Humana requests rate increase, nearly 43%

JACKSON, Miss.- State Insurance Commissioner Mike Chaney says that Humana has requested a rate increase that will effect plans outside of the private market, under the Affordable Care Act. 

They have requested an increase at 43% starting on January 1, 2017on monthly premiums.

“So if the plan costs $500, the taxpayer is going to pick up close to $400 per month, that’s per month, for the plan,” said Chaney.

Chaney said there are numerous factors leading to the premium hike. Those factors include the rise in health care and prescription drugs and the cost of inpatient services and medical care. Chaney says that the phasing out of premium stabilization programs under the Affordable Care Act has become a major factor.

For example, a premium increase of only 37% on a Humana Silver 3800 PPO plan would raise the cost for the member from their origional $105.33 to $187.40.
“We do have some counties in the state where Humana is the only seller of insurance on the exchange and those people will be out of luck or they’ll have to buy a private policy,” said Chaney. “In some of the counties we have dual coverage with Humana and Magnolia beginning January 1, that would give the consumer one option other than Humana.”