(Salem, OR – Insurance News 360) – Oregon residents can look at the state’s preliminary rate decisions for 2019 individual and small employer health insurance plans; official decisions on rates will come July 20.
The preliminary rate decisions affect small businesses and individuals who buy their own coverage rather than getting it through an employer.
Preliminary decisions have come for seven companies in the individual market; the market, average rate changes range from a 9.6 percent decrease to a 10.6 percent increase. Under the preliminary decisions, Silver Standard Plan premiums for a 40-year-old in Portland would range from $414 to $486 a month.
“Although rates are still rising for many consumers, the Oregon Reinsurance Program is continuing to provide some stability and relief,” Insurance Commissioner Andrew Stolfi said. “Without this program, Oregonians who buy their own insurance would see much larger rate increases. Actions taken at the federal level have injected instability into the market and resulted in rate increases, and we are committed to protecting Oregonians’ access to affordable, comprehensive coverage.”
In the small group market, the division has reviewed each of company’s rate request and plans to approve the rates as filed. The average rate increases range from 4 percent decrease to a 9.4 percent increase. Under the preliminary decisions, Silver Standard Plan premiums for a 40-year-old in Portland would range from $295 to $387 a month.
See the chart at https://dfr.oregon.gov/healthrates/Documents/2019-pre-prop-rates.pdf for the full list of preliminary decisions.
These preliminary decisions will undergo continued review and discussion through public hearings being held in Salem and streamed online July 9-11. The public comment period also will remain open through Wednesday, July 11. There will be a dedicated public comment period during each public rate hearing. For a schedule of hearings and to submit comments online, visit www.oregonhealthrates.org .
Final decisions are expected to be announced Friday, July 20.
Source: Oregon Division of Financial Regulation.