CareFirst Encourages Md. Residents To Compare Health Plan Options
Consumers could find lower premium rates by shopping around during 2020 Open Enrollment
Baltimore -- For the second consecutive year, members of CareFirst BlueCross BlueShield (CareFirst) and others shopping for 2020 individual health insurance coverage in Maryland can find significantly lower monthly premium rates for CareFirst products offered during the Affordable Care Act’s Open Enrollment period that begins Nov. 1.
For coverage that takes effect Jan. 1, 2020, rates for CareFirst’s Health Maintenance Organization (HMO) plans sold at the Gold, Silver and Bronze levels in Maryland are 14.7 percent lower, on average, than what the region’s largest health insurer charged for those plans in 2019. The company’s rates for Preferred Provider Organization (PPO) plans sold at the three metal levels will be 1.4 percent lower, on average, than they were in 2019.
These premium rate decreases are in addition to 17 percent and 11 percent average reductions from 2018 to 2019 on CareFirst’s HMO and PPO plans, respectively.
These historic drops are the result of landmark legislation passed in 2018 by Maryland lawmakers that established a reinsurance funding pool, providing significant premium relief to Maryland residents who purchase individual coverage for 2019 and 2020. Additional legislation passed in 2019 will fund the reinsurance program through 2023.
As a result, individuals who shop for coverage could save a lot of money if they compare deductibles, out-of-pocket expenses and premium rates for plans offered during the 2020 Open Enrollment period that ends Dec. 15.
Consumers can contact CareFirst at 800-358-9854 or visit the company’s website to learn more about CareFirst medical plans being offered in Maryland in 2020. Compare all individual plans being offered in Maryland in 2020 on the Maryland Health Connection website.
About CareFirst BlueCross BlueShield
In its 82nd year of service, CareFirst, an independent licensee of the Blue Cross and Blue Shield Association, is a not-for-profit health care company which, through its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products and administrative services to 3.2 million individuals and groups in Maryland, the District of Columbia and Northern Virginia. In 2018, CareFirst invested $38 million to improve overall health, and increase the accessibility, affordability, safety and quality of health care throughout its market areas. To learn more about CareFirst BlueCross BlueShield, visit our website at www.carefirst.com or follow us on Facebook, Twitter, LinkedIn or Instagram.