TDCI Announces Approval of Rates for 2018 Individual Marketplace
NASHVILLE – The Tennessee Department of Commerce and Insurance (TDCI) announces today the approval of insurance rates requested by the three carriers offering coverage on the Federally Facilitated Marketplace (FFM) ahead of Open Enrollment for 2018.
The rates sought by BlueCross BlueShield of Tennessee, Cigna, and Oscar Health for coverage on the FFM in 2018 are as follows:
BlueCross BlueShield of Tennessee: Average 21.4 percent increase (Range: 4.6% - 44.5%)
Cigna: Average 36.5 % percent increase (Range of 11.5% to 180.4%)
Oscar Health: Initial Rate Filing (Rating Area 4)
TDCI Commissioner Julie Mix McPeak, who testified twice this year to the Senate on behalf of consumers, has supported stabilization of the market by Congress in order to lower the 2018 rate requests. Recent bipartisan efforts ended Tuesday without an agreement.
"I’m disappointed by yesterday’s announcement out of Washington,” said McPeak. “While Tennessee is supportive of long-term strategies such as the Graham-Cassidy Amendment introduced in Congress, I appreciate the diligent efforts of Senators Lamar Alexander and Patty Murray to find common ground in providing more immediate stabilization in the marketplace. Instead, it appears more likely that Tennesseans must prepare themselves for a round of actuarially justified rates for 2018 that are far higher than could be necessary as a result of uncertainty in Washington. On behalf of Tennessee consumers, I continue to urge Congress to take action to stabilize insurance markets. The Department stands ready to take action to aid consumers should stabilization measures be enacted.”
The Centers for Medicare and Medicaid Services (CMS) must now review Tennessee’s approvals. Companies will have until September 27 to sign agreements with CMS to participate in the marketplace.
On Oct. 5, the Department will hold a public meeting where insurance carriers will present their coverage plans to navigators.
Open Enrollment for 2018 is slated to begin Nov. 1 and last through Dec. 15.