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2017 Rate Increase Requests are In...and they're downright scary

JumpinJack

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Obamacare's 2017 Insurer Rate Requests Are Starting to Stream in, and the Figures Are Scary

Recently, two states -- Virginia and Oregon -- lifted the covers on preliminary rate requests from insurers in 2017. Note the emphasis on "preliminary", as double-digit percentage rate hike requests will need to be approved by each state's respective Office of the Insurance Commissioner. Rate hikes are often due in May, because it can take months for OICs to review and validate rate requests.

In spite of these rate requests being preliminary and subject to change, the early data is chilling and suggestive of huge premium price hikes coming consumers' way in 2017.

In Virginia, national insurer Aetna (NYSE:AET) announced an average premium rate hike request averaging 13% for its Aetna Managed Choice segment, while Innovation Health, a joint-venture between Aetna and Inova, is requesting an average premium hike of 16.6%. Anthem HealthKeepers, a component of Anthem Blue Cross Blue Shield, is requesting an average rate hike of 15.8%. Overall, Virginia's rate request data is still trickling in, and it very well could change many times over prior to the start of open enrollment -- but according to Obamacare data aggregators ACASignUps.net, the weighted average of the 13 received rate requests is nearly 18%.

Things are looking even worse in Oregon, which released proposed health insurance rate requests earlier this month. The individual market offers a veritable sea of double-digit percentage rate hikes, topping out with Moda Health Plan and Oregon's Health Co-Op, which are both requesting average rate hikes of 32%. Providence Health Plan is nipping at their heels with an average rate hike request of 29.6%. These three health plans comprise practically three-quarters of all enrollees in Oregon's individual Obamacare marketplace, implying a weighted average increase per ACASignUps.net of 27%! Ouch!.

For anyone to whom these percentages don't send a chill up your spine, you are not in the ACA individual insurance market, or you don't pay for this yourself. For those who pay most or all of your premium, these percentages may mean a life change for you.

And don't think these premiums are for the SAME coverage. Oh, no. Those deductibles are going to hit all-time highs for SILVER group of policies.

New ObamaCare Shock: $7,050 Silver-Plan Deductible
Reports continue to flow in of big ObamaCare premium spikes that will hit exchanges around the country in 2017.

Insurers are seeking an average 27% rate hike in Oregon; 21% in Maine; 18% in Virginia; and 18% in Florida.

But if the premiums don’t shock you, the deductibles very well might. Not only are bronze deductibles rising as high as $7,150 in 2017, from a maximum of $6,850 this year, but silver deductibles of $6,000 or more are becoming commonplace. In fact, Centene (CNC), one of the most aggressive exchange competitors when it comes to pricing, is planning to roll out a new silver plan with a $7,050 deductible next year under the Ambetter name — to go along with the $6,500-deductible silver plan it’s already offering. Amazingly, Ambetter had just a $1,750 silver-plan deductible in 2014.
New ObamaCare Shock: $7,050 Silver-Plan Deductible | Stock News & Stock Market Analysis - IBD
 

sangha

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For anyone to whom these percentages don't send a chill up your spine, you are not in the ACA individual insurance market, or you don't pay for this yourself. For those who pay most or all of your premium, these percentages may mean a life change for you.

I am in the individual insurance market, I pay for it myself, and there are no chills up my spine.

Why should I care if *some* insurance plans are increasing their premiums when the average cost is rising slower than it did before ACA and my plan has actually gone down slightly?

And wrt to plans with a $7500 deductible, I think it's great! For people who have low medical costs, it's a great way to save on premiums. After all, if my annual care costs $500, why should I pay more for a $1000 deductible plan when I can get a lower premium by purchasing a high deductible plan?
 

Fenton

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I am in the individual insurance market, I pay for it myself, and there are no chills up my spine.

Why should I care if *some* insurance plans are increasing their premiums when the average cost is rising slower than it did before ACA and my plan has actually gone down slightly?

And wrt to plans with a $7500 deductible, I think it's great! For people who have low medical costs, it's a great way to save on premiums. After all, if my annual care costs $500, why should I pay more for a $1000 deductible plan when I can get a lower premium by purchasing a high deductible plan?

