Alabama's only insurer to sell individual plans on the state's Affordable Care Act exchange will increase premium rates by an average 36 percent next year, The Huntsville Times reports.
State regulators approved the hike, which is lower than the 39 percent average increase the Birmingham, Ala.-based payer requested. BCBS of Alabama cited hefty losses on individual plans as reason for the increase, and expects to see more losses this year.
This is the second consecutive year BCBS of Alabama raised premiums by double-digits. The insurer services the majority of the 165,000 Alabama residents who purchase individual health plans through the federal exchange.
More articles about payer issues:
Feds project 9% average increase for monthly ACA enrollment
Horizon Blue Cross Blue Shield pilots mental, physical Crohn's care program
Why some deceased continue to receive Medicare mailings