PORTLAND — Health insurance premiums are poised to go up for 220,000 Oregonians who buy their own coverage, according to the state’s proposed rates unveiled Thursday.
In some cases, insurance companies proposed rates that were similar to or better than the current rates, but they were told by the state that they must be raised. The state says the cost of medical care has far outstripped revenue, forcing insurers to dip into reserve funds.
The proposed premiums are still subject to public comment and formal approval.
Under the state’s proposal, the cost for the lowest priced silver plan for a 40-year-old will be $271 per month next year, up nearly $50 from this year, the Oregonian reported.
Most insured Oregonians get coverage from an employer or the government, so they’re unaffected by the proposed rate hikes. About 75 percent of people in the individual market, who are affected, qualify for federal tax credits averaging almost $200 per month.