Delaware Insurance Department releases 2017 health insurance rates

(Dover, DE – Insurance News and Markets) – On Oct. 6, Delaware Insurance Commissioner Karen Weldin Stewart released the state’s  Qualified Health Plan average rates for 2017.

She recommended approval of a 32.5 percent average rate increase in the individual market for Highmark Blue Cross Blue Shield of Delaware. The approved average rate increase for the small group market for Highmark’s plans is 2.74 percent.

Aetna Life Insurance Company received an average of 22.8 percent increase in the individual market and Aetna Health Insurance Company received an average increase of 23.6 percent. In the small group market, Aetna Life received an average increase of 15.2 percent and Aetna Health received an average increase of 19.7 percent.

The Aetna Health rate reflects a 1.4 percent reduction of the insurer’s individual rate request made in June, and Aetna Life’s rate is a 1.1 percent reduction of its June request. In the small group market, Aetna Health’s rate reflects a 3.5 percent reduction of the original request, and Aetna Life’s rate is 3.4 percent less than requested.

The approved rates are average rates; some consumers may pay more, some less. Under Delaware law, the Commissioner evaluates the reasonableness of rates to ensure they are not excessive, inadequate or unfairly discriminatory.

Source: Delaware Department of Insurance.