ObamaCare Collapse Hits TN Hard With Double Digit Rate Increases

ObamaCare Collapse Hits TN Hard With Double Digit Rate Increases

The Tennessee Insurance Commissioner announced that the office approved large double digit rate increases for all of the companies offering health insurance in 2017.

The bottom line is the Affordable Care Act won’t be quite as affordable next year for the hundreds of thousands of Tennesseans who rely on it for their heath insurance.

Yet, just how much more it will cost people, depends on the plan they choose and where in Tennessee they live.

Tennessee’s Insurance Commissioner Julie McPeak announced the hefty rate hikes just hours after her office approved them on Tuesday.

“The rate increases are substantial. Absolutely,” she said.

Next year, the three companies offering coverage in Tennessee will be Blue Cross Blue Shield, Cigna, and Humana.

They’ll raise their rates on average, anywhere from 40 to 60% percent. That’s another $1,500 to $2,000 a year for most Tennesseans who buy their insurance through the health care exchange.

“I’m terribly concerned. I know that we’re talking about significant dollars to Tennessee families and I don’t take that lightly at all,” McPeak shared with reporters at a news conference at her office.

She said the decision to raise rates wasn’t easy, but after United Health Care announced it was dropping out of the plan, leaving only three companies offering health care coverage to Tennesseans next year through the Affordable Care Act marketplace and the companies all complaining about facing significant losses, McPeak feared that without the sizeable increase, consumers might be left with few or no options. (continue reading at NewsChannel5)

Leave a Reply

Your email address will not be published. Required fields are marked *