Three health insurance companies have received the green light to increase rates affecting thousands of Iowans. Wellmark Blue Cross and Blue Shield, Coventry Health Care and Gundersen Health Insurance requested the premium rate increases due to rising health care costs.
On Wednesday, Iowa Insurance Division Commissioner Nick Gerhart approved rate increases of 17.6 to 28.7 percent on average for different insurance plans operated by Wellmark. Around 137,000 Wellmark policyholders are impacted. Coventry is the largest carrier in the state selling insurance policies that qualify for Affordable Care Act subsidies.
Coventry rates on January 1st will rise 19.8 percent, affecting up to 47,000 policyholders. Around 60 policyholders will see a 9.4 percent rate increase approved for Gundersen plans.