Maryland Insurance Commissioner Theresa Goldsmith has approved health plans and premium rates for the state's small-business health insurance exchange under the Patient Protection and Affordable Care Act.
Thirteen health insurers will sell plans through Maryland Health Connection, the state's small business exchange, according to a news release. The approved premium rates vary from 4.9 percent lower to 14.6 percent higher than existing rates for the health insurers' small group products.
Ms. Goldsmith said the rates are lower than approved small business premiums for exchanges in other states, according to the release. For instance, in Maryland, silver plan premiums for a 40-year-old nonsmoker range from $208 to $435 per month. The same person would pay between $291 and $568 in New York and $260 and $518 in Oregon.
In July, Maryland approved premiums for the state's individual health insurance exchange at levels as much as 33 percent lower than proposed by insurance companies. For instance, a 21-year-old nonsmoker will have coverage options available through the Maryland Health Connection for as little as $93 per month. The state used its rate review authority to reduce the premiums requested by insurers.
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