Community Health Alliance, a Knoxville-based health insurance cooperative, is looking to increase monthly premiums by double digits in 2016 for those who enroll in plans on the federally run exchange as the newly established company tries to find an equilibrium.
The co-op’s plans — ranging from $68.22 to $1,062.05 per month — were the least expensive while they were available for purchase on the exchange.
The co-op is asking the Tennessee Department of Commerce and Insurance for an average 32.6 percent increase for 2016 plans. The minimum a plan will increase is 16.2 percent, while the maximum increase is 65.2 percent.
Though supporters of President Obama’s healthcare program tout its success in providing insurance to millions of Americans, recent rate filings from large insurers have revealed that the law is built on a shaky foundation.
In recent weeks, large insurers selling coverage through Obamacare have proposed massive rate increases for 2016 – even exceeding 40 percent – because they haven’t been able to sign up enough young and healthy customers.