Health insurance companies in Kentucky want to increase rates by an average of 17 percent next year.
The Kentucky Department of Insurance posted rate requests from the state’s major insurance carriers Wednesday.
Among the requests for increases to individual plans:
- Humana Health Plan, Inc.: 33.7 percent
- Baptist Health Plan, Inc.: 26.68 percent
- Aetna: 7.6 percent
“The Department of Insurance will fully investigate all proposed rate increase requests to make sure they are warranted,” DOI Commissioner Brian Maynard said in a news release. “Insurance rate increases are not specific to Kentucky; states across the nation are dealing with this issue.”
Officials say rates must be approved 60 days post receipt of each applicable filing, no later than July 11, 2016.
The requests include plans for individuals and small groups, but they are not premium increases. The base rate is one of several factors used to determine a person’s premium, including age, sex and where a person lives. Individual premiums will vary.
State officials blame some of the increases on the failure of the Kentucky Health Cooperative. Many of the company’s high-risk customers were picked up by other companies, leading to higher rates.
The rate requests cover plans sold on and off Kynect, the state’s health insurance exchange. Gov. Matt Bevin plans to dismantle the exchange by the end of this year.