidents we ever had? So when is he going to start trying to create jobs and put people back to work instead of just working on his legacy Obama care. Nothing but broken promises and lies. Hope we can make it till the end of his term.
You thought Greece was bad, we are headed for the same, to many entitlements.
I just fell off of my chair laughing. If you think we are in trouble now weight unitl this mess kicks in. It looks like less coverage for more money.
I would wish for the premiums to eventually level off and go down, but ....that never happens.
IF there is any money 'left over' in the health insurance part, the gov't will 'borrow' it just like they did for Social Security -
My choices in about 10 years are ....no home or food, but I'm fully insured...or no insurance, but I got a place to live and I'll just not eat to pay the tax for not carrying insurance I can't afford....
The costs of healthcare goes up because we allow the insurance companies and lawyers to be greedy, and congress gets lots of money from industry lobbists to help fuel the fire.
If we completely did away with insurance companies and frivolous law suits the costs of healthcare would decrease substantially.
What everybody either doesn't understand or doesn't know is that we (the tax paying citizens) already pay for everyones healthcare. If someone goes to the ER for services and can't afford to pay the bill or has no insurance who do you think pays the bill? The tax payer! So since we do this anyway does it not seem fair that the ones that do not have some form of health insurance coverage aid in paying the system back?
We as humans put to much stock in BS propaganda that is put out to scare us of the unknown and don't bother to find out the facts for ourselves.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).
Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More
More Market News
As geopolitical tensions threaten to spin out of control, investors are wondering how best to position their portfolios for the global turmoil.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'