The Illinois Department of Insurance released insurers' premium rate requests, some pursuing up to 45 percent increases on Affordable Care Act plans, the Chicago Tribune reported.
One of the most popular insurers on the state's exchange, Chicago-based Blue Cross Blue Shield of Illinois, requested 23 percent to 45 percent increases on its individual plans. For other on-exchange individual plans, Louisville, Ky.-based Humana requested a 32.8 percent hike, Hartford, Conn.-based Aetna requested an 11.5 percent increase and Champaign-based Coventry Health Care of Illinois requested up to a 21.2 percent increase.
Approximately 75 percent of Illinois residents receive federal tax credits to lower their premiums. However, consumer advocates said the department waited too long to release the rates and as a result advocates have less time to plan a rebuttal, according to the report.
The Illinois DOI has until Aug. 23 to review the requests and attempt to lower them, the Chicago Tribune reported. Pending approval, rate changes will take effect Jan. 1.
Last week Bloomfield, Conn.-based Cigna expressed interest in selling ACA plans in Chicago, which could increase competition in the Illinois market. The announcement came after Chicago-based Land of Lincoln Health shuttered, leaving 49,000 enrollees seeking new insurance.
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