RIHCMOND, Va. — A state health actuary says health plan premiums are set to rise by an average of nearly 60 percent in Virginia’s 2018 individual marketplace.
The Richmond Times-Dispatch quotes David Shea as telling lawmakers on Monday that the increase is “unquestionably the highest we’ve ever seen.” Shea said that next year, average monthly premiums will range from roughly $500 to $1,050 and the rise will come as many residents see their options for plans dwindle to one insurer.
Shea says this year’s filing season was the most challenging of any previous one.
State insurance commissioner Jacqueline K. Cunningham told legislators she’s had no indication that any carriers plan to drop out before Wednesday. That’s the deadline by which insurers must submit their rates and agree to participate in next year’s market.
Information from: Richmond Times-Dispatch, http://www.richmond.com