Health Insurance Provider Excellus Announces Double-Digit Increases in Health Rates: What Does This Mean for Your Premium?
In a move that could significantly impact the affordability of healthcare for some customers, Excellus BlueCross BlueShield has requested an average rate hike of 13.7% for health insurance premiums[1]. This increase, if approved, could see individual plans rising by as much as 33.4%, and small group plans experiencing an average increase of 19.6% to 24.8%[1].
The proposed hikes are primarily due to rising hospital and prescription drug costs, as well as increased expenses for surgeries, cancer treatments, and specialty medications[1]. These cost increases have been driving up healthcare spending, forcing the insurer to seek higher premiums to cover these increased costs.
The state is currently reviewing the rate increase requests and is expected to issue final decisions this summer[1]. The exact impact on customers' premiums is yet to be determined.
It's important to note that not all Excellus BlueCross BlueShield customers will be affected by these rate increases. The company is seeking a 24.8% increase for individual coverage, impacting about 10% of members[1].
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[1] Source: [Link to the original article or report]
Science and health-and-wellness are closely related, as the rising healthcare costs, which Excellus BlueCross BlueShield is seeking to address through higher health insurance premiums, have been fueled by increased expenses for surgeries, cancer treatments, and specialty medications – all areas of significant research and development in modern medicine. Therefore, advancements in science could potentially help mitigate these costs and improve overall access to health-and-wellness services.
