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Analyst Says Apple to Launch Health Insurance Product in 2024
When I see reports like this, my antennae go “who is this analyst and what is their predictive track record?"
AAPL has been talking about Apple TV, Apple Car, etc. Suddenly, it is Apple Healthcare.
Thanks. I did read the article before posting the reply and noted the reference to CCS Insight. It’s not an analyst I’ve seen before in my many years of keeping up with Apple news and rumors so it’s hard to judge the accuracy of their predictions. (Especially since Forbes has become a bit click-baity in recent years.)
It’s not AAPL who’s been talking about an Apple TV (though they have products in the streaming box and video service space) or an Apple Car, it’s outside pundits and analysts. AAPL is well-known for playing its cards close to its vest and doesn’t announce products until just before they’re ready to ship. Unlike other tech companies, it doesn’t talk about products under development that may or may not come to market.
This could be a gold mine for insurers to suddenly find a ton of 'pre-existing conditions' (aka your medical history) to deny or restrict coverage.
Does that prohibition also apply to insurers operating outside the ACA?
The ACA pre-existing condition requirement covers ALL health insurance plans unless it’s a grandfathered plan: https://www.hhs.gov/healthcare/about-the-aca/pre-existing-conditions/index.html
Medicare supplemental health insurance plans can deny coverage (except during initial open enrollment period or in special circumstances) based on health conditions.
There is a lot in the ACA that is specifically targeted to Medicare. So I don't wish to give the impression that the ACA does not apply at all to Medicare.
In addition to Medicare supplemental plans, the medical underwriting restrictions in the ACA do not apply to large employer plans. Though they do apply to small employer plans. The rationale for the distinction is that if a small employer has one employee who is costly to insure, and if the insurer consequently hikes the plan rate, it could become unaffordable for the employer. Health coverage for every employee might vanish as a result. https://www.cms.gov/CCIIO/Programs-and-Initiatives/Health-Insurance-Market-Reforms/Market-Rating-Reforms