SMALL BUSINESS GROUP SEES DRAMATIC PREMIUM INCREASE A HINDRANCE TO HIRING
ANNAPOLIS (May 16, 2016): The public comment period begins today regarding six Maryland health insurance carriers who are proposing premium rate increases for individual plans that in some cases could reach as high as 30 percent if approved by the Insurance Administration. The National Federation of Independent Business (NFIB) is encouraging those that may be impacted to take the opportunity to share their concerns with the Insurance Administration during this period, which closes June 15th.
“Small business owners continue to be negatively impacted by fallout from the Affordable Care Act as the cost of healthcare skyrockets. The year to year unpredictability of premiums hinders employers from hiring and leads to fiscal anxiety that could have been avoided had small employers’ concerns been addressed,” said NFIB Maryland state director, Mike O’Halloran. “Today begins the period for people to speak up and express their frustrations to state policy makers.”
Six insurance carriers are requesting rate increases ranging from 12 percent to just under 30 percent for individual health plans sold in Maryland. The changes are subject to review and must be approved by the Maryland Insurance Administration, who will hold a public hearing at 10 a.m. on July 6th.
“We certainly encourage all of our members and anyone in the general public that will be impacted by the rate change to participate in the public comment period that is now open. Small business owners and their employees have been bearing the brunt of healthcare increases and will unfortunately continue to do so,” concluded O’Halloran.