Insurers Raising Rates for 2015
June 9, 2014
As insurance companies submit their premium proposals for 2015, it is clear that some insured Americans are going to see massive rate hikes, reports the Fiscal Times.
- Arizona is the latest state whose insurers have proposed their premium rates for next year. For major insurers, the rate increases range from a 14.4 percent hike from Cigna to a whopping 25.5 percent hike from Humana.
- Of the three insurers selling plans through Connecticut's exchange, two (Anthem Blue Cross and Blue Shield and ConnecticutCare Benefit) have proposed a minimum increase of 10 percent. HealthyCT, the third insurer on the state's exchange, has actually proposed an 8.9 percent rate decrease.
- Moda Health, which led the state in signups during Oregon's enrollment period, has proposed a 12.1 percent rate increase. Other insurers have proposed smaller increases, with Regence BlueCross BlueShield looking to raise premiums by 5 percent and Kaiser Permanente Northwest only raising them by 0.2 percent.
Rates will not be finalized until the fall of 2014, but in March, America's largest insurers reported that they expected to raise rates in 2015, with expecting to offer premiums three times higher than in 2014.
Premiums vary from state to state. According to Kaiser Health News, the cheapest monthly premium for a silver plan available to a person in Southwest Georgia was $461, while a similar plan in Pittsburgh, Pennsylvania, went for just $164.
Source: Brianna Ehley, "Double Digit Premium Increases Coming in Some States," Fiscal Times, June 4, 2014.
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