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Maryland to See Third Year of Lower Individual Health Insurance Premiums


ANNAPOLIS, Md.— Gov. Larry Hogan introduced Tuesday that Maryland Insurance Commissioner Kathleen A. Birrane has accepted a mean 11.9% premium fee lower for particular person medical health insurance plans with an efficient date of Jan. 1, 2021. This implies that for the third consecutive 12 months, all particular person insurance coverage charges in Maryland beneath the Affordable Care Act will see vital decreases.

Individual Health Insurance Premiums In Maryland

2019: -13.2%
2020: -10.3%
2021: -11.9%

Hogan stated the decrease charges mirror the influence of the State Reinsurance Program, which has helped to stabilize the person medical health insurance market after years of main premium will increase. The three-year cumulative influence is a fee lower of 31.4% versus 2018 premiums.

“While Washington continues to bicker back and forth about health care, we have delivered three consecutive years of lower premiums in Maryland,” stated Hogan. “Our innovative program to make health care more affordable continues to bring more stability and peace of mind to Marylanders, and serves as a model for the rest of the nation.”

In 2018, dealing with predicted medical health insurance fee will increase of up to 50%, Hogan labored in bipartisan vogue with legislative leaders to develop laws establishing a state reinsurance program. The laws directed the Maryland Health Benefit Exchange, which operates the Maryland Health Connection insurance coverage market, to submit a State Innovation Waiver beneath Section 1332 of the Affordable Care Act to the U.S. secretaries of Health, Human Services, and Treasury to set up this system. The waiver was accepted by the Centers for Medicare and Medicaid Services on August 22, 2018.

The laws mixed with this waiver arrange a reinsurance pool to present funding for catastrophic claims for policyholders within the particular person market.

To help the administration in making its fee resolution, MIA actuaries reviewed the info, methodologies, and assumptions corporations used to develop their proposed premium charges. The MIA additionally thought-about public feedback, together with different related components, in figuring out whether or not to approve, modify, or deny requested charges.

The MIA has accepted the next premium modifications within the particular person market:

Company Name

Type of Network

Members as of 06/30/20

2021 Filed Renewal (5/1/20)

2021
Approved Renewal

Difference (Approved – Filed)

CareFirst BlueChoice, Inc.

HMO

135,515

-1.1%

-11.9%

-10.8%

CareFirst of Maryland, Inc. and Group Hospitalization and Medical Services, Inc. (each CareFirst Companies)

PPO

11,936

-12.0%

-17.1%

-5.1%

Kaiser Foundation Health Plan of the Mid-Atlantic States, Inc.

HMO

65,132

-11.0%

-11.0%

0.0%

Optimum Choice, Inc.

HMO

N/A

N/A

N/A

-7.6%

TOTAL

 

212,583

-4.8%

-11.9%

-7.1%

The MIA has accepted the next premium modifications within the small group market:

Company Name

Type of Network

Members as of 06/30/20

2021 Filed Renewal (5/1/20-All Quarters)

2021 Approved Renewal (All Quarters)

Difference (Approved – Filed)

Aetna Health, Inc.

HMO

83

-7.7%

-16.8%

-9.1%

Aetna Life Insurance Co.

PPO

482

-9.0%

-14.7%

-5.7%

CareFirst BlueChoice, Inc.

HMO

169,820

6.0%

3.1%

-2.9%

CareFirst of Maryland, Inc. and Group Hospitalization and Medical Services, Inc. (each CareFirst corporations)

PPO

21,296

1.8%

2.0%

+0.2%

Kaiser Foundation Health Plan of the Mid-Atlantic States, Inc.

HMO

10,755

 -5.0%

 -5.0%

 0.0%

UnitedHealthcare of the Mid-Atlantic

HMO

4,745

8.3%

3.5%

-4.8%

Optimum Choice (a UHC firm)

HMO

14,548

3.0%

-2.7%

-5.7%

MAMSI Life and Health Insurance Co. (a UHC firm)

EPO

19,546

4.7%

1.0%

-3.7%

UnitedHealthcare Insurance Co.

PPO

21,748

9.8%

4.5%

-5.3%

TOTAL

 

263,023

5.2%

2.3%

-2.9%

For extra details about the Maryland Insurance Administration’s fee evaluation course of, please refer to the Administration’s regularly requested questions information on the Health Insurance Rates and Review Process.



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