Missouri Department of Commerce and Insurance releases preliminary health insurance r…

Jefferson City, Mo - The Missouri Department of Commerce and Insurance (DCI) has released preliminary information about the health insurance plans and premiums for the State of Missouri for the individual market (health insurance plans for people who don't get their insurance from an employer) and the small group market (small businesses with 2-50 employees).

"While our review process is ongoing, Missourians can review and comment on the proposed rates," said Director Lindley-Myers. "We remain committed to building a strong and competitive insurance market and look forward to finalizing our rate reviews."

The initial review of the insurance company filings for 2025 indicates that, in the individual market, at least two health insurers offer plans both on and off the exchange in every county in the state. With ten insurance companies now offering coverage in Missouri, Missourians will have a variety of health plans to choose from. For the Small Group Market in 2025, five insurance companies will be offering plans off the exchange.

DCI is currently reviewing all the information the companies have filed to ensure that changes in rates are justified and that the plans comply with State and federal regulations. DCI is seeking public comments before final rates are published. Missourians can access the proposed rates and find more information about the rate review process on the department's website at: https://insurance.mo.gov/industry/filings/healthrates/. Public comments will be accepted through September 3, 2024. Department staff will complete reviews of the proposed rates, and final rates will be posted no later than November 1, 2024.

Under the state's rate review law, rates are filed for all health insurance products sold in Missouri. However, today's release of rate information only includes rates for Affordable Care Act compliant major medical plans with effective dates of January 1, 2025, or later. For all other health products, those rates will also be made publicly available through the department's website, as they are filed and reviewed by department staff in accordance with Missouri law.

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