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First Analysis of Insurer Rate Increases Above 10% in New Health Plans Finds Most Driven by Medical Costs; ACA Not a Major Factor in 2013
The Commonwealth Fund Dec. 19, 2013
"The average annual premium increases among carriers with increases of 10 percent or more were $648 in the individual market and $729 in the small-group market. Insurers on average attributed the entire amount of rate increases in the individual market to higher medical expenses. In the small-group market, insurers reported that medical costs accounted for 72 percent of requested rate increases. Rising prices were a larger driver of medical expense increases than enrollees' greater use of services. Insurers attributed more than half of the average medical expense increase to higher per unit costs for services in both the individual market (57%) and small-group market (58%). About a quarter (26%) of expected medical cost increases in the individual market and 31 percent in the small-group market were attributed to increased use of services."
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