The Insurance Department announces the 2022 health insurance rates; Highlights of more diet options and increased affordability
Harrisburg, Pennsylvania – Insurance Commissioner Jessica Altman today announced the 2022 Affordable Care Act (ACA) Individual and Small Group Health Insurance Rates, highlighting increased market competition for multiple counties and a low, almost flat, statewide average rate change in the individual market. Pennsylvanians can expect more options and more competition when looking for health insurance plans for 2022.
Based on the products now approved by the Department, all insurers currently offering individual market coverage in Pennsylvania’s 67 counties will continue to offer plans in 2022 with an average increase of 0.2% nationwide. State. The Commonwealth will see an average increase of 4.5% in the small group market. Tariffs provide more options for consumers looking for comprehensive health insurance plans with solid benefits.
The Pennsylvania Reinsurance Program established under Federal Section 1332 on State Relief and Clearance Waiver and enabled by Law 42 of 2019 continues to provide measurable savings. This year, the program translates to 2022 individual market premiums 5.5% lower than they would be without the program. Additionally, the American Rescue Plan (ARP) has reduced, and in some cases eliminated, health insurance premiums for thousands of low- and middle-income families enrolled in health coverage through Pennie â¢, the insurance marketplace. Pennsylvania disease. These enhanced savings will continue to be available in 2022 and may be available beyond 2022 depending on Congress action, a step strongly supported by the Wolf administration.
âPennsylvania continues to have a strong and competitive health insurance market, despite the enduring presence of COVID-19,â Altman said. âThe landmark bipartisan law, Bill 42 of 2019, delivers on its promise of a more affordable, stable and accessible health insurance market for Pennsylvania. With increased options for many counties and stable premiums, there are now more ways to ensure everyone has the opportunity to be covered.
In Pennsylvania’s 67 counties, no county will lose a stock insurer, and 25 counties will gain a new insurer with coverage through Pennie. Specifically, 22 counties will gain one insurer and three counties will gain two insurers.
Pennsylvania will no longer have counties with a single insurer offering coverage in 2022. Each county in Pennsylvania will have at least two insurers offering coverage and for the first time, some counties will have six insurers offering coverage.
With the addition of Cigna Health and Life Insurance Company, Pennsylvania now has eight insurers offering health coverage plans, the most since the adoption of ACA.
“The Wolf administration has remained dedicated to the health, well-being and financial security of all Pennsylvanians during the COVID-19 pandemic and has taken various avenues to educate consumers about the importance of health insurance during COVID-19 and beyond, âAltman said. . “With over 330,000 Pennsylvanians enrolled through Pennie and 90 percent of those consumers receiving financial assistance, it is of the utmost importance that we continue to educate individuals on how to protect themselves and their families.”
Last year, Pennsylvania introduced Penny â¢ and it remains available to all Pennsylvanians. Pennie works tirelessly to improve the accessibility and affordability of individual health coverage in the market. It’s also the only place that connects Pennsylvanians with financial aid to reduce the cost of coverage and care, previously available on Healthcare.gov. Pennie’s goal is to make it easier for Pennsylvanians to access coverage through education, support, and improved customer service.
The Insurance Department and Pennie strongly recommend that Pennsylvanians research the best plan to meet their individual, family, and financial needs, even if they are currently enrolled in a health insurance plan through Pennie. A change in tariffs can potentially result in lower subsidies, so consumers are encouraged to shop around and compare plans. Pennsylvanians can begin purchasing medical and dental coverage during Pennie’s open enrollment period, November 1, 2021 through January 15, 2022.
Consumers who wish to learn more about health insurance should visit the department’s dedicated health insurance. page. To learn more about Pennie â¢, visit Penny 101.
Pennsylvanians with questions about insurance can contact the Insurance Department’s Office of Consumer Services in line or 1-877-881-6388.