The latest information from the Obama administration published confirms “hefty premium increases for 2016 sought by large insurers selling plans under the health law.” That means major insurance “carriers from around the country are proposing big increases in the premium rates paid by consumers who buy insurance policies on their own. The Wall Street Journal,
Blue Cross and Blue Shield of Illinois is looking to raise rates by averages of 29% or more. In Pennsylvania, Highmark Health Insurance Co. is asking for 30%, according to proposals submitted by insurers for the year ahead. Around the country, some of the main market leaders are looking for double digit increases.
The new requests for premiums come at a time when the political and legal future of the law hangs in the balance. The Supreme Court is set to issue a decision later this month on the validity of the law’s tax credits to offset the cost of premiums for lower-income consumers in most states in the country…
As part of the 2010 Affordable Care Act, insurers must justify increases of 10% or more to the Obama administration, which published those explanations online Monday. The administration cannot force insurers to reduce rates, but many state regulators can negotiate with health plans, and the rates could come down.