Health insurers in Washington, D.C., Oregon, and Vermont have requested double-digit premium rate increases for Obamacare plans next year, according to state and district insurance commissioners.
In Oregon, there were eight health insurers participating in the individual market that requested premium rate hikes ranging from 6.9 percent to 21.8 percent.
“This year’s rate requests follow two years of significant rate increases as insurers have adjusted to changes in the individual market,” said the state insurance commissioner. “Rates increased an average of 23 percent in 2016 and 27 percent in 2017.”
Premiums are continuing to increase due to higher-than-expected medical claims, declining participation of insurers, and the end of federal programs that mitigate risk for insurers. Insurers are also faced with increasing uncertainty as to whether the cost-sharing subsidies will be made and what will happen to the individual mandate.