Revised Individual Market Health Insurance Rates Finalized
Commissioner of Securities and Insurance
PacificSource's overall average rate increase will now be 13.1 percent. It was previously 7.4 percent.
The new rate increases will only affect Silver-level health insurance plans on the individual market. Federal subsidies for low-income consumers remain intact, and will offset some of the increases. There is no change to any of the benefits provided by the plans. The rate changes do not affect other individual market plans, and have no effect on employer or government-provided health insurance plans.
All three
"I want to reassure Montanans that they will still have three insurance companies and multiple plan options to choose from when selecting health insurance plans on the individual market," Rosendale said. "I strongly encourage Montanans to look at all of their available options and shop for the plan that best suits their individual needs and budgets."
After initially saying last Friday that
"I remain incredibly disappointed and frustrated that the Montana Health CO-OP and PacificSource have chosen to raise rates on their customers," Rosendale said. "While we must continue to work together through changes at the federal level, both companies had assured me that they would have been able to honor their prior rates, even if CSRs were not paid. The companies will now have to answer to their customers for their reversal in that assurance."
"I want to specifically correct the premature and misleading information put out by the Montana Health CO-OP," Rosendale added. "The CO-OP will be staying in the
Rosendale reiterated the need for health care and health insurance reforms at both the federal and state levels.
"Our office is doing everything within our power to keep costs down as much as possible, but Obamacare severely limits what we can do," Rosendale said. "
The State Auditor's Office is working to update its rate sheets for specific insurance plans. Consumers will have access to plan-specific information before open enrollment begins on
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