Tennessee has approved 2019 health insurance rates for five carriers that offer coverage through the individual marketplace.
Two of those carriers will offer cheaper rates next year.
The state approved rate decreases requested by BlueCross BlueShield of Tennessee and Cigna.
BlueCross requested an average rate decrease of 14.8% while Cigna sought a decrease of 12.9%.
While that may mean cheaper premiums for many Tennesseans, the stat e cautions an individual’s out-of-pocket premium costs depend of several factors.
The state also approved the following rates:
- Bright Health. (New filing). Proposed coverage offered for Knoxville, Memphis and Nashville areas. Proposed premiums from $195.19 – $2,756.80
- Celtic Insurance. (New filing). Proposed coverage offered for Chattanooga and Memphis areas. Proposed premiums from $294 to $2,028.
- Oscar Health. Coverage continues in Nashville with proposed coverage in Memphis. Proposed 2019 request seeking an average increase of 10.84% to 7.2%; premiums range from $196.19 – $2,345.20.
The Centers for Medicare and Medicaid Services must now review Tennessee’s approvals. Companies will have until September 25 to sign final agreements with CMS in order to participate in the insurance marketplace next year.
Open enrollment for 2019 will begin November 1 and end December 15.