Episode Summary
In this overview, Mike Smith from The Brokerage Inc. provides an extensive look at projected 2024 ACA rate changes in the individual health insurance market in Texas. Using the healthcare.gov rate review tool, he examines proposed rate filings from the major insurers to see how premiums may change next year.
To start, Mike explains how the rate review site allows you to search for rate projections by state, market type, and plan year. He chooses to look at Texas, the individual market, and 2024 projections. On each insurer's page, you can view their requested average rate change across all plans, along with the range of increases or decreases proposed for specific plans. Helpful consumer justification narratives explain the reasons for the changes in plain language, while actuarial memos provide more detailed technical support.
Reviewing Aetna’s filing, Mike points out they are requesting changes ranging from about a 5% decrease up to a 5% increase across plans, leading to a modest overall proposed increase. However, Blue Cross Blue Shield is seeking an average 0.24% decrease market-wide, with plan-level changes from around -8.79% up to +3.82%. He also examines filings from other insurers like Scott & White Health Plan and Celtic/Ambetter showing average increases of around 5%. Christus Health Plan is seeking a 2.5% average increase, while Cigna proposed changes from -1.16% to 9.84% across their plan portfolio.
Analyzing these rate filings allows you to identify standout insurers to watch for 2024. For example, Mike believes UnitedHealthcare’s projections indicate they may perform particularly well compared to competitors next year. This insight allows agents to focus on UnitedHealthcare when advising clients.
In conclusion, while some insurers are proposing modest increases and others slight decreases, the overall 2024 rate outlook is relatively stable compared to past years with double-digit hikes. Mike reiterates that this presents opportunities for consumers to closely evaluate options during open enrollment without major sticker shock. For agents, it’s a chance to proactively retain existing clients and attract new business by leveraging expertise about these rate projections. Overall, a thorough review of available rate information can help both consumers and insurance professionals prepare for and make the most of 2024 open enrollment.
Timestamps
(0:00:04) - Broker Link podcast features breaking news about upcoming ACA rates
(0:00:38) - Mike Smith: The Affordable Care Act requires insurers to submit rates for review
(0:04:07) - You can shop by individual plans or small group plans in Texas
(0:07:11) - Aetna filed for 2024 premium rates and the requested rate increase is 14.94%
(0:16:16) - Scott White uses rate review healthcare. com to help consumers identify potential rate increases
(0:23:43) - Take a look at UnitedHealthcare's rate review website
(0:26:17) - Go ahead now that the ACA certifications are open, complete your certifications
(0:29:30) - On exchange is where you qualify for a subsidy based on your tax family
(0:30:43) - The CMS has required that ACA agents have a consent form
(0:36:01) - How do you get started with the Brokerage Inc?
