Private Health Insurance for the Elderly: Hearing Before the Subcommittee on Commerce, Consumer Protection, and Competitiveness of the Committee on Energy and Commerce, House of Representatives, One Hundredth Congress, First Session, July 22, 1987, Volume 4

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Page 1 - HOUSE OF REPRESENTATIVES, COMMITTEE ON ENERGY AND COMMERCE, SUBCOMMITTEE ON COMMERCE, CONSUMER PROTECTION, AND COMPETITIVENESS, Washington, DC. The subcommittee met, pursuant to notice, at 10 am, in room 2322, Rayburn House Office Building, Hon.
Page 53 - While it may be impossible to eliminate these problems entirely, better education and reasonable disclosures and warnings should reduce the magnitude of these problems significantly. Many insurers and agents do not warn potential customers that they do not need more than one Medigap policy. To better inform senior citizens of this fact, disclosure sections on duplication of coverage should be required on application forms and outlines of coverage. Since Medigap policies differ, the section should...
Page 3 - Chairman of the Subcommittee on Health and Long-Term Care of the House Select Committee on Aging...
Page 40 - Hurst, and I am a member of the board of directors of the American Association of Retired Persons. On behalf of...
Page 23 - ... analysis had nationwide 1984 premiums of $1.3 billion, and Prudential — with a 1984 loss ratio of about 78 percent — had almost 25 percent of that business. For the individual policies of all commercial insurers studied, the weighted average loss ratio was about 60 percent for 1984. In other...
Page 8 - SADLY, IT HAS ALSO RIPPED GIANT HOLES IN THE FIXED INCOMES OF OLDER AMERICANS WHO HAVE NOT KEPT PACE WITH THE RISING HEALTH CARE COSTS. SENIOR CITIZENS TODAY ARE SPENDING MORE OF THEIR INCOME FOR HEALTH CARE THAN BEFORE ; MEDICARE WAS ENACTED. COUPLED WITH THE INCREASED COST OF SERVICES COVERED BY MEDICARE ARE THE BANKRUPTING COSTS ASSOCIATED WITH SERVICES NOT COVERED BY MEDICARE OR MOST PRIVATE INSURANCE FOR THAT MATTER.
Page 56 - Do you have any information you can share with us as to what you know about even preliminary involvement by the private sector in long-term insurance capability?
Page 40 - Medicare beneficiaries' liability for acute care medical costs consists of two components: (1) Medicare cost-sharing requirements (ie, deductibles and coinsurance) for covered services, and (2) expenditures for non-covered medical services and goods. The second category of liability is by no means insignificant; we estimate that, on average, for every $1.00 beneficiaries incur in coinsurance and deductibles, they spend an additional $.50 to $1.00 for non-covered acute care services and goods.
Page 24 - ... individual policies included in our review. We obtained data on 56 commercial policies and 6 Blue Cross/Blue Shield policies. These policies represented over 53 percent of the 1984 earned premiums for all individual policies included in our review. The 1985 loss ratios were basically the same as those for 1984, generally changing by only a few percentage points. Overall, the 56 commercial policies, with total 1985 earned premiums of $1.1 billion, had a weighted average loss ratio of about 65...
Page 37 - ... Association's position on the ability of the private insurance industry to protect older Americans from the inadequacies of Medicare's coverage. The Association offers its members a Medicare supplemental insurance plan that fills many of the existing gaps in Medicare coverage. We believe, however, that filling such gaps through the Medicare program is inherently the most efficient way to insure against acute care catastrophic costs. Accordingly, we welcome any meaningful improvements in the Medicare...

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