A Virginia Solution to a Washington Problem
The rate insurance premiums have risen faster than inflation
Business Case For a Private Option
The Affordable Care Act (ACA) has created major uncertainty for the business community. New taxes, fees and looming threats of penalties have left much of the business community weighing their options to control costs. Insurance premiums for Virginia businesses have risen 32% faster than the rate of inflation, in part because of the cost shift of the uninsured.
Currently, Virginia’s businesses are being double-taxed to cover the increasing cost of the uninsured, taking money away from expansion, growth and job creation.
Businesses will incur on average, $1.8 billion in ACA-related taxes per year to pay for federal health care reform, regardless of whether or not the Commonwealth opts to expand Medicaid. In usual fashion, the federal government is requiring all the states to expand Medicaid coverage in order to receive any of these taxes back to their state. If Virginia does nothing, we receive nothing except a bill to be paid by Virginia’s businesses.
That is why Virginia must create a private option that rejects the inefficient, federally-designed Medicaid program.
Cost per year to Virginia hospitals in uncompensated care
A review and audit of the state’s current Medicaid program (over 20% of Virginia’s entire budget)
Private Health Plans
Newly eligible adults should be enrolled in a private health plan that allows for greater oversight and provides the Commonwealth the greatest return on investment.
Virginia should reject the federal Medicaid system and implement a Virginia system that will redesign the Medicaid benefit structure to promote responsibility and accountability while also encouraging preventative care and mental health services.
Enrollees must be employed or actively seeking employment.
Enrollees should be encouraged to control their use of health care services and to maintain healthy behaviors by requiring a cost sharing approach. The portion paid by the enrollee would be reduced by demonstrating their engagement in healthy behaviors.
Checks and Balances
The Virginia General Assembly will have to renew the program every 4 years, allowing for timely review and analysis of the program.
Virginia's Financial Future
Taxpayers must be held harmless should the federal government fail to meet its funding commitments for new enrollees under ACA by authorizing Virginia to withdraw from the program.
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