Status of DE’s Individual Health Insurance Market
Delaware continues to position for rate decreases in the individual health insurance market. The Department of Insurance (DOI) last week announced that – thanks to its “silver-loading” strategy – Highmark Blue Cross Blue Shield of Delaware proposed a 5.8% decrease in premiums for 2020. Silver loading means applying the rate increase to silver-level plans only, allowing the market to receive more federal subsidies.
In addition, the state intends to submit a 1332 Waiver to establish a reinsurance plan. According to the DOI, “If the application process is successful, the actuarial consultant’s projections are correct, and the State of Delaware secures adequate funding, the waiver program may decrease rates by an additional 20%.”
Over 20,000 Delaware residents purchase health insurance on the individual market.