The Kentucky Department of Insurance (DOI) has completed its review of the 2017 rate proposals filed by insurance companies selling individual and small group health benefit plans in Kentucky. The rates will be used by insurance companies to calculate individual premiums for Kentucky consumers in 2017.
2017 Individual and small group health benefit plans (click to enlarge).
In May, DOI announced that because of national trends, market forces, an aging population and the general instability injected in the state health insurance market by Obamacare, insurance companies had requested rate increases. The department spent the past several months reviewing the requests to determine whether they were fair, just and reasonable.
“The Department of Insurance carefully reviewed each request to ensure its compliance with Kentucky law, pushed back where possible and sought to ensure each request was properly supported,” said H. Brian Maynard, commissioner of the Department of Insurance.
Commissioner Maynard explained that Kentuckians in particular have felt the damaging effects of Obamacare since the failure of the Kentucky Health Cooperative, created under Obamacare and the Beshear administration. The Co-op’s failure required the remaining insurers to absorb the more than 50,000 former Co-op customers, many of whom were high risk customers, and explains the 2017 rate filings, which will result in increased premiums for Kentucky citizens.
“Unfortunately, Obamacare has infused our state’s health insurance market with unnecessary volatility and uncertainty. Far from helping to lower healthcare costs, Obamacare is driving up costs and burdening our citizens. That’s reflected in the filings the department reviewed,” continued Commissioner Maynard. “Despite the hurdles created by Obamacare, under my watch and with the help of an excellent staff—including dedicated health analysts and actuaries—the Department is committed to protecting Kentucky consumers by fulfilling its consumer-protection role while dealing with the fall-out of failed federal policies.”
Commissioner Maynard recommends “during this year’s open enrollment period, Kentuckians should consult their health insurance policies to determine how the 2017 rates will affect their premiums and shop around to compare those premiums with other available policies.”
In general, insurers’ individual premiums will depend on unique factors that include a consumer’s age, whether the consumer smokes and where the consumer lives.
Health rate filings can be found on the DOI website at http://insurance.ky.gov/ratefil/default.aspx.
Commonwealth of Kentucky Public Protection Cabinet
