2024 Rate Changes

via the Maine Insurace Dept:

Each year insurers that sell Individual and Small Group plans in Maine's pooled risk market must submit their proposed forms and rates to the Bureau of Insurance, using the System for Electronic Rate and Form Filing (SERFF). Details of the filings submitted to the state since June 10, 2010 can be viewed in the system.

To see details of a filing, click on the Search Public Filings button below and paste or type in the relevant SERFF Tracking Number listed in the table (no need to complete the rest of the form).

Anthem Health Plans of Maine:

Drivers of Rate Increase

via the Maryland Insurance Dept:

Health Carriers Propose Affordable Care Act (ACA) Premium Rates for 2024

  • Public Invited to Submit Comments

BALTIMORE – The Maryland Insurance Administration has received the rate filings containing the proposed 2024 premium rates for Affordable Care Act (ACA) products offered by health and dental carriers in the Individual, Non-Medigap and Small Group markets, which impact approximately 471,000 Marylanders.

via the Connecticut Insurance Commissioner:

The Connecticut Insurance Department has received a total of 10 rate filings from 9 health insurers for plans that will be available on the individual and small group market, both on and off the state-sponsored exchange, Access Health CT. As part of our regulatory responsibilities, we will conduct a thorough examination of these filings to ensure that the requested rates comply with state laws and regulations.

The review process will delve deeply into each submission, requiring insurers to provide justifications and supporting evidence. As always, the rate reviews will be comprehensive, continuing our ongoing efforts to promote transparency and accountability. By utilizing various tools, such as benchmarking and other industry best practices, we strive to maintain a fair and competitive insurance market while prioritizing the interests of consumers.


7/10/23: See update below

The Michigan Dept. of Financial Services hasn't issued any press release yet, but nearly all 2024 preliminary rate filings for the MI individual and small group markets are available via the SERFF database.

The only one missing as of today is UnitedHealthcare Community Plan, Inc.; they have most of their 2024 forms on record but there's no Actuarial Memo or URRT form included for the individual market, so I can't seem to find their actual requested rate changes or their enrollment as of March 2023.

In any event, I'm not seeing anything too odd here. Unlike other states with preliminary filings so far this year, Michigan carriers are seeking a fairly reasonable 5.6% average rate hike on the individual market and 7.0% for the small group market.

It's worth noting that two of the three indy market carriers asking for double-digit rate hikes (Alliance and HAP) both only offer off-exchange policies. The third, MacLaren, is also pulling out of the small group market entirely. It's also possible that Humana is dropping out of the small group market, although I'm not sure about that one.

Ouch. Via the New York Dept. of Financial Services, the preliminary, weighted average rate increases being requested for individual market health insurance policies for 2024 are looking pretty ugly indeed: 20.9% overall according to DIFS. I get a slightly lower weighted average of 20.7%, but it still ain't pretty.

Two of the highest increases are for carriers which are only offering policies off-exchange next year and which have fewer than 100 enrollees each anyway; I assume they're both winding down their operations in the state. There are also two carriers which appear to be leaving the NY individual market entirely this year.

As for the rest, they range from requested average increases of "only" 13.3% for MVP to a stunning 52.7% rate hike by Emblem (HIP). The justification summaries are below the table.

It's important to remember that these are not final rate increases--New York in particular has a tendency to slash the requested rate hikes down significantly before approving them:

via the Washington Insurance Dept.:

OLYMPIA, Wash. — Fourteen health insurers filed an average requested rate increase of 9.11% for Washington's individual health insurance market. The proposed plans and their rates are currently under review and final decisions will be made this fall.

"Nearly 250,000 people in Washington state get their health coverage through our individual market,” said Insurance Commissioner Mike Kreidler. “I'm pleased that so many insurers are filing plans again and to see such healthy competition. Now, we'll spend the next few months closely reviewing the companies' requests and the assumptions they’re making to be sure any rate change is justified.”


And here...we...go...

Every year, I spend months painstakingly tracking every insurance carrier rate filing for the following year to determine just how much average insurance policy premiums on the individual market are projected to increase or decrease.

Carriers tendency to jump in and out of the market, repeatedly revise their requests, and the confusing blizzard of actual filing forms sometimes make it next to impossible to find the specific data I need. The actual data I need to compile my estimates are actually fairly simple, however. I really only need three pieces of information for each carrier: