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Pricing and Health Plan Reviews

Price and your Health Plan Review

It’s the dirty word of health insurance.  Price.  Rates.  However you want to say it.  Health insurance has gone from being a relatively benign sigh when viewing your monthly budget to this giant and ever-growing blight on our nation’s finances.  How can we objectively review our plan’s health plan price when we would rather throw a wrench at it?  Great question so let’s dig into how to both review health plan pricing and read the reviews that are out there.  It’s all about expectations.

 

Caution…nasty reviews are found here

This is probably the one category of Hoodles health plan comparison website that’s most likely to get some nasty rankings and comments and with good reason.  Comparing anything requires finding the middle and ignoring the noise.  Our system automatically does that by showing the average score for a given health plan review.  If a person signs up for a health plan and gets a 30% rate increase 6 months later, they’re probably not going to be too happy and guess what, their health plan review is going to reflect this vitriol.  The system then becomes a platform for venting and hey, we’re okay with that if it makes the reviewer feel better after all.  To some extent, a 30% increase is ridiculous and merits getting a pound of digital flesh in the review process.  It was either under-pricing or poor planning on behalf of the carrier that would lead to such a large increase.  So be it.  That’s one side of the extreme and you have to take that into account.

 

Comparing Apples and Apples (expensive apples none-the-less)

With health plan reviews of pricing, the other extreme doesn’t get much equal play.  NO ONE is raving about their health plan rate or at least we haven’t met them.  All the health plans are very expensive and the trend forward with mandates and guaranteed issue is up, up and away.  Due to this negligence, the Pricing criteria in Hoodles reviews is going to skew to the lower end (more 1’s than 5’s).  Keep that in mind when looking at the scoring.  Ultimately, what is important is the RELEVANT score for pricing, meaning…how did this plan compare versus that plan for perceived value. That’s what we really want to get a snapshot of.  Did the health plan reviewers feel that the price they paid was about what was expected for the benefits they received?  If all the plans are down, that’s okay.   We want to be able to compare the plans side by side and they’ll all face the same pricing headwind.  It’s an even field which is fine for us.

 

How does the pricing stack up with other options and what you expected in benefits!

When you’re rating your health plan pricing, keep this in mind.  Was the plan priced well against other options on the market.  Was it priced accordingly to how the plan actually performed in terms of benefits, customer service, etc.  How often and how much were the rate increase that hit the plan.  This is a big part of your pricing “satisfaction” if there is such a thing.  We need an objective mind when reviewing something that we inherently don’t like…health plan pricing.

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