The Florida Office of Insurance Regulation (OIR) announced today that premiums for Florida individual major medical plans in compliance with the federal Patient Protection and Affordable Care Act (PPACA) have been approved for the 2020-2021 plan year. Following OIR’s rate filing review, the average statewide approved rate change on the Exchange is +3.1 percent, beginning January 1, 2021.
Ten health insurance companies submitted rate filings for OIR’s review in July with final rate determinations due by August 26, 2020, per federal guidelines. Rate filing information is available in the Individual PPACA Market Monthly Premiums for Plan Year 2021 documents here.
Rates requested in initial filings did not include any additional factor or consideration for projected impacts of COVID-19 for plan year 2020-2021. Carriers submitted COVID factor projections separately with an aggregate request of +2.8 percent. OIR approved a COVID factor of +2 percent, considering delayed claims and additional costs related to COVID-19. The COVID factor is reflected in the final approved rate for all carriers. Federal law requires insurance companies to pay annual rebates if a carrier collects too much premium in relation to claims.
During the 2021 open enrollment period, consumers are encouraged to review their coverage options on HealthCare.gov to find a plan which best suits their needs.
Federal review of the rate filing information has not been finalized by the Department of Health and Human Services and is subject to change. Further information can be obtained on OIR’s Federal Health Care Insurance webpage. Information on individual filings can be found using OIR’s IRFS Filing Search System.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.