These new figures show that there will be less of a gap between the most and least expensive policies.
Recent insurance news out of Oregon has shown that residents in that state will be seeing a much slimmer range in the prices of health policies that will be sold on the exchange for individuals and small employers in 2015.
This health insurance announcement was made by the regulators in the state.
In essence, the primary message of this insurance news will be that the plans with the lowest premiums will become more expensive, but at the same time, the policies that had come with the highest price tags will now become more affordable. This, according to a statement made by the state commissioner, Laura Cali. This suggests that all of the health plans in the state will start to come to a closer price, somewhere in the middle.
Much of this insurance news is based on the increasing of the rates by Moda.
As the company with the largest individual market share – holding two thirds of the individual market in Oregon and a great deal of the lowest priced policies – the fact that Moda will be increasing its rates by an average of 10.6 percent means that the cheapest health plans will be rising in their prices.
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This rise in the insurance rates offered by Moda places that insurer closer to the middle when it comes to the prices that it is charging for its coverage, instead of at the lowest end. This change will affect the amount being paid by over 70,000 of the company’s policyholders.
At the same time, some of the smaller carriers in the state have announced that they will be cutting their rates for 2015. For example, Trillium Community Health and Providence Health will both be reducing their own health plan rates by an average of 14 percent.
Commissioner Cali explained that “We’re moving toward a more competitive market.” The changes in the rates that are being changed in this insurance news will affect the plans that are in compliance with the Affordable Care Act and that are purchased either through the Cover Oregon exchange, or off of it.