Arkansas Releases Rates For Insurance Exchange
Rates were announced Monday for the 71 health insurance plans that will be sold through the exchange created by the Affordable Care Act.
Arkansas Insurance Commissioner Jay Bradford says he’s pleased that premiums will be 25 percent below what had initially been requested. The plans will be divided into levels based on coverage and price.
"Almost everybody in the state will have a reduction in premium on the federal exchange, so it's pretty positive to see that it's going to be $117.75 a person for someone who is 40-years-old and has two children," Bradford said.
Enrollment begins next Tuesday, with coverage to go into effect at the beginning of next year. A half-million Arkansans are expected to sign up and Bradford acknowledges there will be some initial problems.
"Everybody is taking it one step at a time. It'll be a little bumpy at first, but eventually it'll be smoothed out," Bradford said.
"We've got several entities, the insurance companies, the federal Department of Human Services, and our state Department of Human Services. We're blending all of those entities into one outcome and it's all new, but we'll get there and we're looking forward to helping Arkansas consumers."