Health Insurance Rate Hike Requests Average 17 Percent in Ky
Health insurance companies in Kentucky want to increase rates by an average of 17 percent next year.
The Kentucky Department of Insurance posted rate requests from the state's major insurance carriers on Wednesday. They include plans for individuals and small groups.
These are not premium increases. The base rate is one of several factors used to determine a person's premium, including age, sex and where a person lives. Individual premiums will vary.
State officials blame some of the increases on the failure of the Kentucky Health Cooperative. Many of the company's high-risk customers were picked up by other companies, leading to higher rates.
The rate requests cover plans sold on and off kynect, the state's health insurance exchange. Republican Gov. Matt Bevin plans to dismantle kynect by the end of this year.