After four years of double digit increases for individual health insurance plans, BlueCross BlueShield of Tennessee is lower rates by an average 14.9% next year. Cigna is also reducing premiums by an average of 12.9%. What does this mean for consumers? Time will tell, 3.5% of Tennesseans get their health insurance through healthcare.gov and most of those receive substantial subsidies so they actually pay very low rates to start with.
Our hope is these reductions will also come to our small group clients who have Essential Heath Benefit "EHB" health plans with community rating. This would provide a huge financial relief to hundreds of thousands of working Tennesseans who get their insurance through their employers.
There are many new health insurance options available for small and mid sized employers who have a healthy workforce and good participation. We have helped many clients with "level funding" and "limited funding" options which blend fully-insured and self-insured health plans to reduce costs, provide plan design flexibility and have full claims transparency. If you have not seen a level-funded quote for your company we would much appreciate the opportunity to explain how these new policies work and the advantages in specific situations.
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