State agency announces that health insurance premiums will grow
Health insurance premiums may be on the rise in Kansas. According to the Kansas Insurance Department, premiums for coverage in the private market, as well as for policies sold through the state’s insurance exchange, will increase in 2016. Several insurers have proposed rate increases, though a small number of these companies have actually planned to lower rates next year. Increasing rates could make it more difficult for consumers to afford their health insurance coverage.
Insurers raising rates by 10% or more will be listed on the agency’s website
According to the Kansas Insurance Department, rates for coverage could increase by as much as 38%. The insurance companies requesting increases of 10% or more will be listed on the agency’s website, allowing consumers to see which companies are looking to raise rates by a significant degree. The agency notes that insurers have access to the first full year of claims data after the passage of the Affordable Care Act.
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Claims data will help insurance companies to better understand the effect that insurance exchanges have had on the market
Claims data is often used to determine the cost of health insurance coverage. The Affordable Care Act was passed in 2010, but many of its provisions, particularly those regarding insurance exchanges, were not activated until very recently. With exchanges up and running, insurers have been able to collect the data they need to better understand how these marketplaces work, their effect on the private market, and the risks they face in doing business with these exchanges.
New open enrollment period will allow consumers to purchase coverage from state’s exchange
An estimated 97 insurance plans are expected to be available through the state’s health insurance exchange, which is managed by the federal government. These insurance plans will take effect in 2016, but consumers will be able to enroll for coverage through the state’s exchange beginning in November of this year. This open enrollment period will run through the early months of 2016, giving consumers the opportunity to find the insurance coverage that they are interested in.