Maryland Insurance Exchange, the state operated health exchange as mandated by ObamaCare has recently released the list of insurance companies which are planning to sell Qualified Health and Dental Plans through the exchange to Maryland residents, starting Oct 1, 2013. A total of 13 health insurance carriers, representing 23 licensed entities are going to offer health insurance plans in the exchange.
With these many companies participating in the exchange will help Maryland residents get variety of choices of health plans and get competitive insurance rates.
Its is estimated that around 730,000 Maryland residents, who are uninsured are going benefit from the health plans offered by Maryland Health Exchange. As mandated by health care reform, the exchange will offer health premium subsidies to low-income individuals and families to help cover the cost of insurance.
Most people are required to have health insurance starting 2014 or need to pay file. See this if you need to have health insurance in 2014.
List of Companies Offering Plans In Maryland Insurance Exchange:
Following is the complete list of insurance providers:
Serial No | Company Name |
|---|---|
| 1 | Aetna:Aetna Life Insurance Co., Aetna Health Inc. |
| 2 | BEST Life and Health Insurance Co. |
| 3 | CareFirst:CareFirst of Maryland Inc., CareFirst BlueChoice Inc. and Group Hospitalization and Medical Services Inc. |
| 4 | Coventry:Coventry Health and Life Insurance, Coventry Healthcare of Delaware Inc. |
| 5 | Delta:Delta Dental of Pennsylvania and Alpha Dental Programs Inc. |
| 6 | DentaQuest Mid-Atlantic Inc. |
| 7 | Dominion Dental Services Inc. |
| 8 | Evergreen Health Cooperative Inc. |
| 9 | Guardian Life Insurance Co. of America |
| 10 | Kaiser Foundation Health Plan of the Mid-Atlantic |
| 11 | Metropolitan Life Insurance Co. |
| 12 | United Concordia:United Concordia Dental Plans Inc., United Concordia Life and Health Insurance Co. |
| 13 | UnitedHealthcare: MAMSI Life and Health Insurance,UnitedHealthcare Insurance Co.,Optimum Choice Inc. and All Savers Insurance Co., UnitedHealthcare of the Mid -Atlantic Inc. |
All the plans submitted by these companies are now being reviewed by Maryland Insurance Administration to make sure they comply with federal Affordable Care Act (ObamaCare) and provide minimum essential health benefits. A decision is expected to be made around July time frame. All rates and plans are subject to review by the insurance administration and final rates will be available before Oct 1st.
The ObamaCare also mandates insurance carriers to have enough providers in its network to make sure that all health related services are available without unreasonable delays. Maryland Insurance Exchange also requires that insurance carriers update provider directories at minimum every 15 days to help consumers get up to date information and make.
Cigna the insurance giant is not participating in the exchange. It currently does not offer individual or small group plans in Maryland and therefore is opting out of exchange.
How Rates Will Look Like From Maryland Insurance Exchange:
Most of these proposed health plans from insurance companies are new, so comparing these to existing plans is not possible. Rate changes are expected to go from somewhat lower to greater than of 100% or more. Most Insurance companies have said that they are going to charge more for exchange health plans because they need to take into account, new risk of more uninsured people qualifying for insurance plans, more sick people buying health plans and other affordable care requirements.
CareFirst is proposing, a 25% percent average rate increase to its individual health plans and in the small group market, about 15% increase.The rate increase for the individual market is higher than in the small group because Company expects to cover more previously uninsured sick people. UnitedHealthcare is proposing a 15% to 28% increase to its small group plans. See this if you want to know more about how small businesses will get affected by ObamaCare.
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