The Trump administration is considering encouraging lowering drug costs through outcome-based contracts, but there is little evidence the approach works.
NYS Entity Status
NYS Filing Date
FEBRUARY 11, 2013
NYS DOS ID#
NYS Entity Type
FOREIGN LIMITED LIABILITY COMPANY
2013 - GUARANTEED RATE INSURANCE BROKER LLC
2013 - GUARANTEED RATE INSURANCE, LLC
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By Chad Terhune - Friday Aug 11, 2017
Among all the reasons for rising health insurance premiums, this one might be the most obscure: A long-term care insurer in Pennsylvania just went belly-up.[...] failures are rare, but when they happen, other companies are responsible to help pay claims and protect policyholders through groups known as state guarantee associations.In these situations, long-term care coverage is treated as health insurance, so health insurers are liable for the payments — and some are disputing that.Industry analysts estimate that Penn Treaty has long-term claims liabilities approaching $4 billion, but only about $700 million in assets.Health insurers can pass along those costs by imposing premium surcharges, or they can shift the burden to taxpayers by paying less in state premium taxes.Anthem, the nation’s second-largest health insurer, estimates it will pay $253.8 million to cover its portion of claims.Most state guarantee associations will provide up to $300,000 for each policyholder who files a claim, but the limits vary by state.In California, more than 130,000 people who bought long-term care policies from the state workers’ retirement system received 85 percent rate hikes in recent years.Virtually all of the health insurance companies, especially the big ones, have never sold long-term care insurance,” Belth said, “so they are not appreciative of being assessed.
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