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More price hikes likely for government insurance markets
Source: Associated Press
More price hikes likely for government insurance markets
By TOM MURPHY
Today
Early moves by insurers suggest that another round of price hikes and limited choices will greet insurance shoppers around the country when they start searching for next year’s coverage on the public markets established by the Affordable Care Act.
Insurance companies are still making decisions about whether to offer coverage for individuals next year on these markets, and price increase requests are only just starting to be revealed by state regulators. But in recent weeks big insurers like Aetna and Humana have been dropping out of markets or saying that they aren’t ready to commit. And regulators in Virginia and Maryland have reported early price hike requests ranging from just under 10 percent to more than 50 percent.
Increases like that will probably will be seen in other states, too, as insurers set prices to account for uncertain support from a federal government led by a new president who wants to scrap and replace the law, said Sabrina Corlette, a research professor at Georgetown Health Policy Institute. “For the consumer, they’re going to see big rate hikes,” Corlette said.
Prices for this type of insurance are already being affected by evaporating competition.
With the latest departures, more than 40 percent of U.S. counties would have only one insurer selling coverage on their marketplaces for next year, according to data compiled by The Associated Press and the consulting firm Avalere. That assumes no other insurers leave and none step in by the time customers start shopping for coverage in the fall.
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By TOM MURPHY
Today
Early moves by insurers suggest that another round of price hikes and limited choices will greet insurance shoppers around the country when they start searching for next year’s coverage on the public markets established by the Affordable Care Act.
Insurance companies are still making decisions about whether to offer coverage for individuals next year on these markets, and price increase requests are only just starting to be revealed by state regulators. But in recent weeks big insurers like Aetna and Humana have been dropping out of markets or saying that they aren’t ready to commit. And regulators in Virginia and Maryland have reported early price hike requests ranging from just under 10 percent to more than 50 percent.
Increases like that will probably will be seen in other states, too, as insurers set prices to account for uncertain support from a federal government led by a new president who wants to scrap and replace the law, said Sabrina Corlette, a research professor at Georgetown Health Policy Institute. “For the consumer, they’re going to see big rate hikes,” Corlette said.
Prices for this type of insurance are already being affected by evaporating competition.
With the latest departures, more than 40 percent of U.S. counties would have only one insurer selling coverage on their marketplaces for next year, according to data compiled by The Associated Press and the consulting firm Avalere. That assumes no other insurers leave and none step in by the time customers start shopping for coverage in the fall.
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Read more: https://apnews.com/03962a476b074f30bd4b77fb285ce40f/More-price-hikes-likely-for-government-insurance-markets
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