Health Insurance Rates Down 25 Percent Since Launch of Alaska Reinsurance Program
Reduced health costs reflected in new Premera individual market filing
ANCHORAGE—Premera Blue Cross Blue Shield announced submission of a 2019 individual market filing to the Alaska Division of Insurance which, if approved, would decrease rates by an average of 3.9 percent.
With the latest filing, rates have decreased more than 25 percent since Governor Bill Walker’s Alaska Reinsurance Program was implemented last year. That means average monthly premiums are set to decrease from $1,043 in 2017 to $770 in 2019. Reinsurance creates an insurance pool for insurers to provide reimbursement for the highest-cost patients to stabilize the market and prevent premiums from escalating.
“Reining in the high cost of healthcare in Alaska is a key priority of my administration, and this filing from Premera is yet another sign that we are making progress,” Governor Walker said. “Tens of thousands of Alaskans will save money because of this innovative policy. This is especially remarkable because, at the same time our costs were dropping dramatically, other states have endured double-digit increases.”
Premera’s rate filing will not be finalized by the Division of Insurance until August 22.