IBC seeks smaller hikes on Philly area’s 2018 Affordable Care Act plans
If granted, the company-average 8.5 percent increase would be far less than the 28 percent average increase that regulators approved for Affordable Care Act plans in effect this year. The rates could still increase dramatically if
Republican congressional leaders, urged on by
The turmoil has been frustrating for insurers, said
Not knowing whether subsidies, known as cost-sharing reductions, will be paid or if the individual requirement to buy insurance will be enforced or dropped is making it hard for Independence to commit to selling plans on the exchange for next year because without those pillars of the ACA, its average rate increase would soar into the high 20 percent range.
"We have made no decision at this point. Things are so fluid. We are looking for any sign of commitment to pay the CSRs, of commitment not to repeal the mandate, at least during a transition period to whatever comes next in 2020," Hilferty said Friday.
Insurers have until
Open enrollment will start
Independence's
For a 40-year-old nonsmoker, the monthly cost before subsidies of Keystone's cheapest Silver plan would climb 3 percent, to
The Independence unit that sells Personal Choice plans asked for a bigger average increase of 13.9 percent, with plan hikes ranging from 11.7 to 15 percent, the state said. These plans have 53,205 members.
The monthly cost before subsidies of the cheapest Silver Personal Choice plan for a 40-year-old nonsmoker would jump 13 percent to
Statewide, insurers asked for an average 8.8 percent increase.
"
Miller cited a study by consulting firm Oliver Wyman that predicted nationwide average increases of 5 percent to 8 percent to account for the cost of care. Insurers had a break in 2017 from the federal health insurer tax. Its return next year accounts for a 3 percent increase from that tax.
Other states, like
Miller warned that
The department has scheduled meetings to gather feedback on the rate requests. In the
___
(c)2017 Philly.com
Visit Philly.com at www.philly.com
Distributed by Tribune Content Agency, LLC.
Rauner tells Democrats to send him school funding plan or face special session
What’s the status of Obamacare?
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News