Massachusetts Health Insurance Premiums Could Skyrocket by 12.9% Under New Proposal

The news keeps getting better (he says sarcastically) about your financial situation if you live in the Commonwealth of Massachusetts. As if taxes, utilities, housing, food, and gas weren't enough of a financial burden, health insurance premiums are about to launch deeper into the stratosphere.

READ MORE: MA Named One of the Most Expensive States for Monthly Bills

State residents already have among the highest monthly bill debt loads in the nation.

"Nearly 700,000 Bay Staters are facing the prospect of double-digit premium increases next year as insurers struggle to handle cost pressures across the healthcare landscape, possibly exacerbating affordability woes for patients," reported State House News Service.

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"Insurers in the merged market, where many individuals and small businesses get coverage, have proposed an average rate hike of 12.9 percent," according to information posted to the Massachusetts Division of Insurance (DOI) website.

The DOI website says state law requires it to review and "seek public comment on the rates requested by health insurance carriers."

2027 Massachusetts Healthcare Premiums Might Make You Sick

The DOI site displays a table of proposed rate increases submitted by merged market health insurance providers. Some of the proposed premium hikes will cause your eyes to pop.

Proposed Rate Increases By Insurance Carrier

Fallon Community Health Plan, Inc. is seeking a 25.7 percent premium increase, while Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc. is seeking a 15.3 percent increase. United Healthcare Insurance Company has filed for a 14.2 percent increase, while Tufts Public Plans, Inc. seeks an 11.8 percent increase.

Impact on Massachusetts Cost of Living

Retailers Association of Massachusetts President Jon Hurst told SHNS, "This is just absolutely unaffordable," saying the proposed increases are "like five times the rate of inflation."

Many insurance customers were hit with double-digit premium increases this year.

Public Hearing and Implementation Timeline

Insurance companies will present their take on proposals during a public session on June 16, and the state will set rates for next year sometime in August.