64.2% Rate Increase
What increases are insurance carriers asking for in Georgia?
There are 27 plans on the Georgia healthcare marketplace. The lowest requested increase is 10.2% and the highest is 64.2%. The average is 20.1%.
It’s time to look at a new way of funding your health care benefits.
This is a huge change considering it had been 1% when the Marketplace opened. Some states had bragged about zero percent increases. Before the ACA annual national increases were about 10%.
What is driving these increases? The American Academy of Actuaries states that the main driver is the composition of the risk pool. They state that medical trends increases are being driven by per unit costs of services and increased utilization .
The insurance commission has not ruled on the increases. We will have to wait.
SBG’s annual increase averages 3% and has for over 15 years. The Coalition strategy works.
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