One More Insurance Exchange Started by Former Humana Executive–Currently There Are Over 100 Private Exchanges in Place To
Posted Mar 17 2013 5:36pm
Good grief is all I can say with all the insurance exchanges popping up. The number of exchanges available to select and insurance company looks like it’s headed to outnumber the available number of plans to choose from. So just what the public and employers need one more big decision on which exchange to use before one even makes a selection of an insurance carrier. These are private exchanges and do not include the State Insurance Exchanges which are still in the process of formulating and getting their IT and data together. I wonder myself as looking at the amount of code and web APIs out there with connecting data if they will actually appear to be workable with meeting deadlines and how much of the data will be flawed from the start as all kinds of data will be aggregated from insurers.
CAN WE THINK ABOUT GIVING SOME OF THIS COMPLEXITY A BREAK!
So far this new exchange has 3 employees, right, that’s all you need when you program all the algorithms to do the rest of the work for the exchange:) When the flawed data pours in though and things don’t work as the business model was created, then you have to think about hiring a few more “humans” to fix the broken algorithms and the flawed data it creates.
So how many private exchanges want to compete with the government exchanges and in essence are they some what putting the government exchanges behind the 8 ball? Or let’s think about this, are the private exchanges hoping to rush in and fill the bill due to delays with the government exchanges? What is their exact motive you have to begin to wonder? I’m bored already with all the jargon and stuff I report on exchanges right now. It’s just yet another bunch of competing algorithms and everyone marketing their asses off. Let’s not forget too that Wal-Mart wants to be an exchange too. What in the world are consumers going to do to understand all of this and you have to remember we have complexities hitting us from other areas in life too.
Kind of weird but we have Sebelius touting her new Twitter Account this week and it’s all over the press, big deal, us digital literate folks have been using it for years…and we don’t believe in the “Algorithm Fairies” either for black and white answers. I say this because they can’t handle methodologies in data simplification at times and focus on things like Facebook contests and calling doctors and hospitals cheaters. This is yet one more example why we need folks who have some IT in their background running White House cabinet positions too. It takes too darn long for the folks at the top to have to learn so much as most have been “non participants” in consumer health areas for years, and a lot still are and make feeble attempts at new laws that leave tons of gaping holes out there.
Anyway with just 3 employees it definitely makes a case that most plan on algorithmic controls for exchanges and scarier yet they anticipate high levels of accuracy too with all of this…well you don’t get that when you make things complex and let big business run all over your back side due to digital illiteracy on how IT Infrastructures work today and that’s exactly what is happening and when the silly cheating letters come out when they get lost or put under pressure. By contrast the big State exchanges couldn’t even begin to open the door with 3 employees as they will have a lot more work to do. Heck we don’t even know what insurers are going to participate where yet…some have stated where they will participate, but not all. They have to look and see if they can make a buck or not and gosh knows how many sets of analytics it may take the insurers to make that decision, like United as they have tons of openings to fill quant jobs throughout the company who will model areas as such.
The more complexities added, the longer the process and getting care takes for patients with insurance structures as they are today, period. BD
Since the Patient Protection and Affordable Care Act was approved in 2010, many companies have announced private health insurance exchanges as an alternative to the state-based health insurance exchanges contained in the act and as an effort to reduce costs while maintaining benefits. For example, Michigan companies that have announced private insurance exchanges are Blue Cross Blue Shield of Michigan with its GlidePath joint venture with Bloom Health and Mercer with its MercerMarketplace.
Michigan's public exchange is scheduled to begin open enrollment Oct. 1 with the exchange providing benefits Jan. 1. After 2017, states can elect to expand the Health Options Program Exchange exchange to more than 100 employees. Working with independent agents, Christy said, the iSelect private exchange can help employers contain annual health insurance costs and continue to give employees plan choices by switching from a fully insured or self-insured product to a defined funding approach.
"Employers can still offer pre-tax dollars to employees to purchase through private exchanges," Christy said. "If they use state health insurance exchanges, it is post-tax dollars." Companies also could continue to self-insure using a third-party administrator or one of the health plans on the iSelect exchange, she said.
Norman said Priority expects to offer about five plans, including a high-deductible policy, on iSelect and add more later, depending on needs.