Aetna wants to raise rates on HMO plans for individuals
Aetna Inc. plans to raise rates on its individual HMO plans in Pennsylvania by double digit percentages this year, the Connecticut-based health insurer said.
The rates will increase an average of 16.3 percent and could impact 15,500 policyholders. The changes could range from no increase to a hike of 18.1 percent.
Aetna filed its new rates for policies that renew or start between May and December with the state Insurance Department, which can approve, reject, or modify the new rates. If the department takes no action by April 4, the new rates will automatically take effect.
Aetna said the rate hikes are needed because medical costs are rising. The company expects a 13 percent increase in costs as medical providers are raising prices and because Aetna members are using more medical services.
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