Health Insurers in Illinois’ Affordable Care Act Marketplace Propose Big Premium Increases for 2017

Health Insurers in Illinois’ Affordable Care Act Marketplace Propose Big Premium

Residents of Illinois, who buy health coverage through the Affordable Care Act's marketplace, could have to pay much higher health insurance premiums as has been proposed by insurers. Made public on Monday, the health premiums could increase as much as forty five percent. According to proposals that were posted by Heathcare.gov, Blue Cross Blue Shield, the leading insurer on Illinois' exchange proposes 23 to 45 percent increase for 2017 for individual health care plans.

Proposal from Coventry Health Care of Illinois is an increase in rate that is close to twenty one percent.

The proposed 2017 premiums were made public on Monday and the insurers blame the bigger proposed rate hikes mostly on changes in the costs for providing medical services.

In a statement, Blue Cross Blue Shield of Illinois said the proposed rate increases match those in many other markets in the country.

The statement said, "No final decisions have been made regarding our 2017 offerings. While some carriers have chosen to exit the market, we are working toward continuing to provide health insurance options for consumers in Illinois. However, that must be done in a sustainable way."

By August 23, the Illinois Department of Insurance will review the proposed rate changes and is likely to make an effort to negotiate for a lower settlement. Finally, the rates might be lower than what was proposed by insurers first.

Business: 
General: