Coventry Health Care is currently the only health insurance provider offering subsidized coverage through the Affordable Care and Patient Protection Act in Iowa. The Urbandale-based company says it wants to raise rates to its customers by at least 18 percent.
Iowa Insurance Commissioner Nick Gerhart says Coventry likely took on more risk than they projected. He predicts rates will rise for current policyholders who have purchased the subsidized coverage through Healthcare.gov.
“Unfortunately people are not going to be able to see rates until November so people will have to wait until open enrollment which begins,” says Gerhart. “But at that time they’ll be able to go to Healthcare.gov or talk to an agent or navigator to look for insurance that best suits their needs.”
Gerhart says two other carriers have filed to be on the healthcare exchange next year. He says he can’t predict what that will do to rates but it will offer more choices if someone impacted by the rate increase wants to shop around.