We are in the month of May, and that means insurance carriers have filed their premiums for individual coverage for 2017, and are awaiting approval from the various states. As information begins to leak out, what we are seeing is, well, scary. In an article on May 16 in Money Magazine, The Motley Fool reports that everything so far has been double digits, between 13% for an Aetna plan in Virginia to more than 30% in Oregon.
With the loss of the ObamaCare CO-OPs in most states, and Humana and United Healthcare pulling out of most states as well, it seems likely that there will be alot less competition this coming year. Yes, many will not feel it as much with the subsidies they receive, but this year could reverse the trend – the number of uninsured is down 6.1% since just prior to the advent of ObamaCare. Higher premiums and less competition could cause subscribers to drop coverage again.
As soon as we have more information, we will be sure to share it. Click the link to read the well-written article that does a nice job of summarizing events.