Health insurance companies have already had to file requests for rate increases in 2016, and many of those were made public on Monday, June 1.
The news does not look good.
The requests and rate increases apply to individual health insurance plans – those sold both on and off the government Marketplace.
In summarizing the release, Larry Levitt of the Kaiser Family Foundation told the AP, “It’s hard to generalize, but that said, I think all signs are pointing to bigger premium increases than in 2015.”
Insurance Companies Requesting Significant Rate Increases in 2016
Let’s dive into a few specifics that will be of interest to our clients. The requests that were made public were from insurance companies proposing a rate increase of more than 10%. Here are a few of the sizable increases requested, by state:
- Coventry: 30.9%
- Consumers Choice Health Plan: 18.45%
- UnitedHealthcare (off exchange in 2015): 19.58%
- Aetna: 15.57%
- Alliant Health Plan: 37.85%
- Blue Cross Blue Shield of GA: various policy blocks ranging 15-20%
- UnitedHealthcare 18.64%
- Blue Cross Blue Shield of NC: 26.41%
- Coventry: 23.14%
- UnitedHealthcare: 12.48%
You can find the increases and get additional info here.
A Few Things to Note About Proposed Increases
The increases requested above are a statewide average for each company. The actual increase may also depend on the particular plan selected, where in the state you’re located, and your age and family composition.
Again, we only have the information on companies requesting an increase of greater than 10%. So if you don’t see your health insurance company listed, the news may not be too bad (or they were granted an extension to make their filing).
These increases have not been finalized. Regulators will consider the carrier requests and the data they provide and determine if they should be approved or if changes should be made. Final prices won’t be available until at least October.
What Should You Do Now?
For now, there’s nothing to do. Again, the final rates almost certainly won’t be available until at least October. But as we move towards Open Enrollment for 2016, which opens in November, be prepared to shop around to see where the value will be – it often changes year to year.
We’ll be ready to help you in Open Enrollment, so plan to talk to us then!