State giving the public the opportunity to comment on 2025 rate increases sought by insurers
The cost and availability of health insurance has been a small business owner’s No. 1 worry for more than 30 years, according to NFIB’s quadrennial Small Business Problems & Priorities report.
Insurance carriers are once again asking the state of Oregon for permission to raise premiums for 2025, and the Division of Financial Regulation is giving small business owners a date and time to comment.
“Each year, the Division of Financial Regulation conducts a transparent health insurance rate review process for health plans that comply with the Affordable Care Act for small businesses and people who buy their own coverage rather than getting it through an employer,” according to the division’s webpage.
“Conducting a yearly rate review ensures that premium rates charged to Oregonians adequately cover health care costs without being too high or too low. This transparent process includes public hearings and a public comment period.
“The hearings are now set for Monday, July 1, from 9:00 AM to 12 PM. At the hearings, each insurance company will provide a brief presentation about its rate increase requests, answer questions from the division, and hear public comment from Oregonians. Submit a comment any time before June 30.”
Are Rate Increases Needed?
“Oregon’s health insurance market remains competitive, with five carriers planning to offer plans next year in every Oregon county, up from only one statewide plan in 2018,” said Oregon Insurance Commissioner and DCBS Director Andrew R. Stolfi,” in a Department of Consumer and Business Services news release.
“Unfortunately, inflation – both medical and nonmedical – as well as prescription drug costs, are driving prices higher than last year. Oregonians still have a lot of options to choose from and the Oregon Reinsurance Program continues to allow them to find reasonable rates.”
Agree? Disagree? Make Your Voice Heard
“In the individual market, six companies submitted rate change requests ranging from an average increase of 5.0 percent to 11.6 percent, for a weighted average increase of 9.3 percent,” further informed the DCBS news release. “That average increase is higher than last year’s requested weighted average increase of 6.2 percent.
“In the small group market, eight companies submitted rate change requests ranging from an average increase of 5.7 percent to 16.3 percent, for a weighted average increase of 12.3 percent, which is higher than last year’s requested 8.1 percent average increase.”
For more information, or to participate in the July 1 public hearing, please click here.
