The price hikes become even more astounding when compared with the average increases that the Affordable Care Act’s marketplace saw in the past three years, which hovered at around 11 percent before rising to 24.8 percent last year.
Next year, the average monthly premiums for plans range from $502 to $1,031.
Overall, Anthem is proposing a 35 percent rate increase for about 135,000 consumers who buy their own insurance in and outside the Covered California exchange. It’s the largest increase statewide and assumes that federal subsidies for copays and deductibles will continue to be paid. The second highest, also assuming the U.S. government will continue paying those subsidies, is 28.6 percent by Molina Healthcare.
Long-term care costs are surging and the most expensive option — a private nursing home room — may soon top $100,000 per year.
As Puerto Rico faces catastrophic damage, it must restore the health and safety of its citizens while navigating the bankruptcy process to help it reduce a $74 billion debt load and a broke pension system.
The Times says pensions, salaries and UC’s failure to contribute to the pension fund for two decades have left the retirement system in the red. Last year, there was a $15 billion gap between the amount on hand and the amount it owes to retirees.
In presentations on Monday, the pension oversight board was told that total employer contributions for KRS in Fiscal Years 2019 and 2020 would be an estimated $2.47 billion each year, up from $1.52 billion in the current fiscal year. Nearly $995 million of that would be owed by local governments. The remaining $1.48 billion is what the state would owe.
But Japan is struggling with a debt load equal to more than twice the size of its economy — one of the heaviest in the world — and has been looking to sell off state assets to fund spiraling social-welfare costs.
The junk-rated city is waiting to see how much aid it might get from the state, which itself is struggling with high taxes, falling revenue, $73 billion of pension and debt obligations and people and businesses leaving.
Connecticut faces a $3.5 billion deficit over the next two years and its budget is nearly three months overdue.
Critics say CalPERS has been hiding the enormity of the problem the same way a gambler hides their losses – by assuming that in the future, there will be huge and unlikely returns on their investment. Officially, CalPERS assumes a 7.2 percent annual rate of return on their investments -but most economists believe 3 to 4 percent is more realistic.
“With levels of outstanding borrowing approaching levels not seen since the economic crisis and households are increasingly financially vulnerable, debt is an issue that needs to become a priority for policymakers now,” said Mike O’Connor, chief executive of the StepChange debt charity.
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