Rate Information May be Misleading for Individual Rate Changes
MacIver News Service | September 24, 2014
[Madison, Wisc…] The Office of the Commissioner of Insurance (OCI) released 2015 rates on Wednesday for the Affordable Care Act Exchange in Wisconsin and the average plan premium will increase by three percent.Nine of the twelve companies that will offer insurance on the exchange have average rate increases from 1.8 percent to 13.1 percent. The information was first reported by Greg Neumann of WKOW.
OCI Deputy Commissioner Dan Schwartzer said individuals should wait until they get their renewal notices to have an actual idea of what the changes will be because the information released was an average over multiple plans and multiple regions.
“It is not a good indicator of what your rate will be, so it be could misleading,” Schwartzer said.
After the information was originally reported by WKOW, the portion of the OCI website went down. We are awaiting further information from the department and will provide our own analysis soon.
The original story from WKOW can be seen here.