Iowans covered under Wellmark Insurance will start to see the price of coverage increase.
Iowa’s Insurance Commissioner has approved a 12-13 percent premium increase, which will affect 150,000 individual policy-holders who buy insurance on their own, instead of through an employer.
Wellmark Blue Cross and Blue Shield requested the increase several months ago. They say the hike is necessary due to higher spending on healthcare services.
Commissioner Susan Voss released a statement saying, “The facts support the requested increase, in spite of the emotional resistance to do so. Overall health-care costs of the people covered under these policies were the driving factor. Until we reduce underlying health care costs, rates will continue to increase at levels we don’t want to see and that may be unsustainable.”
The rates will go into effect on April 1. This is the fourth year in a row Wellmark has increased their rates.