Are Minnesota insurance rate hikes for 2017 justified?

Minnesota Health Insurance policies for individuals are scheduled to jump 50% to 67% in 2017.   The insurance companies say they are losing too much money.  Blue Cross Blue Shield of MN is dropping over 100,000 policies.

What is wrong with this picture?

There are three important questions:

(1) How are the Health Plans (Blue Cross, HealthPartners, Medica, and UCare REALLY doing,  financially?  

(2) Is there something wrong with the entire system to get health coverage?

(3) Why are the Health Plans getting propped up by profits from the state’s low income programs, funded by taxpayers?

READ these items to see what’s really going on:

A) Facts about Blue Cross MN, and the overall insurance market failure:  Click HERE.

B) Graph of Blue Cross MN’s profits and financial reserves:  Click HERE. (Details and calculations for the graph are on reverse side)

C) Blue Cross MN’s profits 2011 through 2015:  Click HERE.

D) Graph of the big Health Plan’s profits for 2015:  All, or most all, of their profits come from the state’s low income programs (Medical Assistance, MinnesotaCare, and others):  Click HERE.

E) Information on Prime Therapeutics, Blue Cross’ Pharmacy Benefit Manager:  Click HERE.

 

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