SALEM, Ore. (KTVZ)- The Oregon Division of Financial Regulation said Tuesday it has finalised its 2024 health insurance rate decisions for the state’s individual and small group markets, with average rate increases of about 6% to 8%.
The division reviews and approves rates for these markets through a detailed and transparent public process before they can be charged to policyholders.
The department said it held public hearings, took public comments and – after careful consideration and rigorous review – reached the final decisions announced Tuesday. The Division issued preliminary decisions in July prior to the public hearings. The public hearings gave members of the public, health insurers and the Division an opportunity to further review and analyse the preliminary decisions.
“We know that health insurance and medical costs continue to rise due to circumstances beyond people’s control,” said Andrew R. Stolfi, Oregon Insurance Commissioner and Director of the Department of Consumer and Business Services. “We are working hard to ensure that consumers have multiple choices for coverage and to keep premium costs as low as possible. We are fortunate to have the Oregon Reinsurance Program to help stabilise the market and provide more options in every county across the state.
