Commissioner Convinces Health Insurers to Drop Rate Increases
Two of Montana’s three health insurance companies providing individual market plans have dropped their proposed premium increases after State Auditor and Insurance Commissioner Matt Rosendale told them rate hikes were unacceptable. “At a time when insurance companies are seeing profit increases in the Affordable Care Act (ACA) markets and when we're seeing such an underutilization of elective health care during the COVID-19 pandemic that hospitals have had to furlough hundreds of employees, I told the insurers they needed to do better,” Rosendale said.
After initially proposing overall average premium increases of 2.3% and 3.3%, respectively, Blue Cross and Blue Shield of Montana and the Montana Health CO-OP have lowered their rate changes to 0.0% and 0.68% for 2021 insurance plans.
All three companies would have submitted double-digit premium increases were it not for the Montana Reinsurance Program. “The Montana Reinsurance Program is doing its job, and I’m glad we're preventing double-digit rate increases next year after successfully lowering rates on every single plan this year,” Rosendale said.