States are beginning to release their 2015 medical insurance premium rates through the Marketplace. While North Carolina insurance rates won’t be available until later this fall, we can begin to get a feel for what’s to come. Here’s a list of recent announcements from other states:
- Blue Cross and Blue Shield of Florida stated they’re increasing insurance premiums on average of 17.6% in 2015. For those individuals that are enrolled on plans with smaller provider networks, the increase will be slightly less at 13%. These increases stem from an older population enrolling on the medical insurance plans. Additionally, those that enrolled on the Marketplace utilized medical services at a higher than anticipated level.
- New York is experiencing similar increases. Recent reports show that the largest 4 plans (representing approximately 65% market share) are requesting a 15% increase on average.
- California announced that rates will be increasing by 4.2% on average.
Based on what we are seeing in other states, it’s likely that the 357,000 individuals that purchased coverage through the North Carolina Marketplace can expect to see increases as well. The Marketplace has provided access to coverage and provided financial assistance to many, but it has not been a guaranteed solution for controlling the underlining cost of medical care. I predict North Carolinians will experience rate increases, so prepare for that possibly.
Speak with your HCW consultant if you have questions or concerns as we approach the release date for insurance premium rates.