ANNAPOLIS, Md. — Starting January 1 health insurance premiums in Maryland will rise for those enrolled in the Affordable Care Act, also known as ObamaCare.
Rates for individual plans will increase by an average of 6.6 percent in 2023.
Insurance carriers originally wanted an 11 percent raise.
The price hike is primarily due to the current inflation rate which is 8.3 percent, according to the U.S. Bureau of Labor Statistics.
“The 2023 rate changes are tied to increasing claim costs and projections as to what those costs are likely to be in 2023, given claim cost trends," said State Insurance Commissioner Kathleen A. Birrane. "Inflation, increased unit costs for services, increased utilization, and the on-going uncertainty of COVID-related costs, are all significant factors influencing rates."
Under the individual Silver Plan, the average 40-year-old in Baltimore will see their premiums rise anywhere from $7 to $60 per month, depending on which insurer and network type (HMO or PPO) they have.
For those individuals with a Gold Plan, monthly insurance rates will cost 40 cents to $64 more, again depending on which insurer and network type (HMO or PPO).
In all, about 232,000 Maryland residents are expected to be impacted by the increased individual rates.
As for those insured under Small Group Markets, they will experience an average rate hike of 7.6 percent.
Most subscribing to the group Silver Plan can expect higher prices ranging between $25 and $57. Only those with PPO plans under Aetna and CareFirst GHMSI/CFMI will see their monthly rates go down by $56 and $15 respectively.
All Small Group's under the Gold Plan will pay $2 to $51 more per month, with the exception of those insured by CareFirst GHMSI/CFMI — PPO.
About 248,000 Maryland residents will be affected by the increased small group prices.
Finally, there is dental. Those rates are also going up by an average of 4.4 percent.
