Florida’s Biggest Health Insurer Signals Rate Hikes Ahead
Jul 21
Florida Blue, the state’s dominant health insurer, snagged more than one in three consumers on the health law’s exchange this year, but many could face rate hikes as the carrier struggles with an influx of older and sicker enrollees, said the company’s top executive.
Several factors could drive up rates next year — including a paucity of younger and healthy enrollees and a greater-than-expected surge in people seeking expensive health services, CEO Patrick Geraghty said in an interview.
“We will be under tremendous financial pressure initially given the age, risk profile and high utilization of the new membership,” he said. “It is far from clear that large enrollment in the marketplace is a financially beneficial place to be.”
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