Under the rate of medical inflation, increases in insurance rates for individuals and small groups are anticipated to rise by a little more than 4%.
Medical inflation forecasts 4% increases in insurance rates for individuals and small groups. (Photo: iStock)
Michael Humphreys, the commissioner of insurance for Pennsylvania, announced on Monday that the department is seeking feedback from the public on the recommended increases in insurance rates requests submitted for 2024 by insurance providers serving the individual and small group markets in Pennsylvania. The deadline for comments on the suggested increases in insurance rates is on September 8.
Humphreys stated, “The Shapiro Administration is committed to promoting the significance of health insurance and expanding access to quality, reasonably priced health coverage.
The recommended increases in insurance rates requests for this year are increasing less than in 2023 and are tracking below the rate of medical inflation.
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Although health care costs are rising nationwide, Humphreys said that Pennsylvania’s health insurance market is stabilizing and that the state’s health insurance is still affordable and competitive.
Before plans can be sold to customers, insurance providers offering individual and small group health insurance plans must submit proposed rates to the Pennsylvania Insurance Department for review and approval. The department examines rates to make sure that the plans are fairly and appropriately priced.
Current individual market insurers submitted plans for 2024 that called for an average statewide increase of 4.2%. These documents contain:
- The average rate requested by Capital Advantage Insurance Company is 7.9%.
- The average rate requested by Cigna Health and Life Insurance Company is 13.1%.
- Average rate requested by Geisinger Health Plan is 7.3%.
- Average rate requests at Geisinger Quality Options are 7.1%.
- Average rate requests are 13.2%, according to Highmark Benefits Group Inc.
- 9.9% is the average rate request made to Highmark Coverage Advantage Inc.
- The average rate request according to Highmark Inc.
- Average rate request for Independence Blue Cross (QCC Ins. Co.) was -2.7%.
- Average rate request for Keystone Health Plan Central is down 0.3%.
- Average rate request of Keystone Health Plan East, Inc. is -3.5%.
- The average rate request for Oscar Health Plan of Pennsylvania, Inc. is 6.8%.
- The average rate request for Pennsylvania Health & Wellness, Inc. is 2.3%.
- The average rate requested by UPMC Health Coverage, Inc. is 7.6%.
- Average rate requests at UPMC Health Options, Inc. are 6.2%.
Current small group insurance providers in Pennsylvania submitted plans asking for average statewide increases of 4.1%.
Emails to [email protected] will be accepted until September 8 for public comments on rate requests and filings.
Humphreys stated, “We encourage consumers to submit comments to the Department on the proposed rate increases as part of our public rate review process. “While we assess whether the proposed increases are actuarially justified, we want to ensure that Pennsylvanians’ voices are being heard.”
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