Regence BlueCross BlueShield wants to raise health insurance premiums by 22%, prompting state insurance regulators to schedule a rare public hearing.
Regence BlueCross BlueShield wants to raise health insurance premiums by 22%, prompting state insurance regulators to schedule a rare public hearing, set for June 2.
The rate increase would affect 59,000 customers.
“We think public hearings for select rate filings would improve the transparency of our rate review process,” said Teresa Miller, administrator, Oregon Insurance Division.
Regence is part of a not-for-profit company with health plans covering 2.5 million people in Idaho, Washington, Utah and Oregon. The company enrolls more individual insurance customers than any other carrier in Oregon, and Miller said those consumers have seen a series of large increases in recent years, as well as a redesign of their health plans.
The proposed 22.1 percent increase is an average; specific people could see their rates go up more or less depending on their circumstances. The proposed rate increase would take effect Aug. 1. It applies to policies sold to individuals, not employer groups. The insurance division regulates prices of individual, small-group and portable health plans. It has the authority to approve or deny requests or approve lesser rates.
Read more at OregonLive.com.
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