In a bid to keep at least one insurer on the exchange in every county, "the department allowed insurers to adjust their rate filings to reflect their emerging 2016 experience and their concerns regarding potentially large influxes of enrollment due to the ongoing volatility in the individual market," regulators said in a filing approving an average rate increase of 28.4 percent for individual plans offered by IBC subsidiary
The approved increases for QCC, which sells traditional preferred-provider plans, ranged from 16.6 percent to 39.9 percent, regulators said. The lowest monthly premium for a 40-year-old nonsmoker in a mid-range "silver" plan will increase 16.6 percent, to
The HMO increases ranged from 12.1 percent to 39.5 percent. A 40-year-old non-smoker will pay
"It is the department's hope that this rate increase represents a one-time correction to previous underpricing, and that in future years insurers will not need rate increases significantly above standard increases in medical costs," regulators said in the rate-approval filings for IBC, the biggest insurer in five-county
"Headline rate changes do not reflect what these consumers actually pay because tax credits reduce the cost of coverage below the sticker price and shopping helps consumers find the best deal," Gold said.
The plans in question are largely for individuals who cannot get group insurance through their employers. Consumers can start shopping online
Monthly premiums are just part of the cost for consumers -- they do not include out-of-pocket expenses, such as deductibles and co-pays. In many parts of
"Making sure the public is aware of these increases now is important to give consumers the time they need to make the best health-care decision for both themselves and their families, said Insurance Commissioner
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