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Montana Insurance Rates Rise After Trump Pulls Health Care Subsidies
News & Features
Montana Insurance Rates Rise After Trump Pulls Health Care Subsidies
Congress looks to restore health care payments but faces uphill battle
By Justin Franz // Oct 21, 2017
Flathead Beacon
Some Montanans who purchase health insurance through the federal marketplace will be paying more after President Donald Trump decided to stop cost-sharing reduction payments that help low-income Americans get coverage. ... Trump argued that the payments were illegal and that Congress should figure out how to reimburse the insurance companies for the coverage they offer. Critics, however, have worried that the decision to pull the payments could push some insurance companies out of the marketplace established by the Affordable Care Act, also known as Obamacare.
All three of Montana’s marketplace health insurers had already submitted their 2018 rates prior to Trump’s decision. Initially, it appeared as if the insurance companies would not be able to adjust their rates, but on Oct. 13, the Centers for Medicare and Medicaid Services decided to allow the insurers to re-file rates. State law allows companies to revise rates in case of any “material change” to earlier rates as long as the changes are filed at least 60 days before they would take effect.
PacificSource and Montana Health CO-OP both opted to reevaluate their rates. Blue Cross Blue Shield, which had previously submitted a 22.3 percent rate increase in anticipation of changes to the Affordable Care Act, decided not to change their rate.
On Oct. 19, Montana Commissioner of Securities and Insurance Matt Rosendale announced that PacificSource and Montana Health CO-OP had submitted new rates. PacificSource’s average rate jumped from 7.4 percent to 13.1 percent. The Montana Health CO-OP’s rate increased from 4 percent to 16.6 percent. ... According to the state auditor’s office, the new rate increases will only affect Silver-level health insurance plans on the individual market. Federal subsidies for low-income consumers remain intact, and will offset some of the increases.
Montana Insurance Rates Rise After Trump Pulls Health Care Subsidies
Congress looks to restore health care payments but faces uphill battle
By Justin Franz // Oct 21, 2017
Flathead Beacon
Some Montanans who purchase health insurance through the federal marketplace will be paying more after President Donald Trump decided to stop cost-sharing reduction payments that help low-income Americans get coverage. ... Trump argued that the payments were illegal and that Congress should figure out how to reimburse the insurance companies for the coverage they offer. Critics, however, have worried that the decision to pull the payments could push some insurance companies out of the marketplace established by the Affordable Care Act, also known as Obamacare.
All three of Montana’s marketplace health insurers had already submitted their 2018 rates prior to Trump’s decision. Initially, it appeared as if the insurance companies would not be able to adjust their rates, but on Oct. 13, the Centers for Medicare and Medicaid Services decided to allow the insurers to re-file rates. State law allows companies to revise rates in case of any “material change” to earlier rates as long as the changes are filed at least 60 days before they would take effect.
PacificSource and Montana Health CO-OP both opted to reevaluate their rates. Blue Cross Blue Shield, which had previously submitted a 22.3 percent rate increase in anticipation of changes to the Affordable Care Act, decided not to change their rate.
On Oct. 19, Montana Commissioner of Securities and Insurance Matt Rosendale announced that PacificSource and Montana Health CO-OP had submitted new rates. PacificSource’s average rate jumped from 7.4 percent to 13.1 percent. The Montana Health CO-OP’s rate increased from 4 percent to 16.6 percent. ... According to the state auditor’s office, the new rate increases will only affect Silver-level health insurance plans on the individual market. Federal subsidies for low-income consumers remain intact, and will offset some of the increases.
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