Governor Larry Hogan today announced that Maryland Insurance Commissioner Kathleen A. Birrane has approved an average 11.9% premium rate decrease for individual health insurance plans with an effective date of January 1, 2021. This means that for the third consecutive year, all individual insurance rates in Maryland under the Affordable Care Act (ACA) will see significant decreases. Individual Health Insurance Premiums In Maryland 2019: -13.2% 2020: -10.3% 2021: -11.9% The lower rates reflect the impact of the State Reinsurance Program, which has helped to stabilize the individual health insurance market after years of major premium increases. The three-year cumulative impact is a rate decrease of 31.4% versus 2018 premiums. “While Washington continues to bicker back and forth about health care, we have delivered three consecutive years of lower premiums in Maryland,” said Governor Hogan. “Our innovative program to make health care more affordable continues to bring more stability and peace of mind to Marylanders, and serves as a model for the rest of the nation.” In 2018, facing predicted health insurance rate increases of up to 50%, Governor Hogan worked in bipartisan fashion with legislative leaders to develop landmark legislation establishing a state reinsurance program. The legislation directed the Maryland Health […]
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