ACA Rates Could Drop in Maryland
Most people who buy their health insurance through Maryland’s exchange could see premiums drop next year based on rate requests the state’s two carriers filed May 10. Maryland Insurance Commissioner Al Redmer, Jr., says, “The initial indication is that the reinsurance program created last year by the legislature and the governor had its intended effect, and we're seeing added stability in the market because of it.”
The Maryland Insurance Administration still must review the rate requests and determine if they need to be raised or lowered to reflect the cost of coverage. Final premiums will be determined by mid-September, and a public hearing is planned for July. Earlier in 2019, state leaders extended a tax on insurance carriers initiated last year that funds a pool of money to help insurers cover their highest claims.