Top 5 Things To Know | Insurers Raising Rates For 2015

As we move closer and closer to the 2015 open enrollment period, insurers in many states are beginning to release their expected 2015 premium rate increases for exchange plans. Yesterday, Florida state officials noted Florida Blue, the state’s largest insurer, would be raising its premiums by an average of 18 percent. Today’s Top Five Things To Know will take a closer look at states that have already released their rates.

  1. In Florida, Rates Are Expected Rise Between 11 And 23 Percent. According to state officials, “Fourteen companies, including three new insurers, are planning to sell to Floridians through in 2015. 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. Florida Blue, the largest insurer, is raising its premiums by an average of 18 percent. Humana proposed an average 14 percent increase for its HMOs, while Molina proposed a 12 percent average rate decrease.”
  2. Some New York Residents May See Double Digit Increases To Their Healthcare Premium Rates. According to The New York Times, “in their requests for 2015, some of the exchange’s most popular companies are asking for double-digit rate increases. MetroPlus is asking for an average increase of 18.5 percent, including 28 percent for customers in its high-end Platinum plan. Empire HealthChoice H.M.O. is asking for an increase of 18 percent, and Health Republic, conceived by the Freelancers Union, is asking for a 15 percent average increase, including nearly 19 percent for some customers.”
  3. In North Carolina, Rate Increases Are Stemming From Older, Sicker Individuals Flooding The Market. Initially Blue Cross sought to have a marketplace customer pool of about 50 percent being 34 years old or younger. However, after the enrollment period ended, only 32 percent of those that signed up matched this demographic. According to WRAL, “Forty percent are ages 35 to 54, and 29 percent are 55 or older.”
  4. The Average Rate Increase Across States Is 7.5 Percent. According to a recent report published by PricewaterhouseCoopers, 27 states and the District of Columbia have released premium rate increases for 2015.  While Nevada boasted a high of 36 percent rate increase, the average increase across the states is 7.5 percent. In addition, the average monthly premium – without subsidies  is $384.
  5. Premium Rates In Iowa Are Expected To Increase By 11.5 Percent. In PwC’s breakdown, Iowa is among one of the states releasing the highest average premium rate increases for 2015. According to their state map, Iowa is expected to raise rate by an average of 11.5 percent with the range being between 8.7 and 14.3 percent.

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