Arkansas to See Max 7.15% Rate Hike in Health Marketplace in 2016

Arkansas’ insurance commissioner says health insurance rates on the state’s marketplace will increase by no more than 7.15 percent next year.

The Arkansas Insurance Department approved the 2016 rates for companies participating in Arkansas’ health insurance marketplace, which was established under the federal health care overhaul. More than 57,000 Arkansans receive tax credits to purchase insurance through the exchange.

Insurance Commissioner Allen Kerr says he’s pleased there are no double-digit rate increases next year.

Arkansas Blue Cross and Blue Shield’s individual plans will go up by 7.15 percent, while group plans will increase by about 3 percent. Celtic Insurance Company’s individual plan will increase by 0.08 percent, while QualChoice Life and Health Insurance Company’s individual plan will decrease by 8.2 percent.

Open enrollment is Nov. 1 through Jan. 31, 2016.