Proposed health insurance rates under review
The Idaho Department of Insurance is reviewing proposed health insurance premiums for plan year 2017 and says it will challenge those it feels are unreasonable.
Health insurance carriers submitted their rating information in May, and significant changes have been proposed to plan offerings and networks. The Department encourages consumers to carefully review all of their options with an insurance agent after the rates are finalized.
“The Department is already reviewing submissions and working with carriers to be sure the rates are consistent with sound actuarial principles and not excessive, inadequate, or unfairly discriminatory,” says Department Director Dean Cameron. “I am very concerned about the affordability of health insurance premiums and the impact on Idahoans who are responsibly trying to protect their families.”
Under state law the Department does not have the authority to disapprove or establish insurance rates, but it can deem a rate increase unreasonable. The public is invited to provide comments on the rate changes through the Department’s website. The Department’s review is expected to conclude by August. Final rates will be made publicly available no later than October 1.
“We acknowledge that rates are reflective of provider costs and plan networks. We recognize that all carriers have lost significant amounts in the individual market. However, rate increases to make up for past years’ losses are not allowed,” says Cameron. “We will aggressively challenge these proposed increases in the individual market and continue to fight against abusive practices which contribute to these losses and ultimately to rate increases.”
Advanced Premium Tax Credits may be available to help with premium costs for consumers who purchase covereage through Your Health Idaho. The proposed increases should result in an increase in credits. And, consumers who were not receiving credits previously should check for eligibility again this year.
You can find the proposed rates here
