State insurance officials Wednesday gave approval to premium increases of more than 50 percent for the four insurers participating in next year’s insurance exchange in Georgia.
The officials said that the huge rate hikes assume that subsidies for insurers to lower consumers’ out-of-pocket costs will not be paid next year by the federal government. The premium increases are much higher than the rates that the four insurers initially requested this summer.
Blue Cross and Blue Shield’s average rate increase for the 2018 exchange will be the highest under the scenario of no subsidies, at 57.5 percent.
Ambetter of Peach State’s final average increase will be 51 percent.
The premium hike for Alliant Health Plans, which serves counties in North Georgia, rose to 53.3 percent, while Kaiser Foundation Health Plan increased its average premium to 56.7 percent.