Health insurance companies Cigna and Humana have submitted new proposals to the state about how much more they want to charge on the federal marketplace next year. They had submitted these requests in June but told the state recently that they needed to recalculate in order to avoid losing too much money.
Cigna is now requesting to raise its rates by 46.3 percent — double what it had originally proposed. Humana wants a rate hike of 44.3 percent, compared to its June request of 29 percent.
The third health care provider that wants to offer insurance on the exchange, BlueCross BlueShield of Tennessee, did not submit a new proposal to the state. It had already requested a much higher increase, around 63 percent.
The companies will have to send senior staff to the Tennessee Department of Commerce and Insurance to defend their calculations later this month.
"Our actuarial consultants will dig into every revised assumption to determine whether the submissions are justifiable," says Kevin Walters, a department spokesman.
The state will make the decision by Aug. 23.