Maryland on Thursday posted soaring rate hike requests for health insurance plans sold through the Obamacare exchanges.
The figures ranged from a minimum 9 percent increase request from Kaiser Foundation to a 53.4 percent increase from CareFirst. The maximum increases requested ranged from 36.65 percent increase from Evergreen and 150.83 percent increase from Cigna. The rates must be reviewed and approved by the Maryland Insurance Administration and would take effect beginning Jan. 1.
Under Obamacare, most customers who enroll through the exchanges will receive a tax subsidy and will not personally feel the impact of the premium hike.
Full premium increases, however, would affect anyone who makes more than $47,520 a year for an individual or $97,000 for a family of four. The threshold also can vary depending on whether a person's medical expenses make up 9 percent of a person's income.
Insurance companies are increasing their rates because of various factors, including that not enough young, healthy adults have enrolled for the plans to balance out the risk pool. Insurance companies also face uncertainty as they wait to see how Republicans will change Obamacare and whether the Trump administration will continue to pay out billions of dollars that help insurers offer lower out-of-pocket medical costs to customers.