Post by Logan on Jun 15, 2016 21:58:07 GMT -6
PHOENIX (AP) — Health insurance companies that sell individual policies on the federal marketplace in Arizona are seeking major premium increases for 2017 as they struggle to adjust to providing coverage under the Affordable Care Act.
The filings with the state Department of Insurance come from six big insurers who will sell policies next year. They seek average increases of 8.7 percent to as much as 65 percent. Blue Cross Blue Shield of Arizona, the state's largest insurer with 43 percent of the market and the only one serving all 15 counties, is seeking that large boost.
Blue Cross says it has lost $185 million on individual policies over the last two years. The company says in a statement that it's asking for higher rates because its costs have ballooned as previously uninsured patients buy coverage, prescription costs go up and people with significant health issues come into the system.
The rate increase filings don't include employer-provided group plans that insure a much large number of people.
Read more: azdailysun.com/news/local/health-insurers-seek-big-rate-hikes-in-arizona/article_86bb8a05-4d7a-5f9f-9870-f7ef89e54c58.html
The cost of medical care continues to climb; meanwhile, the availability of medical care, particularly in rural areas, continues to diminish. There is a significant need to reduce over-compensation for executives working for pharmaceutical, insurance and hospital corporations; otherwise, they may be the only people that will have the financial resources to afford health insurance coverage.
The filings with the state Department of Insurance come from six big insurers who will sell policies next year. They seek average increases of 8.7 percent to as much as 65 percent. Blue Cross Blue Shield of Arizona, the state's largest insurer with 43 percent of the market and the only one serving all 15 counties, is seeking that large boost.
Blue Cross says it has lost $185 million on individual policies over the last two years. The company says in a statement that it's asking for higher rates because its costs have ballooned as previously uninsured patients buy coverage, prescription costs go up and people with significant health issues come into the system.
The rate increase filings don't include employer-provided group plans that insure a much large number of people.
Read more: azdailysun.com/news/local/health-insurers-seek-big-rate-hikes-in-arizona/article_86bb8a05-4d7a-5f9f-9870-f7ef89e54c58.html
The cost of medical care continues to climb; meanwhile, the availability of medical care, particularly in rural areas, continues to diminish. There is a significant need to reduce over-compensation for executives working for pharmaceutical, insurance and hospital corporations; otherwise, they may be the only people that will have the financial resources to afford health insurance coverage.