Will HMO Plans Leave Health Insurance Exchange in Virginia?
VHI Releases Financial Data in new Compare HMO report
RICHMOND, Va., Oct. 14, 2016 /PRNewswire-USNewswire/ -- Beginning Nov 1st, uninsured consumers will be able to enroll in health insurance coverage under the Health Insurance Marketplace at Healthcare.gov. According to Virginia Health Care Foundation, 12.5% of Virginians under the age of 65 are currently uninsured; approximately 874,000 people. Although this number is lower than previous years, Virginia still has a high number of citizens with unmet health needs who are unable to receive the care they need.
HMOs reported to VHI that in 2015 there were over 1.3 million commercial members in Virginia HMO plans, an increase over the past few years. Nationally, some health insurance companies offering HMO plans have announced their departure from certain statewide exchanges citing financial loss as their primary reason. The good news is that HMOs currently in the Virginia statewide marketplace will remain for the upcoming 2017 Open Enrollment period. Virginia Health Information has released HMO plan information, including financial data, on 10 HMO carriers within the Commonwealth who also participate in the Health Insurance Marketplace. According to the report, 8 of the 10 HMOs reported a positive profit ratio for 2015, an average of 3.79% overall.
Published online and free to consumers at Compare HMOs, this report contains five years of comparable information in addition to financial data. VHI allows consumers to compare these plans on cost and quality using eight new HEDIS additional measures creating a wider and more in-depth report for the consumer. These new measures include Call Answer Timeliness, Aspirin Use and Discussion, Asthma Medication Ratio, Antipsychotics, Cervical Cancer Screening in Adolescent Females, Antibiotic Utilization, Mental Health Utilization and Plan All-Cause Readmission.
Consumers are still able to compare plan pricing, quality of services such as immunizations/screenings and member satisfaction for each carrier to determine their individual best value. For more information and to view the full report, please visit www.vhi.org/hmo_compare.asp.
Virginia Health Information (VHI) is the nonprofit organization that businesses, consumers, the Commonwealth of Virginia and health insurance companies go to for health information. VHI publishes reports and consumer guides on health insurance, hospitals, HMOs, nursing facilities, physicians and other topics at www.vhi.org. To find the latest updates on health care data and statistics, find and like VHI on Facebook at www.facebook.com/vahealth.
Virginia Health Information
102 N. 5th Street, Richmond VA 23219
Phone (804) 643-5573
Copyright © 2016 Virginia Health Information, All rights reserved.
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Michael T. Lundberg, Executive Director
Phone: 804-644-7026 Web Site: www.vhi.org
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SOURCE Virginia Health Information
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