Monday, 22 October, 2018

Pennsylvania's ACA Rates Set To Creep Up In 2019

New York health insurers seek big rate increases due to new federal tax law NY insurers blame double-digit rate hikes on Trump's repeal of individual mandate
Celia Hoffman | 08 June, 2018, 04:24

The individual mandate, a key component of the Affordable Care Act, helped mitigate against dramatic price increases by guaranteeing healthier insurance pools.

Health insurance companies that operate in NY have submitted their proposed rates for next year and some want to raise your rates by 20 percent, or more.

The Pennsylvania Department of Insurance said Tuesday that health insurers filed plans for 2019 requesting an aggregate statewide increase of 5 percent.

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Premium increases in the individual markets the past two years averaged just over 30 percent in Pennsylvania.

Fidelis, one of the insurers serving Central New York, is asking for the highest increase, 38.6 percent. Without the repeal, the weighted average increase request for NY insurers would have been 12.1 percent.

The repeal of the penalty is the biggest single justification offered by insurers for the increases, according to the state agency. "Instead of getting behind solutions that shore up these markets, the administration seems exclusively focused on undermining our health insurance system and the individuals and families who need to buy their coverage in the individual market".

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