Godfread announces 2027 health insurance rate changes
Insurance Commissioner Jon Godfread announced the health insurance premium rate changes for 2027 Affordable Care Act (ACA) plans. North Dakotans in ACA individual and small group plans can expect their rates to go up. Rising healthcare costs are the primary reasons why.
“Families and small businesses are right to be frustrated by another increase in their health insurance premiums,” Godfread said. “At the heart of this problem is the cost of receiving health care. When hospital care, medical services and prescription drugs become more expensive, the cost of insuring that care rises, too. We cannot deliver lasting relief on insurance premiums without addressing the bills those premiums pay.”
Insurance companies are required to submit filings that include their rates to the North Dakota Insurance & Securities Department. State law gives the commissioner the authority to approve or adjust rates requested by companies. The commissioner is tasked with balancing consumers' interests in keeping premiums affordable while also ensuring companies remain financially sound.
“Protecting consumers means scrutinizing what insurers charge and making sure they pay claims when people need care,” Godfread said. “We review the insurers’ financial condition, claims costs, administrative expenses and profit margins, and we reduced several of their requested increases for 2027. The unfortunate reality is that premiums must cover the expected cost of providing coverage. These approved rates reflect what our review determined is necessary to meet those obligations and maintain financially sound companies that North Dakotans can depend on.”
2027 ACA Small Group Market Rate Increases | ||||||
| Company Name | Requested |
Approved |
||||
Average |
Minimum |
Maximum |
Average |
Minimum |
Maximum |
|
| UnitedHealthcare Insurance Company | 11.28% |
6.49% |
12.68% |
11.28% |
6.49% |
12.68% |
| Blue Cross Blue Shield of North Dakota | 9.50% |
6.40% |
12.60% |
9.50% |
6.40% |
12.60% |
| Sanford Health Plan | 18.34% |
13.21% |
26.57% |
18.34% |
13.21% |
26.57% |
| Medica Insurance Company | 18.96% |
11.95% |
21.49% |
17.49% |
10.56% |
19.98% |
2027 ACA Individual Market Rate Increases | ||||||
| Company Name | Requested |
Approved |
||||
Average |
Minimum |
Maximum |
Average |
Minimum |
Maximum |
|
| Blue Cross Blue Shield of North Dakota | 21.40% |
17.70% |
25.40% |
19.00% |
14.20% |
23.10% |
| Sanford Health Plan | 7.03% |
1.52% |
10.95% |
7.03% |
1.52% |
10.95% |
| Medica Health Plan | 17.01% |
3.05% |
29.87% |
13.27% |
-0.25% |
25.72% |
The insurers’ requested rate increases are shown in this table along with the commissioner’s approved rates. Each consumer is different, but they can expect to see rate changes near the average approved amount.
“Insurance companies face extensive oversight from state regulators, and we will continue holding them accountable for their rates and financial practices,” Godfread said. “But the affordability discussion cannot stop with the insurance company. We need to ask hard questions about hospital prices, the cost of delivering care and why those bills keep growing. Insurers, hospitals, other providers and policymakers all have a responsibility to help make healthcare more affordable. Families and small businesses cannot keep absorbing these increases.”
Open enrollment for ACA plans is from Nov. 1 to Jan. 15. Enroll by Dec. 15 for coverage to begin Jan. 1. Consumers can review and purchase plans through Healthcare.gov or a licensed agent.
For more information, visit insurance.nd.gov or call (701) 328-2440.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
