Posted on 09/21/22
| News Source: WMAR2NEWS
Starting January 1 health insurance premiums in Maryland will rise for those enrolled in the Affordable Care Act, also known as ObamaCare.
The rates for those individual plans will increase by an average of 6.6 percent in 2023.
Insurance carriers originally requested for the rates to increase by 11 percent.
The price hike is primarily due to the current inflation rate which is averaging 8.3 percent, according to the U.S. Bureau of Labor Statistics.
“The 2023 rate changes are tied to increasing claim costs and projections as to what those costs are likely to be in 2023, given claim cost trends," said State Insurance Commissioner Kathleen A. Birrane. "Inflation, increased unit costs for services, increased utilization, and the on-going uncertainty of COVID-related costs, are all significant factors influencing rates."
Under the individual Non-Medigap Market Silver Plan, the average 40-year-old in Baltimore will see their premium rise anywhere from $7 to $60, depending on which insurer and network type (HMO or PPO) they have.