If you buy health insurance on the individual market, without help from an employer, you may want to know what Alaska is doing to protect you from unfair and unnecessary premium rate increases. Here’s a summary of the Alaska laws that govern rate increases.
- Alaska requires prior approval for HMO products only. ALASKA STAT. § 21.86.070. The Department of Insurance has 30 days to approve or disapprove of the rates. HMO rates may not be excessive, inadequate, or unfairly discriminatory. ALASKA STAT. § 21.86.070(f).
- The state has no rate filing requirement for non-HMO products.
- Non-profit insurers must file rates before use. Rates may not be excessive, inadequate or unfairly discriminatory. ALASKA STAT. § 21.87.190.
- Rates and rate filings are not publicly available on state agency websites; HMO rates filings are public “unless deemed confidential” whereas for non-profits “a detailed rate justification, including rate formulas is confidential.” ALASKA STAT. § 21.86.270; ALASKA STAT. § 21.87.190.
Information is based on review of state statutes and regulations and, in some cases, interviews or emails with state insurance departments.