Maryland and Virginia are the first states to announce the rates filed by insurance companies for 2019 plans and it’s looking like large hikes are coming our way. New obstacles resulting from the Affordable Care Act, including the zeroed-out mandate penalty and the potential influx of sparse insurance policies, are causing health insurers to raise prices on individual policies.
In Maryland, the average rate appears to increase about 30% for 2019 coverage. Maryland Insurance Commissioner, Al Redmer, claims that those rates could come down if the federal government approves Maryland’s application for a 1332 waiver and reinsurance program to subsidize the medical claims of high-cost patients. Rates in Maryland could be reduced by as much as 20% to 30% if a reinsurance program is approved.
With over 200,000 Maryland residents on individual health care plans, this rate hike could have a significant impact. For the aging population, Medicaid planning and other asset protection tools will need to be employed to ensure access to proper health care. For assistance, contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area.