Oregon’s health insurance rates appear to be stabilizing after years of fluctuation.
Seven insurance companies submitted rate change requests for the individual market next year – with an average increase of 3.2%.
That stands in stark contrast to previous years when requests were up in the 20% range.
In the small group marketplace, where employers would typically shop for insurance, nine companies submitted rate change requests averaging 8.7%.
Insurance Commissioner Andrew Stolfi said it all points to a stabilizing market place. “It’s early in the process, but we are encouraged to see carriers providing more options to Oregonians by expanding into both rural and coastal communities, and the market stabilizing in spite of uncertainty at the federal level,” said Stolfi.
"Now it is time to start our open and thorough review process that allows Oregonians to provide input on the filings that affect them.”
The stabilization runs contrary to uncertainty at the federal level. The Trump administration has said the Affordable Care Act should be struck down in its entirety.
The rate change requests will now be reviewed by Oregon’s Department of Consumer and Business Services. It aims to ensure the rates adequately cover health care costs incurred by members.
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