Aug. 2, 2017
2018 Individual Market Rate Filing Update
Several weeks ago, we began the annual process of filing proposed individual rates for 2018 in each of our five states. We’re now entering the rate review period during which the federal government makes proposed rates public. Each year, this generates media coverage that may prompt questions from colleagues or customers. Here are a few talking points to have on hand. This does not impact group or government business.
- We have filed proposed rates and products in hopes of continuing to offer quality, affordable individual coverage for 2018. The rates that have been filed are not yet finalized.
- Our rates are based on several factors, including escalating health care costs and the growing use of that care, anticipated local medical care costs, pharmaceutical costs and utilization, among other variables. Our product pricing also reflects the uncertainty and the associated risks that exist within this marketplace. If we receive regulatory certainty within an acceptable time frame we will review and, where appropriate, adjust our rates if we have time.
- Rates should also be viewed within context. Actual out-of-pocket costs will differ based on the financial assistance consumers receive from the government to offset their total monthly premium cost.
- We will continue working with legislators, regulators and other stakeholders to achieve a stable and sustainable individual market.
As soon as we can this fall, we’ll share information with you and consumers about our products, rates and level of participation in the 2018 individual market. Stay tuned to News from the Blues for updates.