Posts Tagged - ‘humana’

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Individual Health Insurance Coverage Denials Rose Since 2007

Thursday, October 14th, 2010

Image: Oldmaison under CC 3.0

Over the past two years (ending in 2009), four major health insurers’ rates of denying coverage to individual health insurance plan applicants rose by 50%.

A report from the House of Representatives Energy and Commerce Committee claims that WellPoint, Aetna, UnitedHealth, and Humana purposely refused to sell coverage to over 600,000 people with pre-existing conditions. Up to 425 health conditions could disqualify a person from coverage under one insurer, and some would not conduct further internal review before denying coverage.

On the one hand, the insurers may have seen the writing on the wall when President Obama was elected, and wanted to maximize their profits as much as possible before regulations would limit their ability to discriminate based on pre-existing conditions.

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Utah Individual Health Insurance Rates Go Up

Friday, July 9th, 2010

Image: debaird under CC 3.0

Similar to those in other states, Utah health insurance companies are raising their premiums. They blame the Obama administration’s healthcare reform law for forcing them to prepare for decreased profits later.

Although state law allows insurers to charge as much as they believe the market will bear, some consumer advocates are worried that filings for rate increases are considered proprietary business information and kept secret. Therefore, few health insurance buyers know what they’re getting into. Most rate changes aren’t known of unless a policyholder speaks out and complains to the media, as they did in this case.

The federal government is looking to states to strengthen their enforcement and prevent “rate creep”, which makes Democrats look bad in the mid-term election season. Humana has raised Utah individual health insurance rates by 29%, while Regence Blue Cross Blue Shield has increased some Medicare Advantage premiums by 48%.

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Humana Reports Increased Profits

Tuesday, April 27th, 2010

Image: merfam under CC 3.0

Humana, one of America’s major health insurance companies, has reported higher-than-expected profits for the first quarter. Their net income was $258.8 million.

Despite their success, investors fear that affordable health insurance reform will cut into those profits in the future. Much of the income resulted from Medicare Advantage programs, which will see cuts due to the new law. Their individual health insurance plans will be especially affected.

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