Tags: Health Topics | Healthcare Reform | Trump Administration | new york | washington obamacare | insurance premiums | individual mandate

New York, Wash. State Insurers Ask for Double-Digit Rate Hike

New York, Wash. State Insurers Ask for Double-Digit Rate Hike
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By    |   Monday, 04 June 2018 05:00 PM

Obamacare insurers in New York and Washington State are reportedly asking for double-digit rate hikes for 2019 – blaming the repeal of the individual mandate and uncertainty over looming changes for the dizzying rise.

In New York, 14 insurers are asking state regulators to approve an average rate hike of 24 percent, Syracuse.com reported, while 11 insurers in Washington state want to increase premiums by an average of 19.08 percent, according to The Hill.

The New York State Department of Financial Services said in a statement the repeal of Obamacare's individual mandate penalty for those who do not buy insurance is "the biggest single justification offered by insurers for the requested increases."

Without the repeal, the weighted average increase request for New York insurers would have been about 12.1 percent, Syracuse.com reported.

Of the 14 insurers that have submitted rate proposals in New York, all but one are asking for an increase. Fidelis, for example, is asking for a 38.6 percent hike, attributing 25.9 percent of it to the individual mandate repeal. Emblem is seeking a 31.5 percent increase, with 12 percent attributed to the repeal. All have to be approved by the state.

"There's still a great deal of uncertainty in individual markets across the country, fueled by the Trump administration's efforts to undermine the Affordable Care Act," Washington State insurance commissioner Mike Kreidler said. "Instead of getting behind solutions that shore up these markets, the administration seems solely focused on undermining our health insurance system and the individuals and families who need to buy their coverage in the individual market."

The Trump administration is proposing expanded access to short-term health plans and association health plans, both of which are cheaper but offer fewer benefits, The Hill noted.

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Blaming the repeal of the individual mandate and uncertainty over looming changes for the dizzying rise, Obamacare insurers in New York and Washington State are reportedly asking for double-digit rate hikes for 2019,
new york, washington obamacare, insurance premiums, individual mandate, repeal and replace
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2018-00-04
Monday, 04 June 2018 05:00 PM
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