Health insurance firms propose rate increase for next year

2 years 11 months 2 weeks ago Tuesday, June 09 2015 Jun 9, 2015 Tuesday, June 09, 2015 7:23:00 AM CDT June 09, 2015 in News
By: Vilma Obando, KOMU 8 Reporter
loading

COLUMBIA - People who pay premiums for individual health insurance policies - either directly from a company or through HealthCare.gov - could pay a lot more for insurance next year.

Insurance companies are proposing to increase rates by up to 34 percent in Missouri. Small businesses that buy group insurance policies for their employees also are likely to see an increase.

Changes to rates on group health insurance offered through large employers won't be released until later this year.

HealthCare.gov posted only proposals for an increase of 10 percent or higher in the 37 states using HealthCare.gov as their exchange. In Missouri 13 plans exceeded that 10 percent mark. According the report, the heaviest increases will fall on individual plan holders.

One of those companies includes Coventry Health Insurance who is asking federal regulators to approve an average rate increase of 23 percent. In a statement, Coventry said the combination of higher provider rates and increased use of health services by customers led to the double-digit premium increase. The insurer said it expects its medical costs to rise nearly 10 percent next year.

"The claims experience for these plans has been worse than anticipated," the company said in its rate filing information. "Part of the rate increase is needed to ensure that we can continue to offer coverage in this market."

Insurance brokers said big premium hikes can allow insurers to shed customers that cost a lot to care for.

Coventry stressed that the 23 percent rate increase was only an average and that some consumers could see far less of an increase. Others could face a steeper hike.

Chris Cline, Director of Communications for Missouri's Department of Insurance, said state law does not require health carriers to file health insurance rates with the department.

"State law does not give the department the authority to review or limit health insurance rate increases," Cline said. "Missouri is the only state in the country whose department of insurance is not authorized to collect health insurance rates. In Missouri, insurers who offer most major lines of insurance, such as homeowners and auto, must justify and substantiate rate increases. This is not true with health insurance."

Under the Affordable Care Act , insurers can't deny coverage based on pre-existing medical conditions. As a result, any customer can sign up for any plan as long as he or she can afford it.

Plans offered by Anthem Blue Cross Blue Shield and Cigna were not included in Monday's rate disclosure, suggesting any premium increases for 2016 would be below 10 percent.

About 250,000 Missourians have health insurance purchased through HealthCare.gov

 

More News

Grid
List
JEFFERSON CITY (AP) — Missourians who are moving outdoors as the weather should keep their eyes open for snakes. ... More >>
2 hours ago Saturday, May 26 2018 May 26, 2018 Saturday, May 26, 2018 10:21:00 AM CDT May 26, 2018 in News
(CNN) -- The counting of votes was underway Saturday following Ireland's referendum to lift the... More >>
6 hours ago Saturday, May 26 2018 May 26, 2018 Saturday, May 26, 2018 6:43:00 AM CDT May 26, 2018 in News
NEW BLOOMFIELD - New Bloomfield has a new mayor, but it's the way he was selected that has a group... More >>
15 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 9:26:00 PM CDT May 25, 2018 in News
KANSAS CITY, Mo. (AP) — The ACLU of Missouri is suing the Independence School District on behalf of a senior... More >>
18 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 6:35:52 PM CDT May 25, 2018 in News
COLUMBIA - The Thornbrook neighborhood was without water and electricity for almost two hours on Friday. Columbia Water and... More >>
19 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 5:36:00 PM CDT May 25, 2018 in News
CALLAWAY COUNTY – Four vehicle crashes have occurred this week along State Road F west of Fulton in Callaway County.... More >>
20 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 4:12:00 PM CDT May 25, 2018 in News
COLUMBIA – After serving eight years in the United States Air Force, the passion of this veteran for sky travel... More >>
21 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 3:50:00 PM CDT May 25, 2018 in News
JEFFERSON CITY - In another day of political theater, the special House committee investigating Governor Eric Greitens heard new testimony... More >>
21 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 3:15:00 PM CDT May 25, 2018 in News
COLUMBIA- Organizers are expecting a large turnout for the 30th annual "Salute to Veterans" airshow on Memorial Day weekend. ... More >>
22 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:53:00 PM CDT May 25, 2018 in News
COLUMBIA- When most people lose an animal, one of the first steps is to put a "missing" sign on a... More >>
22 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:46:00 PM CDT May 25, 2018 in News
COLUMBIA - Aircraft and pilots met at Columbia Regional Airport Friday to prepare for the 30th annual "Salute to Veterans"... More >>
22 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:45:00 PM CDT May 25, 2018 in News
CALIFORNIA - A high-speed car chase ended Sunday when the suspect slid into a ditch, according to a press release... More >>
22 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:30:00 PM CDT May 25, 2018 in News
JEFFERSON CITY- It's no secret more cars will out for Memorial Day weekend, but many drivers are taking precautions before... More >>
22 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 2:16:00 PM CDT May 25, 2018 in News
JEFFERSON CITY - More than five hundred Missourians have lost their hunting, fishing and trapping licenses after a Department of... More >>
23 hours ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 1:48:00 PM CDT May 25, 2018 in News
HARRISONVILLE (AP) — Authorities say a 12-year-old western Missouri boy fought off an attempted abduction by hitting the... More >>
1 day ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 8:53:00 AM CDT May 25, 2018 in News
COLUMBIA - Missouri State Highway Patrol is investigating an early morning crash on I-70 Westbound. It caused major backups... More >>
1 day ago Friday, May 25 2018 May 25, 2018 Friday, May 25, 2018 8:47:00 AM CDT May 25, 2018 in News
COLUMBIA - On Thursday, the Columbia Airport Advisory Board announced the TSA approved a security screening lane to open by... More >>
1 day ago Thursday, May 24 2018 May 24, 2018 Thursday, May 24, 2018 11:41:00 PM CDT May 24, 2018 in News
COLUMBIA- May is known for Mother’s day, Memorial Day and in Missouri, the start of tick season. “May, June... More >>
1 day ago Thursday, May 24 2018 May 24, 2018 Thursday, May 24, 2018 8:21:00 PM CDT May 24, 2018 in News
Columbia, MO
Broken Clouds 85°
1pm 89°
2pm 91°
3pm 91°
4pm 91°