State Regulators Urged to Reject Double-Digit Health Insurance Rate Hikes At Hearing
The two insurers said they have little choice but to seek the higher rates for 2018. Younger and healthier people are shunning the Affordable Care Act, or Obamacare, leaving a risk pool of sicker people whose reliance on health care is driving up costs, they said.
The insurers also say federal health insurance policy is unsettled as
"We are essentially blindfolded," said
"I don't know of anyone in this room who's had a 33.8 percent raise," said Malone, 58. "I'd like you think about everybody. Even the little guy."
State Sen.
"Unfortunately, the process is broken," he said.
"People cannot afford it," she said. "I'm begging you, please help these people. We get the calls. Not you."
Other critics said the increases are particularly painful because economic growth in
Another source of uncertainty that Augur cited is whether the federal government will continue to fund a subsidy known as a cost sharing reduction that lowers the amount paid for deductibles, copayments, and coinsurance.
Wachtelhausen, too, took aim at growing uncertainty in the market as
Hospital consolidations and pricey prescription drugs also are contributing to higher insurance costs,
Insurance Commissioner
In all, 10 health insurers are seeking rate increases for next year averaging 15.2 percent to 33.8 percent for individual plans. The increases for premium plans range from 19 percent to 52 percent.
For small group insurance -- employers with 50 or fewer workers -- average rate requests are up 3.6 percent to 31.6 percent.
The increases would affect 270,000 insured customers, state insurance officials said.
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