Kentucky Individual Health Insurance Rates Could Increase 20% to 60% in 2017

Posted by Robin Broyles on Fri, May 27, 2016 @ 16:05 PM

Health Puzzle Green.jpgA recent "Louisville Business First" article, titled "Health Insurers Seek 2017 Rate Hikes In Kentucky," reports that many insurers in the state have requested rate increases for next year.  According to the Kentucky Department of Insurance, the average proposed increase is around 20% -- but are as high as 65%!

According to the article, the collapse of the Kentucky Health Cooperative (or CO-OP, created under the Affordable Care Act) is a major contributing factor for the proposed increases. After the CO-OP folded, more than 51,000 of their former customers -- many of whom were high risk -- had to find insurance through other providers. These providers project that these customers will affect their overall "risk pool."
 
Analysts with the Kentucky Department of Insurance are reviewing the proposals, and Commissioner Brian Maynard said his office "will fully investigate all proposed rate increase requests to make sure they are warranted."

Topics: Affordable Care Act