(The Center Square) – Health officials in The First State are hoping increased competition within the insurance market will drive down prices in the coming years.
Delaware announced its 2023 rates for health, dental, and small group insurance plans, Insurance Commissioner Trinidad Navarro said. It is anticipated that steps taken in the Inflation Reduction Act and the state’s strong 2022 enrollment and expansion of the Health Insurance Marketplace will curtail consumer impact.
“This year, Delaware consumers have more carriers and plans to choose from than ever before, so they can find an affordable plan that meets their needs,” Navarro said in a release. “We remain optimistic that this increased competition will lead to lower rates and higher care quality over time. Delawareans are facing rising costs in nearly every area of life and making difficult sacrifices to afford necessities – but let me be clear, no matter the financial cost, we cannot afford to sacrifice our health. We will continue to work to ensure that coverage is affordable and accessible to all residents.”
According to the release, a pair of new health insurance companies will be available this year. Plans range between $325 to $505 for those age 21 and over who are nontobacco users across nine Aetna CVS Health plan options, and $283 to $402 through AmeriHealth Carita in four different plans.
Highmark Blue Shield, according to the release, plans a 5.5% average hike increase for 17 plans that will cost between $249 to $618. Plans will also feature a catastrophic event option. In addition, the average rates for Highmark have decreased around 10% over the last few years.
According to the release, 30 plans will be made available to state residents, and open enrollment will be held from Nov. 1 through Jan. 15.