Dean Cameron, Director of the Idaho Department of Insurance, said many insurers have suffered significant losses in recent years. However, “rate increases to make up for past years’ losses are not allowed. ... We will aggressively challenge these proposed increases in the individual market and continue to fight against abusive practices which contribute to these losses and ultimately to rate increases.”
The six companies said:
- Two federal programs, which were created by the Affordable Care Act to help insurers overcome high medical costs, expire this year.
- Patients are needing more medical treatment.
- Higher medical costs, including prescription drug prices, are also driving the rate increase.