More than 800,000 Ohioans have gained health insurance coverage through the ACA, but some insurers are warning that residents may see a spike in premiums (Source: “Obamacare in Ohio: Rate of uninsured drops, but premiums likely to rise,” Cleveland Plain Delaer, July 14, 2016).
The uninsured rate in Ohio has been cut by 40 percent since the law was enacted, but some insurers are reporting significant financial losses on their Obamacare plans and are proposing to either raise premiums – or narrow customers' health care options – to try to staunch the bleeding in 2017.
Last month, InHealth Mutual, the state's insurance cooperative, became the 13th of 23 cooperatives to collapse across the country.
Meanwhile, this year's rate requests by insurers include several double-digit increases, with some calling for hikes on some plans as high as 40 percent in certain parts of the state. The numbers are causing some executives to wonder publicly whether the marketplace has a future.
"That's really the question," said Rick Chiricosta, chief executive of Medical Mutual of Ohio, the state's largest health insurer. "Is the exchange viable from a financial standpoint in the long run?"