HealthCare.gov may have more health plan options to put on its shelves in Florida in 2016, in spite of the loss of plans from Assurant Inc. (NYSE:AIZ).
The Florida Office of Insurance Regulation today announced that premiums for individual coverage that comply fully with Patient Protection and Affordable Care Act (PPACA) requirements will increase an average of 9.6 percent in 2016.
Changes at the 19 issuers participating in the market will range from an average decrease of 9.7 percent to an average increase of 16.4 percent. The figures include both on-exchange products and PPACA-compliant individual products.
A year ago, Florida insurance regulators said they had received 2015 rate filings from 19 issuers, and that 2015 individual rates would be 13.2 percent higher than the comparable 2014 rates.
Assurant Health, a unit of Assurant, entered the Florida PPACA exchange market for the first time this year. Through the Time Insurance Company subsidiary, Assurant Health offered 176 off-exchange plans, and 36 plans sold both on and off the exchange, for the 2015 coverage year, according to a Florida 2015 plan count chart.
Assurant announced earlier this year that it will be shutting Assurant Health down and pulling out of the exchange program in 2016.
Florida lets the U.S. Department of Health and Human Services (HHS) run its exchange program through the HealthCare.gov system. HealthCare.gov has been more successful at selling plans in Florida than in any other state, and most of the 50 U.S. ZIP code areas with the most exchange plan enrollees are in Florida.