The Connecticut Insurance Department is been particularly active at posting health insurance rate filings on the Web, and its filing database gives glimpses of how the Patient Protection and Affordable Care Act of 2010 (PPACA) is starting to affect real-world health coverage prices.
PPACA itself now requires insurers to explain any requests for increases over 10%, and the U.S. Department of Health and Human Services (HHS) posts national rate increase information here.
For Arkansas, for example, HHS has posted rate review information for 8 products from one company.
For Vermont, HHS has posted rate review information for 5 products from one company.
But HHS posts only summary information.
The Connecticut department posts entire rate filings, including the state tracking number and the number used to track the filing through the System for Electronic Rate and Form Filing (SERFF), a system that states have developed to automate the rate and form filing process.
Oxford Health Plans (CT Inc., a unit of UnitedHealth Group Inc., Minnetonka, Minn. (NYSE:UNH), recently filed an application seeking an 8.7% increase in 2013 for small group plans that cover a total of about 21,700 people.
Oxford has included analyses of the effects of PPACA.
PPACA calls for the federal government to start imposing a fee on fully insured coverage in 2013. The fee would fund the tax credits on the health insurance to be sold through the new PPACA health insurance exchanges, or Web-based health insurance supermarkets, starting in 2014.
The total fee would increase to $14.3 billion industrywide in 2018, from $8 billion in 2014.
In 2014, UnitedHealthcare might have to increase premiums by 2.3% to cover the cost of the fee, according to David Hoesly, the actuarial pricing director at Oxford’s parent, UnitedHealthcare.
From 2014 through 2016, PPACA also could require health insurers to pay new risk adjustment fees, to create a pool that would buffer insurers against any increases in claims that occur as PPACA underwriting and pricing restrictions take effect.