FL – 44.7% Proposed PPACA Rate Increase for 2018

October 2017 ~

The Florida Office of Insurance Regulation (FLOIR) has announced the submission of proposed rates for 2018 Federal Patient Protection & Affordable Care Act (PPACA) health insurance plans.

According to the press release, rates for individual major medical plans which comply with the coverage requirements of PPACA may increase an average of 44.7% at the start of next year. 31% of which will be allotted to Silver plans offered on the Exchange.

The FLOIR states that most consumers with the Silver plans will not experience and increase in out-of-pocket costs, as the federal premium subsidy will also increase to absorb this extra cost, and could potentially see a slight decrease in out-of-pocket health insurance premiums in 2018.

Consumers enrolled in a Silver on-Exchange plan that do not receive a premium subsidy will have the option of purchasing a similar off-Exchange Silver plan without this extra cost, according to the release. Plans other than the on-Exchange Silver plans will increase an average of 18%.

A total of nine health insurance companies submitted rate filings for the FLOIR’s review. Florida will have 42 counties that are served by only one carrier in 2018 versus the 14 participating companies in 2017. The release states these rate filings consisted of individual major medical plans to be sold both on and off the Exchange.

Federal review of the rate filing information has not been finalized by the Department of Health & Human Services and is subject to change.

For more information, see the Individual PPACA Market Monthly Premiums for Plan Year 2018.

 

 

Source(s): FOI Press Release; Florida Trend; ACASignups.net; jacksonville.com;

 

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