Insurance Administration Approves Individual Rates for New Health Exchange

As reported by the Gazette, the Maryland Insurance Administration recently approved individual rates to be charged for health insurance through the State’s new health exchange. Individual enrollment in the exchange is set to begin October 1, 2013.  From the Gazette article:

State insurance officials on Friday approved the rates for individuals that were as much as 33 percent below what insurers had requested. All Savers’ premium for the Montgomery 50-year-old was about 32 percent below what the insurer requested, while Coventry’s was some 27 percent below its request.

Under the federal Affordable Care Act, individuals have to obtain health insurance by January or pay a penalty of either $95 or 1 percent of their annual taxable income next year. The penalty will rise to $325 or 2 percent of income in 2015 and $695 or 2.5 percent of annual income in 2016.

State insurance regulators approved rate changes based on input from actuaries and others who studied the insurers’ submitted plan designs and rates.

Businesses with fewer than 50 employees will be able to enroll beginning January 1, 2014.

To learn more about health care reform in Maryland, plan to attend our summer conference session titled, “Health Care Reform and Local Health Departments:  Opportunities for Achieving Success.” Speakers will provide an overview of health care reform implementation and discuss the role of health departments in achieving the programs goals.