Individual health rates in Florida could increase an average of about 19 percent in 2017, according to the Florida Office of Insurance Regulation.
Officials at the office say seven carriers could have coverage on the state’s 2017 Affordable Care Act exchange plan menu.
The exchange plan issuers, which all plan to offer the same products in the off-exchange market as well, are on track to increase 2017 rates an average of 11.7 percent to 36.8 percent.
Monthly base premiums will range from $399 to $606. This year, the monthly base premiums range from $337 to $525.
Florida regulators required six of the seven carriers to charge higher prices than they had originally proposed. The only carrier that saw its rate increase reduced was Louisville, Kentucky-based Humana. Florida cut Humana’s proposed increase to 36.8 percent, from 43.6 percent. The company’s base premium will rise to $483, from $406.
This year, the cheapest plan, from Celtic Insurance Company, a unit of St. Louis-based Centene Corp., had a base premium of $337. That company’s base premium will rise $404.
Long Beach, California-based Molina Healthcare is on track to have the lowest base premium, at $399. A consumer in a competitive market who choses the Celtic plan this year and moves to the Molina plan next year could face a premium increase of 18 percent.
Florida also released 2017 rate information for seven issuers that intend to sell coverage only in the off-exchange market.
Monthly base premiums for the off-exchange-only plans could range from $376 to $637, compared with a range of $336 to $636 this year. In the off-exchange market, the rate changes approved range from a decrease of 1.5 percent, for plans from Bloomfield, Connecticut-based Cigna, to an increase of 27.3 percent, for plans from Miami-based AvMed.