The Ohio Department of Insurance said insurers’ health insurance plans for the federal insurance exchange for Ohio show that expenses for consumers will significantly increase.
Based on a report released by the Society of Actuaries earlier this year, the department estimates this increase is an average of 88 percent.
While those costs do not specifically track with the premiums insurers charge individual customers, it is expected that these increases in costs will also translate to significant premium increases for many Ohioans, the department said.
A total of 14 companies filed proposed rates for 214 different plans to the department. Projected costs from the companies for providing coverage for the required essential health benefits ranged from $282.51 to $577.40 for individual health insurance plans.
Estimates from a Society of Actuaries study released in 2013 showed Ohio’s current average cost to cover medical expenses for an individual health insurance plan is $223.
Based on the proposals submitted to the department, the average to cover those costs in 2014 is $420 representing an increase of 88 percent when compared to the Society of Actuaries study.
The proposed rates are not effective and are currently undergoing the department’s review process. During this process, rates may change before becoming effective.
Initial open enrollment on the exchange is set to begin Oct. 1, 2013. Coverage purchased through the exchange will have an effective date of Jan. 1, 2014.