Florida Blue is planning to increase rates an average of 17.6 percent next year for those who purchase coverage through the Affordable Care Act‘s federal health-insurance exchange, reports the Kaiser Health News.
The Jacksonville-based insurer, once known as Blue Cross and Blue Shield of Florida, said the increase is due to more older adults obtaining coverage through the exchange. Older adults often have higher medical costs than those who are younger and healthier.
Florida Blue also noted that individual-insurance premiums have experienced double-digit increases in recent years, regardless of the effect of Obamacare.
“In the individual market, this type of average rate increase is typical,” Florida Blue Chief Executive Officer Patrick Geraghty told the Kaiser Health News.
State insurance regulators will release rate information for all companies sometime next week.