DES MOINES, IA – Wellmark was notified today that the Iowa Insurance Division has approved a base rate increase of 8.5 percent for the majority of Iowa individual market policyholders.
We certainly respect the rate review process. Wellmark believes its rate request was justified based on rising health care costs, and our members’ projected use of health care services in the coming year.
Wellmark will continue to work with the Iowa Insurance Division. We understand the Commissioner’s concern, for example, about carriers leaving the Iowa individual health insurance market. Wellmark, in fact, has lost money in this market three of the last four years.
As an Iowa based company owned by its policyholders, we want all Iowans to know that our primary goal is to create a sustainable health care system that not only contains costs but improves the health of all Iowans.