Insurance Department Releases Health Insurance Premiums

The projected 2015 average Silver level non-tobacco monthly rates for the median age in Arkansas (38).

Arkansans who buy health insurance through the Health Insurance Marketplace for 2015 should on pay about 2 percent less for premium than they did in 2014, according to additional projections released Friday by the Arkansas Insurance Department.

In addition, QualChoice Life and Health Insurance Co. has agreed to sell insurance in the Marketplace, bringing the total number of companies in the exchange to five. The other companies are: Ambetter of Arkansas, Arkansas Blue Cross Blue Shield, Blue Cross Blue Shield Multi-State and QualChoice Health Insurance.

“We’re confident that Arkansans will have plenty of high quality health insurance options to choose from at competitive prices,” Arkansas Insurance Commissioner Jay Bradford said. “These rates are further proof that the Health Insurance Marketplace continues to work well in Arkansas, providing people with the 10 Essential Health Benefits and guaranteed coverage regardless of health status. And, it’s important to remember you may be eligible for assistance paying your premiums.”

The projected 2015 rates require final approval from the U.S. Department of Health and Human Services, which is expected to occur before Nov. 3, “with few, if any, changes to the rates,” the Insurance Department said.

The department had originally planned to release the rates after they were approved by the federal government. But Gov. Mike Beebe asked the department to expedite their release as critics suggested the rates might see significant increases.  

(More: See specific rates here. A PDF map of the seven rating areas in Arkansas is available here.) 

“An average reduction in premiums is a huge success for the state of Arkansas,” said David Dillon, vice president and Principal at Lewis & Ellis Inc. of Dallas, an actuarial firm that reviewed the rates for the Insurance Department. 

Dillon said health insurance rates historically have increased by about 8 to 10 percent a year across the country.

The department noted that rates will vary by company, type of plan, age, city and, in some cases, by smoking status. There are more than 19,000 possible rates for plans offered through the marketplace in Arkansas. 

Open enrollment runs from Nov. 15 to Feb. 15.