While the majority of Tennesseans get health insurance through their jobs, or programs like TennCare and Medicare, we cover around 60,000 residents who purchase coverage on their own. If you’re one of them, you may have questions about the future of your coverage.
One of the most common is, “How much will my plan cost next year?”
Our 2023 rates were approved by the Tennessee Department of Commerce and Insurance on August 17. As a result, we now know that rate changes and moderate increases next year will vary from plan to plan. Additionally, we are introducing several new plans with lower price points.
We know what we charge has a real impact on our members’ lives, and we want to explain why you will see modest rate increases next year and how we are working to make these plans more affordable.
So, what’s changing for 2023?
- We are introducing new plans with lower prices, making BlueCross a more competitive option than in 2022.
- Existing plans will see an average rate increases of 6.4 percent.
- We will have the lowest priced Silver plans in the Knoxville and Memphis regions.
- We are adding more plans that include fixed copays for primary care and other preventive services so members can have more predictability in their medical costs.
We know affordability matters to our members, so we’re glad we can offer more competitive rates next year.
With costs rising on everything from groceries to gas, it is no secret that health care costs continue to increase with little relief in sight. That’s why we took a hard look at how our rates stack up to others in the ACA Marketplace and worked hard to make them lower and more competitive, while delivering more value.
We accomplished this in a few different ways. Some examples include:
- Updating our covered drug list (formulary) to focus on the most cost-effective options. When several drugs are equally effective for a particular condition, we’re covering the least expensive options – which saves money.
- Changing our out-of-state coverage, limiting our providers to only those based in Tennessee because we contract with them directly and can ensure affordable, high-quality options.
- Expanding the number of plans that offer added benefits like lower premiums and copays through our BlueCross Medical Centers, operated by Sanitas.
The result is that BlueCross will offer more competitive options in 2023. And by offering lower premium plans with copay options for our BlueCross Medical centers, we are making it more affordable for people to access primary care, which is proven to increase health outcomes and lower future health care costs.
Stay tuned for more information before enrollment begins
If you buy coverage on your own, mark your calendar for open enrollment, which runs from Nov. 1 through Jan. 15. If you need help selecting a plan, you can contact our sales team at 888-995-7786, a certified application counselor, an enrollment assistor, or a licensed broker or agent.
And if you receive federal premium subsidies to help pay for your plan, make sure you visit healthcare.gov this fall to update your application and see how much financial help you qualify for in 2023.
Kelly oversees product strategy for employer group and individual customer markets, provides leadership to operations, sales and strategic marketing areas and serves as the point person for regulatory, compliance and audit processes for the individual product line.