Marylanders who purchase individual healthcare plans on the state’s insurance marketplace may see another year of higher monthly costs as health insurers have requested an average rate increase of 13.7% across plans in 2027.
The Maryland Insurance Administration announced Friday that, for the second year, healthcare carriers are proposing high premium rate increases following the expiration of a popular federal tax credit that helped keep some plans on the state insurance marketplace more affordable.
“The significant rate increases filed with the Maryland Insurance Administration for the second year in a row reflect the loss of enhanced federal tax credits, which were not extended by Congress and the Trump Administration last year,” said Maryland Insurance Commissioner Marie Grant in a Friday statement.
“Our team of actuaries will closely examine the assumptions behind the rate requests over the coming months to determine whether they are justified,” she said.
Click here to read the rest of the article written by Danielle Brown over at Maryland Matters
