Office Releases Data on Projected Health Insurance Premiums for PPACA Policies
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today released several documents summarizing products that have been accepted by the Office that comply with the Patient Protection and Affordable Care Act (PPACA) for sale in the individual health insurance marketplace beginning January 1, 2014.
“Although the form and rate review process is ongoing, we have released this information to help the public and our state policymakers understand the full extent of federal health care reform and its imminent impact on our state,” remarked Florida Insurance Commissioner Kevin McCarty.
In the document titled, “Individual Monthly Health Insurance Premiums Before and After PPACA,” the Office utilized two separate methods for calculating potential premium increases. The first method utilized a hypothetical mid-level “silver plan” created by the Office using adjustments to a standard plan in Florida, and compared this pre-PPACA silver plan to actual silver plans filed with the Office; this resulted in an average 35.2 percent increase with a range of 7.6 percent to 58.8 percent.
A second method compared company projected premiums to a marketplace average for policies without the 2014 PPACA provisions; this resulted in an average 39.3 percent increase with a range of 14.3 percent to 55.3 percent. It is important to note that neither of these methods incorporated any potential federal subsidies or credits that might be available to individuals.
The Office also released two other documents, “Health Insurance Plans by Company,” and “Health Insurance Plan Distribution by County.” The first document shows the plans companies intend to sell both on and off the federally-facilitated exchange. The second document displays how many individual plans have been accepted by the Office to be sold in each county to date. All counties have at least one plan.
All documents released today are for products accepted by the Office as of July 31, 2013. These documents will continue to be updated as more plans are reviewed and accepted by the Office. The Office intends to release data for PPACA small group premiums in the near future.