Insurers are no longertreading lightly with premium increases.

Saying that they are paying out more in medical costs than theyare receiving in premiums from their members, insurers aredramatically hiking rates for the plans they offer through thefederal and state Affordable Care Actmarketplaces.

Some of the biggest proposed increases were recently highlightedin The New York Times:

  • Blue Cross Blue Shield of Tennessee: 63 percent.

  • Blue Cross Blue Shield of Texas: 60 percent.

  • Blue Cross Blue Shield of Oklahoma: 49 percent.

  • Humana in Michigan: 39 percent.

  • Humana in Missouri: 34 percent.

For now, those are merely requests that have to be approved bygovernment regulators. In 46 states, that task is left to the stateinsurance commissioner, but in Oklahoma, Texas, Wyoming andMissouri, the Obama administration has determined that there is notsufficient state oversight of rate hikes, and so it will be federalregulators who will have the final say on premiums.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.