Cover Oregon Rate Process Update
As we reported earlier, two health plans applying for the Cover Oregon marketplace requested to refile their rates with the Oregon Insurance Division. Soon to retire Insurance Commissioner Lou Savage confirmed for the Board of Directors today that the carriers were not permitted to refile their rates. “There would be a stampede,” he said.
The Commissioner provided further explanation of the process for carriers moving forward toward the July 31st federal deadline to submit plan information to CCIIO. The process will be similar to prior years – for the most part. The public comment period will end June 20th. On June 21st, DOI staff will start to review the justifications for the assumptions that the carriers used in their filings and then prepare recommendations for the Commissioner to review. Carriers will be notified of DOI’s decisions through SERFF. If DOI determines a rate to be inappropriate, then they will assign an alternative rate. At that point, the carrier will have two options: accept the rate or withdraw by June 30th.
Commissioner Savage said that in prior years there may have been opportunity for carriers to refile at that point, there isn’t time to do that this year. The rates will be set by July 8th and posted for the public by July 10th.