Health Insurance in New Hampshire

HealthFirst NH - Small Business Plan

Well it is official, Health First NH will be available for small businesses effective October 1.  This is a new Health Insurance Plan designed with small business in mind.  The goal is to offer a lower cost alternative to small businesses with less than 50 employees.   Anthem BC/BS is the first carrier to outline the specifics to the brokerage community at a seminar 8/6.  My office has begun quoting this plan for our clients already.     

After reviewing the details and beginning to quote the plan for my small business clients, it appears that thwill be attractive to some small business owners.   The plan has several attractive features as well as some major differences in coverage when compared to the plans currently available.  The plan offers an attractive deductible credit feature that is available when insureds participate in certain wellness programs.  However, the plan does have relatively high deductibles and a limited generic-based pharmacy benefit.  Lastly, it is not a qualified high deductible health plan that meets the requirements necessary to make Health Savings Account contributions.   

My office is ready to discuss this plan in detail with any small business owner.  We routinely help business owners compare available plans and costs with the use of a spreadsheet and personal advice.  We represent all major insurance carriers in NH.      

NH Health First - New Plan for Small Business

You may have all seen the headlines recently in the papers.

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Gov. Lynch Announces Small Business Will Be Able to Access Lower Cost Health Insurance Beginning Oct. 1.

On July 8th, Governor Lynch held a press conference in order to announce lower health insurance premium costs for small business. At the press conference, the Governor stated that Anthem has received approval from the NH Insurance Department to move forward with a plan design which meets the requirements of NH Health First. You may recall that Health First requires the base rate of any premium to be 10% of the statewide median wage.

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Needless to say, my phone has been ringing off the hook. I have been watching the legislation for 2 years. In the near future, I will be attending meetings at Anthem BC/BS that will educate the brokers on this new program. While the headlines gain exposure and excitement, the details are critical. For some of you, this may be a great option for your health insurance dollars, for others not so. For example, I have learned that it is not a "qualified high deductible health plan" for Health Savings Accounts.

George

Medicare Cost Shifting - A HIDDEN TAX

One of the largest factors in the cause of rising health care (and therefore health insurance) is the Medicare Cost Shifting.  It is the 800 pound gorilla in the room.  During the budgetary process in Washington, the Congress and the President cut Medicare spending by reducing Medicare reimbursement rates.  These are the fees paid to Doctors and Hospitals.  When a Medicare patient pays a visit to their physician, the federal government pays that bill.  The problem is that when the government continuously reduces the amount of the fee the doctor will receive, the doctor must recover that fee elsewhere.  Providers do that by raising fees on other privately insured, or uninsured patients.  Due to this issue, the number of providers that accept the "Medicare Assignment" is getting smaller every day since providers cannot cover their costs with the Medicare system.  (By the way - the State Medicaid system works in a similar fashion.  This is the health insurance program for the poor.)

Of course this is only one factor in a problem that continues to get worse.  The point is that Medicare is a government program that is broken and full of politcal obstacles.  When the government cuts that spending, we all pay for it in terms of higher health care costs and therefore insurance costs.  A HIDDEN TAX.  Politicians need to admit that this is a huge factor in the rising cost of care rather, than blaming Doctors and Insurance Companies alone.  

The Federal System is broken, yet Washington seems to be headed in the direction of "reforming health care" by providing a Medicare like system or option.  Is this the model we want for "health care reform"?  Or do we want to improve a a private system that provides the best health care in the world? 

The privately funded sytem can be reformed and reduce overall costs with a series of systemic and regulatory changes, without reducing the freedom we currently have to choose our own coverage, our own course of treatment and our own doctors.  

Control the cost of YOUR Health Care with Health Savings Accounts

Reduce you health insurance costs with the use of a concept called a Health Savings Account - HSA.  This concept has two components.  Component #1 is a traditional health insurance policy with a high deductible.  The premium for this type of policy is lower than an HMO for example.  Component #2 is an actual savings account (HSA) with huge tax advantages.  BETTER THAN AN IRA!!!!!!  Tax free growth.  Want to know more???? 

Why don't we treat the healthcare system like any other retailer?

It seems to me that in addition to realizing that healthcare costs more every year due to medical advances and technology, healthcare costs more due to the fact that we do not question costs in the system.  When is the last time you asked a hopsital what your MRI was going to cost?  For an idea of the huge disparity in costs from one facility to the next, visit www.nhhealthcost.org . Let me know what you think??

Cost of Health Care - Why is it so high?

The high cost of health INSURANCE can be directly tied to the high cost of health CARE.  Why does the care cost so much?  That is the million dollar question.  There are many reasons for the high cost of care.  I will outline one that we all forget here.  TECHNOLOGY.  We all want it when we are sick or hurt.  

Decades ago we had X-Rays, yes old fashioned X-rays.  Today, we have MRI's, CAT Scans etc.  When we are sick or hurt, we want the latest imaging technology to be employed to diagnose our issue or pain. 

Decades ago, we had aspirin.  Today we have all kinds of pain killers, cholesterol lowering drugs, mood altering drugs etc.  I could go on and on.  

Would you like to purchase a health insurance policy that does not cover those fabulous things?  When we pay the premium yes.  When we need care, no way.  

Food for thought!  Share yours thoughts!

Health Care Costs Continue to Rise.

Health Care costs in New Hampshire continue to rise for a multitude of reasons.   The reasons are very complicated and interconnected.  This blog will be attempting to raise the level of awareness, empower the consumer and frame a discussion of the possible solutions.