The State Insurance Division responsible for setting health insurance rates in Oregon announced approved 2015 rates for individual and small group plans on Friday. The thirteen company rates announced are slightly lower, on average, than 2014 rates, and grouped in a narrower price range. For Moda, which leads in market share with 73%, their rates will increase by 10.6%. Moda offered very low rates in 2014, perhaps trying to capture a large share of ACA enrollees. Since ACA enrollment is switching from the failed Cover Oregon exchange to HealthCare.gov for 2015, all customers will have to re-enroll, possibly making for a more competitive 2015 enrollment process.
Individual "Silver" plans for a 40-year-old in Portland ranged in 2014 from $215 to $329 per month, with a median of $256. In 2015, the range is $233 to $290 per month, with a median of $246. (Nick Budnick, The Oregonian, State releases Oregon's 2015 health insurance rates for individuals, small businesses) At Providence Health Plans, which insures my wife and son, rates will drop by 14%.
Experts offered contrasting opinions on the health of Oregon's health insurance marketplace. The number of people signed up is sufficient for a viable marketplace, with additional sign-ups expected for 2015. However, the concentration of coverage, with Moda's 73% market share, raises concerns about a near-monopoly, with ability to set prices accordingly. (Kristian Foden-Vencil Oregon Public Broadcasting, via Chinook Observer)