Pennsylvania health insurers plan to raise prices for insurance plans in 2025, a move that could lead to higher monthly premiums for people who buy plans through the Affordable Care Act's marketplaces.
The state Insurance Department wants to hear from the public before approving final health insurance rates this fall ahead of the annual open enrollment period.
“We recognize the true value of transparency at every stage of the rate review process,” Pennsylvania Insurance Commissioner Michael Humphreys said in a statement. “In doing so, we hope to build on the trust we already have with consumers and further strengthen our mission to put consumers' interests first.”
Each year, health insurers offering individual and small group plans on the ACA marketplaces must get approval from states on how much they'll charge people for that coverage.
In Pennsylvania, people purchase most of these plans online for pennies.
About 14 insurers are seeking new price hikes for individual health insurance plans sold this year that cover them through 2025.
The increase ranges from 2.9% to 15.2%, but this is an average increase. Each health insurance plan may have lower or higher costs.
Insurers offering small group plans are seeking an average rate increase of 7.8 percent statewide.
Companies cited rising drug costs, rising health care worker labor costs and projections of how people will use their health insurance next year as reasons for seeking increases in health insurance prices and premiums.
Pennsylvania Department of Insurance officials said their goal is to keep health insurance plans “affordable” and to ensure rates “are not unduly discriminatory.”
The department is seeking feedback from state residents on how the proposed fees will affect their choices and ability to purchase health insurance next year.
Comments must be submitted by Sept. 2 via email to [email protected].
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