If you live in New York, ... run!:
"Insurance companies operating in New York State's marketplace are expected to ask for double-digit premium hikes next year, according to new filings from the companies.
Capital New York reports the average requested increase was 13%. The New York Post reports that number at about 12%. But the bigger insurers are seeking a bigger premium hike — according to Capital, the six most popular plans in New York are requesting an average increase of almost 15%.
The Post reports that Excellus Health Plan, which has about 24,000 customers, is requesting a 19.7% hike. MVP Health Plan, which has nearly 33,000 customers, is seeking a 19% increase. New York's largest insurer — Health Republic Insurance of New York, which has 68,000 customers — is requesting a 15% increase."
...
"According to the reports, insurers cited a number of reasons for the proposed premium hikes in their filings, including rising medical costs, having a sicker and/or older pool of customers, and new regulations and taxes levied by Obamacare.
"Our goal in pricing is to match expected medical spending — including medical costs, utilization and mandated coverage — with premiums. Other factors include plan design and new taxes and fees," Maria Gordon Shydlo, a spokeswoman at UnitedHealthCare, told the Post"
New York isn't the only state with this problem though:
"In Connecticut, two insurers are proposing to raise premiums by more than 10%, while one insurer, HealthyCT, is proposing almost a 9% decrease.
Another example: In Arizona, Cigna requested an average rate hike of 14.4%. Humana, though, is looking for a startling 25.5% increase" (view Ron Simmons' reaction to this news here)
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