MIA approves Md. health insurance premium rates for 2017
The Maryland Insurance Administrationannounced approved premium rates for both small group and individual health insurance plans to be offered in the state for coverage beginning Jan. 1, 2017, ranging from a high of 9.8% in the employer small group market, to 31.4% in the individual market.
According to MIA, more than 90% of Marylanders are covered by health insurance plans offered through large employers or employers who self-insure, or participate in “grandfathered” plans purchased before March 2010 or in Federal plans (such as Medicare, Tricare, or federal employee plans). For these Marylanders, today’s announcement will not affect their rates.
According to a statement, MIA actuaries reviewed the data, methodologies, and assumptions companies used to develop their proposed rates. The Administration also considered public comments, along with other relevant factors, in determining whether to approve, modify or deny requested rates.
Approximately 4.1% of Marylanders are enrolled in small group plans. In the small group market, the health insurance rates will increase by an average of 3.3%. This small single digit increase can be attributed to increased competition and two decades of reforms in the State small group market. Eleven companies filed to sell in the small group market next year.
Approximately 4.4% of Marylanders are enrolled in individual health plans. In the individual market health insurers have sought rate adjustments in response to significant changes in federal regulation and market dynamics over the past three years. The Administration also announced individual health insurance rates.
Open enrollment runs from Nov. 1, 2016, through Jan. 31, 2017. Individuals are encouraged to shop rates and may sign up for new plans or renew existing ones during the open enrollment period.
Summaries of each rate decision are available on the MIA’s rate review website at www.HealthRates.mdinsurance.state.md.us. Sample approved 2017 premium rates for all companies by geographic region also are available on that website. The sample rates do not reflect any employer contribution, any financial assistance a consumer may receive to reduce premiums or cost-sharing for plans purchased through the State’s health insurance marketplace, www.MarylandHealthConnection.gov.