Remaining ACA insurers receive approval for highest increases since program’s inception.
Tennessee Regulators Approve Huge Healthcare Rate Hikes
NFIB recently released its Small Business Problems and Priorities survey, which
found that the cost of health insurance is one of the top three concerns for
small business owners. And unfortunately for small businesses in Tennessee,
that problem has not been alleviated for 2017.
The Tennessee Department of Commerce
and Insurance approved record rate increases requested by BlueCross Blue Shield
of Tennessee, Cigna, and Humana—the three insurers remaining on the state’s
Affordable Care Act healthcare exchange, reported the Times Free Press.
BlueCross will raise premiums by 62 percent for individual market plans and by
6.5 percent for small group plans. Cigna will raise rates by 46.3 percent, and
Humana will hike premiums by 44.3 percent.
Meanwhile, plans offered outside of
the ACA marketplace will still increase by double digits:
- Aetna: 14.1 percent for individual plans; 1.6 percent
for small group plans - Freedom Life: 17.3 percent (individual)
- TRH Health: 33.86 percent (individual)
- Federated Mutual: 13.3 (small group)
- Humana: 6.77 percent (small group)
- United Healthcare: 7.2 percent (small group)
For those in search of new health
insurance coverage, remember: Open enrollment begins Nov. 1 and ends Jan. 31,
2017. For coverage that begins Jan. 1, 2017, you must apply by Dec. 15.
In September, Blue Cross Blue Shield Tennessee announced
that it would exit the three largest markets in Tennessee. Now, they will mostly serve rural markets.