Florida’s top insurance regulator on Friday announced the approval of a statewide average 3.1% rate increase for health insurance plans sold through the federal insurance exchange next year, with most of the increase driven by the projected impact of COVID-19.
The 10 insurance companies that participate in the so-called Obamacare market initially submitted rate filings for individual plans.
The average rate increase requested was 1.8%.
The filings did not initially include additional consideration for the projected impacts of COVID-19 for the upcoming year.
Companies submitted separate projections for COVID-19, in the aggregate requesting a 2.8% increase due to claims stemming from the pandemic.
Insurance Commissioner David Altmaier ultimately approved a 2 percent COVID-19 impact, which is reflected in the overall 3.1% average increase for Obamacare-compliant individual plans.
That means a person who earns $27,000 and lives in Broward County will pay an average of $187 a month for coverage in a “silver” plan after subsidies. Monthly premiums for that same coverage would be $182 in nearby Miami-Dade County. Nassau County in Northeast Florida has the highest monthly premiums, according to the state insurance office.
After subsidies, monthly premiums for the average silver plans would total