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State Approves Health Insurance Rate Increases

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The State Department of Financial Services says it reduced insurers’ rate hike requests for 2018 individual policies sold on the state health insurance exchange.

However, the 2018 health insurance rate increases will average 13.9% for individuals and 9.3% for small groups.

DFS says consumers in every county will continue to have a choice of coverage and that rising medical care and drug costs are the main drivers of the rate increases.

The department said Trump threats to eliminate premium subsidies and efforts to repeal and replace Obamacare have destabilized the health insurance market.

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