People who buy their own health insurance in
The three carriers offering policies on
“It is clear from our ongoing monitoring of industry experience that 2021 claims were heavily influenced by COVID-19, and that the significant differences between where we were in 2021 and where we are likely to be in 2023 must be modeled and taken into account in rate development,” said
More than 222,000 individuals bought coverage on the
Tens of thousands of Marylanders gained insurance during special enrollment periods for those who lost insurance during the pandemic. More people were added during the pandemic to the rolls of Medicaid, the federal-state health program for low-income residents.
Some now risk being removed from Medicaid as officials resume checking whether participants remain qualified, a practice that was suspended during the pandemic health emergency.
Federal subsidies added to private plans during the pandemic also will expire by the end of the year if
There are about 1.2 million Marylanders enrolled in income-based Medicaid plans and about 175,000 enrolled in private plans.
State regulators say they will take pandemic-related changes to costs and enrollment into account when they approve rates, along with the actual impact of the coronavirus on costs.
“Obtaining more detailed information on how COVID-19 claims experience has influenced cost and trend models for 2023 will be the primary focus for our actuarial team,” Birrane said.
CareFirst BlueCross BlueShield, the state’s dominant carrier, asked for an average 11.2% rate increase in its HMO plan, which covers more than 149,000 people. That would mean an extra
CareFirst requested a 25.9% rate increase for its PPO plan, which covers nearly 16,300 people.
Providers of health insurance for small businesses also requested an average 10% increase.
For the current year state regulators ended up approving premium hikes for individuals averaging about 2.1% for the nearly three dozen plans offered by the three insurance companies on the exchange.
That followed several years of major reductions in costs due to a reinsurance program passed by the