Monday, May 16, 2016
To Continue Yesterday's Discussion
UnitedHealth Group the largest insurer in the U.S., recently announced that it would be vacating a majority of the 34 states it's currently operating in beginning in 2017. Humana has also threatened to pack up shop due to losses suffered on Obamacare exchanges. More than half of all of Obamacare's approved healthcare cooperatives closed up shop heading into 2016 due to unsustainable losses.
In Virginia, Aetna announced an average premium rate hike request averaging 13%. Innovation Health, a joint-venture between Aetna and Inova, is requesting an average premium hike of 16.6%. Anthem HealthKeepers, a component of Anthem Blue Cross Blue Shield, is requesting an average rate hike of 15.8%. The weighted average of the 13 received rate requests is nearly 18%.
In Oregon, Moda Health Plan and Oregon's Health Co-Op are both requesting average rate hikes of 32%. Providence Health Plan is nipping at their heels with an average rate hike request of 29.6%. These three health plans comprise practically three-quarters of all enrollees in Oregon's individual Obamacare marketplace, implying a weighted average increase per ACASignUps.net of 27%!