The rate increase will affect customers who purchased relatively new plans to comply with Affordable Care Act regulations.
Wellmark executive vice president Laura Jackson blamed the rate increase on a rise in medical costs and a greater number of plan members in poor health. Wellmark administers plans for about three-quarters of Iowa’s individual policy market.
More articles on payer issues:
6 things to know about non-embedded deductibles
Wellmark, U of Iowa launch joint health plan
Humana looks to raise premiums by as much as 50% in Michigan
