Milliman: Commercial health insurance financial results provide insight into Affordable Care Act program stability
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Key takeaways from Milliman's report include:
Underwriting margins in the individual market deteriorated from a 6.0% earned premium loss in 2014 to a 9.6% loss in 2015. 2015 underwriting losses were due in large part to the risk corridor program funding shortfall.
With no funding currently scheduled, the cumulative risk corridor payment shortfall has reached
Since 2013, individual market enrollment has increased from 10.9 million to 17.5 million driven by the introduction of the insurance marketplaces and associated premium assistance. Conversely, the fully insured small group enrollment has shrunk from 17.3 million to 14.7 million attributable primarily to fewer small employers offering coverage.
The insurance marketplaces continued to take on a greater role in the individual health insurance market with 56% of estimated 2016 market-wide enrollment attributable to coverage purchased in the marketplaces relative to only 36% in 2014.
From 2014 to 2016, the percent of individual market enrollees receiving premium assistance has increased from 31% to 47%. Similarly, enrollment in cost-sharing reduction plans is estimated to have increased from 21% to 32% of national individual market enrollment.
"Milliman's overview of financial results provides a comprehensive look at insurers' financial experience as well as the number of Americans impacted by marketplace subsidies under the Affordable Care Act," said
To view the complete report, go to http://us.milliman.com/insight/2017/2015-commercial-health-insurance-Overview-of-financial-results/. To receive regular updates of Milliman's healthcare reports, contact us at HYPERLINK "mailto:[email protected]" [email protected].
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