Florida: *Approved* 2017 indy market rate hikes: 19.1% (vs. 17.7% requested)
2018 MIDTERM ELECTION
Time: D H M S
I appear to have something of a semi-exclusive here, if only because the Florida DOI isn't formally posting these documents on their website until tomorrow due ot the holiday weekend:
Office Announces 2017 PPACA Individual Market Health Insurance Plan Rates to Increase 19% on Average
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation announced today that premiums for Florida individual major medical plans in compliance with the federal Patient Protection & Affordable Care Act (PPACA) will increase an average of 19% beginning January 1, 2017. Per federal guidelines, a total of 15 health insurance companies submitted rate filings for the Office’s review in May. These rate filings consisted of individual major medical plans to be sold both on and off the Exchange. Following the Office’s rate filing review, the average approved rate changes on the Exchange range from a low of -6% to a high of 65%. This information can be located in the attached “Individual PPACA Market Monthly Premiums for Plan Year 2017*” document.
In addition, two tables showing the average estimated 2016 vs. 2017 health insurance premiums by Florida county in the individual market are being provided for a family of four with an income of $53,000* (see attached) and a single individual with an income of $27,000* (see attached). This analysis does account for federal premium tax credits (subsidies) to illustrate overall premium costs and both examples use the selection of a Silver plan. The Silver plan is the most frequently selected plan on the Exchange because it is the only plan where qualified consumers can take advantage of cost sharing assistance, while federal premium tax credits are available to qualified consumers at all plan levels through the Exchange.
Federal review of the rate filing information has not been finalized by the Department of Health & Human Services (HHS) and is subject to change. Further information can be obtained from each insurance company, the Federal Government website, the Office’s I-File Forms & Rates Filing Search System, and the Office’s Federal Health Care Insurance Reform webpage.
*These documents are not currently posted to the Office’s website due to the closure of state agency facilities in Tallahassee for Hurricane Hermine. They will be posted to the website as soon as the Office re-opens for normal business operations on Tuesday, September 6, 2016.
The average requested rate hikes for Florida ACA-compliant plans was actually a couple of points lower back in May, making Florida the latest state to approve rate increases higher than what the carriers had requested in the first place: