The federal government released more details Wednesday about how much health insurance rates could increase next year in Florida — and the spike could be dramatic for some.
For individuals buying plans on exchanges, the increase is 17.8 percent on average. But now the U.S. Centers for Medicare and Medicaid Services have released a breakdown of all the different polices in Florida, and how much each of those plans will go up.
Of the 58 plans offered by eight insurance companies, the increases range from less than 2 percent on the small side to 137 percent at the highest. But that includes plans with small numbers of people.
Looking just at insurers who had more than 10,000 Obamacare individual customers in 2015, Cigna stands out with a proposed rate increase of 83 percent. In documents, they say medical costs are going up, and people are sicker.
Molina Healthcare is asking for a 37- to 44-percent hike next year, while AvMed wants a 38- to 43- percent hike. On the lower end, Health Options, an affiliate of Florida Blue, is asking for a 6- to 11- percent increase. Florida Blue, the state’s largest insurer by far, is asking for rates to go up on its plans anywhere from 9 to 24 percent.
Insurers are also keeping a wary eye on Washington, where President Donald Trump has threatened to cut cost-sharing reductions for health insurance. If that happens, expect rates to go up even higher.
Nationwide, 19 counties with more than 13,000 are expected to have zero insurance companies selling Obamacare plans next year, while more than 2.3 million people in 40 percent of counties will have just one insurance company selling.
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