Indiana ACA Rates Are Rising
Rate Filings Just Released
The Affordable Care Act (ACA), is how 35 million Americans get their health insurance coverage, according to a recent report from the Department of Health and Human Services. Nearly 600,000 Hosiers get their coverage through the ACA.
Each year insurance companies change the price for coverage, and must file their requested price increases with the Indiana Department of Insurance. The 2023 rate filings were just released, though they will not be finalized until August 18th. Here’s a sneak peak at the rate changes different companies have requested.
Rates will rise by 5.7% on average
On average the requested rates Hosiers pay will increase by 5.7%. But that’s not the whole story. For some plans the prices may decrease by as much as 34%, and others may increase as much as 24%. Here’s a sample of the average requested rate increases by company.
Ambetter 2.1%
Anthem 0.5%
Caresource 9.5%
US Health 2.5%
Your rates my change by more or less than the averages above, but unfortunately it looks like most people will be paying more for their insurance coverage next year. Another problem for 2023 is that subsidies passed under the American Rescue Plan (ARP) significantly lowered premiums in 2021 and 2022. As of the writing of this article, those subsidies have not been continued by congress for 2023. The combination of rate increases and the disappearance of the ARP subsidies means that what you and your family pays for coverage may increase substantially. At this time it is not clear whether the subsidies will be renewed for 2023.
Cigna Joins the Market
One last thing to note is that Cigna will be offering ACA plans in Indiana starting in 2023. The rates they have filed are, on average, the lowest in the state. That may help some families save money, which is good news. The bad news is that they will only offer plans in 9 counties for 2023.
Review Your Health Insurance Options
Will prices rising, new companies joining the market, and subsidies possibly going away we plan to review options will all of our ACA clients in November. I’d recommend you review your options too. If you’d like any help, we are available and our services are free.