Obamacare plan premiers might increase with an average of 45% in Florida by next year according to Florida’s Office of Insurance Regulation.
Only six insurers in Florida selling insurance plans on and off the exchanges in the year 2018, including insurance companies like Blue Cross, and Blue Shield, Celtic Insurance Company, Florida Healthcare Plan, Health First Commercial Plans Health options and Molina Healthcare of Florida.
Molina Healthcare requested an increase of 71.2% the highest rate with the monthly premiums to go from $402 to $688. Celtic Insurance Company requested 46.1 increase, Florida Health Care Plan a 26.5%, Health First Commercial Plans by 39%, Health Options – 36% and the Blue Cross and Blue Shield requesting a 38.1% increase in their premium plans.
On an average the consumers in Florida can expect their premiums to increase from an average $463 to $671.
The Florida office also reported declining insurer participation since 2015. In 2015, there were 21 participant insurers, in 2016 there were only 19. However, in 2017 there were only 14 participants. In 2018 there will be only 9 left, which include the companies that participate off the exchange as well. The have also made a prediction that there will be 42 counties in the state that would have only one health insurer participating on the exchanges.
The report also explains that the majority of the average rate increases of 44.7% is attributed to the Obamacare’s silver plans. Those eligible to the Obamacare subsidies would likely not see the premium increases. The office further explained that even if that happens those, without subsidies would still face a large increase.
The office said, “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. Plans other than the on-exchange silver plans will increase an average of 18%.” And added that, “In 2013, an unsubsidized plan comparable to an existing silver plan would cost a family of four an average of $7,200. In 2018, the average unsubsidized cost for the same family totals $17,000.”
The report also states, “In 2013, an unsubsidized plan comparable to an existing silver plan would cost a family of four an average of $7,200,” the report states. “In 2018, the average unsubsidized cost for the same family totals $17,000.”
The Obama administration said, “Nationwide, average Marketplace premiums for 2017 are increasing more than they have in the past two years. For the median HealthCare.gov consumer, the benchmark second-lowest silver plan premium is increasing by 16% this year, before taking into account the effects of financial assistance.”