Maryland Regulators Approve Premium Rates Much Lower Than Insurers Sought

Maryland insurance officials approved final rates for health plans
to be sold in the state’s new online marketplace that are among the lowest in
the country. The plans, which are for individuals, will be sold beginning Oct.
1. The Maryland Insurance Administration approved premiums at levels as much as
33 percent below what had been requested by insurance carriers. For a
21-year-old non-smoker, for example, options start as low as $93 a month.
Insurance Commissioner Therese Goldsmith reduced the premium rates proposed by
every insurance carrier in the individual market, including some by more than
50 percent, according to an analysis by Maryland officials who will be
operating the marketplace. The rates offered by nine carriers are among the
lowest of the 12 states that have proposed or approved rates for comparison to
date, and among the lowest in the D.C. area. “We are pleased that Maryland is
among the lowest in the country,” said the state’s health secretary, Joshua
Sharfstein. He said the rates were an important step for the launch of the
online marketplace, the Maryland Health Connection.

Source/more: Washington Post