Double-digit rate hike approved for 2018 marketplace health insurance
Maine Insurance Superintendent Eric Cioppa approved increases for 2018 market health insurance ranging up to 30% if cost-sharing payments end.
Maine Public reported average rates will increase from 18% to 27% for plans offered by Community Health Options, Anthem and Harvard Pilgrim.
Mainebiz wrote recently about how CHO navigated through a turbulent year to end with a $3.7 million surplus.
Steve Butterfield of Consumers for Affordable Health Care told Maine Public that higher health care costs and the uncertainty the Trump administration has created about the future of the Affordable Care Act are to blame.
“I mean this administration seems very intent on destroying the ACA from the inside, and I think insurers are questioning how they can hedge against that risk. And I think the superintendent reflected that in his decisions,” he told Maine Public.
Insurance rates could rise even more if the Trump administrations discontinues cost-sharing reduction payments to insurers.
“But Congress could help long term by coming back in September, and very quickly passing a bill that funds these cost-sharing reduction reimbursements permanently,” Butterfield added.
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