insurance rates

Scott Orders Freeze On Insurance Rate Hikes

Sep 13, 2017
MyFloridaHouse.gov

Gov. Rick Scott on Tuesday ordered the state's top insurance regulator to “freeze any and all efforts” to increase property-insurance rates as homeowners and businesses recover from Hurricane Irma.

Changes to Medicaid in Republican proposals for health care reform could cause insurance rates to go up for everyone, according to Rep. Kathy Castor.

Six companies filed to sell health insurance in Florida next year on the Obamacare exchanges with an average rate increase of 17.8 percent, state officials said.

However, if the state approves the rate increase, it would likely be offset by an increase in federal subsidies. That means consumers wouldn’t have to pay much more for their premiums.

Insurers are seeking double-digit rate increases for 2017 health plans that will be sold to individual Floridians under the Affordable Care Act, a reflection of increasing medical costs and the end of a safety net for insurers.

Health insurance premiums for nearly 600,000 Floridians could increase more than 10 percent next year, according to proposed rates released Monday on the federal healthCare.gov website.

Florida's average increase in health-insurance premiums under the Affordable Care Act for 2014 will be in the range of just 5 to 6 percent, Office of Insurance Regulation officials said Tuesday. 

That is not out of line with past years, and the new law will require health policies to cover more than many do now.