For small group plans, or employers with 50 or fewer workers, the average approved increase is 4.1%, down from more than 11.3% requested on average.
About 214,600 consumers could expect to save
Regulators said they reduced the upward trend in health care costs that insurers project at 8.8% this year and in 2021 as prescription drug costs rise and demand increases.
“Working on behalf of consumers, the department was able to reduce the health insurance rate increase requests thanks to the hard work of our actuaries and professional staff,” Commissioner
“Rates for individual plans were held essentially flat,” he said.
“Rates are based on what medical costs are anticipated to be a year from now, which is made more challenging given the still evolving COVID-19 pandemic,”
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