Some Steep Premium Increases Seen As States Begin To Approve Insurers’ Rate Plans
The numbers for 2017 premiums for marketplace plans are slowly coming out and show a wide range of increases. Tennessee authorities approved a 62 percent increase for one of the state's biggest plans, while in Ohio the hikes start at more than 12 percent. Other insurance news from Illinois and Wisconsin.
The Wall Street Journal:
States Start To Approve Steep Increases In Health Premiums
The first handful of states have released approved 2017 rates for people who buy health insurance on their own and the results so far are consistent with what many expected: There are significant increases in premiums for next year. ... Some insurance regulators have begun announcing their approval of rate increases, including an average jump of 62% for the biggest plan in Tennessee and increases of around 43% in Mississippi and 23% in Kentucky for large carriers. ... Health plans, stung by large losses in the rocky early years of implementation of the 2010 health law, say they need to raise prices substantially to keep their offerings afloat. Federal officials say some increases reflect the planned end of provisions in the law designed to cushion insurers. They say other shifts are predictable as plans adjust to the law’s overhaul of insurance pricing to require it to be sold equally to all customers regardless of medical history or risk. (Radnofsky and Armour, 8/24)
Columbus Dispatch:
Despite Increases, Feds Say Obamacare Remains Affordable For Ohio Enrollees
Ohioans insured through the Affordable Care Act will have fewer providers to choose from next year and will pay more for coverage. People insured through the federal exchange in Ohio will see premiums increases of 12.6 percent or higher in 2017 than they paid this year, according to the Ohio Department of Insurance. And the 17 insurance companies that offered coverage on the federal exchange will dwindle to 11 in 2017, according to the department. (Sullivan, 8/24)
Chicago Tribune:
Illinois Submits Obamacare Insurance Premium Increases To Feds
Illinois consumers are one step closer to facing sky-high increases for individual health insurance plans purchased through the Affordable Care Act's marketplace. The Illinois Department of Insurance said Wednesday it has submitted rate increases to the federal government that for some types of plans average 43 percent to 55 percent. (Schencker, 8/24)
Milwaukee Journal Sentinel:
MHS Health To Drop ACA Plans In State
MHS Health Wisconsin, the brand name for Managed Health Services, is pulling out of the Wisconsin market for health plans on the marketplaces set up through the Affordable Care Act next year. The health plans are sold under the name Ambetter. In a statement, MHS Health Wisconsin said it has notified the people enrolled in the health plans that their coverage will expire at the end of the year. (8/24)
The Fiscal Times:
The Latest Sign That The Obamacare Exchanges Aren’t Working In Many Markets
In the wake of Aetna’s recent announcement that it was pulling up stakes in 11 of 15 states where it had been selling insurance on Obamacare exchanges, there are more alarming signs that other major insurers are struggling to remain in the game. On Tuesday, three of the major players in Tennessee — Cigna Health Insurance, Humana and Blue Cross Blue Shield — were granted huge double-digit premium increases for the 2017 season beginning in January amid a warning from the state’s insurance commissioner that the Obamacare markets were “very near collapse.” (Pianin, 8/24)
