Indiana: Indy U Health Plans drop off exchange
2018 MIDTERM ELECTION
Time: D H M S
(sigh) I thought that last Friday was the deadline for carriers to decide whether they were in or out of the exchange for 2017, but between today's news out of Tennessee and now this, apparently that deadline only applies to those who will be participating in the 4th Open Enrollment Period:
Indiana University Health Plans is pulling out of the Obamacare marketplace in Indiana, just one month after state regulators approved its proposal to raise premiums nearly 15 percent.
IU Health Plans said Monday afternoon it had “restructured its product offerings for 2017” and no longer will be offering individual plans on the exchange. It said the change was necessary “to adapt to new market dynamics” as well as uncertainty created by withdrawals of several other insurers.
IU Health Plans have around 27,000 individual market enrollees, but they're sticking around the off-exchange market and I'm not sure how many are on vs. off-exchange, so I'm not sure how much this impacts IN's average rate increase, which I currently have down as around 18.5%.
IU Health Plans began offering coverage on the Obamacare exchanges in 2014 and covered about 27,000 people under the policies as of June, according to a filing with the Indiana Department of Insurance. IU Health said all its health plans cover about 200,000 members in Indiana, including IU Health employees. The organization will continue to offer individual coverage outside the exchanges for next year in the 62 Indiana counties it serves. It also will continue to offer commercial and Medicare Advantage plans.
In August, the Indiana Department of Insurance approved six plans submitted by insurers and posted the rates on its website. It had given the OK for IU Health Plans to increase premiums an average of 14.9 percent. The latest move by IU Health will take that down to five options: Anthem Inc., CareSource Indiana Inc., Coordinated Care Corp., Celtic Insurance Co. and MDwise Marketplace Inc.