The headline above is actually a bit questionable; I'm not 100% sure whether the second rate filings are final/approved or not. They're lower than the "requested" rates listed on the federal Rate Review website, and the filing forms say these are "approved," but there hasn't been a formal press release issued either so it's hard to be sure.
In any event, the weighted average unsubsidized rate increase for 2023 looks like it's 4.4% on the individual market (down from the earlier 5.9% requested hikes), while the small group market carriers are requesting average increases of 4.1%.
I wasn't expecting New York to be the first state to publicly release their final/approved rate filings, but so be it (in fact, they're just the first state I'm aware of to do so).
Virginia has an extremely robust, competitive individual & small group insurance market...and in 2023 it's getting even more competitive, with what appear to be two new carriers joining the individual market (Aetna Health Inc. and Anthem EPO), although Anthem is only offering off-exchange policies (why??) while Bright Health Insurance appears to be dropping out of the individual market (which is a common theme for Bright this year...)
Virginia used to be one of the first states to release their preliminary rate filings for the upcoming year, but for the past year or two it's been among the later ones. I don't know how much of this is due to COVID-related issues or if it's just an internal policy change for some other reason. Regardless, as a result, VA also happens to be the first state to release their annual rate filings since the Inflation Reduction Act (which includes a 3-year extension of the enhanced ACA subsidies) passed both the U.S. House and Senate.
The Inflation Reduction Act extends the increased financial help initially provided by the American Rescue Plan through the end of 2025.
The increased subsidies expanded health care coverage, leading to record enrollment in California and across the nation, and lowered insurance costs for people who signed up through an Affordable Care Act marketplace.
The landmark legislation will continue to make coverage more affordable at a time when many individuals and families are facing increased challenges in the current economic environment.
(LANSING, MICH) Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox is applauding Congress and the Biden Administration for enacting the Inflation Reduction Act which, in part, will extend increased Health Insurance Marketplace premium subsidies for another three years. These subsidies, first expanded by the American Rescue Plan, have enabled 4 out of 5 enrolled Americans to find health insurance for less than $10 per month on HealthCare.gov.
This just in via the New Jersey Dept. of Banking & Insurance (via email for now):
Statement from New Jersey Department of Banking and Insurance Commissioner Caride on President Biden’s Enactment of the Inflation Reduction Act
TRENTON – New Jersey Department of Banking and Insurance Commissioner Marlene Caride today released the following statement on the signing by President Biden of the Inflation Reduction Act:
With the signing of the Inflation Reduction Act, President Biden and Congress have preserved a lifeline to health insurance for millions of Americans. For New Jersey, this means the preservation of record levels of financial help that have made health insurance through Get Covered New Jersey more affordable for hundreds of thousands of New Jersey residents.
ST. PAUL, Minn.—Today, President Biden signed into law a sweeping investment in health care affordability for Americans that will help keep health care costs in check for over 70,000 Minnesotans.
The new federal legislation, called the Inflation Reduction Act, extends enhanced subsidies for private health plans purchased through MNsure, Minnesota’s health insurance marketplace. First introduced in 2021 as part of the American Rescue Plan, the enhanced subsidies made existing tax credits more generous and expanded eligibility for tax credits to include more middle-income families. The average annual savings for MNsure enrollees is $6,100 per household for 2022.
DENVER— Today, President Biden signed the Inflation Reduction Act into law. In addition to tackling issues such as climate change, health care and prescription drug costs, the legislation will extend the expansion of Affordable Care Act marketplace premium tax credits through 2025.
Connect for Health Colorado’s Chief Executive Officer, Kevin Patterson, released the following statement:
The bill extends enhanced subsidies for three more years and helps bring down costs for Connecticut residents who need financial help to pay for the cost of their health insurance premiums
HARTFORD, Conn. ( August 12, 2022) — Access Health CT (AHCT), Connecticut’s official health insurance marketplace, today announced Connecticut residents who purchase health insurance on the exchange will continue to receive enhanced subsidies thanks to the Inflation Reduction Act (IRA). The enhanced subsidies, which were set to expire at the end of the year, are advanced premium tax credits that help Connecticut residents pay for the cost of their monthly health insurance payments. This financial help is now extended for three more years.
Pennsylvanians can access these savings and enroll in 2022 coverage at pennie.com if they are experiencing a qualifying life event, Pennie’s Open Enrollment begins November 1st and runs until January 15th for 2023 coverage.
Harrisburg, PA – August 16, 2022 –
The Inflation Reduction Act (IRA) passed earlier this month by Congress and signed into law today by President Biden, will save hundreds of thousands of Pennsylvanians from experiencing increases in what they pay for their health coverage through Pennie next year. The IRA extends the enhancements to Affordable Care Act (ACA) premium subsidies originally created by the American Rescue Plan (ARP) which were set to expire at the end of the year. Thanks to this new law, Pennsylvanians will be able to receive these enhanced subsidies through 2025.
