UPDATE (2:28 p.m. PT) – The state’s Division of Financial Regulation has issued its final rate decisions for people and small businesses who buy their own health insurance.

According to the Oregon Department of Consumer and Business Services, the final rates are approximately $44 million lower than what health insurance companies originally requested.

But, there will still be an average increase of 1.5% for people who buy their own health insurance in 2020.

For individuals, the average rate changes vary from a 3.2% decrease to an 8.9% increase, depending on which plan they are on.

The state approved smaller rate increases for HealthNet, Kaiser, Bridgespan and Providence than the companies originally requested.

For small businesses, average 2020 rates range from a 2.3% decrease to an 11.7% increase.

Insurance companies have 20 days to request a hearing before the rates are finalized.

The Department of Consumer and Business Services encourages all Oregonians who purchase their own insurance to apply for assistance through the Marketplace in 2020, even if they didn’t qualify last year.

Open enrollment for 2020 insurance plans is from Nov. 1 to Dec. 15.

Editor’s note: This story initially misstated the nature of rate decisions for the coming year. It has been updated to reflect that many rates are increasing.