Health Insurance Rate Filing - Anthem Health Plans (Large Group)
Rate Request: 7.2 percent increase
Decision: Under Review
Public Comment Period: September 10, 2014 through September 30, 2014
On September 3, 2014, Anthem Health Plans filed a request to increase rates 7.2 percent on its large group health insurance policies for employers with 51 or more workers.
If approved, the new rates would take effect on January 1, 2015.
Anthem said the increase was needed to account for the impact of increasing medical and pharmacy costs and an increased demand for medical services, factors known as “trend.” The company projected the “trend” impact at 6.35 percent on medical and 16.45 percent on pharmacy benefits, with the largest impact attributed to the new Hepatitis C drug Sovaldi. In its filing to the Department the company expects that Sovaldi “will impact few members but at an extremely high cost.”
Anthem also calculated the impact of fees and taxes associated with the federal Affordable Care Act in its rate calculations.
Content Last Modified on 9/9/2014 2:11:30 PM