The Estimated Cost For Extending Skinny, Short-Term Coverage Plans: Up To $168 Million A Year
Because healthier people are more likely to buy the skinny plans, the overall marketplace -- which the government helps subsidize -- would become less stable. Meanwhile, Oscar, an ACA-focused insurance startup, announces plans to expand despite the turbulence surrounding the health law.
The New York Times:
Trump’s Plan For Cheaper Health Insurance Could Have Hidden Costs
President Trump’s plan to expand access to skimpy short-term health insurance policies, as an alternative to the Affordable Care Act, would affect more people and cost the government more money than the administration estimated, an independent federal study says. The study, by Medicare’s chief actuary, suggests that the new policies would appeal mainly to healthy people, including many who have had comprehensive coverage under the Affordable Care Act. The administration estimated in February that a few hundred thousand people might sign up for the “short-term, limited-duration policies,” which would not have to provide the standard health benefits like preventive services, maternity care or prescription drug coverage. (Pear, 5/15)
Bloomberg:
Obamacare Startup Oscar Will Expand To New States, CEO Says
Oscar Insurance Corp., the Obamacare-focused health insurance startup, plans to expand to Arizona and at least three other new markets next year, a bet on the health law’s survival despite the turbulent politics surrounding it. In an interview, Chief Executive Officer Mario Schlosser said Oscar is meeting its goals to increase membership and revenue while gaining a better handle on medical costs. (Tracer, 5/15)
Modern Healthcare:
Oscar Health's Narrow-Network Strategy Yields First-Ever Quarterly Profit
Health insurance startup Oscar Health posted a profit in the first quarter of 2018 after expanding its footprint and growing membership in the individual insurance market. The quarterly profit—the first Oscar has reported since launching five years ago—signals that the health insurer's strategy of creating narrow networks through partnerships with major brand-name hospital systems may be a winner. Oscar this year serves members in six states and partners with heavy hitters like Cleveland Clinic in Ohio; Tenet Healthcare Corp. in Dallas; and Mount Sinai Health System and Montefiore Health System, both in New York. (Livingston, 5/15)
And in other insurance and marketplace news —
Reuters:
Healthcare, Freelanced-Where Will Gig Economy Workers Get Coverage?
There are plenty of problems lurking on America's career ladder, but here is a big one: our healthcare systems are designed for the workforce of 1950. If you have a lifetime corporate 9-to-5 gig, then you probably have group health insurance. But what if that is not the kind of job you have? Well, good luck with that. (Taylor, 5/15)
The CT Mirror:
Dems Predict 'Eye-Popping' Health Premium Hikes, Blame GOP
Sen. Chris Murphy on Tuesday helped launch a Democratic initiative that blames Republicans for “sabotaging” the Affordable Care Act, leading to sky-high health insurance premiums. Those sharp rate hikes — averaging more than 18 percent nationally for individual policies — will be announced just before November’s mid-term elections and will be an issue in many campaigns, the Democrats predict. (Radelat, 5/15)
The Associated Press:
AP-NORC Poll: Young Adults Feel Stress Of Long-Term Care
Most young adults haven't given much thought to their own needs as they get older, but a significant number are already providing long-term care for older loved ones, according to a new poll by the Associated Press-NORC Center for Public Affairs Research. And while those who have caregiving experience put in fewer hours than their older counterparts, they're more likely to feel stressed out by the experience. (5/15)
