Health Insurance Rates Increases 2014-2016

avgpreminc14-16The Commonwealth Fund analyzed monthly premiums available for qualified health plans in various state marketplaces and how premiums have changed this past year. Nationally the average increase from 2015 to 2016 was only 6% (5% for silver plans).  Fluctuations on a state by state basis were more profound and with wide variation — For example health insurance rates increased 37% in Tennessee this year while they decreased by 8% in Texas.  By comparison, between 2000-2015 the average annual increase in health insurance premiums was 7.3%.

 

States with Largest Rate Increases 2015 – 2016

The state marketplaces with the largest increases in monthly premiums this past year include:

  1.  Tennessee (37% increase)
  2. Alaska (31%)
  3. Hawaii (29%)
  4. North Carolina (27%)
  5. West Virginia (27%)
  6. Kansas (26%)
  7. Montana (22%)
  8. Utah (22%)
  9. Minnesota (21%)
  10. Nebraska (19%)

 

States with Decreases in Health Insurance Rates 2015-2016

The state marketplaces that enjoyed decreases in monthly health insurance premiums from 2015 to 2016 include:

  1. Texas (8% decrease)
  2. Indiana (4%)
  3. District of Columbia (2%)
  4. Arkansas (1%)
  5. Connecticut (1%)
  6. Florida (1%)
  7. New Hampshire (1%)
  8. Pennsylvania (1%)

 

Other Notable Findings

  • 21 states experienced double-digit rate increases while 7 states (+ DC)  experienced average rate decreases year over year
  • from 2014-2015 avg health insurance premiums on a national level remained flat
  • “Benchmark Silver Plans” from which income based subsidies are calculated increased 6% on avg. in 2016. 23 states experienced a double-digit increase in Benchmark Silver Plan premiums.

More analysis of health insurance rates to follow…

 

You might also be interested in: 2016 Lowest Cost Blue Cross Blue Shield Plans on Exchange

 

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