Apparently Insurance was so expensive in 2008 we needed the Fed Govt to step in and make it " affordable "

But how is it more affordable if cost have risen ? What a disastrous piece of legislation.

Great for the GOP, but terrible for the economy and the American middle-class
 

Jetboogieman

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Apparently Insurance was so expensive in 2008 we needed the Fed Govt to step in and make it " affordable "

But how is it more affordable if cost have risen ? What a disastrous piece of legislation.

Great for the GOP, but terrible for the economy and the American middle-class

Could have avoided all this nonsense by becoming a civilized country and implementing UHC in the first place.

But nah, that's anti-freedom... or something.

We'll just set up a system that makes sure HMO's make bigger and bigger profits for providing less and less care... FREEDOM!
 

Henrin

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Could have avoided all this nonsense by becoming a civilized country and implementing UHC in the first place.

But nah, that's anti-freedom... or something.

We'll just set up a system that makes sure HMO's make bigger and bigger profits for providing less and less care... FREEDOM!

Which party voted for the law again?
 

Jetboogieman

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Which party voted for the law again?

Do you think that matters to me?

I wasn't talking about the law specifically, I was talking about Healthcare in general, you're not really in this mess because of Obama, it's not as if everything was just ****ing hunky dorey before ACA came along, I'm more commending America could have avoided this entire cluster**** by doing what every other civilized nation did, have some form of UHC.

Of course I'm not going to actually argue that with you, considering you believe we should all live like Cavemen again, I don't really have time for your anarchistic nonsense.
 

PirateMk1

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Do you think that matters to me?

I wasn't talking about the law specifically, I was talking about Healthcare in general, you're not really in this mess because of Obama, it's not as if everything was just ****ing hunky dorey before ACA came along, I'm more commending America could have avoided this entire cluster**** by doing what every other civilized nation did, have some form of UHC.

Of course I'm not going to actually argue that with you, considering you believe we should all live like Cavemen again, I don't really have time for your anarchistic nonsense.


If people want UHC I don't have a problem with it, if its done straight up which the current law most certainly wasn't. The Constitution doesn't allow for UHC. Period. If UHC is to be done it should be done right with a proper amendment to the Constitution and a vote by the majority of states in this country approving that amendment. Then the problems that people have with it will be a hell of a lot less than what we have now when basically the Congress did a shady middle of the night deal and rammed it down the throats of a bunch of people like half. Obama care was never going to accepted by half the people because it was shoved down their throats. To get an amendment passed you have to actually get a majority of people to agree there is a problem and that proposed solution is an acceptable one. That requires compromise and collaboration. Too many people are trying bypass the constitution to get their way and wonder why people get bitter about it.
 

Fenton

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Could have avoided all this nonsense by becoming a civilized country and implementing UHC in the first place.

But nah, that's anti-freedom... or something.

We'll just set up a system that makes sure HMO's make bigger and bigger profits for providing less and less care... FREEDOM!

Nothing civilized about being put on a waiting list and ignored until you die.....

Leaked Document: Nearly One-Third Of 847,000 Vets With Pending Applications For VA Health Care Already Died

And yes, depending on a corrupt, unacountable and bloated bureaucracy paid for with tax huge tax increases for your healthcare needs is the definition of " anti-freedom "
 

Deuce

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Apparently Insurance was so expensive in 2008 we needed the Fed Govt to step in and make it " affordable "

But how is it more affordable if cost have risen ? What a disastrous piece of legislation.

Great for the GOP, but terrible for the economy and the American middle-class

Because without the ACA the premiums would be even higher. The Navy's Army's Air Force just had to have it's stupid VTOL.
 
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Fenton

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Because without the ACA the premiums would be even higher. The Navy's Army's Air Force just had to have it's stupid VTOL.

Nonsense

I mean thats just made up, BS base propaganda but hey, I say keep it coming.

The Democrats and their ilk need to keep telling the average American consumer that they're imagining things amd ObamaCare's working
 
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