July 03, 2012
Regence BlueCross BlueShield of Oregon files rate request for Oregon Individual products
PORTLAND, Ore. –Regence BlueCross BlueShield of Oregon has a filed rate request with the Oregon Insurance Division seeking an average rate adjustment of +9.6 percent for its Individual membership pool. This proposed change is needed to pay members’ anticipated claims for the period of December 1, 2012 through November 30, 2013.
Members may see a rate change that is higher or lower than the average +9.6 percent, depending on a number of factors, including age, number of dependents and the specifics of their particular benefit plan. In fact, we anticipate that more than 60 percent of our Individual members could experience a rate decrease if this filing is approved – some by more than 45 percent. This rate adjustment is subject to approval, and would be effective for the 12 months between December 1, 2012 and November 30, 2013.
Also included in this filing are defined rates for each of the five Oregon Select Networks available to our Portland metropolitan area Individual members beginning December 1. Because hospital systems charge differently for the same services, each network is accompanied by a transparent price for our members to evaluate. This allows our members to compare the prices and benefits of five leading health care provider networks and make the best choice for their families.
“Regence is working hard to create innovative ways to slow the rising medical costs that lead to higher premiums, while still delivering members choice in providers,” said Don Antonucci, president of Regence BlueCross BlueShield of Oregon. “Unfortunately, the surging cost of care continues to outpace these efforts, and today’s filing is the result.”
As a nonprofit, Regence strives to operate at break even, collecting just enough premium to cover claims costs plus administration. To ensure our projections are as accurate as possible, this rate filing has been reviewed by Milliman, one of the world’s leading independent actuarial and consulting firms.
Regence’s full rate filing is now available for viewing on the Oregon Insurance Division’s health insurance website: www.oregonhealthrates.org
Categories: Regence BlueCross BlueShield of Oregon