If you have not already heard, Blue Cross and Blue Shield of NC (BCBSNC) requested to file for a lower rate increase with the NC Department of Insurance than what was originally requested. In May, BCBSNC requested a 22.9% average increase for coverage purchased on and off the exchange. Just this month, BCBSNC revised their request with the NC Department of Insurance to a 14.1% average increase.
BCBSNC believes that the individual market in North Carolina has become less volatile. BCBSNC says they have gotten a better handle on the anticipated medical costs of people covered in this group which has made it easier for them to estimate the necessary price of their ACA health plans.
Adjusting the ACA rate request is nothing new for BCBSNC. In each of the last 3 years, BCBSNC revised their rate filing to take into account additional claims experience or new developments within the marketplace. In a few of those years, the adjustment increased the rate request. This time, the adjustment is to reduce the request.
Does this mean all the challenges associated with the ACA have gone away? No.
There is still a great deal of uncertainty surrounding the law. Many customers, particularly those not receiving Federal subsidies, will face challenges affording any premium increase.
For consumers who do not receive a federal subsidy and would like to learn about other options for health coverage that are truly an affordable option, contact Health Enroller at 844-680-7855 today and a licensed agent will discuss other health insurance options for you and your family.