The Oregon Department of Consumer and Business Services Wednesday released the 2021 requested rates for individual and small group health insurance plans.
In the individual market, six companies submitted rate change requests averaging at a slightly more than 2% increase. In the small group market, nine companies submitted rate change requests averaging at about a 4% increase.
A full list of rate change requests is available online.
“The initial rates are encouraging because they are moderate rate increase requests,” said Brad Hilliard, public information officer for the department. “Looking at that, looking at the financial statements that health insurers have submitted, it shows that the state’s health insurance market is stable and that we’re able to provide multiple health insurance options for Oregonians statewide.”
Hilliard said the department will now begin its rate review process.
“Over the next eight to 10 weeks we’ll be reviewing the rates that have been sent in from our health insurers to make sure they will adequately cover the needs of Oregonians without being too high or too low to cover those needs,” he said.
He said the department is asking the public to give comments on the rate requests and their current plans and coverage. There will also eventually be public hearings held virtually in which people can offer more input.
“We look forward to a thorough public review of these filings as we work to establish next year’s health insurance rates,” Andrew Stolfi, insurance commissioner and acting department director, said in a statement. “We encourage all Oregonians to review these initial rate requests and provide feedback on their health insurance plans.”
Hilliard said it is also encouraging to see more insurance companies looking to offer coverage statewide, including BridgeSpan and Regence.