OCI Reports More Options, Lower Premiums in 2021 Individual Market

October 22, 2020

Many Wisconsin residents will have more insurer choices and see lower premiums in 2021.  Based on information released this week from Office of the Insurance Commissioner (OCI), the number of insurer choices is increasing in 23 counties, and overall premiums are going down by 3.4%. Wisconsin is doing better than the nation as a whole, which according to CMS will see an average premium reduction in the second lowest cost silver plan of 2% for 2021. 
 
“We know that due to COVID-19 and the resulting impact on employment this year, some Wisconsin residents may be looking for health insurance in the individual market for the first time,” said WHA Senior Vice President for Public Policy Joanne Alig. “It’s good news that people will find more choice of insurers at a reduced premium.” 
 
OCI credits the state’s Wisconsin Healthcare Stability Program, which was supported by WHA and enacted in 2017. The program helps offset risk in the individual market, leading to more certainty in the market. The Governor and Legislature fully funded the program in the last biennial budget. 
 
Open enrollment to sign up for coverage in the individual market is scheduled to begin November 1 and continue through December 15, 2020. 
 
OCI’s map of health insurers participating in each county can be found here
 

This story originally appeared in the October 22, 2020 edition of WHA Newsletter