​​
FOR IMMEDIATE RELEASE:
9/5/2024
FOR INFORMATION, CONTACT:
Craig Ey, 410-468-2488 (O)
443-604-9599 (C)

Maryland Insurance Administration Approves 2025 Affordable Care Act Premium Rates

Marylanders have more health insurance options as Wellpoint enters individual market

​​BALTIMORE – Acting Maryland Insurance Commissioner Joy Hatchette today announced the premium rates approved by the Maryland Insurance Administration for individual and small group health insurance plans offered in the state for coverage beginning Jan. 1, 2025.

The approvals include plans offered by Wellpoint Maryland, Inc., which is entering the individual market for the first time in 2025. With this approval, Marylanders will be able to choose from between at least four insurance carriers in the individual market.


The rates for individual health insurance plans under the Affordable Care Act (ACA) will increase by an average of 6.2% this year. This 6.2% was driven by an overall average 6.1% claims costs trend (year-over-year increase in total cost and health care utilization). By major service category, average market trend was 4.3% for hospital costs, 8.5% for professional physician costs, and 10.2% for the costs of prescription drugs.

Click
HERE to read full release.