Premiums will increase less than insurers wanted in 2016 for health plans sold on the Affordable Care Act’s Pennsylvania marketplace, but the requested increases could come in later years, the Pennsylvania Insurance Department announced last week.
The department released information about 2016 rates for individual and small business plans in advance of the Nov. 1 start of open enrollment for the plans. The department asked six insurers that requested increases of more than 25 percent to phase in the increases over several years, according to a news release from the department.
“We are working to guarantee that Pennsylvanians can continue to shop for their best coverage options in a competitive insurance marketplace while still paying reasonable prices,” Gov. Tom Wolf said in the release.
Highmark Inc., the state’s largest insurer, had requested increases of 23 to 39 percent, saying the costs of treatment for new policyholders far exceeded what the company collected in premiums, a result of sicker-than-expected enrollees.
Only two plans HM Health Insurance Co. and Keystone Health Plan West will increase premiums by more than 25 percent next year, Pennsylvania Insurance Department spokesman Ronald Ruman said.
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