UnitedHealthcare said last month it would only stay on exchanges in a handful of states as it tries to stem revenue losses directly related to marketplaces.
Other large insurers are seeking rate increases due to unanticipated costs of providing healthcare to customers on Maryland’s exchange. For instance, CareFirst BlueCross BlueShield, Maryland’s largest insurer, has asked the Maryland Insurance Commission for a 12.4 percent increase on its HMO plan and a 16 percent increase for two other plans it offers, according to the report. The insurance commission also will look at possible rate increases that other insurers requested for individual plans, the Baltimore Sun notes. Cigna Health and Life Insurance Co. requested a 29.8 percent increase, Evergreen Health Cooperative an 8.1 percent increase and Kaiser Foundation Health Plan of the Mid-Atlantic States a 25 percent increase.
Maryland Insurance Commissioner Al Redmer told the Baltimore Sun the double-digit requests are not shocking, and it will take some time before a balance of healthy and sick people creates more balanced costs.
The insurance commission will hold a hearing on the rate requests and expects to make decisions on them by early August, according to Mr. Redmer.
More articles on payer issues:
Wellmark, U of Iowa launch joint health plan
Humana looks to raise premiums by as much as 50% in Michigan
Insurers in the news: May 5-1
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