Insurers Seek Big Rate Increases, Citing Sicker Obamacare Customers
The increases are in the 20 percent to 40 percent range and federal officials say they are determined to scale them back. But Oregon's insurance regulator OK'd some big rate increases in that state.
The New York Times:
Health Insurance Companies Seek Big Rate Increases For 2016
Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back. Blue Cross and Blue Shield plans — market leaders in many states — are seeking rate increases that average 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee and 54 percent in Minnesota, according to documents posted online by the federal government and state insurance commissioners and interviews with insurance executives. (Pear, 7/3)
The Wall Street Journal:
Oregon Backs Hefty Rise In Health-Insurance Premiums
Oregon’s insurance regulator has approved big premium increases sought by health plans for 2016 under the health law, and in some cases ordered higher raises than insurers requested, signaling that the cost of insurance for people who buy it on their own could jump after two years of relatively modest growth. Around the U.S., the biggest insurers have proposed hefty premium increases for the year ahead, based on what they say they now know about the costs of covering people newly enrolled under the Affordable Care Act. Supporters of the health law have been counting on state regulators to rein in hefty premium increases for the law’s third year in full effect. (Radnofsky, 7/3)