May 19, 2021
Salem — Oregon consumers can get a first look at requested rates for
2022 individual and small group health insurance plans, the Oregon Department
of Consumer and Business Services announced today.
In the individual market, six companies submitted rate change requests ranging
from an average 0.1 percent decrease to an average 4.9 percent increase, for
a weighted average of 1.8 percent. In the small group market, 10 companies
submitted rate change requests ranging from an average 3.3 percent decrease
to an average 5.2 percent increase, for a weighted average of 1.5 percent.
See the 2022 rate request and county coverage chart for more information.
Health insurance companies submitted rate requests to the department’s Division
of Financial Regulation on May 17. The requested rates are for plans that comply
with the Affordable Care Act for small businesses and individuals who buy their
own coverage rather than getting it through an employer.
Over the next two months, the division will analyze the requested rates to
ensure they adequately cover Oregonians’ health care costs. The division must
review and approve rates before they are charged to policyholders.
“2020 was an unusual year with limited in-person medical visits and procedures,
telehealth expansion, and COVID testing and treatment, but we are encouraged
by the stable rate change requests from our health insurers,” said Insurance
Commissioner and DCBS Director Andrew Stolfi. “The initial data reveals that
Oregon’s reinsurance program, a carrier expanding its coverage statewide, and
a new carrier in the small group market are increasing competition and providing
multiple health insurance options for people in every part of the state.”
The state’s health insurance market continues to stabilize and become more
competitive. The Oregon Reinsurance Program continues to help stabilize the
market, lowering rates by 6 percent for the fourth straight year. PacificSource
is expanding to offer individual plans statewide, giving people at least four
options in every county. Cigna will be a new carrier for the state, offering
small group plans.
Meanwhile, the COVID-19 open enrollment has enabled an additional 10,000 Oregonians
gain insurance coverage and realize higher savings on their premiums. More
than 4 in 5 people in Oregon now qualify for financial assistance in the form
of premium tax credits, which reduce the cost of the monthly premium to have
health coverage, and cost-sharing reductions to reduce the out-of-pocket costs
associated with health care.
Virtual public hearings about the 2022 health insurance rates will be held
in mid-June. The dates and a web address to watch the public hearings will
be posted at oregonhealthrates.com. At the hearings each insurance company
will provide a brief presentation about their rate requests, answer questions
from the division, and hear public comment from Oregonians.
“We encourage all Oregonians to join us for the virtual public hearings and
provide feedback on their health insurance plans,” said Stolfi. “We look forward
to a thorough public review of these filings as we work to establish next year’s
health insurance rates.”
Oregonians are encouraged to comment on rate change requests during the public
comment period, which opens later this week and runs through June 29. The public
can submit comments at oregonhealthrates.com and during the public rate hearings.
Preliminary decisions are expected to be announced in early July, and final
decisions will be made in early August.
About DCBS: The Department of Consumer and Business Services
is Oregon's largest business regulatory and consumer protection agency. For
more information, visit 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 http://dfr.oregon.gov/Pages/index.aspx .