Pennsylvania premium rates below 9% for individual market if Trump administration keeps market stable
If the individual mandate and cost-sharing reductions are repealed insurers estimate they would seek an increase of 36.3 percent.
Pennsylvania capitol in Harrisburg courtesy pacapitol.com.
Five Pennsylvania health insurers that sell plans in the individual market will stay in the market and keep their premium rate increases to 8.8 percent if the Trump administration keeps the cost-sharing reduction payments and individual mandate that are in the Affordable Care Act, according to Insurance Commissioner Teresa Miller.
If the individual mandate is repealed, insurers estimate that they would seek a 23.3 percent rate increase statewide, Miller said.
If cost-sharing reductions are not paid to insurers, the companies would request a 20.3 percent rate increase statewide.
If both changes occurred, insurers estimate they would seek an increase of 36.3 percent.
[Also: ACA premium rate increase requests range from 6.7% to 59%]
"Information provided by insurers shows the extent to which instability and changes would impact Pennsylvania's 2018 health insurance rates," Miller said.
Rate filings for 2018 health insurance plans were submitted to the Insurance Department on May 22. All five health insurers filed to continue selling in 2018, and each of Pennsylvania's 67 counties will have on-exchange coverage options for 2018 based on current filings, she said. The aggregate statewide rate increases are 8.8 percent for individual plans and 6.6 for small group plans.
"These low percentages show that Pennsylvania's market is stabilizing and insurers are better understanding the markets and the population they serve," Miller said by statement. "I sincerely hope that Congress and the Trump Administration do not take action that could negatively impact the progress we have made in Pennsylvania."
Miller said that many consumers who receive subsidies to help pay their premiums likely will not feel these rate increases. An estimated 76 percent of residents in the state qualified in 2016 for premium tax credits to offset the cost.
[Also: Insurers in Connecticut request rate hikes of 15.2 to 33.8% on individual plans]
There are 506,000 Pennsylvanians with Affordable Care Act-compliant plans in the individual market
In April, Miller and the chief executives of Pennsylvania's five individual market health insurers issued a letter to Secretary of Health and Human Services Tom Price stressing the need for stability in the individual market.
Twitter: @SusanJMorse
