Salem — Small businesses and individuals who buy their own health insurance
can now see the Oregon Division of Financial Regulation’s final rate decisions
for 2021 health insurance plans. The division reviews and approves rates
through a detailed and transparent process before they can be charged
to policyholders.
The final decisions are based on the result of a rigorous review, which included
public hearings and public comment. The division published preliminary decisions
last month before the hearings. These hearings provided an opportunity for
the public, health insurance companies, and the division to further review
and analyze the preliminary decisions.
“We continue to be encouraged by the results of the Oregon Reinsurance Program,”
said Andrew Stolfi, insurance commissioner and Department of Consumer and Business
Services director. “It has led to lower rate increases each year, more carriers
expanding their coverage statewide, and more health insurance options for Oregonians.”
Open enrollment for 2021 plans is from Nov. 1 to Dec. 15, 2020.
Individual market
The division has issued final decisions for six companies in the individual
market with average rate changes ranging from a 3.5 percent decrease to an
11.1 percent increase, for a weighted average of 1.8 percent. Under the decisions,
Silver Standard Plan premiums for a 40-year-old in Portland would range from
$425 to $466 a month.
The rate changes are companywide averages based on premiums for plans before
financial assistance through the Oregon Health Insurance Marketplace is taken
into account.
All Oregonians who purchase their own insurance are encouraged to apply for
assistance through the Marketplace for 2021, even if they did not qualify last
year. Approximately 72 percent of Oregonians who enrolled through the Marketplace
for health coverage in 2020 qualified for help paying their premium. People
who received help with the costs of their health insurance paid on average
$138 a month.
Small group market
In the small group market, the division has issued final decisions for nine
companies with average rates ranging from a 1.1 percent decrease to a 7.0
percent increase, for a weighted average of 3.7 percent. Under the decisions,
Silver Standard Plan premiums for a 40-year-old in Portland would range from
$335 to $405 a month.
See
our chart for a full list of final decisions
Facts for 2021:
- All 36 Oregon counties will have at least two on-exchange options and
at least three total options for its residents.
- The Oregon reinsurance program continues to help stabilize the market
– lowering rates by 6 percent for the third straight year.
- COVID-19 was not considered as part of 2021 rates because it is too early
to understand the effect of COVID-19 relief efforts.
Proposed final decisions for each carrier can be found at www.oregonhealthrates.org .
Statewide premium comparison tables for ages 21, 40, and 60 will be posted
online later this month.
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About DCBS: The Department of Consumer and Business
Services is Oregon's largest business regulatory and consumer protection agency.
For more information, go to www.dcbs.oregon.gov .
About Oregon DFR: The Division of Financial Regulation
is part of the Department of Consumer and Business Services, Oregon’s largest
business regulatory and consumer protection agency. Visit www.dcbs.oregon.gov and www.dfr.oregon.gov .