September 01, 2017
Missouri Insurance Department releases 2018 health insurance rates
Department now reviewing rates for plans sold to Missourians as state law shifts review process from Feds to state.
Jefferson City, Mo. - Missouri Insurance Director Chlora Lindley-Myers today announced the release of proposed 2018 health insurance rates for the State of Missouri. This is the first release of health insurance rates under the health insurance rate review law passed by the Missouri General Assembly in Senate Bills 865 and 866 in 2016.
Prior to the law’s passage, the Missouri Department of Insurance was the only state insurance department in the country to not receive health insurance rates. Previously, the review of health insurance rates for health plans sold to Missouri residents was done by the federal government.
“While our review process is still on-going, Missourians can review and comment on the proposed rates,” said Director Lindley-Myers. “This has been an extremely challenging year for the health insurance market in our state and across the country. We remain committed to building a strong and competitive insurance market and are looking forward to finalizing our first year of rate reviews.”
While the health insurance markets around the country has been struggling, Director Lindley-Myers notes that Missouri has at least one insurance company offering health plans in every county of the state. In Missouri, there are health insurers offering plans both on and off the exchange, and most health insurers offer a variety of health plans for Missourians to choose from.
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/. Department staff will complete reviews of the proposed rates and final rates will be posted no later than November 1, 2017.
Under the new rate review law, rates are filed for all health insurance products sold in the state. However, today’s release of rate information only includes rates for ACA-compliant major medical plans with effective dates of January 1, 2018 or later. ACA-compliant plans are those health plans that comply with the Affordable Care Act (ACA). For all other health products, those rates will also be made publicly available on the department’s website, as they are filed and reviewed by department staff in accordance with Missouri law.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.