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| | Wednesday, August 24, 2016
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Healthcare insurance to become more expensive
Tennessee's insurance regulator said Tuesday that the state's Affordable Healthcare exchange is "very near collapse" after agreeing to premium hikes in an effort to keep the program afloat. Department of Commerce and Insurance Commissioner Julie Mix McPeak pushed the issue of preserving competition at a time that communities around the country are seeing smaller numbers of insurers willing to sell on the exchange. The rate approvals were necessary to ensure healthcare options in every part of Tennessee when open enrollment begins in November. BlueCross BlueShield of Tennessee is the only insurer to sell statewide and there is the possibility that Cigna and Humana will reduce coverage or leave the market altogether. But the Tennessee Healthcare campaign says the current system is not near collapse. Spokesperson Walter Davis says The Affordable Care Marketplace in Tennessee will have insurance providers in every county. Even when there is only one company, there will be various plans to choose from and federal assistance is available. Information is available by calling 1-844-644-5443 from anywhere in the state. Davis says the rates increases emphasize the need for the state legislature to implement phasing in of insurance coverage for all Tennesseans. At least 280,000, presently are unable to afford insurance coverage. Part of the problem is the average low income in Tennessee. From its peak in 1999 through 2014, median income in the US fell an average of 7.2 percent from $57,843 registered in 1999 The states with the biggest drop in median income were concentrated in the Southeast and Midwest. Tennessee ranked 5th. in the nation saw incomes fall by nearly 16 percent. The median income of the typical Tennessee household in 2014 was $43,716, or 18.5 percent less than the U.S. average.
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