Since transitioning away from the federal health insurance marketplace, HealthCare.gov, and becoming a State-Based Exchange (SBE) in 2019, the Exchange has focused on expanding the online marketplace by adding new Qualified Health Plan (QHP) options and insurance carriers. This year, 37 new health insurance plan options have been added, bringing to a total of 163 QHPs across seven private insurance carriers.
The seven private health insurance carriers offering plans through NVHealthLink.com are:
NJ Department of Banking and Insurance Announces Expanded Health Insurance Options in 2023, Historic Levels of Financial Help Remain Available at Get Covered New Jersey
TRENTON — The New Jersey Department of Banking and Insurance today announced that consumers shopping for 2023 health coverage this fall at Get Covered New Jersey, the state’s official health insurance marketplace, will continue to benefit from historic levels of federal and state financial help. Consumers will also have more choice with Aetna now offering plans on the marketplace, increasing the overall number of carriers for the second consecutive year.
“Since launching our own health insurance marketplace, the Murphy Administration has been committed to increasing access to quality, affordable health coverage through Get Covered New Jersey,” said Commissioner Marlene Caride. “For the upcoming year, we have expanded the number of carriers offering plans through Get Covered New Jersey to five, up from three in 2020, and will continue to provide record levels of financial help to lower premiums.”
Every year, the Minnesota Department of Commerce conducts a thorough review of the rates and plans proposed by health insurance companies in the individual and small group markets. Commerce must approve the rates before the companies can offer them to consumers. Under state law, rates for the following calendar year must be released 30 days prior to the beginning of open enrollment.
Individual health plans are designed for Minnesotans who buy their own coverage rather than receiving it through employer-based insurance or public programs such as Medicare, Medical Assistance and MinnesotaCare. Small group health plans are designed for employers with two to 50 workers.
Commerce may deny proposed rates or require insurers to raise or lower them if the department determines that they are excessive or inadequate for the benefits offered.
Minnesotans Will Save $560/month, On Average, On 2023 Coverage with Tax Credits Through MNsure
ST. PAUL, Minn.—Starting November 1, Minnesotans looking for health coverage for 2023 can shop and compare plans and save money through MNsure, Minnesota’s health insurance marketplace. Now that final rates are available from the Minnesota Department of Commerce, MNsure has new estimates for how much Minnesotans will actually pay for health premiums in 2023—and it’s about 3.5% less than 2022. Eligible Minnesotans are poised to save big on their monthly premiums by taking advantage of tax credits only available through MNsure.
“MNsure projects Minnesota families will save $560 per month, on average, when they enroll in 2023 coverage through MNsure,” said MNsure CEO Nate Clark. “When they buy coverage through MNsure, Minnesotans will have a range of comprehensive health plans to choose from and access to enhanced tax credits that aren’t available anywhere else.”
Maryland Insurance Administration Approves 2023 Affordable Care Act Premium Rates
Reinsurance Program Continues Positive Impact on Individual Rates, Keeping Rate Increases Below Inflation
BALTIMORE – State Insurance Commissioner Kathleen A. Birrane today announced the premium rates approved by the Maryland Insurance Administration (MIA) for individual and small group health insurance plans to be offered in the state for coverage beginning Jan. 1, 2023.
The rates for individual health insurance plans under the Affordable Care Act (ACA) will change/increase by an average of 6.6% this year. The approved rates are 4.4% lower on average than insurance carriers originally requested – a difference of more than $50 million in total annual premium savings for Maryland consumers.
Back in May, Washington State was among the first to post their preliminary 2023 avg. individual market rate changes. At the time, there were 14 insurance carriers potentially offering 2023 plans, with a weighted average rate increase of around 7.2%.
Today, the Washington State insurance commissioner has posted a press release with final/approved 2023 premium rate changes, and the weighted average is actually a point higher (8.2%).
There's a caveat: Only 12 of the 14 carriers participating in the WA individual market are included; the other two, which are selling ACA plans off-exchange only, are still under review. However, those two carriers only make up around 0.6% of the total market, so that doesn't impact the overall average by more than a negligible amount.
State regulators have reduced the 2023 rates a bit from the original requests for some carriers (Bridgespan, Coordinated Care, Regence) but have increased them for others (Kaiser Foundation, LifeWise, Molina, Premera). A couple were kept pretty much identical to what the carriers had requested:
Idahoans to see 12-percent lower health insurance costs with approval of key “Leading Idaho” waiver
Boise, Idaho – Governor Brad Little announced today the State of Idaho achieved a key milestone of the “Leading Idaho” plan – approval of the state’s innovation waiver, ensuring accessible health insurance for more Idahoans.
“Idahoans benefited from another win from our ‘Leading Idaho’ plan today. The approval of the state’s innovation waiver is estimated to reduce insurance premiums for individuals by about 12-percent, keeping more Idahoans insured and providing them better access to affordable healthcare,” Governor Little said.
Maine Health Insurers File Proposed Rates for 2023 Plan Year
Health insurance carriers in Maine's Individual and Small Group markets have filed proposed rates with the Maine Bureau of Insurance (the Bureau) for the 2023 plan year. June 27, 2022 was the deadline for the initial filing of plans and rates, but insurers may revise their filings through July 20, 2022.
Back in July, Covered California posted the preliminary 2023 rate changes for ACA individual market healthcare policies. Overall, the weighted average rate hike was around 6.0% across the entire statewide market.
Yesterday, CoveredCA announced that thanks to the Inflation Reducation Act being signed into law by President Biden...
...@CoveredCA is announcing a reduction in its 2023 average rate change from 6% to 5.6%. The 0.4% decrease is due to the Inflation Reduction Act ensuring increased financial help for next year. Renewal begins Oct. 1 and #OpenEnrollment starts Nov. 1 for #ACA coverage.
Unfortunately they haven't posted the rate changes for each individual insurance carrier yet, but assuming it's fairly even across all of them, the premium savings should amount to something like:
CONNECTICUT INSURANCE COMMISSIONER ANNOUNCES 2023 HEALTH INSURANCE PREMIUM RATES, SAVING ACA PLAN MEMBERS $138.4 MILLION
As Health Care Costs Continue to Rise, Insurance Department Protects Consumers Against Unjustified Rate Increases by Holding Insurers to Historically Low Profit Margins
Connecticut Insurance Department (CID) Commissioner Andrew N. Mais announced today that the Department continues to protect consumers by significantly reducing health insurers’ 2023 requested rates, despite ongoing increases in underlying health care costs.
