Top proposed rate hike is 36 percent.
Wisconsin ACA Rates Could Increase by Double Digits in 2017
Insurers participating in the Wisconsin
Affordable Care Act health exchanges have requested premium increases ranging
from 5 percent to 36 percent, reported Wisconsin Public Radio (WPR). All but
three insurers requested rate hikes that were above 10 percent, and only
MercyCare of Janesville filed for a proposed decrease of about 16 percent.
Healthcare consumers are seeing
similar increases across the country, along with insurer pullbacks from the
state exchanges because of huge reported financial losses, so the news is not
surprising. It is, however, concerning for individuals and small businesses who
are wondering whether they will actually be able to find affordable coverage on
the state exchanges.
Last year, WPR reported, almost
240,000 Wisconsin residents signed up for healthcare coverage on the
marketplace and 84 percent of these consumers received federal tax credits to
help cover their costs. While the U.S. Department of Health and Human Services
has maintained that affordable options will be available, this has not been a
likely scenario for individuals and small businesses, thanks to a smaller
health insurance market, riskier/sicker policyholders, and larger financial
losses for insurers than expected.