Humana will be exiting the Affordable Care Act exchanges in four states — Alabama, Kansas, Virginia and Wisconsin — but in the states it remains, premium prices will likely rise, according to Louisville Business First.
In Michigan's largest market, the insurer is asking regulators for a premium increase of 50 percent — from approximately $120 per month to around $315 per month — for its silver plan, according to investors.com.
In addition, Humana is seeking a 38 percent premium hike — from $178 per month to $246 per month — on its bronze plan in this same market.
The health insurer attributes the higher premium prices to increased claims costs. The rates "reflect many changing factors in the market, but are primarily driven by changes in expected claims costs that reflect the rising cost of medical services, changes in Humana's contracts with hospitals, physicians and other healthcare providers and increased use of medical services by Humana members, as well as the expiration of the temporary federal reinsurance and risk corridor programs," Humana said in a statement to Louisville Business First.