SALEM, Ore. (AP) - An Oregon department responsible for approving insurance rates says some will likely change in 2018 from 1.6 percent down to 14.8 percent up.
The Department of Consumer and Business Services said Friday costs for many policies for small businesses and individuals who buy their own coverage are rising in part due to higher medical costs and federal weakening of tax penalties for people who opt out of health insurance.
In the individual market, the division has issued preliminary decisions for seven companies, with average rate changes ranging from a 1.6 percent decrease to a 14.8 percent increase.
In the small group market looking at nine companies, increases range from 3.3 percent to 10.1 percent.
Final decisions are expected July 20.
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