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Oregon Issues Health Insurance Rate Decisions For Individuals And Small Businesses

The state’s Division of Financial Regulation has issued its final rate decisions for people and small businesses who buy their own health insurance.

According to the Oregon Department of Consumer and Business Services, the final rates are approximately $44 million lower than what health insurance companies originally requested.

But, there will still be an average increase of 1.5% for people who buy their own health insurance in 2020.

For individuals, the average rate changes vary from a 3.2% decrease to an 8.9% increase, depending on which plan they are on.

Companies like HealthNet, Kaiser, Bridgespan and Providence will see a decrease in premiums for individuals, according to the rate decisions. Regence was the only company to increase premiums for individuals.

For small businesses, average 2020 rates range from a 2.3% decrease to an 11.7% increase.

Insurance companies have 20 days to request a hearing before the rates are finalized.

The Department of Consumer and Business Services encourages all Oregonians who purchase their own insurance to apply for assistance through the Marketplace in 2020, even if they didn’t qualify last year.

Open enrollment for 2020 insurance plans is from Nov. 1 to Dec. 15.

Copyright 2019 Oregon Public Broadcasting. To see more, visit Oregon Public Broadcasting.