Although insurance rates on Missouri’s open market are expected to rise next year, state regulators say consumers still have options.
Missouri Department of Commerce and Insurance Director Angela Nelson told Missourinet that first and foremost Missourians need to know the state continues to have a competitive market.
“We still have in every county in Missouri two different offerings that they can choose from and that is just the single best news,” said Nelson. “It is challenging that rates are going up this year. We could have some instances where some of those rates could be going up as much as 20% or more.”
Nelson said one factor driving uncertainty is the need for Congressional reauthorization of ACA subsidies.
“So, at this particular point in time, the products that folks are going to be seeing out on the exchange are not going to reflect what those premium subsidies may be if or when Congress does extend those. So, for some individuals, they’re going to have a little bit of sticker shock,” said Nelson.
She told Missourinet that there is uncertainty whether Congress will extend premium tax subsidies to the Affordable Care Act.
“And then obviously we’re trying to be in a position that once we have a clear idea of where this is going to go, whether they are going to be extended or is for sure, there is going to be no deal, then we’ll have to start reacting and making plans and moving forward from there,” said Nelson.
Nelson added, “Hang on—there’s still a little time left.” Open enrollment runs through January 15, but to have coverage start January 1, Missourians must enroll or make changes by December 15. After that, plans can still be selected until January 15, but coverage won’t begin until February 1.
For any insurance questions, Missourians can call the Department of Commerce and Insurance’s Consumer Hotline at 1-800-726-7390 or visit dci.mo.gov.
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