Average Insurance Premium Increase for Exchange Policies to Be 7.5 Percent
Premiums on the state and federal health insurance exchanges will rise by an average of 7.5 percent next year, according to a new analysis. Data compiled by the Health Research Institute (HRI) at PricewaterhouseCoopers found modest changes in premiums for 27 states and the District of Columbia, with the increases mostly falling short of dire predictions for ObamaCare’s second year. The average national increase of 7.5 percent is “well below the double-digit increases many feared,” HRI Managing Director Ceci Connolly wrote in an email. The highest proposed rate increase so far came in Nevada, where consumers with Time Insurance Co. might see their insurance premiums rise by 36 percent. Some consumers in Arizona, on the other hand, could see rates drop by 23 percent. Overall, the highest average price increases under ObamaCare so far have come in Indiana, where some consumers will see prices rise by 15.4 percent. The biggest average savings were found in Oregon, where premiums will drop an average of 2.5 percent in 2015. “The average individual monthly premium for next year, before any subsidies are applied, is $384,” Connolly wrote. “And insurance commissioners get a chance to weigh in on rates before fall enrollment.” Forecasts of massive “sticker shock” became a theme of last fall’s debate over the health care law as the administration struggled to launch HealthCare.gov, which serves as the enrollment portal for people in 36 states.
Source/more: The Hill