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Oregon releases rates for 2021 health plans

SALEM – Small businesses and individuals who buy their own health insurance can now see the Oregon Division of Financial Regulation’s final rate decisions for 2021 health insurance plans. 

The division reviews and approves rates through a detailed and transparent process before they can be charged to policyholders.

The final decisions are based on the result of a rigorous review, which included public hearings and public comment.The division published preliminary decisions last month before the hearings. These hearings provided an opportunity for the public, health insurance companies, and the division to further review and analyze the preliminary decisions.

“We continue to be encouraged by the results of the Oregon Reinsurance Program,” said Andrew Stolfi, state insurance commissioner. “It has led to lower rate increases each year, more carriers expanding their coverage statewide, and more health insurance options for Oregonians.”

Open enrollment for 2021 plans is from Nov. 1 to Dec. 15, 2020.

Individual market

The division has issued final decisions for six companies in the individual market with average rate changes ranging from a 3.5 percent decrease to an 11.1 percent increase, for a weighted average of 1.8 percent. Under the decisions, Silver Standard Plan premiums for a 40-year-old in Portland would range from $425 to $466 a month.

The rate changes are companywide averages based on premiums for plans before financial assistance through the Oregon Health Insurance Marketplace is taken into account.

All Oregonians who purchase their own insurance are encouraged to apply for assistance through the Marketplace for 2021, even if they did not qualify last year. Approximately 72 percent of Oregonians who enrolled through the Marketplace for health coverage in 2020 qualified for help paying their premium. People who received help with the costs of their health insurance paid on average $138 a month.

Small-group market

In the small group market, the division has issued final decisions for nine companies with average rates ranging from a 1.1 percent decrease to a 7.0 percent increase, for a weighted average of 3.7 percent. Under the decisions, Silver Standard Plan premiums for a 40-year-old in Portland would range from $335 to $405 a month.