The Office of Delaware’s Insurance Commissioner has released a report, stating that the state’s health insurance rates will see a decrease in 2020.
Highmark Blue Cross Blue Shield of Delaware submitted it’s required annual rate filing to the Department of Insurance. Officials say after years of substantial increases, Delaware’s Marketplace has stabilized and premiums have decreased. Highmark Blue Cross Blue Shield, the only insurer containing to offer insurance coverage in Delaware’s individual market has proposed at 5.8 percent decrease, affecting over 20,000 Delawareans.
The decrease follows last year’s 3% rate increase. The Department recently announced use of the practice of “silver loading,” in which rates are increased on silver level plans only allowing the marketplace to receive more federal subsidies, which assists in stabilizing the market and lowering premiums.
Insurance Commissioner Trinidad Navarro said “The silver loading strategy is something my staff and I gave careful consideration to last year, in anticipation that it would result in rate stabilization or possibly a decrease.” He continued “While I am happy that we will see a decrease in the proposed rate, health insurance remains unaffordable for many Delawareans who do not qualify for premium subsidies. We are committed to reviewing the proposed rate decrease with the same careful analysis that we would give any rate proposal, whether it be an increase or decrease.”