Health Insurance Update 2018

The American health insurance market continues to be an unpredictable rollercoaster where institutional, normally reliable insurers keep pulling out of the Affordable Care Act (ObamaCare) exchanges, leaving gaping holes throughout the country which is leading to monopolistic conditions in many states.

Take California for example. Anthem Blue Cross, the nation’s second largest healthcare provider, earlier this month announced that it will be pulling out of most of the individual medical plan markets, leaving hundreds of thousands of currently-insured residents with an unexpected need to find an alternative source of medical coverage in 2018. Anthem’s exit announcement has already raised great concern and a myriad of questions for its soon-to-be ex-clients such as premium hikes by remaining insurers and the loss of access to doctors with whom the clients already have trusted doctor/patient relationships.

Citing a shrinking in the individual policy market, changes in federal rules and an overall lack of marketplace predictability, Anthem has made similar moves in other states and will be pulling out of the ObamaCare exchanges in Ohio, Indiana and Wisconsin and diminishing its presence in Nevada. Anthem’s two biggest competitors, UnitedHealth and Aetna, have previously announced that they will no longer be doing business through Obamacare exchanges in much of the country (in the Phoenix the only ObamaCare insurer is HealthNet).

The blatant gaps the insurance companies are creating by exiting the exchanges are leaving many Americans with fewer healthcare choices and the inevitability of a future of rapidly-rising premiums. Early projections for 2018 indicate rate increases up to 49% in some major markets across the country.

Besides group insurance, are there any options?  The answer is short-term medical insurance.  Short-term plans aren’t ACA compliant, but they affordably fill those gaps when permanent coverage just isn’t viable.

For short-term medical insurance we use Lloyd’s of London.  The Lloyd’s of London short-term medical insurance policy is a guarantee-issue, renewable, three-month policy which boasts a phenomenal provider network.  It has proven to be the best healthcare option in lieu of group health insurance, a grandfathered individual policy, or ObamaCare.