The Affordable Care Act (ACA) requires that insurers planning to increase plan premiums submit their rates to the Alabama Department of Insurance for review.
The rate review process is designed to improve insurer accountability and transparency. It ensures that experts evaluate whether the proposed rate increases are based on reasonable cost assumptions and solid evidence. The ACA also requires that a summary of rate review justifications and results be accessible to the public in an easily understandable format. The Federal HeathCare.gov Rate Review website is designed to meet that mandate. For more information, see https://ratereview.healthcare.gov/.
However, there was an error in the rate submission the Alabama Department of insurance (ALDOI) for one Alabama program in the ACA Individual Market. That information is provided in the tables below. Also attached are links to the redacted actuarial memorandum, which support these changes. The rate changes are being proposed and reviewed by the ALDOI. As soon as they are final, they may be purchased on the Federal Exchange or through private agents and brokers. The programs will be effective beginning on January 1, 2021.
If you wish to submit a comment please use the form available at the following link: http://www.aldoi.gov/Consumers/FileComplaint.aspx
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Proposed Rate Changes for Affordable Care Act Policies
In the Individual Market |
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Changes proposed to be effective January 1, 2021 |
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Blue Cross and Blue Shield of Alabama |
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Product |
Sold on Exchange? |
Requested Rate Change |
|
Blue Cross Select Gold |
On & Off |
4.89% |
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Blue HSA Gold |
Off |
4.95% |
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Blue Value Gold |
On & Off |
4.90% |
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Blue Saver Silver. |
On & Off |
4.93% |
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Blue Secure Silver |
Off |
4.95% |
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Blue Cross Select Silver |
On & Off |
5.39% |
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Blue Value Silver |
On & Off |
5.49% |
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Blue HSA Bronze |
On & Off |
2.81% |
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Blue Saver Bronze |
On & Off |
2.80% |
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Blue Protect |
On & Off |
-2.00% |
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Bright Health Insurance Co of Alabama |
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Product |
Sold on Exchange? |
Requested Rate Change |
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Gold 1800 |
On |
18.94% |
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Silver 3500 + Specialist Copay |
On & Off |
17.24% |
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Silver 4200 |
On & Off |
19.62% |
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Silver 3500 |
On & Off |
19.00% |
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Bronze 8150 |
On & Off |
34.89% |
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Bronze 6150 |
On & Off |
33.50% |
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Bronze 7000 HSA |
On & Off |
30.57% |
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Catastrophic 3 $0 PCP Visits |
On & Off |
30.87% |
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Redacted Actuarial Memorandum for each company:
Blue Cross Blue Shield. pdf
Bright Health.pdf