2023 ACA-Compliant Rate Filings
The Affordable Care Act (ACA) requires that insurance carriers submit their rates to either the state or federal government for review. Preliminary 2023 rate filings are now available to view. This rate review process is designed to improve insurer accountability and transparency. It ensures that experts evaluate whether the proposed rate increases are based on reasonable cost assumptions and solid evidence and gives consumers the chance to comment on proposed increases. These filings also give an idea of the expected rates for each plan series for the 2023 calendar year. Remember, these are preliminary filings, and the carriers have up to mid-October to adjust their initially filed rates before the finalization.
A few important things to note:
These are plan series filings meaning they are an average across a plan series (PPO, HMO, etc.) so a specific plan could deviate from the average filing
These rate filings are presented in a silo without knowing whether there are simultaneous plan series benefit modifications, meaning there could be changes to the plan’s benefits from the prior year
Groups and individuals are not required to file any paperwork to receive these changed plans so it is essential to compare your Summary of Benefits and Coverage (SBC) even if the plan number didn’t change from the prior year. Please reach out if we can be of assistance in any way!
