Insurance costs cuts at risk due to impasse
As a result, that could mean a sharp rise in premium rates if the
The program uses state funds and a larger sum of matching federal grants to run a reinsurance program – basically, a backstop plan that covers the cost of health insurers' biggest claims.
That reinsurance allows the insurers to cut their premium rates to reflect the benefit of that backstop. For 2023, the reinsurance program reduced premiums by that 19.5%, the
But to offer the reinsurance next year, the draw from the state's
And to draw down the necessary federal money, the federal government requires a commitment that the necessary state funds will be there.
That sum would be
"We take asking for a rate increase very seriously," Citizens makes case for potential double-digit increases in insurance rates
231808 DEMONTA HOLMES
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News