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The New York Times(1) has reported that marketplace premiums requested by insurance companies for 2016 will, if approved, be the highest premium increases seen in years. Carriers are requesting at least 10-30% increases in most states. Some requests are significantly higher – for example, Blue Cross and Blue Shield plans are seeking average increases of over 50% in Minnesota. Coventry (owned by Aetna) has requested an average of 22% increases in Missouri, and Blue Cross and Blue Shield of Kansas is requesting average increases of 37%.

As more health plans offered by these box companies are proving to be unsustainable, many small to midsize employers are now seriously considering partially self-funding as a way to move forward in this ACA environment.

GBS President and CEO James M. Deren stated, “I strongly believe that the outlook for the self-funded industry is extremely bright. In this turbulent healthcare landscape, more and more employers are finding value in the freedom and savings that self-funding can provide when implemented properly.”

GBS is a Third Party Administrator (TPA) headquartered in Springfield, Missouri. GBS has 25 years of experience in creating and administering self-funded health plans. A high level of flexibility and proven expertise gives GBS the ability to accommodate a diverse client base by developing innovative solutions, offering market-competitive pricing, and providing high quality service to help all clients achieve their individual objectives of lower healthcare costs, optimal health outcomes, and positive member experience.

To learn more about the options GBS can provide for your employee benefits,
request a proposal or watch this short video.

(1)
New York Times – Health Insurance Companies Seek Big Rate Increases for 2016.
Posted 3:26 PM  View Comments

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