The average Oregonian buying health insurance on the individual market will see their costs rise by 6.2% in 2024, after state regulators approved final rates.
That’s a slightly smaller increase than last year’s 6.7%, but insurance rates for small businesses will rise slightly more than they did in 2023.
The Oregon Division of Financial Regulation on Tuesday announced the 2024 rate decisions for small businesses with 50 or fewer employees and individual plans for people who buy their own coverage. Larger employers negotiate rates directly with insurers, which are not regulated by the state.
The state allows the public to comment on insurers’ proposed rates, giving them a voice before officials decide how much their premiums will increase. The department released preliminary decisions in July and approved the increases after public hearings in August.
“We know that the cost of health insurance and medicine continues to rise due to circumstances beyond people’s control,” said Andrew 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.”
Individuals will see higher or lower increases depending on the type of plan. The average 40-year-old Portland resident with a silver plan would pay between $467 and $537 in monthly premiums after the increases, depending on the insurer.
Average increases for individual plans range from 3.5% to 8.5%. Overall, the average increase for all plans is 6.2%, down from last year’s average increase of 6.7%.
However, the average increase for small employers will be 8.1%, slightly higher than last year’s average of 7.8%. Rates will rise between 0.8% and 12.4%, depending on the insurer. The average 40-year-old in Portland with a silver plan will pay between $387 and $459 a month.
