Health insurers Humana and Magnolia Health Plan have set monthly premium base rates of $302 and $312, although HHS must still approve the rates, according to the report. Insurers selling coverage through the exchange can set rates three times current individual market rates, Mr. Chaney told the Mississippi Business Journal.
Other states where the federal government will facilitate insurance exchanges under the Patient Protection and Affordable Care Act starting Oct. 1 have predicted that premiums will skyrocket. Ohio forecasted premium increases averaging 41 percent for individual consumers purchasing coverage through the exchange, and Florida similarly predicted individual insurance premium increases of up to 40 percent.
HHS Secretary Kathleen Sebelius criticized the predictions earlier this month, calling them inaccurate. HHS doesn’t plan to release final health insurance rates for the federally run exchanges until September, so the information some states are currently distributing about the rates is erroneous, Sec. Sebelius said.
More Articles on Health Insurance Exchanges:
Florida Insurance Projections Not Credible, Researchers Say
Sebelius Criticizes Predictions of Rising Insurance Rates Under PPACA
Ohio Insurance Department Says Premiums Will Increase Under PPACA
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