Delaware’s Health Insurance Marketplace is expanding
Delaware’s Health Insurance Marketplace is welcoming two new insurers, AmeriHealth Caritas and Aetna CVS Health, for 2023 plan year.
Highmark has been the only ACA provider in the state since 2018, limiting plan options. With three providers, Delaware’s Health Insurance Marketplace, will offer 35 to 40 different plans to choose from.
Insurance Commissioner Trinidad Navarro says the additions will likely push rates down for Delawareans using ACA plans.
“The three insurers will compete against each other. They’ll have to offer more affordable plans. We know that whenever there’s competition, rates actually will come down,” explained Navarro. “So the word is out that the marketplace in the state of Delaware has stabilized.”
Navarro adds the stabilization is also good for insurance providers, who have gone from taking losses to being able to cover expenses.
Highmark Blue Cross Blue Shield Delaware turned a significant profit last year, exceeding their medical loss ratio and rebating money back to consumers.
Navarro says the timing of this expansion couldn’t be better.
“There’s really no better time for expansion than right now,” Navarro emphasized. “Our enrollment is higher than ever before with more than 30,000 Delawareans actually getting coverage through these plans.”
The 30,000 Delawareans enrolled represents a 27 percent year over year enrollment increase in the First State.
The competition created by this expansion should allow the trend of ACA plan costs decreasing in Delaware to continue.
In 2022, consumer costs fell by 40% across the country, and more that 15,000 Delaware enrollees saved an average of 53% on monthly premiums.
And Navarro adds two more insurance providers may join Delaware’s Health Insurance Marketplace in 2024 based on Delaware's strong regulatory environment.