On Jul. 30, ORE INS led rate review for small business and individuals.
ORE INS conducted Affordable care act rate review for small businesses, individuals.
Conducting a yearly rate review ensures that premium rates charged to Oregonians adequately cover health care costs without being too high or too low.
Rate Review Process
This transparent process includes public hearings and a public comment period.
Once a year, insurance companies submit to ORE INS their rate change requests for the next year; requests are reviewed by actuaries during a public review process.
Review Outcomes
Moda became the fifth company to offer health insurance in every county in Oregon.
It is the first time that five insurers have offered plans in every State county.
In the small group market, (50 employees or less), eight insurance companies submitted health insurance rates with a weighted average increase of 12.3 percent.
ORE INS analysis resulted in lowering the requests of two companies; average increase range is now 5.7% to 16.%, for a weighted average increase of 12.2%.
Primarily, the increase was due in large part to medical costs and inflation.
Comments
ORE INS will hold hearing Aug. 6 for final public comment on the preliminary rates.
Final decisions will be made in August after public hearing and comment period end.
Average rate increase of 8.3% individual market and 12.2% in small group markets.
Individual market final rates came in 1% lower than original company rate requests.
Additionally, the small group market came in 1/10% lower than originally requested.
Lowered rate averages were driven by actuarial review by division that found several components of the company rate filings to be above division actuarial parameters.
Moda, BridgeSpan, PacificSource, Providence, and Regence listed as health insurance companies who provide coverage in every country and in all parts of Oregon.
Regulators
ORE INS
Entity Types
Ins
Reference
PR, 9/5/2024; PR, 7/30/2024;
Functions
Actuarial and Valuation; Financial; Operations; Product Administration
