Maryland Particular person Well being Insurance coverage Charges Drop Once more – CBS

ANNAPOLIS, Md. (AP) — Particular person medical insurance charges in Maryland underneath the Reasonably priced Care Act are dropping for the third consecutive 12 months.

Gov. Larry Hogan introduced Tuesday that Maryland Insurance coverage Commissioner Kathleen Birrane has permitted a mean 11.9% premium price lower for particular person insurance coverage with an efficient date of Jan. 1, 2021.

The Hogan administration says the decrease charges mirror the affect of the State Reinsurance Program. It helped stabilize the person medical insurance market after years of main premium will increase.

The cumulative three-year affect is a price lower of 31.4%, in comparison with 2018 premiums.

The state was dealing with price will increase of as much as 50% in 2018, when state lawmakers and the governor permitted laws to create a state reinsurance program.

Reinsurance gives a security web for insurers by serving to to pay giant claims.

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