Health insurance premiums set to rise in 2016

Federal officials said Monday that the price of the second-lowest-cost midrange “silver plan”—a key metric for premiums around the country—will increase by 7.5% on average across the three-dozen states that rely on Washington to administer the health law for them.

State insurance regulators around the country have largely approved all or most of the hefty premium increases sought by the largest health plans for 2016. Some have jumped by double digits: On average, premiums will rise in 2016 for the second lowest-cost silver plan by 31.5% in Alaska and 22.9% in Oregon, according to the report. Oklahoma will see a 35.7% hike.

Higher premiums could be an obstacle to getting people enrolled for health insurance coverage in 2016. While subsidies for eligible consumers reduce the cost of monthly premiums, a large number of uninsured cite cost as a barrier to obtaining coverage.

For more information: http://www.wsj.com/articles/premiums-for-health-insurance-bought-on-exchanges-to-climb-in-2016-1445897959