Though quite a large number of Maryland residents get their health insurance through their employers, but still around 6% of the population, around 750,000 people is uninsured. The low uninsured rate in the state is partially due to affordable health insurance costs. The implementation of the Affordable Care Act has also made a big impact in Maryland, as the number of uninsured in the state has significantly dropped after the ACA. Maryland as a part of healthcare reform also expanded Medicaid to include adults under 65 years with income at or below 138% of the federal poverty level in the Medicaid plan. Maryland residents who are not receiving coverage through their employers or who are self-employed can obtain health coverage through Maryland Health Connection. Enrollment in private individual health plans grew to a record high of more than 166,000 people in 2021.
Maryland Health Connection is the state-run health insurance exchange that uses an active purchaser model. This means the exchange negotiates with insurers and decides on the plans that will be offered for sale. In Maryland’s health exchange every health insurance carrier is allowed to offer up to four plans at each metal level. All the ACA-compliant private individual health plans offer a variety of healthcare benefits like preventive care, prescription drugs, immunizations, hospitalization, and emergency services. The healthcare benefits are designed in a manner so that people can manage their healthcare needs and efficiently meet their wellness goals. The reinsurance program in the state reduced the health insurance premium by nearly 12% in 2021. However, for the 2022 health insurance plan, the health insurance companies have proposed an overall average rate increase of 3.5% that is currently under review by the Maryland Insurance Administration.
Vital Statistics Related to Maryland Health Insurance
- Around 6% of the Maryland population is uninsured.
- A record number of populations enrolled for the 2021 health plan in Maryland’s exchange.
- Due to the reinsurance program of the state, enrollment in individual and family health plans through Maryland Health Connection grew in 2019, 2020, and 2021.
- COVID-related special enrollment period in the state is extended through August 15, 2021.
- The health insurance enrollment for the 2021 health plan was the highest in Maryland’s exchange with 166,000 people enrolling for health plans.
- The cheapest Silver plan in Maryland is the KP MD Silver 3200/20%/HSA/Vision plan having a monthly premium of $339 for a 40-year old.
- The health insurance premium in Maryland is relatively low, and the average monthly premium is $552, and for individuals who qualify for the advanced premium tax credit in the state, the average monthly premium dropped to just $191.
Types of Private Individual Health Plans in Maryland
Health insurance plans in Maryland are categorized into four different metal tiers namely Bronze, Silver, Gold, and Platinum. The health plans are categorized into different tiers so individuals can purchase health plans depending upon their health requirements and budget. Bronze is the lowest metal-tier health plan having the lowest monthly premium but highest deductible. The Bronze health plan is the most affordable option for individuals who are young and healthy and are likely to have a few healthcare expenses. Silver is the next metal-tier of plans having moderate premium as well as out-of-pocket expenses.
The Silver tier of health plans is ideal for individuals having lower income and average healthcare costs. Silver health plans are recommended to most individuals in most situations because Silver plans have modest premiums, deductibles, and out-of-pocket maximums. Silver health plans are ideal for individuals whose income falls below 200% of the federal poverty level because they will further provide them discounts on the amount that they are required to pay in deductibles, copays, and coinsurance and make a Silver health plan the most cost-effective for them.
Contrary to Bronze and Silver health plans, higher metal tiers plans like Gold and Platinum have expensive monthly premiums but lower out-of-pocket expenses. Platinum is the most expensive health plan in terms of the monthly premium but has the lowest out-of-pocket expenses. The cheapest Gold plan in Maryland is 47% more expensive compared to the cheapest Bronze health plan in the state. Thus, a health plan of higher metal-tier is recommended for individuals who are likely to have more healthcare expenses like frequently visiting doctors or costly prescriptions.
Average Cost of Health Insurance in Maine by Metal Tier
|Type of Plan||Premium for 21-Year||Premium for 40-Year|
Private Health Insurance Options in Maryland
With most of the state population getting health insurance through their employer, finding the best private health insurance plan for the uninsured can be a challenge. High healthcare expense is the leading cause of bankruptcy, and even accidents and injuries are unpredictable, so people need to get health coverage on a priority basis rather than wait. Buying a private health insurance plan in Maryland is not complicated, as there are several health insurance portals like InsureMeNow that provide in-depth information on diverse aspects of health insurance coverage and also guide people in selecting the best health plan after carefully comparing health plan options offered by different carriers.
People can take the help of the portal to get online quotes and to compare health plans of leading companies to pick the best option available that will help individuals and their families stay protected against the high medical costs as well as from sudden illness and injuries.
Health Insurance Carriers available in Maryland
For the 2021 health insurance coverage, the following three health insurance carriers offered health plans in the state. The three health insurance carriers currently offering health plans through the Maryland exchange are:
- CareFirst BlueCross Blue Shield
- Kaiser Permanente