Obamacare plan rates to increase 3.1%

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

Read More


Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Share on email

Scroll to Top