The Kentucky Health Cooperative, the largest insurer on Kynect, Kentucky’s Obamacare health insurance exchange, proposed a 25.1 percent health insurance premium rate increase for 2016.
Despite the daunting numbers, Kentucky Gov. Steve Beshear (D) is unconcerned about the double-digit rate in his administration’s signature policy.
“System-wide averages don’t give a good picture of what an individual’s out-of-pocket costs may be,” Beshear said.
Beshear bypassed the legislature and created Kynect, the nation’s first state-run health-insurance exchange, through an executive order.
“The rates for private health plans on Kynect have been filed but have not yet been approved or certified, so we don’t yet know what the final numbers will be,” Beshear said. “Changes still may occur, and rates should be finalized sometime in mid-July, but we do expect that some plan rates will go down, some will go up, and some will stay close to the same as last year.”
Financial Problems Loom