Missourians shopping for health insurance next year are getting an early look at what premiums could cost in 2027.
Missouri Department of Commerce and Insurance Director Angie Nelson says preliminary filings show rates are trending in this direction.
“We're seeing that the average premiums will range between about $720 a month to about $970 a month," Nelson says. "In the group market, we're seeing that about $845 to just over $1,000 a month.”
Nelson says insurers are requesting rate increases ranging from about 10% to as much as 26% for 2027 coverage. Nelson says the proposed rate hikes are largely in line with broader increases in health care costs.
“This is just, I think, kind of the sign of the times that we're in with tough economic conditions," Nelson explains. "What the carriers are also seeing is that they're seeing pharmacy costs are running about 9 to 13% higher.”
The proposed rates apply to insurance sold on the individual market and to many small-business health plans. Nelson says competition in the market remains strong.
“Every county in our state has at least two different insurance companies that are offering plans. In our state, 107 counties plus the city of St. Louis have four or more insurance companies who are offering plans in their counties," Nelson says.
Public comments were accepted through August 31st, and the department expects to finalize rates by October 31st.
Missourinet