SALEM – Oregonians can see and comment on the state’s preliminary rate decisions for 2023 individual and small employer health insurance plans. The Division of Financial Regulation has released the preliminary rate decisions and virtual public hearing schedule.
The preliminary decisions will go through continued review and discussion during a series of virtual public hearings July 27-28. At the hearings, each insurance company will provide a brief presentation about its rate requests, answer questions from the division, and hear public comment from Oregonians.
For the individual market, six companies were issued preliminary decisions with an average rate increase from 2.3 percent to 12.6 percent for an overall average increase of 6.7 percent. Under the preliminary decisions, Silver Standard Plan premiums for a 40-year-old in Portland would range from $451 to $507 a month.
In the small group market, the division issued preliminary decisions for nine companies ranging from a 3.4 percent increase to 11.6 percent increase for an average overall average increase of 7.8 percent. Under the preliminary decisions, Silver Standard Plan premiums for a 40-year-old in Portland range from $348 to $446 a month.
Common trends that affect rates include:
- Medical costs continue to rise, driven by increased use, the cost of new specialized prescription drugs, and rising inflation.
- Possible expiration of enhanced subsidies for on-exchange individual market plans.
- The Oregon Reinsurance Program continues to lower rates by 6 percent for the fifth consecutive year.
Oregonians are encouraged to participate in the virtual hearings. Visit the division’s rate filings page to review requested rates. Visit the public hearings page for time, date, and instructions on how to participate in each insurer’s rate hearing.
Final decisions are expected to be announced in late August.
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 dfr.oregon.gov.