Missourians who buy their own health insurance and many people covered through small-business plans could see premiums increase between 10% and 26% in 2027.
Preliminary rate filings submitted to the Missouri Department of Commerce and Insurance show higher costs may be on the way for consumers. Missouri Department of Commerce and Insurance Director Angie Nelson told Missourinet some monthly premiums could approach or exceed $1,000.
“We’re seeing that the average premiums will range between about $720 a month to about $970 a month. In the group market, we’re seeing that about $845 to just over $1,000 a month,” Nelson said.
Nelson said the proposed increases are largely being driven by rising health care expenses and higher prescription drug costs.
“This is just, I think, kind of the sign of the times that we’re in with tough economic conditions. What the carriers are also seeing is that they’re seeing pharmacy costs are running about 9 to 13% higher,” Nelson said.
Despite the proposed rate hikes, Nelson said consumers will continue to have choices when shopping for coverage.
“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 said.
The department accepted public comments through Aug. 31 and expects to finalize rates and plan offerings by Oct. 31.
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