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Health Exchange Rates Poised For Increases
August 5, 2014
Individual health-insurance policies sold through a federal exchange could see an average rate increase of 13.2 percent next year, the Florida Office of Insurance Regulation said Monday.
The potential increases would vary among insurers that provide coverage through the exchange, which is part of the federal Affordable Care Act. The Office of Insurance Regulation said 14 insurers filed individual-market plans that complied with the Affordable Care Act’s requirements, including three newcomers.
Of the other 11, eight would increase rates an average of 11 percent to 23 percent, while three would decrease rates an average of 5 percent to 12 percent, the office said.
But Florida CHAIN, an organization that has advocated for the federal health law, issued a statement blasting the regulators’ analysis as misleading because many people receive subsidies that reduce the amounts they pay for coverage.
“The ‘analysis’ released today by OIR reveals nothing, except the extent to which the entity responsible for protecting Florida consumers is in a frenzied rush to mislead them as well as to assume their own conclusions,” Florida CHAIN said. “OIR’s hypothetical scenarios not only fail to shed meaningful light on what is happening with rates overall, they likely don’t apply to more than a handful of real-life consumers.”
lorida Blue, the state’s largest insurer, told Kaiser Health News last week it planned to increase rates by an average of 17.6 percent next year for customers who buy coverage through the exchange. The insurer, formerly known as Blue Cross and Blue Shield of Florida, pointed to a large number of older adults buying coverage through the exchange. Those adults often have higher medical costs than younger, healthier people. But the Jacksonville-based insurer also noted that premiums in the individual-insurance market have seen a series of double-digit increases in recent years, regardless of the exchange.
The state Office of Insurance Regulation does not have authority to approve or disapprove the rates.
Comments
5 Responses to “Health Exchange Rates Poised For Increases”
If you like your health care plan , you can keep it – If you like your doctor , you can keep him/her … when it was passed , if you want to know what’s in the bill you must pass it first – then find out what’s in it … Have We Heard This Before ?
UNAFFORDABLE health care act (Bull Crap)
That is correct, this monster is only going to get worst. Anytime the Government gets involved, it’s sure to be a train wreck. How much is this subsidy costing the taxpayer? My bet is we could have put all the uninsured on Medicaid and still save the Government money. One thing for sure my insurance wouldn’t have went up as much as it did. People need to just cancel or stop buying this crap and let it collapse on itself. This is nothing more than a money pit that you and I are forced into and will cost us a fortune before it’s done. I’m not for more Government regulations, but something needs to be done to these Doctors and Hospitals. They are highway robbery at best. Too many rich people trying to get richer at or expense. 4 days at West Florida hospital intensive unit came with a price tag of over $80000.00 for something I would say was not life threaten, just wanted to be cautions. That’s $20000.00 a day and the bills are still coming. That in my book is way too expensive for the average American to pay. The Government needs to regulate this industry and get cost back under control.
Just my two cents and wanting to get America back on track.
It’s interesting that last year the legislature passed, and Rick Scott signed into law, a bill that suspended the state governments ability to reject excessive rate increases. By contrast, in California, where the state government exercises strict oversight of the health insurance industry, the raise in rates next year will be 4.2%. Maybe this is how Rick Scott intends to recoup that $75 million he spent on his campaign since that whole drug testing people receiving unemployment benefits fell through.
It’s getting to where almost all available insurance is too expensive. A huge chunk of my monthly income goes to pay BC/BS of Florida (or whatever they are calling themselves these days) and I get less bang for the buck.
UNAFFORDABLE health care act