BISMARCK, N.D. (KFYR) – The North Dakota Department of Insurance has announced rate increases for 2025 for Affordable Care Act (ACA) plans. Both small group and individual plans are affected.
He said rising health care costs require the department to consider and approve price increases for insurance plans while ensuring that care is as affordable as possible for consumers. He said the way the healthcare industry manages costs is unsustainable.
“We are seeing significant increases in health care costs, which means the cost of health insurance will also increase. So we want to bring to consumers’ attention that we are doing everything we can. I think we’ve pulled all the levers we can in the insurance space. Their margins are so thin, and intentionally so, that it takes a little bit of peace of mind. We need to address the other side of the coin,” Godfred said.
According to the ministry, this is the first interest rate hike in about eight years.
“Our per capita health spending has gone from 12th to third in the country. On average, our state spends about 15% on health services. So it’s an unsustainable My opinion is that it is the way to go,” Godfred said.
Godfred said it’s important for those who must purchase insurance plans separately to remember that open enrollment begins Nov. 1 and ends Jan. 15. If you want to start your plan in the new year, it ends on December 15th. If needed, you can contact your state insurance department for registration assistance.
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