Virginia released their proposed premium rate increases for the 2015 year for health insurance plans and is the first to do so.
The rate increases will range from approximately 3.3%-14.7%. Every plan is expected to have a rate increase that exceeds the general increase for inflation. The increases are due to a number of factors including concerns surrounding the healthcare system as they continue to try to smooth out the process after the struggles with the initial 2014 rollout, carriers taking on sicker customers and an all-around rise in demand for healthcare services (which substantially increase the claims a carrier takes on), and the increased taxes resulting from the affordable care act (ACA) laws.
Younger individuals will likely see the biggest rate increases as the ACA laws set restrictions on how much higher insurers can charge to older enrollees than younger ones.
Anthem BCBS‘s healthkeepers plans proposed an average increase of about 8.5%. CareFirst BCBS‘s bluechoice plans proposed an average increase of about 14.9%. Kaiser proposed an increase of about 3.3%. Keep in mind, these numbers only reflect Virginia and could vary in other states – the final numbers will be released once the approval process has been completed.
More states are expected to release their proposed rates in the near future so make sure to check back for updates!