The non-profit CareFirst companies will raise rates from 9.8% to 16.2% for 2015. Other for-profit companies are dropping rates. More impact from ObamaCare -- taking away the inherent lower costs of a non-profit?
Commissioner Approves Premium Rates for 2015 Individual Market
BALTIMORE -- Maryland Insurance Commissioner Therese M. Goldsmith today announced approved premium rates for individual health insurance plans to be offered in the State for coverage beginning January 1, 2015.
Premium rates for three of the six carriers currently participating in Maryland’s individual insurance market – All Savers Insurance Company, Evergreen Health Cooperative, and Kaiser Foundation Health Plan of the Mid-Atlantic States, Inc. - will drop by an average of 6.7 percent, 10.3 percent, and 14.1 percent, respectively. The other three carriers currently in the market, all CareFirst companies, received approval to increase premium rates by 9.8 percent (CareFirst BlueChoice, Inc.) or 16.2 percent (CareFirst of Maryland, Inc. and Group Hospitalization and Medical Services, Inc.), on average - substantial reductions from the 22.8 percent and 30.2 percent increases those companies requested for 2015. The Commissioner also approved 2015 premium rates for two new market entrants: Cigna Health and Life Insurance Company and UnitedHealthCare of the Mid-Atlantic, Inc.
"With new companies offering plans and a number of premium rates dropping, Maryland's individual insurance market is robust and competitive," Commissioner Goldsmith said Friday.
To assist the Commissioner in making rate decisions, Maryland Insurance Administration actuaries reviewed the data, methodologies, and assumptionis companies used to develop their proposed rates. The Commissioner also considered public comments, along with other relevant factors, including the impact premium rates will have on Maryland consumers, in determining whether to approved, modify or deny requested rates. Summaries of each rate decision are available on the MIA's rate review website at www.HealthRates.mdinsurance.state.md.us. Sample approved 2015 premium rates for all companies by geographic region also are available on that website. The sample rates do not reflect any financial assistance a consumer may receive to reduce premiums or cost-sharing for plans purchased through the State's insurance exchange, Maryland Health Connection.
Individuals may sign up for new plans or renew existing ones during the open enrollment period, which runs from Nov. 15, 2014, through February 15, 2015. Consumers who enrolled for 2014 coverage through Maryland Health Connection must re-enroll in order to continue to receive financial subsidies.
Commissioner Approves Premium Rates for 2015 Individual Market
BALTIMORE -- Maryland Insurance Commissioner Therese M. Goldsmith today announced approved premium rates for individual health insurance plans to be offered in the State for coverage beginning January 1, 2015.
Premium rates for three of the six carriers currently participating in Maryland’s individual insurance market – All Savers Insurance Company, Evergreen Health Cooperative, and Kaiser Foundation Health Plan of the Mid-Atlantic States, Inc. - will drop by an average of 6.7 percent, 10.3 percent, and 14.1 percent, respectively. The other three carriers currently in the market, all CareFirst companies, received approval to increase premium rates by 9.8 percent (CareFirst BlueChoice, Inc.) or 16.2 percent (CareFirst of Maryland, Inc. and Group Hospitalization and Medical Services, Inc.), on average - substantial reductions from the 22.8 percent and 30.2 percent increases those companies requested for 2015. The Commissioner also approved 2015 premium rates for two new market entrants: Cigna Health and Life Insurance Company and UnitedHealthCare of the Mid-Atlantic, Inc.
"With new companies offering plans and a number of premium rates dropping, Maryland's individual insurance market is robust and competitive," Commissioner Goldsmith said Friday.
To assist the Commissioner in making rate decisions, Maryland Insurance Administration actuaries reviewed the data, methodologies, and assumptionis companies used to develop their proposed rates. The Commissioner also considered public comments, along with other relevant factors, including the impact premium rates will have on Maryland consumers, in determining whether to approved, modify or deny requested rates. Summaries of each rate decision are available on the MIA's rate review website at www.HealthRates.mdinsurance.state.md.us. Sample approved 2015 premium rates for all companies by geographic region also are available on that website. The sample rates do not reflect any financial assistance a consumer may receive to reduce premiums or cost-sharing for plans purchased through the State's insurance exchange, Maryland Health Connection.
Individuals may sign up for new plans or renew existing ones during the open enrollment period, which runs from Nov. 15, 2014, through February 15, 2015. Consumers who enrolled for 2014 coverage through Maryland Health Connection must re-enroll in order to continue to receive financial subsidies.
