(Honolulu, HI – Insurance News and Markets) – On Oct. 7, The Hawaii Department of Commerce and Consumer Affairs Insurance Division released individual health plan insurance rates in the 2017 Affordable Care Act. These rates are expected to affect 41,000 people.
“The Insurance Division’s approval of rates were made pursuant to the statutory requirement that rates cannot be excessive, inadequate or unfairly discriminatory,” said State Insurance Commissioner Gordon Ito. “Healthcare costs continue to rise at a significant pace, while healthcare utilization in ACA plans continue to be extremely high, not only in Hawaii, but nationwide. This highlights a challenge in balancing these rising healthcare costs with ensuring affordable access to health insurance,” Ito said.
The insurance division reviews all submitted data to ensure that rates are fair. Rates must also be adequate to ensure solvency and competition in the market.
While we hoped to maintain rates at a more stable level, we found the premium increases necessary for carriers to continue to provide ACA individual coverage within the State. Hawaii remains committed to ensuring health care for all and continues to look for ways to improve health insurance access,” Ito said.
Consumers are encouraged to review and understand the offered ACA plans during open enrollment starting November 1, 2016.
Source: Department Of Commerce And Consumer Affairs, Insurance Division.