Several years ago, when the ACA went into effect, I predicted there would be no more insurance carriers on the exchange when the “bail out” that was in the law went away in 2017. Well I was not too far off.
We have seen United Health Care, Humana, Aetna and Coventry pull out of many markets this year. We are seeing higher rate increases than we ever have. You will hear from the politicians and the advocates of the law, the consumer will not see most of it as 85% are subsidized by the law to assist in paying for it. That may be true, but the premium is up… Way up. And for the 15% who do not get subsidies.. Holy smokes its up!. Illinois announced rates yesterday. Harken, Celtic and Health Care Service Corporation ( which is Blue Cross Blue Shield of IL) are all raising their prices by 50%. Blue Cross has one slated for a 77% rate increase. Humana which now has limited coverage in Illinois is increasing by an average of 46%. Health Alliance, which is largely in the southern part of the state, but does have a presence in the Chicago area will have an average increase of 37%.
Cigna, who will be new to the individual market in the Chicago area rates are not available yet as they just announce they would participate in the state within the last 30 days.
There are at least eight counties in Illinois that will only have Blue Cross as a choice. And several others where there are only two carriers. Also to go with the rate increases the deductibles and out of pocket maximums are also going up.
The Affordable Care Act has proved to give you less care and is not affordable.