Top 5 Highest Premium Increases for 2017
Premium increases are proposed from 5% to 44% for each state.
A recent study from Avalere Health found that price increases for Affordable Care Act market exchanges vary based on geographic location. The researchers analyzed the proposed rate filings from 9 states.
According to the study, experts state that lower enrollment, higher costs, and ending reinsurance and risk corridor programs are all likely reasons for premium increases for upcoming open enrollment.
In some states, the premiums for lower cost silver plans increased marginally, or even decreased, compared with higher cost plans.
“As in years past, proposed premium increases vary dramatically by state and by region within states,” said Elizabeth Carpenter, senior vice president at Avalere. “In most states, premiums for the lowest cost plans appear to be rising less than for the silver metal level as a whole.”
The rates can decrease dramatically between the initial proposal and the final filing, however, Avalere analysts say these increases appear to be higher than in 2016.
Of the initial filings, the top 5 highest increases in average priced silver plan premiums for a 50-year-old nonsmoking male are as follows:
Last year, this state’s premium was $476 and seeks to raise their premiums to $685, which is an increase of 44%.
While not as dramatic as Vermont, Oregon seeks to raise their premiums from $441 to $540, an increase of 22%.
This state seeks to increase their premiums 19% from $451 to $540.
Maine proposed an increase from $495 to $583, an 18% jump.
At an increase of 15%, this state proposed to raise premiums from $412 to $474.