Florida Office of Insurance Regulation Announces 2021 PPACA Individual Market Health Insurance Plan Rates
Fla. – The
Florida Office of Insurance Regulation (OIR) announced today that premiums for
Florida individual major medical plans in compliance with the federal Patient
Protection and Affordable Care Act (PPACA) have been approved for the 2020-2021
plan year. Following OIR’s rate filing review, the
average statewide approved rate change on the Exchange is
+3.1 percent, beginning January 1, 2021.
health insurance companies submitted rate filings for OIR’s review in July with
final rate determinations due by August 26, 2020, per federal guidelines. Rate
filing information is available in the Individual PPACA Market Monthly Premiums
for Plan Year 2021 documents here.
requested in initial filings did not include any additional factor or
consideration for projected impacts of COVID-19 for plan year 2020-2021.
Carriers submitted COVID factor projections separately with an aggregate
request of +2.8 percent. OIR approved a COVID factor of +2 percent, considering
delayed claims and additional costs related to COVID-19. The COVID factor is
reflected in the final approved rate for all carriers. Federal law requires
insurance companies to pay annual rebates if a carrier collects too much
premium in relation to claims.
the 2021 open enrollment period, consumers are encouraged to review their
coverage options on HealthCare.gov to
find a plan which best suits their needs.
Federal review of the rate filing information has not been finalized by the
Department of Health and Human Services and is subject to change. Further
information can be obtained on OIR’s Federal Health Care Insurance webpage.
Information on individual filings can be found using OIR’s IRFS Filing Search