Policyholders in California will see an average increase to their health insurance premiums by about 12.2% starting in July. Aetna originally was going to raise health insurance premiums by 17.9%, but the California insurance commissioner put pressure on the large insurance carrier. Also, Aetna postponed the rate hike 60 days so consumers can get more of a break then they first intended. The decision by Aetna to scale back the rate hikes will effect about 65,000 policyholders in California.
This will also account for a lot of savings for consumers – about $6.7 million in premiums. Additionally, the 60 day delay will save another $1 million. The news came shortly after large insurance carriers, Anthem Blue Cross and Blue Shield, also decided to scale back rate hikes. The insurance commissioner has been very busy trying to get control of the rising health insurance costs for individual policyholders. Aetna also mentioned that another 31,000 members might see rate decreases by September as well. As the economy tries to get out of its current misery, cutting the costs, or at least decreasing the rate hikes, could not have come at a better time.