Florida To See Rate Hikes For Most ACA-backed Health Plans

Aug 4, 2014

Credit LHatter / WFSU News

Floridians who purchased federally-subsidized health insurance plans as part of the Affordable Care Act could see their rates increase about 13 percent next year in the individual market.

The Florida Office of Insurance Regulation has released rate information on all 14 companies planning to sell health insurance through the federal exchanges, including three new carriers.  Of the 11 returning plans, most filed rate increases ranging from 11 to 23 percent. Aetna, Molina and Sunshine State Health plan decreased their rates.

New carriers include Health First Health Plans, a subsidiary of Assurant, Time Insurance Company and the health insurance giant, United.

The state’s data is based on the average cost of a mid-level, silver plan and doesn’t take into account what Floridians actually purchased.

"We picked the Silver Plan for an example… because according to HHS it represents about 70 percent of the Exchange market products and is the only plan that allows Cost-Sharing Assistance," says OIR spokesman Harvey Bennett. "As noted, our figures do not take into account Cost-Sharing Assistance (which would decrease the total cost of the plan to the participant), nor do they take into account out of pocket expenses (which would increase the total cost of the plan to the participant)."

According to state estimates, people who bought a federally-subsidized plan in Leon and surrounding counties pay about $165 a month for it. That could go up  an average of $46 dollars next year according. However, the federal government says the average Floridian who purchased a health plan on its exchange pays about $68  a month, after subsidies.