Policies sold through state’s insurance exchange may be less expensive next year
Health insurance premiums for policies sold through state-based exchanges are expected to rise in many parts of the U.S. next year. New regulations and insurers adapting to the provisions of the Affordable Care Act are part of the reason behind growing premiums. In Arkansas, insurance premiums for policies sold through the Arkansas Healthcare Insurance Marketplace are not expected to rise. Coverage sold through the exchange next year is likely to have lower premiums than policies that went into effect at this beginning of this year.
State agency predicts that average premiums will drop by 2%
The Arkansas Insurance Department predicts that premiums for policies going into effect next year will be 2% lower than current premiums for the same type of coverage. Some policies may see their premiums fall by a larger margin, while the price of other policies may not be affected. In some cases, insurance premiums may rise. This may be due to the medical conditions of policyholders and how expensive these conditions are for the consumer and for the company providing them with insurance coverage.
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Erroneous information spurs state agency to offer clarification
Information about rate reductions has been released by the state’s Insurance Department as a response to erroneous information that had recently been posted to the agency’s website. That information contained an incomplete analysis of rates in the state, especially when it came to policies being sold through the state’s health insurance exchange.
Final rate pricing information expected to be available in November
Insurance companies hoping to sell policies through the state’s exchange must first have their pricing plans approved by the U.S. Department of Health and Human Services. Rate increase and decrease proposals have been filed with the agency already, but final information concerning insurance prices is not expected to be released until the next open enrollment period begins. In November, a new open enrollment period for the health insurance exchanges throughout the U.S. will begin, and people will be able to apply for coverage through exchanges once again.