Maryland residents who buy health insurance through the state-run exchange may face a significant increase in premiums next year. Despite efforts by the state to shield residents, insurance companies are requesting an average increase of 13.7% for individuals and 13.1% for small businesses.
The main reason for these increases is the loss of federal subsidies under the Trump administration, which drove up rates nationwide last year. Maryland lawmakers created a new statewide subsidy program to help offset premium increases, but not all enrollees will benefit from this effort.
About 482,000 Marylanders, or around 20% of the commercial insurance market, will be affected by these rate changes. Most people get their health insurance through their employers, while Medicare and Medicaid make up the rest.
The Maryland Insurance Commissioner has stated that her team of actuaries will closely examine the assumptions behind the rate requests to determine whether they are justified. If not, it could mean higher premiums and out-of-pocket costs for Marylanders. Despite this, Maryland’s efforts have led to requested increases that are lower than most other states.
CareFirst BlueCross BlueShield, the dominant insurer in Maryland, has requested a significant premium increase of $63-a-month to $435 for an individual in its most popular plan. A public hearing on the proposed rate increases will take place on July 23, with a final decision coming in September.
Source: https://www.thebanner.com/community/public-health/aca-health-insurance-rates-obamacare-exchange-maryland-USVVJTXZCZF6NEDWBT5S5RAMWY