Rate proposals from health insurers participating in Virginia's exchange show premium increases for all health plans in 2015, according to a report from The Wall Street Journal.
The exact size of the premium increases vary, from 3.3 percent for Kaiser Foundation Health Plan of the Mid-Atlantic States to 14.9 percent for CareFirst BlueChoice. Meanwhile, the Anthem HealthKeepers plan offered by a unit of WellPoint plans to raise premiums by 8.5 percent on average, according to the report. CarePoint stated in its filing the average age of its enrollees had risen.
The release of the Virginia premium rates for health insurance exchange plans follows speculation that most markets will see significant increases in 2015. Last week, healthcare business advisory company Avalere Health released an analysis stating "secular increases in the cost of medical care and in utilization of services and new medical technology make it likely that exchange plans will need to increase their prices." However, Avalere predicted enough young, healthy people (28 percent of the enrollee population) signed up for coverage through the exchanges to prevent age distribution from driving premium increases.
Last month, Kaiser Health News reported health insurers were looking to raise rates next year for health plans offered through the exchanges. Dave Axene and Elaine Corrough, fellows of the Society of Actuaries, have offered a less drastic estimate than Avalere, saying health insurers will likely increase rates by 6 percent to 8.5 percent on average. Although rates will vary widely across the country, Ms. Corrough and Mr. Axene predicted medium-sized, single-digit rate increases, based on medical inflation and the exchange enrollee population.
Insurers offering plans through the federal exchange must file initial rate requests by late May or June.
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