BALTIMORE – Commissioner Al Redmer, Jr. will be conducting a second public hearing on Monday, August 15th from 11 am – 1 pm at the Maryland Insurance Administration located at 200 St. Paul Place, 24th floor Hearing Room, Baltimore, MD 21202 to receive public input on a revised filing made by CareFirst. On July 26, CareFirst refiled its 2017 proposed rates for the individual market and requested a 27.8% rate increase for HMO plans and a 36.6% rate increase for PPO plans. CareFirst previously requested a 12.0% and 15.3% rate increase, respectively.
The Maryland Insurance Administration expects to issue decisions about rates for 2017 individual and small group products after review of the new information and comments from the public. More information regarding CareFirst’s revised filings is available at: http://www.healthrates.mdinsurance.state.md.us
“We want to ensure a transparent and open process to how we review and approve rate requests from health carriers,” said Insurance Commissioner Al Redmer, Jr. “This public meeting is intended to continue to receive inputs from Marylanders before we make our final decision on premium rates in the individual and small group markets.”
Written testimony may be submitted to Nancy.Muehlberger@maryland.gov
or by mail to 200 St. Paul Place, Suite 2700, Baltimore, MD 21202 or by fax to 410-468-2038. Written testimony will be accepted until 5 pm on August 14, 2016. Please R.S.V.P. to Nancy.Muehlberger@maryland.gov
if you plan to attend this public hearing.
For those unable to attend in person, the dial in for this meeting is as follows:
· Dial In: 1-866-247-6034
· Passcode: 1573490062
Health insurance carriers are seeking a range of changes to the premium rates they will charge consumers for plans sold in Maryland’s individual and small group markets in 2017. The Maryland Insurance Administration has posted rate filing documents at www.healthrates.mdinsurance.state.md.us
. On that website, consumers can review filings and submit comments, as well as find answers to frequently asked questions about the rate review process. Marylanders are encouraged to provide comments through the website.
In Maryland, only those rates approved by the Insurance Commissioner may be charged to policyholders. Before approval, all filings undergo a comprehensive analysis of the carriers’ statistics and assumptions. Public comments are considered as part of the review process. By law, the Commissioner must disapprove or modify any proposed premium rates that appear to be inadequate or excessive in relationship to the benefits offered, or are unfairly discriminatory.
The proposed rates are for plans that comply with the Affordable Care Act for small businesses and individuals who buy their own coverage rather than getting it through an employer.
About the Maryland Insurance Administration
The Maryland Insurance Administration is an independent State agency charged with regulating Maryland’s $28.5 billion insurance industry. For more information about the Insurance Administration, please visit www.insurance.maryland.gov
or follow us on Facebook at www.facebook.com/MDInsuranceAdmin
or Twitter at @MD_Insurance.
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