SALEM, OR -- Health insurance rates will go up for many Oregonians next year. The Oregon Insurance Division just approved new rates for 2016. Most Oregonianas are covered by employers, Medicare or Medicaid, but those buying insurance on the individual or small group marketplace will see increases from seven to 37%.
Oregon Insurance Commissioner Laura Cali told a House Health Committee, the prcocess is not an exact science. "Our primary responsibility is making sure the rates aren't too high to gouge customers, or not too low so they won't cover costs."
Records show Oregon insurers paid out $830 million on individual plans, while premiums covered $703 million. Reserves were tapped to pay the difference. The companies say the rate hikes are necessary to cover those losses.