The approved rate hikes average almost 25 percent for individual policies and 13 for small group policies. The increases cover 17 filings by 12 different insurance companies.
"We understand that these rates will have an impact on consumers and their household budgets and we need to continue to look for ways to address costs while focusing on quality and access," Wade said in a statement.
State regulators are given the authority to scrutinize and amend rate increase requests for insurance policies sold to employers with fewer than 51 employees, as well as individual policies, sold with or without Obamacare subsidies. A total of 300,000 people are covered by the proposed rate changes.
Insurers around the country have been asking for substantial increases for Obamacare individual plans, because patients buying individual plans have been sicker than the typical person insured by an employer. Some insurers have reacted to the higher demand for services by exiting Obamacare in many markets. In
Anthem, which has more than 56,000 active individual policies, sold both on and off
Aetna covers more than 36,000 people through employer-based plans at small companies in
The state regulators didn't just reduce large increases. In the case of
Anthem was also ordered to recalculate its 11.6 percent request for small employer plans covering more than 42,000 people, as regulators said it was too high.
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