According to Florida’s Office of Insurance Regulation, ObamaCare premiums may increase an average of 45 percent in the sunshine state next year because of health care insurers rate hike requests.
For 2018, there are six primary insurers in Florida selling plans on and off the exchanges: Blue Cross and Blue Shield, Celtic Insurance Company, Florida Health Care Plan, Health First Commercial Plans, Health Options, and Molina Healthcare of Florida.
Molina Healthcare, for example, requested the highest rate increase of 71.2 percent. This means individuals with this coverage can expect their monthly premium to increase from $402 to $688.
As for the other insurers, Blue Cross and Blue Shield requested a 38.1 percent increase, Celtic Insurance Company requested a 46.1 percent increase, Florida Health Care Plan requested a 26.5 percent increase, Health First Commercial Plans requested a 39.3 percent increase, and Health Options requested a 36 percent increase.
On an average layout, consumers using these insurers in Florida can expect their monthly premium to increase from $463 to $671.
The Florida office notes the evident declining insurer participation since 2015. In that year, there were 21 participating insurers. In 2016, that number fell to 19, and in 2017 there were 14. As of the coming year of 2018, there will be nine, including the companies that participate off the exchange.
In the report, it’s stated that there will be 42 counties in Florida that will only have one health insurer participating on the exchange.
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