Marylanders may see another year of increased premiums from health plans purchased on the state health exchange starting in 2025.
The Maryland Insurance Administration (MIA) released proposed rate increases from providers on Tuesday.
Providers are asking for an average rate change of 6.7% in premiums for individual health plans purchased on the Maryland health exchange.
They are also asking for an average 6.1% percent increase in small market plans and a 2.4% increase in dental plans.
The increases are an aggregate of all the companies’ proposals for next year. Some plans may have much larger increases. For example, Aetna is proposing that its small market plan increase by 23% next year.
The insurance carriers’ requested increases will be reviewed by the Maryland Insurance Administration and must be approved by the organization’s commissioner before going into effect.
Last year the average increases were about the same as the proposals this year.
The companies requested an average increase of 5.7% for people who get individuals who get insurance from the marketplace and an average increase of 7.5% for plans provided through small businesses that use the marketplace for 2024.
In 2022, the commissioner did not approve the full price increase on individual plans.
In addition to the possible increases, MIA says insurance carrier Wellpoint will be reentering the market.
“We are pleased to have yet another carrier selling in the individual market. The state was down to two carriers before the state reinsurance program was implemented,” said Commissioner Kathleen Birrane. “The addition of three new carriers demonstrates the continuing success of the program, will provide consumers with an expanded number of choices, and will provide additional competitive pressure to keep rate increases low. Maryland has some of the lowest unsubsidized rates for comprehensive medical coverage in the nation and we want to keep it that way.”
MIA will hold a public hearing on the possible rate hikes on July 9.