More than 500,000 Pennsylvania residents now have individual health insurance plans, majority through the federal marketplace.
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Individual health insurance costs could rise significantly next year, as Pennsylvania insurers have requested premium increases averaging 23.6 percent.
According to Alexis Miller, senior vice president of individual and small groups at Highmark, coverage has been costlier for those using the marketplace because they have higher medical bills. The department said Ambetter has proposed a rate increase below 10 percent.
The insurer initially dominated in the marketplace in Pennsylvania but reported losing hundreds of millions of dollars as a result; consequently, it raised premiums by about 20 percent this year, shedding half of its enrollees in the process.
“The GoBankingRate.com study found competition in states was a factor in keeping total costs down, so I am pleased Pennsylvania residents will continue to have a competitive health care market and a choice of health plans”, Commissioner Miller said.
Customers will get their first peek at their 2017 premiums in the weeks before the voters go to the polls in November, which could deliver uncomfortable headlines for Democrats in presidential swing states if the election is competitive in the fall. The video is on the department website, www.insurance.pa.gov, under the Consumers tab, by clicking on “Health”, and then on the video, “How Are Health Insurance Rates Decided”, under “Resources”.
In addition, 75 percent of the Pennsylvanians who purchased insurance for this year on the exchange received a federal subsidy that reduces their cost.
The income limit for a family of four to receive subsidies is $97,200. “Proposed rates aren’t what consumers pay”, he said.
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The Kentucky Department of Insurance posted rate requests from the state’s major insurance carriers on Wednesday. Individual premiums will vary. Final rates will be approved in October.
