Maryland Insurance Administration approves 2016 rates

(Baltimore, MD – Insurance News 360) – Maryland approves insurance rates for 2016 small group and individual markets

The Maryland Insurance Administration (MIA) has approved premium rates for small group and individual health plans offered statewide starting Jan. 1, 2016. The review process resulted in reductions to rate increases for insurers in the state, saving consumers approximately $66.4 million compared to the proposed rates for 2016.

Small group insurance rates will see a decline of 1.8 percent, which is attributed to increased competition and 20 years of reforms. Eleven companies will sell in the small group market in 2016.

New rates for the individual market affect just 3.2 percent of Maryland residents and 4.2 percent are in the small group market. Most residents are covered by health insurance plans through large employers or those who self-insure, plans purchased before March 2010 or federal plans.

“The new rates approved by the Maryland Insurance Administration reflect the trends we’ve seen in the health insurance market over the last two years,” said Maryland Insurance Commissioner Al Redmer, Jr. “MIA’s adjustments to the requests from insurers will support our primary goal – ensuring that Marylanders benefit from a competitive and effective health insurance marketplace.”

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Source: Maryland Insurance Administration.

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