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Healthcare coverage from WYPR is made possible by support from GBMC HealthCare.

Maryland insurance carriers propose new premium hikes for 2024

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Mark Lennihan/AP
FILE - In this Jan. 21, 2020 file photo, dollar bills have been dropped into a tip jar at a carwash in the Brooklyn borough of New York. (AP Photo/Mark Lennihan, File)

Marylanders using the healthcare insurance exchange may see premium increases in 2024.

Health carriers operating in the state submitted their annual premium hike recommendations to the Maryland Insurance Administration.

The companies are suggesting an average increase of 5.7% for people who get individuals who get insurance from the marketplace and an average increase of 7.5% for plans provided through small businesses that use the marketplace.

The Maryland Insurance Administration will hold a public hearing on the hikes on July 19.

“Feedback from all stakeholders is very important and we urge everyone to participate in the public hearing,” Maryland Insurance Commissioner Kathleen Birrane said. “Health insurance costs impact everyone and we want to give all Marylanders the opportunity to be heard as we consider the proposed rates.”

The commissioner will make the ultimate decision if the hikes are approved. Last year, Birrane did not approve the full price increase on individual plans. The Maryland Insurance Administration approved a hike of 6.6% in 2023, about 4.4% less than what was originally proposed.

Dental plans on the marketplace are offering an average rate decrease of 1.3%, with some plans lowering prices and other increasing premiums slightly.

Birrane will make a final decision on the increases in September.

Scott is the Health Reporter for WYPR. @smaucionewypr
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