{"id":6474,"date":"2015-08-14T10:11:59","date_gmt":"2015-08-14T14:11:59","guid":{"rendered":"http:\/\/www.nchealthplans.com\/news\/?p=6474"},"modified":"2015-07-22T10:12:22","modified_gmt":"2015-07-22T14:12:22","slug":"why-is-my-health-insurance-so-expensive","status":"publish","type":"post","link":"https:\/\/www.nchealthplans.com\/news\/2015\/08\/why-is-my-health-insurance-so-expensive\/","title":{"rendered":"Why is My Health Insurance So Expensive?"},"content":{"rendered":"

\"Young<\/a><\/p>\n

The federal government recently reported that significant payments were made to health insurance companies as a result of the Affordable Care Act,<\/a> which may lead consumers to believe that insurers are making more money than ever… and at your expense.\u00a0 With the rise in insurance premiums in 2015 and the expected rise in premiums again in 2016, it’s a reasonable assumption.\u00a0 For Blue Cross Blue Shield of North Carolina, however, the opposite is true.\u00a0 According to BCBSNC, despite significant payments received from the federal government, the company still lost more than $123 million in 2014 on their ACA customers.<\/p>\n

And here’s why:\u00a0 In the past, when someone applied for health insurance, insurers could deny them coverage or charge them more based on their health history and preexisting conditions.\u00a0 Under the Affordable Care Act,<\/a> insurance companies can no longer do that.\u00a0 They cannot deny anyone coverage or charge them more for being unhealthy.\u00a0 Naturally, this drives the cost of insurance up.\u00a0 When the ACA took effect, millions of people entered the market and many of those with expensive health conditions.\u00a0 The federal government acknowledged the fact that the cost of providing insurance would increase and provided insurers with a “cushion” against medical losses.\u00a0 The government did this in order to keep insurance companies from going bankrupt.<\/p>\n

As a part of that cushion, BCBSNC <\/a>received $343.4 million due to the large number of new members with health conditions that required a lot of medical care.\u00a0 Although that’s a lot of money, Blue Cross Blue Shield of North Carolina still lost money – to the tune of $123.4 million on ACA business alone.\u00a0 Likewise, many insurance companies across the nation showed similar results.\u00a0 In a nutshell, that’s the reason the cost of health insurance premiums are on the rise.<\/p>\n

In order for insurance companies to survive, they must price health plans to cover the additional costs incurred by customers enrolled under the Affordable Care Act.\u00a0 ACA customers tend to be sicker and use more health care than individual customers have in the past, and for this reason, costs have increased across the board.\u00a0 Blue Cross Blue Shield of North Carolina acknowledges that the new environment is challenging and is committed to keeping health coverage as affordable as possible.<\/p>\n

For more information on Blue Cross Blue Shield of North Carolina health insurance coverage, the Marketplace and healthcare gov<\/a>\u00a0 to apply for your subsidy, please visit our website at www.nchealthplans.com<\/a> or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents.\u00a0 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><\/p>\n

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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.\u00a0 With the rise in insurance premiums in 2015 and the expected rise in premiums again […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[560,14],"tags":[525,23,53,595],"class_list":["post-6474","post","type-post","status-publish","format-standard","hentry","category-affordable-care-act-aca","category-bcbsnc-insurance","tag-affordable-care-act","tag-bcbsnc","tag-health-insurance","tag-insurance-premium"],"_links":{"self":[{"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/posts\/6474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/comments?post=6474"}],"version-history":[{"count":11,"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/posts\/6474\/revisions"}],"predecessor-version":[{"id":6486,"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/posts\/6474\/revisions\/6486"}],"wp:attachment":[{"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/media?parent=6474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/categories?post=6474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nchealthplans.com\/news\/wp-json\/wp\/v2\/tags?post=6474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}