So you thought with a new government insurance plan, your rates would go down. After all that may be what you were told, but look again, rates are going up and up and up.
According to data from the Ohio Department of Insurance, the average cost of health insurance premiums have increased by a total of 91 percent in the individual insurance market since the president’s health law went into effect.
While there were 17 companies approved to offer health care on the federal exchange in Ohio in 2016, only 11 companies have decided to offer plans in Ohio on the federal exchange in 2017. On Thursday, the Ohio Department of Insurance announced final rate increases for 2017. The 2017 rates range from as low as a 5.33 percent increase by Summa to a 39.25 percent increase by Humana. Humana is exiting the individual market in several states, but plans to remain in Ohio. Premier Health Plan is showing a 39.23 percent increase. and HealthSpan’s rate increase will be 31.96 percent.
Two exchange carriers in Ohio – InHealth Mutual and All Savers/UnitedHealthcare – will not offer plans in 2017. According to healthinsurance.org, the rest of the carriers are planning to return to the exchange.
“Ohioans need real health care reform, not higher costs with fewer choices. These final rates represent a 91 percent increase in health insurance premiums since the president’s health law went into effect, and that is unacceptable,” U.S. Senator Rob Portman said. “After eight years of stagnating wages, slow economic growth, and a rising cost of living, Ohio’s middle-class deserves relief, not a health care system they can’t afford.”
Reach Frank Lewis at 740-353-3101, ext. 1928, or on Twitter @franklewis.