Most Ohio insurers seeking modest rate increases

Eleven of the 14 companies selling health plans in Ohio’s marketplace today are seeking to raise rates by less than 10 percent next year, and some may seek reductions for 2016 (Source: “3 Ohio insurers seek to raise rates,” Dayton Daily News, June 4, 2015). 

In filings with the Ohio Department of Insurance, three Ohio companies — including the state’s largest health insurer — have proposed double-digit rate increases for the health plans they plan to sell next year in Ohio’s government-run health insurance marketplace, mainly to cover higher-than-expected medical costs for sicker than anticipated policyholders.

Despite the sizable premium increases eyed by some insurers, final rates — which will be published no later than Nov. 1 — are likely to be lower than the ones requested.

“The rate review process kicks off an important set of steps designed to provide consumers and others the opportunity to weigh in on proposed rate increases of 10 percent or more,” said Andy Slavitt, acting administrator for the federal marketplaces. “These specific rates will be subject to vigorous rate review and revision and the final rates consumers will see this fall will reflect the breadth of choice and competition in the marketplace.”