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Regional Vice President of Sales The Retirement Plan Company
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Actuaries Say Proposals to Address Insurance Cancellations Could Threaten Viability of New ACA Insurance Markets (PDF)
American Academy of Actuaries Nov. 14, 2013 "Allowing consumers to retain cancelled plans could affect the composition of health insurance risk pools. In particular, if lower-cost individuals retain their prior coverage, and higher-cost people move to new coverage, the medical spending for those purchasing new coverage could be higher than expected. Other consequences could include: [1] Premiums approved for 2014 may not adequately cover the cost of providing benefits for an enrollee population with higher claims than anticipated in the premium calculations. [2] Costs to the federal government could increase as higher-than-expected average medical claims are more likely to trigger risk-corridor payments. [3] Relaxing the plan cancellation requirements could increase premiums for 2015." |
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