The Indiana Department of Insurance Tuesday issued the following statement in response to a misleading news story about rates on the Indiana Marketplace.
Specifically, the story states: “In Indiana, the benchmark plan will be 3% cheaper.”
“The health insurance rates in the Indiana Marketplace are going to increase. In fact, many Hoosiers will see a double digit increase in rates. The way the reporter characterized the rate change misleads Hoosiers,” said Stephen W. Robertson, Commissioner of Indiana Department of Insurance.
Following are facts:
- Next year, based upon current enrollment, the average rate will increase by 18.7% over the 2016 rates for the Indiana Marketplace.
- Overall, the premiums in the Indiana individual market have gone up by almost 70% since the Affordable Care Act was implemented. Members currently enrolled in the state’s largest plan may see up to an average 29% increase.
- For 2017, four carriers will be selling on the Indiana Marketplace: Anthem, CareSource, Celtic (MHS) and MDwise Marketplace. This is four fewer carriers than in 2016.
- The following plans have withdrawn from the Indiana Marketplace and will no longer offer health plans on the Marketplace: IU Health Plan, Physicians Health Plan of Northern Indiana (PHP), All Savers, and Southeastern Indiana Health Organization (SIHO).
- More than 68,000 Hoosiers lost their health plans when these carriers left the Marketplace.
Click here for more information on the Indiana 2017 Federal Marketplace filings.
About the Indiana Department of Insurance
The Indiana Department of Insurance protects Indiana’s insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The department monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The department also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work