With the cost of health insurance on the rise, you may find yourself looking for ways to help cut the cost.  One of the provisions of the Affordable Care Act is that the federal government now offers federal tax credits, or subsidies, to low-to middle-income individuals and families in order to help reduce the cost of health insurance. Your federal subsidy is an advance premium tax credit and is applied directly to your monthly insurance premium. Government subsidies can substantially reduce the amount you pay for your Blue Cross Blue Shield NC health plan. (more…)

Blue Cross Blue Shield NC recently released an article explaining a little of the data that has been collected regarding what North Carolina’s ACA market looks like and how that is affecting health insurance premiums all over the state.  Because BCBSNC is the only company offering health plans on the Marketplace in all 100 counties of North Carolina, they have the largest share of ACA business in the state and perhaps the clearest picture of how the Affordable Care Act has affected the cost of health insurance across the board.

According to BCBSNC, new ACA customers in the state continue to use their health care benefits more than originally expected and for highly expensive medical services.  In fact, according to claims data for 2014 and the first half of 2015, BCBSNC explained two important trends:  First, there was no slowdown in any residual demand for medical services from new customers entering the health insurance marketplace after the induction of the ACA and second, there was a prevalence of more chronic health conditions needing medical treatment. (more…)

Under the Affordable Care Act, health care costs have risen across the board for both consumers and insurance companies, as well as health care providers.  Increased visits to the Emergency Room and an increasing number of ACA members with chronic health issues have put a strain on the health and health insurance industry alike.  A recent review of Blue Cross Blue Shield NC claims data showed that of the many higher health care costs among ACA business, prescription drug costs rose more than any other category of medical care in the first half of 2015.  In fact, prescription drug costs rose 33% in just one year, with a prescription claims average of $96.70 per month for each ACA customer January – June of 2015.  Although pharmaceutical companies are currently being reviewed for how they price new prescription drugs, that 33% increase has still greatly affected the cost of health insurance.

There are viable reasons the cost of prescription drugs are on the rise.  There are many new and improved medications as well as specialty drugs that can be very expensive to develop and administer.  Maintenance drugs for chronic conditions are also pricey and being used more than ever.  For example, the Mayo Clinic cited that cancer drugs have risen from an average price of about $10K a year in 2000 to more than $100K in 2012!  Although those drugs may be more effective and have less side effects, they are also more expensive.  New diabetes drugs as well are retailing at about $400 a month, whereas the older class of diabetes drugs were as little as $4 a month for the generic brand.  Again, with every advantage in new prescription coverage comes an increased cost to the consumer and the insurance company.

On a national level, the realities of the Affordable Care Act and its impact on the health insurance market are being fully realized as ACA customers experience more chronic conditions and continue to use their health benefits more often and at a higher rate than could have been accurately predicted.  This has affected the cost of health insurance, as insurance companies all over the nation fight to stay solvent.  In fact, Tennessee’s two largest health plans available on the ACA exchange requested a 2016 rate increase of 36-44% based on 2015 claims data and the Oregan insurance commissioner actually ordered several companies’ rates to be higher than requested because of concerns that the companies would simply fold otherwise.

As Blue Cross Blue Shield of North Carolina prepares for 2016, consumers will likely see a rate increase in their monthly premiums and may be asking why.  The answer is simple.  The price of health care and prescription drugs is on the rise and new ACA consumers are using their benefits at a higher rate for more expensive services.  As always, BCBSNC is committed to offering members the very best coverage available at a price that is competitive in this new market and will continue to provide the residents of North Carolina health coverage they can depend on.

For more information on Blue Cross Blue Shield of North Carolina insurance coverage, the Marketplace and healthcare gov to apply for your subsidy, please visit our website at www.nchealthplans.com or call our toll free number 888*765-5400 and speak with one of our experienced and professional agents.  Let us help you navigate through the Health Care Reform changes in accordance with the new regulations of The Affordable Care Act, also known as Obama care.

A few weeks ago, Blue Cross Blue Shield of North Carolina announced a requested rate increase for all 2016 BCBSNC health policies.  Since that time, NC health plans has received numerous calls from concerned customers regarding the proposed rate increase, with the number one question being why?  Here’s the answer. (more…)

The Affordable Care Act mandated that all United States taxpayers purchase ACA approved, qualified health plans or pay a tax penalty when reconciling taxes.  This is often referred to as the individual mandate.  The individual mandate went into effect at the beginning of January 2014 and continues each year. The penalty for not having coverage is paid on your Federal Income Tax Returns for each full month you or a family member does not have health insurance (unless you have an exemption) and is based on your Modified Adjusted Gross Income.  In addition, the penalty increased in 2015 and is increasing again in 2016.  (more…)

If you are part of the generation that remembers the movie Back to the Future II, you may recall that today, October 21, 2015, marks the day that Marty McFly and Doc Brown went from 1985 into the future in a rigged out DeLorean.  That was 30 years ago and although the movie may have gotten us thinking about what the future might look like, most of us never could have imagined some of the changes that have taken place not only in technology, but also in industry.  In fact, the last few years have marked the single biggest change in the health insurance industry the United States has ever seen.  With the induction of the Affordable Care Act, both insurance companies and insurance consumers have had to rethink health coverage and how it can be purchased and provided.

