Health insurance premiums for Floridians who buy their own plans will rise 9.5 percent on average for 2016, though some consumers will pay less for their coverage than they did this year, state insurance regulators reported Wednesday.
A total of 19 health insurance companies submitted rate filings to Florida’s Office of Insurance Regulation, which this year regained the authority to deny rate increases for health plans sold on the Affordable Care Act’s insurance exchange at HealthCare.gov.
Average rate changes for 2016 plans sold on the ACA exchange will range from a decrease of nearly 10 percent for some plans, to an increase of as much as 16 percent for others.
Rate increases could have been higher, though, if not for the return of prior-approval authority for the Office of Insurance Regulation this year. A 2013 state law barred the state agency from regulating rates for ACA exchange plans, but that prohibition expired in March.
As a result, Florida regulators denied proposed rate increases for more than half of the issuers in the state for 2016. The majority of health plans received approval for single-digit increases, and four will decrease their rates from 2015.