Acting Pennsylvania Insurance Commissioner Michael Humphreys on Monday released the 2023 requested rate filings for insurance plans under the Affordable Care Act.
As filed, 2023 will see increased competition and more choices for consumers within some counties. Both the individual and small group rate requests will result in a moderate statewide average increase.
“As we navigate through the aftermath of the COVID-19 pandemic, Pennsylvania continues to have a strong and competitive insurance market,” said Humphreys. “Increased choices and plan options will provide Pennsylvanians with the opportunity to shop for the best coverage options for themselves and their families.”
Insurers offering plans in the individual market filed plans requesting an average statewide increase of 7.1 percent. Insurers that currently sell in Pennsylvania’s small group market filed plans requesting an average statewide increase of 5.2 percent.
Insurers are attributing the proposed increases to multiple factors including higher health care costs, projected claims because of deferred care during the pandemic and the end of the American rescue Plan Act subsidies.
According to the findings, none of the state’s 67 counties will lose an on-exchange insurer. And Ambetter, from PA Health & Wellness, will enter the Berks County individual market for Plan Year 2023.
Within the small group market, five counties gained a new insurer. Cigna + Oscar will enter the small group market in Bucks, Chester, Delaware, Montgomery, and Philadelphia counties.
The federal American Rescue Plan’s financial assistance saw out-of-pocket premium costs borne by Pennsylvanians decrease by an average of 9%. Many families who believed that comprehensive health care coverage was beyond their reach were able to purchase plans that provided quality care as a direct result of the ARPA subsidies.
However, if these subsidies are allowed to expire, Pennsylvanians will see out-of-pocket costs increases, Humphreys said.