Illinois Obamacare rates could soar as state submits insurance premium increases to feds
Rates could increase by an average of 44 percent for the lowest-priced bronze plans, 45 percent for the lowest-priced silver plans and 55 percent for the lowest-priced gold plans, according to a preliminary analysis released by the state Wednesday.
Here's what those percentages mean: A 21-year-old nonsmoker buying the lowest-priced silver plan in
In
Those numbers, however, don't include the tax credits that 75 percent of Illinoisans on the exchange now receive to help offset the cost of premiums.
The
Still, the double-digit rate increases are sure to spur questions among the 335,243 Illinoisans receiving insurance through the exchange. About 25 percent of exchange customers in
"While these rate approvals result in a very difficult outcome for consumers, they were necessary to ensure that all
The department did not make her available for an interview.
The state attributed the increases to the absence of certain payments promised by the federal government under the Affordable Care Act and rising medical and pharmaceutical costs, among other things.
"Just because it's a file and use state doesn't mean a state has no ability to push back on rates," said
"In order to continue offering plans in 2017, we must price our products for the anticipated health care needs for the entire market," Holmes said.
The preliminary analysis also showed dwindling choices for many
Cigna is new to the individual exchange in
Despite challenges, federal officials said Wednesday during a call with reporters that the Affordable Care Act has led to improvements in health care for many throughout the country.
"I think it's important to step back and remember what the health insurance market and individual market was like before the Affordable Care Act where folks with pre-existing conditions had no options for" appropriate coverage, said
___
(c)2016 the Chicago Tribune
Visit the Chicago Tribune at www.chicagotribune.com
Distributed by Tribune Content Agency, LLC.
Metlife Insurance Co Usa Files SEC Form 10-Q, Quarterly Report [Sections 13 Or 15(D)] (Aug. 12, 2016)
Why Life Insurance Benefits Have Sometimes Gone Unpaid In Illinois
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News