The Oregon Division of Financial Regulation has unveiled the finalized rate decisions for health insurance plans in the individual and small group markets for the year 2024. These decisions, which impact thousands of policyholders across the state, come after an exhaustive public process.
Throughout this process, the division conducted public hearings, welcomed public commentary, and engaged in thorough deliberation to reach the decisions revealed today. Preliminary rate decisions were initially published in July, offering a starting point for discussion. During the subsequent public hearings, members of the public, health insurance companies, and division officials had the opportunity to scrutinize and analyze these preliminary determinations.
Andrew R. Stolfi, Oregon’s insurance commissioner and director of the Department of Consumer and Business Services, acknowledged the ongoing challenges faced by consumers due to the escalating costs of health insurance and medical care. He stressed the division’s commitment to ensuring that consumers have multiple coverage options and keeping premium costs as reasonable as possible. Stolfi also highlighted the invaluable role played by the Oregon Reinsurance Program in stabilizing the market and expanding coverage choices across all counties in the state.
Oregon has made significant strides in enhancing healthcare accessibility. In the individual market, there are now at least five health insurance options available in every county, with all 36 counties offering a minimum of four choices. This represents a substantial improvement from 2019 when 12 counties had fewer than three insurers. The progress extends to the Health Insurance Marketplace, where all 36 counties now boast at least four companies offering coverage, compared to just five counties in 2019. Additionally, in 2019, 24 counties had two or fewer marketplace plans, a figure that has been transformed to none today.
“This is a testament to how far we’ve come in increasing access to comprehensive healthcare for as many Oregonians as possible,” remarked Stolfi. “We will continue to work tirelessly to ensure healthcare remains accessible and affordable for all residents of our great state.”
Individual Market Rates
For the individual market, the division has issued final decisions for six insurance companies. These decisions encompass average rate adjustments ranging from a 3.5 percent increase to an 8.5 percent increase, resulting in an overall weighted average increase of 6.2 percent. This figure is a notable half-percent improvement over last year’s average of 6.7 percent. As per the final decisions, Silver Standard Plan premiums for a 40-year-old residing in Portland will range from $467 to $537 per month.
Small Group Market Rates
In the small group market, final decisions have been issued for eight companies, reflecting average rate increases that range from 0.8 percent to 12.4 percent. The overall weighted average increase stands at 8.1 percent, slightly higher than the previous year’s average of 7.8 percent. Under these decisions, Silver Standard Plan premiums for a 40-year-old in Portland will vary from $387 to $459 per month.
Key Facts for 2024:
- All 36 Oregon counties will offer at least four health plan options in the individual market, with 35 counties providing a minimum of five choices, and one-third of counties offering six options.
- The Oregon Reinsurance Program continues its commendable role in market stabilization, reducing rates by nearly 6 percent for the sixth consecutive year.
- Medical costs continue to rise due to inflation, increased utilization, and the expense of new specialized prescription drugs.
For detailed information on the final decisions for each insurance company, please visit oregonhealthrates.org.
Source: State of Oregon
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