Kentucky Insurers
Submit Preliminary Insurance Rates
Rates subject to review
FRANKFORT, Ky. (June 22, 2018) - Insurance
carriers have submitted proposed rates to the Department of Insurance (DOI) for
the 2019 individual and small group health insurance markets.
The
individual market preliminary filings confirm two insurers will serve the
Kentucky market. Anthem Health Plans of
Kentucky (Anthem) has requested an average rate increase of 3.5 percent across 13 different
plan offerings. Anthem has also proposed an expansion of its service area to
cover an additional 17 counties over its 2018 offering—a move that will provide
additional options for health coverage in those counties. CareSource has also
requested an average rate increase of 19.4 percent for its 12 different plan offerings.
In 2019, CareSource expects to offer plans in the same 61 counties it presently
serves.
The
initial filings are preliminary and subject to change. Experienced DOI health
analysts and actuaries have commenced their review of the filings, and DOI
expects that rates will be finalized in late August 2018. Although rate
requests are generally indicative of rate increases for consumers, individual
premium costs depend on a variety of factors including age, smoking habits, and
geographic location. Open enrollment for the plan year 2019 begins Nov. 1,
2018.
“The initial rate increase percentages for
2019 are not as high as in previous years and some policyholders could see rate
decreases,” said DOI Commissioner Nancy Atkins. “However, some individual
consumers could face the prospect of increases on sometimes unaffordable rates.
The federal government has begun undertaking certain regulatory reforms
designed to increase state authority and flexibility in these markets and to
promote the increased availability of affordable plan options. However, much work is left to be done to
provide meaningful relief for Kentuckians.”
In
an effort to seek relief for Kentucky consumers, DOI continues to work with the
federal government to determine available relief options within the current
regulatory scheme. DOI anticipates receiving notice shortly on a federal grant
application to review Affordable Care Act (ACA) plan designs and to identify
what people need at a price they can afford. Additionally, DOI continues to
review the recent “Association Health Plan” rule put forth by the Department of
Labor. DOI will work with interested
parties to implement that rule and provide secure, affordable health insurance alternatives.
The
preliminary 2019 rate filings are available online on the DOI website at: http://insurance.ky.gov/ratefil/default.aspx
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The Kentucky
Department of Insurance regulates the Commonwealth’s insurance market, licenses
agents and other insurance professionals, monitors the financial condition of
companies, educates consumers on available insurance options, and ensures
Kentuckians are treated fairly in the marketplace. To learn more about DOI,
visit http://insurance.ky.gov/.
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