The modern marketplace for purchasing private medical insurance has been in flux since 2010, when the Affordable Care Act (ACA) came online with the goal of offering increased coverage for citizens seeking either Medicaid or independent insurance options. While the plan held agreeable goals, pitfalls and roadblocks have now created a landscape that reveals high premiums and large numbers of uninsured families. ACA Alternatives proudly offers private coverage that is custom-fit to your family’s unique situation. By tailoring a program for each of our clients, we are able to provide affordable healthcare solutions. By partnering with quality health insurance agents, brokers, and carriers, we have the power to offer healthcare plans that fit for you.
Some states have been hit harder by Obamacare. While not the worst off, alternative health care for Texas is a major part of our agency’s puzzle. Today, we’ll look into the world of ACA alternatives and the impact that Obamacare has had on the state. When you’re ready, be sure to contact our staff to find quality coverage nationwide!
An Unstable Market
As the second most populous state, Texas is currently dealing with a recent withdrawal of insurance providers. Eight health insures have withdrawn from the state’s individual market. While these carriers did not make up a majority of the individual market, their departure has succeed in feeding the anxiety that many citizens face when trying to find an affordable alternative to Obamacare. Insurance companies are also affected by this change, as the tension and unease stem from which insurers will choose to stay in Texas, along with the overall costs of doing so.
As a reaction to the volatile marketplace, many insurers have begun to scale back their coverage. The result of doing so has resulted in millions of dollars in reported losses, all of which are attributed to the ACA. These losses have led to many insurers increasing their premiums nationwide to cover the gap. Between the lower enrollment in Texas and issues with the government’s financial plan for insurance markets, many insurers have suffered. Blue Cross Blue Shield of Texas, which represents the largest portion of providers in the individual market, reported $416 million dollars in losses in the year 2014 and and $592 million dollars the next year. As such, they have decided to raise premiums. Across Texas, numerous rural counties have had to deal with the increase, where larger carriers like Blue Cross Blue Shield may be the only option.
Growing premiums have been a national issue for many insurers. PwC’s Research Institute projected a 6.5% increase in costs for the 2018 calendar year. While not seemingly astronomical, it’s important to point out that these increases heavily outpace the economy and rates of inflation for income. As such, the current field for insurance is not optimal for American citizens by a long shot.
It’s important to find the best healthcare solutions to keep you and your loved ones protected in case of any medical issues. Our modern landscape has changed vastly due to Obamacare and its known shortcomings. In our next entry, our private medical providers will continue to look at the need for alternative health care in Texas. ACA Alternatives is your source for comprehensive, affordable insurance that is sure to keep you and your family protected against the uncertainty of the future. Contact us today to learn more or to begin shopping for insurance that can help you thrive!