News and Blog

Thursday, 23 August 2018
TN Department of Insurance approves lower medical rates for 2019
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After four years of double digit increases for individual health insurance plans, BlueCross BlueShield of Tennessee is lower rates by an average 14.9% next year. Cigna is also reducing premiums by an average of 12.9%. What does this mean for consumers? Time will tell, 3.5% of Tennesseans get their health insurance through healthcare.gov and most of those receive substantial subsidies so they actually pay very low rates to start with. 

Our hope is these reductions will also come to our small group clients who have Essential Heath Benefit "EHB" health plans with community rating. This would provide a huge financial relief to hundreds of thousands of working Tennesseans who get their insurance through their employers. 

There are many new health insurance options available for small and mid sized employers who have a healthy workforce and good participation. We have helped many clients with "level funding" and "limited funding" options which blend fully-insured and self-insured health plans to reduce costs, provide plan design flexibility and have full claims transparency. If you have not seen a level-funded quote for your company we would much appreciate the opportunity to explain how these new policies work and the advantages in specific situations. 

You can reach me at dmoore@thebenefitbrokers.com for more information. 

Read more about the rate reductions here

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Posted on 08/23/2018 12:08 PM by David Moore
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Wednesday, 15 August 2018
Oscar Healthcare gets $375 million from Google - Alphabet
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Oscar Health the startup health insurance who uses high tech and high touch to differentiate themselves from traditional health insurance companies is bringing on a huge partner. Here in Nashville, Oscar Health had partnered with Humana to offer individual and small group medical plans. They agreed to part ways for 2019 but it seems we have only seen the beginning of what Oscar can do. 

Oscar plans to use the money to enter into the lucrative market for private Medicare Advantage plans for seniors. These are a type of Medicare Supplement. 

As for small group health plans we can only hope they continue to expand in Tennessee to give consumers more options and hopefully at a competitive price. 

Read more here

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Posted on 08/15/2018 9:57 AM by Benefit Brokers, LLC
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Monday, 13 August 2018
Tennessee health insurance rates drop
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More great news for Tennesseans who are covered under the health insurance marketplace. It was just announced that BlueCross BlueShield of TN will be reducing rates by an average of 15% in 2019. Cigna, the second largest carrier in Tennessee will be dropping rates by nearly 13%. 

We were expecting lower health insurance costs next year but with the announcement from the Trump Administration that they will allow the "risk adjustment payments" the carriers risk level was reduced. 

What will this mean for small groups have are covered under group Essential Health Benefit "EHB" plans? We can only hope we see similar decreases. 

Read more here

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Posted on 08/13/2018 1:52 PM by David Moore
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