Salem – People who purchase their own health insurance, as well as those in the small group market, can view the final rate decisions for the 2023 health insurance plans, which have been released by the Oregon Division of Financial Regulation. The division reviews and approves rates through a detailed and transparent process before they can be charged to policyholders.
The division conducted a rigorous review, including holding public hearings and taking public comments, to reach the final decisions. The division published preliminary decisions in July before the public hearings. In the public hearings, members of the public, health insurance companies, and the division have the opportunity to further review and analyze the preliminary decisions.
“While medical costs are rising due to inflation and the increased use and cost of specialized prescription drugs, people throughout Oregon continue to benefit from the Oregon Reinsurance Program,” said Andrew Stolfi, insurance commissioner and Department of Consumer and Business Services director. “The program helps stabilize the market and leads to more health insurance options – all Oregon counties now have at least four health plan options in the individual market from which people can choose.”
The division has issued final decisions for six companies in the individual market with average rate changes ranging from a 2.3 percent increase to a 12.6 percent increase for an average increase of 6.7 percent. Under the decisions, Silver Standard Plan premiums for a 40-year-old in Portland would range from $451 to $507 a month.
Small group market
In the small group market, the division issued final decisions for nine companies with average rate increases ranging from 3.4 percent to 10.6 percent, for a weighted average increase of 7.8 percent. Under the decisions, Silver Standard Plan premiums for a 40-year-old in Portland would range from $355 to $428 a month.
Facts for 2023:
- All 36 Oregon counties will have at least four health plan options in the individual market for its residents and 34 will have at least five.
- The Oregon reinsurance program continues to help stabilize the market – lowering rates by nearly 6 percent for the fifth straight year.
- Medical costs continue to rise due to inflation, increased use and the cost of new specialized prescription drugs.
Final decisions for each carrier can be found at oregonhealthrates.org. Statewide premium comparison tables for ages 21, 40, and 60 will be posted online later this month.
News Release from Oregon Dept. of Consumer & Business Services