Katie Button of the Department of Consumer and Business Services (right) helps a consumer pick a health care plan on the federal online marketplace. (Department of Consumer and Business Services)
The price of individual and small business health insurance plans will jump again next year – and two by double digits that could leave people paying nearly $700 more a year for their monthly premiums.
After seeking public comment , officials with the state Division of Financial Regulation said Thursday they approved an average 8% rate hike for individual plans sold on the federal marketplace – just 1% lower than what the companies requested earlier this year. The division also approved an average 12% rise for small company plans, which basically was what the companies had requested, according to figures published Thursday.
PacificSource Health Plans will have the biggest increase on the individual market at just over 11%, while regulators approved more than a 16% rate hike for small business plans sold by Providence Health Plan.