With the third open enrollment period right around the corner, health insurers and states are reporting their finalized premium rates for 2016--and the rate hikes aren't small.
While some insurers around the country have proposed drastic rate hikes, Maine Community Health Options, the state's consumer operated and oriented plan that serves Maine as well as New Hampshire residents, has been able to keep prices in check.
The health insurance premiums for 2016 will differ from 2015 rates due to a number of reasons, but it's largely because insurers had limited information regarding the risk profile of the market as a whole at the time rates were filed. Another factor affecting 2016 premiums, according to an issue brief from the American Academy of Actuaries, includes the reduction of reinsurance program funds.
When state regulators are authorized to review insurers' proposed rate increases, premiums are lower.
Despite millions of federal payouts under the Affordable Care Act's risk programs, some insurers say they're still in the red for their ACA plans, mostly because newer members are sicker and more expensive to cover.
The Supreme Court released its long-awaited opinion on King v. Burwell this morning in a 6-3 vote to uphold the Affordable Care Act's federal subsidies.
California insurers are raising rates by an average of 4.2 percent, but state insurance officials aren't challenging the increased premiums. However, they are scrutinizing insurers' narrow networks, reported the Los Angeles Times.
There are certain factors at play in the health insurance market that indicate rates not only won't decrease, they will continue to rise, according to Forbes.
The Obama administration's decision last fall to let consumers keep certain plans that weren't compliant with the Affordable Care Act may have led to some insurers proposing higher premiums...
Premiums grew by 10 percent or more each year during the pre-Affordable Care Act period of 2008 through 2010, according to a new report from the Commonwealth Fund. In 2008, premiums increased by 9.9 percent, followed by 10.8 percent in 2009 and 11.7 percent in 2010.