Montanans with health insurance marketplace plans are facing a significant “double whammy” that could increase their monthly premiums by as much as 75% next year. This dramatic rise is a result of insurance companies requesting substantial premium rate increases, coupled with the expiration of federal subsidies that have helped offset these costs. The combination of these two factors is expected to hit consumers hard, forcing them to pay a much larger portion of their health care costs out of pocket.
While the average premium increase nationwide is around 20%, insurers in Montana are asking for even higher hikes, with BlueCross BlueShield requesting a 28% increase and Montana Health Cooperative seeking a 25% hike. The loss of federal benefits on top of these increases will lead to the estimated 75% rise in costs. According to the health policy think tank KFF, this affordability crisis could cause 15,000 Montanans to drop their insurance, particularly younger and healthier individuals.