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Back in March, the Colorado Division of Insurance launched a review of the rate increase they had previously approved for Anthem Blue Cross Blue Shield individual policies.  It was a process that was supposed to be finished in just a couple months, but might end up taking the rest of the year as analysts consider all of the data involved in determining what rates were appropriate for 2010.  Anthem is so far the only Colorado carrier that has been subjected to such protracted scrutiny by the Division of Insurance, but as we noted when the issue first came up, Anthem’s 2010 rates were very much in line with what other individual carriers were charging this year.  It remains to be seen whether other carriers’ rate increases will be reviewed this thoroughly in future years, but one of the provisions on the PPACA is to provide money to the states specifically for the purpose of reviewing proposed rate increases.

Colorado will get $1 million to use for more extensive review of future rate increases, and the Division of Insurance has proposed hiring more analysts and actuaries to examine the data that is filed each year by the insurance carriers.  The rate proposals will get more scrutiny, which is a good protective measure for consumers.  But insureds could still see hefty rate increases thanks to the ever-increasing cost of health care.  In CA, after months of review, regulators still approved a double digit rate increase for Wellpoint policies (14% average, with individual increases as high as 20%).  If the cost of health care continues to increase at its current pace, health insurance premiums will also continue to climb.  A more thorough review of the extensive data involved in determining health insurance premiums makes sense, but without significant measures to cut the cost of health care, those reviews may find that there is no way around raising premiums year after year, often by noteworthy amounts.

Choosing personalized health insurance to fit your lifestyle should be a priority.  There is no reason to pay for benefits that you will never use.  Mega Health Insurance prides itself on personalizing health and supplemental insurance plans that can be tailored to meet the consumer’s specific needs.

Many health insurance companies are steering in this direction.  Building a specific health insurance package for the individual is a unique way to meet customers’ needs.  They can even consider price to fit any size budget.  That is invaluable in today’s environment where consumer’s are saving as much as they can.

Mega Health Insurance offers programs for almost anyone, including families, individual health insurance, small business plans, and plans for those who are self employed.  There’s also convenient supplemental insurance options to save even more money.  You can add certain benefits to a base plan as you need them so you aren’t paying for benefits you don’t need.  This extra coverage can mean everything if you are hit hard with health care expenses.  With health care costs rising quickly, this is an extremely beneficial feature.

Throughout this year, the Independence Institute has been working to get a measure on the ballot in Colorado to block the health care reform legislation that would require everyone to have health insurance starting in 2014.  Yesterday, the Colorado Secretary of State confirmed that the amendment supporters have gathered enough signatures to get the measure on the ballot, so it will be up for a vote in November.

Interestingly, the amendment wording does not make any attempt to reverse the provisions in the PPACA that require health insurance carriers to accept all applicants as of 2014.

If I understand it correctly, the backers of the Right to Health Care Choice Initiative want a health insurance system that would require health insurance carriers to accept everyone who applies (since they seem to have no problem with that part of the PPACA), but with no requirement that people purchase health insurance.  While I can understand the desire to be free from government regulations that direct how we conduct our lives, this particular freedom only works if the health insurance carriers can be free to determine which applicants they will accept and which they won’t (the way our system currently operates).

Most people I’ve talked to can see the problem we would have if we were to remove the guaranteed issue aspect of health care reform but keep the mandate portion (ie, require everyone to purchase health insurance but still allow health insurance carriers to underwrite based on medical history).  For some reason, the opposite scenario doesn’t seem as far-fetched to a lot of people.  But in reality, it just wouldn’t work.  I cannot see any conceivable way that health insurance premiums wouldn’t dramatically increase if all individual policies had to be guaranteed issue but people could come and go as they pleased from the health insurance system.

Regardless of whether amendment 63 passes or not this fall, federal law still overrules state law and Colorado will have to go along with the provisions of the PPACA unless there are changes to the law on a federal level.  But it will be interesting to see what the people of Colorado think about this issue.

During this time of economic transition, it can be challenging to know who you can trust.  Health insurance is undergoing a huge overhaul and health insurance companies are working hard to keep up.  This is the time where having a big name health insurer will come in handy.  You know a company such as State Farm Health Insurance will maintain their high standard of care during these tricky times.

State Farm understands how hard it is to shop around for health insurance quotes and they make it easier by offering an extremely user-friendly website.  They know protecting your family is your main priority and they have the products available to make this possible.  They have individual medical coverage, Medicare supplement insurance, Medicare Part D coverage, as well as hospital income coverage, also known as Supplemental Medical.

Benefits may be paid through State Farm for necessary hospitalization, accidental injury, outpatient surgery, extended care, and intensive care.  And of course it’s a name and brand you know you can trust and count on.  If you are in the market for health insurance be sure you do your homework, especially now.  Many insurance companies are nervous for the transition and may be cutting benefits and increasing premiums to the point that you are not getting value.  Continue to shop around for health insurance quotes, even if you already have adequate coverage.