Sep 06, 2024
[UPDATE] Acting Maryland Insurance Commissioner Joy Hatchette today announced the premium rates approved by the Maryland Insurance Administration for individual and small group health insurance plans offered in the state for coverage beginning January 1, 2025.
The rates for small group health insurance plans under the Affordable Care Act will increase by an average of 4.5% in 2024. This is a reduction of 1.6% from the originally requested 6.1% average, reducing the market’s total annual premium by more than $24 million.
About 227,000 Marylanders are enrolled in small group market plans in 2024.
As is the case with the individual market plans, the actual percentage by which the rates for a specific plan will change depends on the specific carrier and plan. There are more than 225 plans offered this year in the Maryland small group market and plan sponsors are urged to shop carefully. In addition, Aetna has recently announced that they intend to no longer offer plans in the small group market for initial plans and renewals effective April 1, 2025.
Summaries of each premium decision are available on the MIA’s premium review web site. Sample approved 2025 premiums for all companies by geographic region also are available online. The sample premiums do not reflect any employer contribution, any financial assistance a consumer may receive to reduce premiums or cost sharing for plans purchased through the state’s health insurance marketplace, MarylandHealthConnection.
Maryland Insurance Administration Small Group Health Insurance Market Rate Actions
| CARRIER | TYPE OF NETWORK | MEMBERSHIP | AVERAGE RATE CHANGE REQUEST | APPROVED AVERAGE RATE CHANGE REQUEST |
|---|---|---|---|---|
| Aetna Health Insurance, Inc.* | HMO | 6,515 | 17.3% | Exiting Market |
| Aetna Health* | POS | 580 | 17.3% | Exiting Market |
| Aetna Life Insurance, Inc.* | PPO | 3,653 | 21.7% | Exiting Market |
| CareFirst BlueChoice, Inc.* | HMO | 154,599 | 3.2% | 2.2% |
| CareFirst CFMI* | PPO | 9,157 | 6.2% | 5.0% |
| CareFirst GHMSI* | PPO | 12,644 | 6.2% | 5.0% |
| Kaiser* | HMO | 9,377 | 8.0% | 8.0% |
| UnitedHealthcare (MAMSI Life & Health Insurance Co.)* | EPO | 8,637 | 5.2% | 1.5% |
| UnitedHealthcare (Optimum Choice)* | HMO | 5,249 | 10.3% | 3.6% |
| UnitedHealthcare Insurance Company* | POS | 14,517 | 5.4% | 3.4% |
| UnitedHealthcare of the Mid-Atlantic* | HMO | 2,298 | 11.9% | 8.2% |
View the Maryland Insurance Administration's Rate Review Page for full details on small group and individual rate actions.
*Indicates the Company will offer products on MarylandHealthConnection in 2025.
[JUNE 7, 2024] The Maryland Insurance Administration has received rate filings from health insurers for plans that will be available on the small group market, both on and off the state-sponsored exchange, MarylandHealthConnection. As part of their regulatory responsibilities, they will conduct a thorough examination of these filings to ensure that the requested rates comply with Maryland's insurance laws and regulations.
The proposed average small group health insurance rate request is an 6.1% increase, with the averages by carrier ranging from 4.9% to 23%. The Department expects to issue decisions on the proposals in September 2024.
The Insurance Administration will hold a quasi-legislative virtual public hearing on this matter on July 9, 2024, from 1:00 p.m. to 4:00 p.m. Eastern Time. All interested persons may review filings and submit comments through August 15, 2024.
Bookmark this page! As the Maryland Insurance Administration publishes its modifications and approvals of the proposed rate filings, the table below will be updated.
