Oregon consumers can get a primary have a look at requested rates for 2023 individual and small group medical insurance plans, the Oregon Department of Consumer and Business Services announced.
In the person market, six firms submitted rate change requests starting from a mean 2.3 percent to 12.6 percent increase, for a weighted average increase of 6.7 percent. Within the small group market, nine firms submitted rate change requests starting from a mean 0 percent to 11.6 percent increase, for a weighted average increase of 6.9 percent. The initial review has found that insurers have identified inflation, medical trend, and enrollment changes as aspects within the proposed increases. See the attached chart for the total list of rate change requests.
Oregonians may even see an uptick in premiums because of the expiration of temporary enhanced subsidies for on exchange individual market plans. The extra premium support has helped to lower monthly premiums by a mean of 46 percent since enactment in 2021. Under the improved subsidy structure, people between 151 percent and 200 percent of the federal poverty level can get a bronze plan for as little as $1 per 30 days, with other plans various in costs. The lack of subsidies will equate to an approximate $11.9 million increase every month for Oregonians.
Medical health insurance firms submitted rate requests to the department’s Division of Financial Regulation on May 16. The requested rates are for plans that comply with the Inexpensive Care Act for small businesses and individuals who buy their very own coverage fairly than getting it through an employer. Every county has not less than 4 firms available for people to purchase insurance on the person market.
Over the following two months, the division will analyze the requested rates to make sure they adequately cover Oregonians’ health care costs. The division must review and approve rates before they’re charged to policyholders.
“Oregon continues to have a robust and competitive insurance marketplace, with 4 carriers offering plans statewide and Oregonians in most our counties having 5 – 6 firms to pick from,” said Insurance Commissioner and DCBS Director Andrew Stolfi. “The Oregon Reinsurance Program continues to permit Oregonians to seek out reasonable rates.”
The Oregon Reinsurance Program continues to assist stabilize the market and lower rates. Reinsurance lowered rates by 6 percent for the fifth straight yr.
Virtual public hearings in regards to the 2023 medical insurance rates can be held July 27-28. An online address to observe the general public hearings can be posted at oregonhealthrates.org. On the hearings, each insurance company will provide a temporary presentation about its rate requests, answer questions from the division, and listen to public comment from Oregonians.
“We look ahead to an intensive public review of those filings as we work to determine next yr’s medical insurance rates.” Stolfi said. “We encourage all Oregonians to hitch us for the virtual public hearings and supply feedback on their medical insurance plans.”
Oregonians are encouraged to comment on rate change requests through the public comment period, which opens later this month and runs through July 7. The general public can submit comments at oregonhealthrates.org and through the public rate hearings.
Preliminary decisions are expected to be announced in early July, and final decisions can be made in early August after public hearings and comment periods end.