Maryland Gov. Larry Hogan on Friday announced a reduction in next year’s insurance premium rates for individual healthcare plans in the state.
The two health insurance providers in the state’s Maryland Health Benefit Exchange–which operates the marketplace consumers use to purchase healthcare under the Affordable Care Act–Kaiser Permanente and CareFirst BlueCross BlueShield, will offer an average of about a 13 percent reduction in premiums across the board, the governor said. The new rates will take effect on Jan. 1.
The announcement comes after the federal government in August approved the state’s request for a waiver to establish a reinsurance program to stabilize the insurance market and prevent rate spikes.
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