After state regulators approved final rates, the average Oregonian purchasing health insurance through the individual marketplace will see expenses rise by 6.2% in 2024.
This is a much smaller increase than last year’s 6.7%, but small business insurance rates will rise significantly more than they did in 2023.
The Oregon Division of Financial Regulation revealed the 2024 rate determinations for small businesses with 50 or less employees, as well as individual plans for persons who buy their own coverage, on Tuesday. Larger firms negotiate rates with insurers directly, and they are not controlled by the state.
The state invites the public to comment on proposed insurer rates, giving them a say before regulators determine how much their premiums will rise. After public hearings in August, the division approved the increases after publishing preliminary decisions in July.
“We know the cost of health insurance and medicine continue to rise due to circumstances out of people’s hands,” said Andrew Stolfi, Oregon’s insurance commissioner and director of the Department of Consumer and Business Services. “We work hard to ensure consumers have multiple choices for coverage and to keep premium costs down as much as possible.”
Depending on the type of plan, individuals will see higher or smaller increases. After increases, the average 40-year-old Portland resident with a silver plan would pay between $467 and $537 in monthly premiums, depending on the insurer.
Individual plan premiums will rise from 3.5% to 8.5% on average. Overall, the average rise for all plans is 6.2%, a decrease from previous year’s average increase of 6.7%.
However, the average increase for small businesses will be 8.1%, somewhat higher than the 7.8% average last year. Depending on the insurer, charges range from 0.8% to 12.4%. The average 40-year-old in Portland will pay $387 to $459 per month for a silver plan.