Affordable Care Plan raises rates in SC 50-70%

The SC Department of insurance announced last week that, after reviewing the rate submissions, rates in the Federal Facilitated Exchange will be 50-70% higher than current rates in the state.  This is due in large part to the new mandated benefits (such as maternity coverage, new taxes and fees, wellness programs) that were not previously available.

Group rates are expected to rise 10-20%.

WHAT WILL HAPPEN TO MY RATES?  That depends.  If you are young and healthy your rates may go up the full 70%.  If you are older, or already have a rating with your insurance company because of a medical condition, your rate change won’t be a dramatic.  Smokers will pay 50% more as well, but see my other blog today on this topic.

I will be undergoing exchange certification over the next few weeks and will begin to provide guidance, once we have all the information we need – probably in mid-September.