BISMARCK, N.D. (KFYR) - The North Dakota Department of Insurance announced rate increases for Affordable Care Act (ACA) plans in 2025. Both small group and individual plans are affected.
He said increased healthcare costs have forced the Department to consider and approve the rate increases for insurance plans while still making sure care is as affordable as it can be for consumers. He said the way the healthcare industry is managing costs is unsustainable.
“We’re seeing a dramatic increase in the health care cost side of it, which will mean there’s an increased cost in health insurance. So, we want to bring that to the attention of the consumers, that we’re doing everything that we can. I think we’ve pulled all the levers we can in the insurance space. Their margins are razor thin, intentionally so, and to get some relief, we’re going to have to address the other side of that coin,” Godfread said.
The Department said this is the first time they’ve increased rates in nearly eight years.
“Our healthcare spending per capita went from number 12 to number three in the country. On average, we’re spending about 15 percent in our state on health care services. So, my opinion is that’s an unsustainable track,” Godfread said.
Godfread said it’s important for those who have to buy their insurance plans individually to remember that open enrollment starts on Nov. 1 and ends on Jan. 15, or Dec. 15 if you want your plan to start during the new year. You can contact the State Insurance Department for help enrolling if you need it.
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