Deadline Arrives for Health Insurers to Set 2018 Rates
The ACA plan premiums may increase an average of 45 percent in Florida next year due to health care insurers rate hike requests, according to Florida’s Office of Insurance Regulation.
Florida has six insurers selling plans on and off the exchanges in 2018 including: Blue Cross and Blue Shield, Celtic Insurance Company, Florida Health Care Plan, Health First Commercial Plans, Health Options, and Molina Healthcare of Florida.
Molina Healthcare requested the highest rate increase of 71.2 percent. Individuals with this coverage can expect their monthly premium to increase from $402 to $688.
Blue Cross and Blue Shield requested a 38.1 percent increase, Celtic Insurance Company requested a 46.1 percent increase, Florida Health Care Plan requested a 26.5 percent increase, Health First Commercial Plans requested a 39.3 percent increase, and Health Options requested a 36 percent increase.
On average, consumers in Florida can expect their monthly premium to increase from $463 to $671.
The Florida office notes declining insurer participation since 2015. In that year there were 21 participating insurers. In 2016 there were 19, in 2017 there were 14, and in 2018 there are nine, which includes the companies that participate off exchange.
Florida also reports there will be 42 counties in their state that will only have one health insurer participating on the exchange.