Despite the changes, however, Blue Cross Blue Shield of North Carolina has continued to provide quality health insurance for the residents of North Carolina and is working hard to offer ACA-compliant, qualified health plans both on and off the federal Marketplace.  If you and your family are still uninsured, Open Enrollment is just around the corner, beginning November 1st, 2015 and running through January 31st, 2016.  During that time, anyone can apply for health coverage for any reason and you cannot be denied coverage based on preexisting conditions.

For assistance with an application for Blue Cross Blue Shield of NC health coverage or for help in claiming your federal tax credit, visit us at NCHealthPlans.com or call us toll free at 888-765-5400!  The future has arrived and no American need remain uninsured!

For more information on Blue Cross Blue Shield of North Carolina insurance coverage, the Marketplace and healthcare gov to apply for your subsidy, please visit our website at www.nchealthplans.com or call our toll free number 888*765-5400 and speak with one of our experienced and professional agents.  Let us help you navigate through the Health Care Reform changes in accordance with the new regulations of The Affordable Care Act, also known as Obama care.

Blue Cross Blue Shield of North Carolina has been providing quality, affordable health insurance to the residents of NC since 1933, but many members are concerned about recent or future rate increases.  In fact, it’s all over national news – the cost of health insurance is on the rise.  But do you know why?  Truthfully, it’s a complicated answer.  One of the reasons insurance premiums are going up, however, is because of the growing number of Emergency Room visits occurring on a regular basis.  Despite the fact that most people know the ER is rarely the most efficient place to get health care, many Americans still utilize the ER in non-emergency situations.  And the Emergency Room is expensive! (more…)

The federal government recently reported that significant payments were made to health insurance companies as a result of the Affordable Care Act, which may lead consumers to believe that insurers are making more money than ever… and at your expense.  With the rise in insurance premiums in 2015 and the expected rise in premiums again in 2016, it’s a reasonable assumption.  For Blue Cross Blue Shield of North Carolina, however, the opposite is true.  (more…)

If you are currently in the market for health insurance, you know all too well how stressful it can be.  Whether you lost coverage unexpectedly or are losing coverage in the near future, it can be overwhelming to consider how you will keep your family covered.  (more…)

“When will my coverage begin?” is one of the questions we are most frequently asked here at Jerry Ballard and Associates.  And it’s a good one.  In fact, it’s one of the most important questions you can ask regarding your health insurance plan.  (more…)

It has now been 5 years since President Barack Obama signed into law what is officially called The Affordable Care Act (ACA), but often referred to as Obamacare.  All of us have heard of it and most of us have felt its effects in one way or another, but because of the complexity of the law, many Americans still have questions.  (more…)

By now, most Americans are aware of the changes instituted by the Affordable Care Act and the impact this law has had on health insurance.  Terms like “premium tax credit,” “federal subsidy,” “Health Insurance Marketplace,” and “individual mandate,” however, are still often unfamiliar to consumers now navigating a system reorganized under completely different criteria and governed by federal law.  Understanding the new terminology is paramount in understanding much of what constitutes the Affordable Care Act and is a key part of being able to successfully choose, enroll and manage a health insurance policy.

That being said, perhaps one of the most confusing aspects of the Affordable Care Act is the Special Enrollment Period and why you must have a Qualifying Life Event in order to enroll in health coverage.  Prior to the Affordable Care Act, consumers had the benefit of enrolling in individual health insurance or making changes to their existing policies at any time during the year.  On the flip side, insurers had the right to practice medical underwriting and charge more for, or deny coverage to, consumers who had serious or preexisting health conditions.  Under the new law, these conditions have changed.  Insurers may no longer ask consumers any health questions (with the exception of whether or not you are a smoker) and no consumer can be denied health insurance based on a preexisting condition; however, consumers may not enroll or make changes to their health policies whenever they choose, but are now subject to the rules of Open Enrollment, Special Enrollment and Qualifying Life Events (QLE’s).

For 2015, Open Enrollment will begin November 1st and end January 31st.  During Open Enrollment, you may purchase health insurance or make changes to your current policy for any reason.  Currently, however, we are in the Special Enrollment period, which means consumers are required by law to have a Qualifying Life Event in order to purchase insurance.  A Qualifying Life Event is some special circumstance, such as a recent move or the loss of access to minimum essential coverage, that allows the consumer to purchase insurance outside of Open Enrollment.  Although this does limit your ability to enroll in health coverage, the good news for 2015 is that the list of Qualifying Life Events has been expanded and the Healthcare Marketplace is offering more opportunities for consumers to get insured during Special Enrollment.

In order to determine whether or not you may have a Qualifying Life Event, it is important for you to take a look at the list provided on your Blue Cross Blue Shield of North Carolina health quote.  Reading the list of QLE’s will help you to determine if one of these special circumstances applies to you.  Although the process of obtaining health insurance has changed under the ACA, the expansion of these QLE’s allows you greater freedom outside of Open Enrollment to manage your current health plan or enroll a new health plan according to your life circumstances.

For more information on Blue Cross Blue Shield of North Carolina health insurance coverage, the Marketplace and healthcare gov  to apply for your subsidy, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents.  Let us help you navigate through the Health Care Reform changes in accordance with the new regulations of The Affordable Care Act, also known as Obama care.