The Wisconsin Office of the Commissioner of Insurance has completed its initial analysis of insurance rate filings in the individual market. While the OCI admits there is no apples-to-apples way to predict premiums because of the many variables involved, it appears most consumers will see an increase in their premiums.
The OCI’s analysis compared premium costs for three specific age groups, given a $2,000 deductible plan that included drug coverage in the individual insurance market.
In Madison, a 21-year-old could see his or her average premium increase 124.85% over what he or she pays now, based on quoted rates effective July 1 from companies that filed to participate in the federal exchange. A 40-year-old could pay about 73.43% more for insurance, and a 63-year-old could see a 70.04% rate increase, according to the report.
Some low-income consumers will likely see those premiums offset by a taxpayer-funded subsidy, which is not included in the analysis.
Actual costs won’t be known until the exchange goes live on Oct. 1 and consumers are able to do their own research.
