(AP) — Delaware regulators have approved a 3 percent rate increase for the lone insurer offering coverage under the Affordable Care Act in Delaware.
Highmark Blue Cross Blue Shield of Delaware initially sought an average rate increase of 5.7 percent for individual plan coverage next year. The request was revised to 3.7 percent because the initial filing erroneously contained a risk adjustment factor.
The 3 percent increase is an average for individual plan coverage. Actual plan rates will vary based on coverage.
While approving the rate increase for individual plans, officials said Tuesday that Highmark will be rebating more than $5 million to its small group market members. They said the rebate is because of administrative fees exceeding the mandated medical loss ratio rules.
Roughly 20,000 Delawareans have individual coverage under the Affordable Care Act.