Florida’s largest carrier to increase premiums 17.6%News added by Benefits Pro on August 4, 2014

Benefits Pro

Joined: September 07, 2011

My Company

By Kathryn Mayer

Florida Blue — the Sunshine State’s largest carrier — is increasing premiums by an average of 17.6 percent for its exchange plans under PPACA next year, according to company officials.

The affiliate of nonprofit Blue Cross and Blue Shield blamed the increasing health costs on attracting older adults this year who previously lacked coverage and are using more services than expected, according to Kaiser Health News.

Florida insurance regulators plan to release rates for all health plans next week.

Some health analysts have warned of soaring premium increases in 2015 due to the Patient Protection and Affordable Care Act.

Recent analysis from consulting firm Avalere Health found that average proposed premiums for exchange plans will increase modestly in 2015, based on filings in nine states. Across the group, the analysis says, average monthly silver premiums will rise by 8 percent in 2015. More specifically, the analysis found that silver premiums will rise in eight states.

California officials on Thursday said that residents can expect a “modest premium increase" of 4.2 percent in health plans in the state’s exchange.

Florida does not operate its own exchange.

Blue CEO Patrick Geraghty told Kaiser Health News the rate increase is “typical” for the individual market. According to the report, next year will mark the fourth consecutive year Florida Blue has increased premiums by an average of at least 11 percent for people under 65 who buy coverage on their own.

Originally published on BenefitsPro.com
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Press Release