Sunshine State’s Gloomy Obamacare Forecast: #RateShock
Florida Announces Premiums Set to Increase An Average
of 13.2 percent – Some Plans to Jump 23 Percent
Despite the president’s repeated promises to lower family premiums by up to $2,500 per year, the nation continues to see substantial increases across the county. The Office of Insurance Regulation in Florida this week reported that Obamacare exchange plans will experience significant increases. The Miami Herald reports, “Premiums for plans sold on the Affordable Care Act exchange next year will increase by an average of 13.2 percent. … According to the state report released Monday, most insurers propose double-digit premium increases, including the state's largest health insurer, Florida Blue, which announced last week that premiums would increase by an average of 17.6 percent for its exchange plans.” Florida joins a growing list of states that are already experiencing rate hikes, and following the recent GAO warnings of “bumps” ahead with HealthCare.gov, the forecast for many Americans is filled with rate shock and uncertainty.
August 4, 2014
Proposed prices for health plans in 2015 unveiled
Premiums for plans sold on the Affordable Care Act exchange
next year will increase by an average of 13.2 percent.
Floridians who buy health insurance on the individual market for next year will face an average increase of 13.2 percent in their monthly premiums, according to rate proposals unveiled Monday by the state’s Office of Insurance Regulation.
The rate proposals affect all Affordable Care Act-compliant health plans on the individual market, whether they’re sold through the federally-run exchange or not. Small and large group health plans typically offered by employers were not included in the data released by the state.
Fourteen companies filed ACA-compliant plans for Florida’s 2015 individual market, including three new companies that did not participate on the federally-run exchange last year.
Of the 11 returning plans, eight filed average rate increases ranging from 11 to 23 percent, and three filed rate decreases ranging from 5 to 12 percent, the state’s insurance regulator reported. …
According to the state report, the average monthly premium for a silver-level plan — the most common type of health plan selected by the nearly 1 million Floridians who bought a plan on the ACA exchange for 2014 — ranges between $938 and $1,452 for a family of four earning $51,000.
Those rates are before federal subsidies available to qualified consumers based on their household income, and which help them pay monthly premiums and out-of-pocket costs such as deductibles, copayments and coinsurance.
“Even with a federal subsidy, that could mean an out-of-pocket cost of $500 or more per month to have coverage that still requires Florida families to pay about 30 percent of expenses out-of-pocket,’’ read a statement from Florida’s insurance regulator. …
According to the state report released Monday, most insurers propose double-digit premium increases, including the state's largest health insurer, Florida Blue, which announced last week that premiums would increase by an average of 17.6 percent for its exchange plans.
Health First Insurance, which sold 15 types of plans on the ACA exchange in 2014, proposed an average increase of 23 percent for its PPOs plans next year — the highest jump of all companies offering coverage on the individual market, according to the state.
Humana, which offers 35 plans on the ACA exchange, proposed increasing average monthly premiums for its HMO by about 14 percent. …
Read the entire article online HERE.