Insurance Companies Asking for Smaller Increase in 2020 Rates

BEND, Ore. (AP) – Health insurers in Oregon continue to request smaller annual increases in health insurance rates from year to year and are expanding into new service areas – both signs the market is stabilizing.

The Bulletin reports that Oregon Insurance Commissioner Andrew Stolfi on Tuesday released the rates Oregon insurance companies requested for plans sold to individuals and businesses with 50 or fewer employees. The rates do not apply to most Oregonians who are covered by large employer sponsored plans or public plans such as Medicare or Medicaid.

Seven insurers requested 2020 premium changes ranging from a 3.2% decrease to a 13.5% increase from 2019 rates.

Premiums increased by 23% in 2016 and 27% in 2017, followed by smaller increases of 13% in 2018 and 7% in 2019. The requested rates for 2020, which are likely to be adjusted by the state, represent an average increase of 3.3%.