Small businesses and individuals who purchase their own health insurance can now view the Oregon Financial Regulatory Division’s final rate decisions for 2022 health insurance plans. The division reviews and approves rates through a detailed and transparent process before they can be billed to policyholders.
Final decisions are based on the result of a rigorous review, which included public hearings and public comment. The division published preliminary decisions end of June before the public hearings. These hearings allowed the public, health insurance companies and the division to further review and analyze the preliminary rulings.
“The Oregon reinsurance program continues to strengthen the Oregon health insurance market,” said Andrew Stolfi, commissioner of insurance and director of the Department of Consumer and Business Services. “This has led to smaller rate increases each year, more carriers expanding their coverage statewide, and more health insurance options for Oregonians in every corner of the country. the state. “
The division made final decisions for six companies in the individual market with average rate changes ranging from a 0.9 percent drop to a 4.9 percent increase, for a weighted average of 1.5 percent. hundred. Under the rulings, the Silver Standard plan premiums for a 40-year-old in Portland would range from $ 450 to $ 505 per month.
Small group market
In the small group market, the division issued final decisions for ten companies with average rates ranging from a 3.3% decrease to an increase of 3.4%, for a weighted average of 1.5%. Under the rulings, the Silver Standard plan premiums for a 40-year-old in Portland would range from $ 343 to $ 395 per month.
2022 Health Insurance Rate Demand Table
Facts for 2022
- Oregon’s 36 counties will have at least four health plan options for their residents.
- Oregon’s reinsurance program continues to help stabilize the market – lowering rates by 6% for the fourth year in a row.
- Medical costs continue to rise, driven by the increased use and cost of new specialty prescription drugs.
- Health rates include an adjustment for Bill 2623, which limits cost-sharing for insulin health plan coverage prescribed for the treatment of diabetes.
Final decisions for each carrier can be found at oregonhealthrates.org. Statewide premium comparison tables for 21, 40 and 60 year olds will go live in September.
This press release was provided by the Oregon Department of Consumer and Business Services.