Health Carriers Propose Affordable Care Act Premium Rates for 2023
Public Invited to Submit Comments
BALTIMORE – The Maryland Insurance Administration (MIA) has received the rate filings containing the proposed 2023 premium rates for Affordable Care Act (ACA) products offered by health and dental carriers in the Individual, Non-Medigap (INM) and Small Group (SG) markets.
The carriers’ requested increases are reviewed by the MIA and rates must be approved by the Commissioner before they can be used. Before approval, all filings undergo a comprehensive review of the carriers’ analyses and assumptions. By law, the Commissioner must disapprove or modify any proposed premium rates that appear to be excessive or inadequate in relationship to the benefits offered, or are unfairly discriminatory. The MIA will hold a public hearing on the ACA proposed rates in July and expects to issue decisions in September 2022.
Every year, I spend months painstakingly tracking every insurance carrier rate filing for the following year to determine just how much average insurance policy premiums on the individual market are projected to increase or decrease.
Carriers tendency to jump in and out of the market, repeatedly revise their requests, and the confusing blizzard of actual filing forms sometimes make it next to impossible to find the specific data I need. The actual data I need to compile my estimates are actually fairly simple, however. I really only need three pieces of information for each carrier:
