Fourteen insurers operating in Kentucky have submitted requests to the state Department of Insurance (DOI) for rate increases next year—the average rate of increase being 17%.
According to officials, the rates must be approved within 60 days of filing, no later than July 11.
The rate requests cover plans both sold on and off the state exchange, reported local news radio station
WFPL. Gov. Matt Bevin, however, announced his plans to dismantle the exchange by the end of this year.
For their individual plans, the following major insurers requested these rate increases for next year:
- Humana Health Plan, Inc. – 33.7%
- Aetna Health Inc. – 7.6%
- Baptist Health Plan, Inc. – 26.68%
- Anthem Health Plans of Kentucky, Inc. – 22.9%
There were also requests for small group plan rate increases. The requests, however, are not premium increases.
“The Department of Insurance will fully investigate all proposed rate increase requests to make sure they are warranted,” stated DOI Commissioner Brian Maynard in a news release. “Insurance rate increases are not specific to Kentucky; states across the nation are dealing with this issue.”
State officials posit that some the rate increases are due to the failure of the Kentucky Health Cooperative. The carrier’s high-risk customers transferred to other companies, which lead to the higher rates.
