116 3rd St SE
Cedar Rapids, Iowa 52401
State approves Wellmark's 9.35 percent health insurance premium hike
Dave DeWitte
Jan. 3, 2012 10:05 am
The state has approved Wellmark Blue Cross Blue Shield's request for a 9.35 percent increase in individual health insurance premiums.
The decision will mean rate increases of up to $45 per month for 70,000 individual Wellmark policyholders under the age of 66. They are a relatively smart part of Wellmark's overall business, which is more heavily concentrated in group health insurance.
In a decision issued last week, the Iowa Insurance indicated that both an independent actuary, the Magnum Actuarial Group, and the Iowa Insurance Division Staff condluded the Wellmark rate hike is reasonable and justified under state and federal guidelines.
The report said overall medical costs reported by health insurance carriers in the state rose $68.8 million in 2010.
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