Author Topic: Credit scores impact new Affordable Care Act insurance plans  (Read 1266 times)

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Offline jmyrlefuller

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Credit scores impact new Affordable Care Act insurance plans
« on: October 09, 2013, 09:15:50 AM »
http://www.clickorlando.com/news/credit-scores-impacting-new-affordable-care-act-insurance-plans/-/1637132/22341034/-/l0jmq3z/-/index.html

by Louis Bolden
October 8, 2013

Many people signing up for health care in Florida through the Affordable Care Act have been shocked when they have to give proof of their credit score before they finish the process.

Anne Packham, one of many people licensed by the state to help people navigate the government's website, said on Tuesday that the credit check occurs so providers can make an educated decision about who to insure.

"If someone is defaulting on all of their bills they may not want to have them as part of their health plan," said Packham, the lead Navigator in Florida.

Participants with low credit scores could end up paying higher premiums, according to Packham, who said that ultimately the insurance company makes the call.

The government website healthcare.gov has regularly been bogged down, oftentimes showing users a message saying, "We have a lot of visitors on the site."

"We have a mixed bag right now," said Packham, referring to users being able to successfully navigate the site.

Offline alicewonders

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Re: Credit scores impact new Affordable Care Act insurance plans
« Reply #1 on: October 09, 2013, 09:25:20 AM »
This is a debacle.
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Online rangerrebew

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Re: Credit scores impact new Affordable Care Act insurance plans
« Reply #2 on: October 09, 2013, 11:46:23 AM »
People had damn well better not ask for a picture ID, though. :nono:
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Offline sinkspur

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Re: Credit scores impact new Affordable Care Act insurance plans
« Reply #3 on: October 09, 2013, 12:25:56 PM »
I'm just gonna take a guess that many of those who don't have insurance have low credit scores.  This is going to make the individual marketplace look like a high risk pool and skew the premiums to come in much higher than forecast.

All this nonsense about low premiums was nothing but a ruse.  Premiums through the exchanges will be astronomical.
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Offline jmyrlefuller

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Re: Credit scores impact new Affordable Care Act insurance plans
« Reply #4 on: October 09, 2013, 12:52:10 PM »
I'm just gonna take a guess that many of those who don't have insurance have low credit scores.  This is going to make the individual marketplace look like a high risk pool and skew the premiums to come in much higher than forecast.

All this nonsense about low premiums was nothing but a ruse.  Premiums through the exchanges will be astronomical.
Not to mention-- and some people on the comment section of the article mentioned this-- that while the insurance companies may not be able to punish someone for pre-existing conditions, they will be able to for prior unpaid debts from those pre-existing conditions. Since most of those people will probably have at least some such debts (as they were ineligible for insurance and had to pay out of pocket)... you end up with pretty much the same effect.

Offline raml

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Re: Credit scores impact new Affordable Care Act insurance plans
« Reply #5 on: October 09, 2013, 03:11:11 PM »
This is nothing new when I was selling insurance they checked your credit score and the triple A companies rarely accepted anyone with a bad credit report and they would have much much higher premiums if they ever did. People with bad credit ratings had to go to lower rated insurance companies and even there paid high premiums for coverage. That is why coverage though work which was a set price for individuals was what everyone wanted and now Obamacare has ruined that. 

Offline DCPatriot

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Re: Credit scores impact new Affordable Care Act insurance plans
« Reply #6 on: October 09, 2013, 03:41:23 PM »
This is nothing new when I was selling insurance they checked your credit score and the triple A companies rarely accepted anyone with a bad credit report and they would have much much higher premiums if they ever did. People with bad credit ratings had to go to lower rated insurance companies and even there paid high premiums for coverage. That is why coverage though work which was a set price for individuals was what everyone wanted and now Obamacare has ruined that.

I don't see how HEALTH insurance premiums should be affected by a person's credit rating.

If your premiums are current on the date of service received.... what's the problem?

Do they believe a person with bad credit will eat a dozen doughnuts every morning with their coffee?  Drive consistly 25 mph over the speed limit? 

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Offline Fishrrman

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Re: Credit scores impact new Affordable Care Act insurance plans
« Reply #7 on: October 09, 2013, 10:03:45 PM »
[[ Anne Packham, one of many people licensed by the state to help people navigate the government's website, said on Tuesday that the credit check occurs so providers can make an educated decision about who to insure. ]]

Lessee here....

Was not one of the reasons for "universal health care" to "insure the uninsured", many of whom are poor, with low or no incomes?

Isn't it common to find that those who are poor, with low or no incomes, often have poor credit ratings as well, because they don't have money with which to establish "good credit", or with which to pay their bills on time?

So....

If these poor folks, the unemployed, the homeless, etc., try to apply for "guaranteed health insurance" via ObamaCare, they'll face abnormally high premium rates because of their poor or nonexistant credit ratings?

And, because they do have low or no income, they may forego purchasing health insurance, because they can't afford the high rates?

How does this increase the ranks of the insured?


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